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Sample Final Answers Essay

5704 words - 23 pages

BUS/475 Sample Final Exam
Accounting Section
Accounting Section

Accounting |
Financial accounting |
| Conceptual foundations |
| Income statement and statement of retained earnings |
| Balance sheet |
| Statement of cash flows |
Managerial accounting |
| Cost concepts |
| Product costing systems |
| Activities-based costing |
| Cost, volume, and profit analysis |
| Budgeting (except capital budgeting covered under finance) |
| Standard costing |
| Nonroutine decision making |
International accounting* |

1. Which of the following is NOT an element of manufacturing overhead?
a. Factory employee’s salary
b. Depreciation on the ...view middle of the document...

The company produces 50,000 sweaters and 80,000 jackets each year. Sweater production requires 25,000 machine hours, jacket production requires 50,000 machine hours. The company places raw materials orders 10 times per month, 2 times for raw materials for sweaters and the remainder for raw materials for jackets. How much of the order-processing overhead should be allocated to jackets?
a. $90,000
b. $120,000
c. $110,770
d. $144,000

8. ABC Bread sells a box of bagels with a contribution margin of 62.5%. Its fixed costs are $150,000 per year. How much sales dollars does ABC Bread need to break-even per year if bagels are its only product?
a. $93,750
b. $150,000
c. $240,000
d. $90,000

9. What exists when budgeted costs exceed actual results?
a. A budgeting error
b. A favorable difference
c. An unfavorable difference
d. An excess profit

10. Disclosures about inventory should include each of the following EXCEPT
a. The basis of accounting
b. The costing method
c. The quantity of inventory
d. The major inventory classifications

11. Which of the following is NOT a part of the accounting process?
a. Recording
b. Identifying
c. Financial decision making
d. Communicating

12. The cost principle is the basis for preparing financial statements because it is
a. a conservative value.
b. relevant and objectively measured, and verifiable.
c. an international accounting standard.
d. the most accurate measure of purchasing power.

BUS/475 Sample Final Exam
Quantitative Analysis Section
Quantitative Analysis Section

Quantitative analysis |
Probability and statistics |
| Measure of set operations |
| Conditional/joint probabilities |
| Counting rules |
| Measures of central tendency and dispersion |
| Distributions (including normal and binomial) |
| Sampling and estimation |
| Hypothesis testing |
| Correlation and regression |
| Time-series forecasting |
| Statistical concepts in quality control |
Management science |
| Linear programming |
| Project scheduling (including PERT and CPM) |
| Inventory and production planning |
| Managing continuous improvement |
| Special topics (including queuing theory, simulation, and decision analysis) |

1. Data is considered invalid when
a. it is outdated.
b. it is inconsistent.
c. it is unreliable.
d. it does not measure the intended concept.

2. Data is considered reliable when
a. the test measures what we actually want to measure.
b. it is quantitative.
c. the measurement process is accurate and precise.
d. it is qualitative.

3. When the reported data is different from the actual data, there is a
a. reporting error.
b. sampling error.
c. response error.
d. computation error.

4. When measures of central tendency are not affected by extremely low or...

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