ACC 561 Final Exam

Topics: Income statement, Revenue, Investment Pages: 2 (388 words) Published: October 27, 2014

This paperwork ACC 561 Final Exam includes answers to these exercises: 1) The statement of cash flows is used for _____. 2) Nonoperating items on the income statement _____. 3) The difference between a single-step and multiple-step income statement is that a single-step income statement _____. 4) Which one of the following statements is true? 5) The _____ accounting convention uses the acquisition cost minus depreciation in valuing an asset on the balance sheet. 6) A new corporation issuing a common, no-par value stock for cash would include a journal entry a debit to _____. 7) Which type of organization would most likely have work-in-process inventory? 8) _____ is a measure of income or profit divided by the investment required to obtain that income or profit. 9) The following information is available for the Peter Company: Sales $150,000 Invested Capital 156,250 ROI 10% The return on sales is _____. 10) The following information is available for the Peter Company: Sales: $500,000 Invested capital: $312,500 ROI: 10% The return on sales is _____. 11) Speedo Company's revenues are $300 on invested capital of $240. Expenses are currently 70% of sales. If Angelo Company can reduce its invested capital by 20%, return on investment will be _____. 12) When the variable costing method is used, fixed factory overhead appears on the income statement as a _____. 13) In absorption costing, costs are separated into the major categories of_____. 14) _____ is another term for variable costing. 15) The use of budgeted service department cost rates protects using departments from _____. 16) _____ is an example of the external financial-reporting purpose of the cost management systems. 17) The level of sales at which revenues equal expenses and net income is zero is called the _____. 18) Output measures of both resources and activities are _____. 19) The break-even point is where _...

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