ACC 561 Final Exam

Topics: Income statement, Revenue, Investment Pages: 1 (506 words) Published: October 29, 2014
ACC 561 Final Exam 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 _____.ACC 561 final exam4) Which one of the following statements is true5) 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 _____.ACC 561 final exam ACC 561 final exam7) Which type of organization would most likely have work-in-process inventory8) _____ 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 CompanySales 150,000Invested capital 156,250ROI 10The return on sales is _____.10) The following information is available for the Peter CompanySales 500,000Invested capital 312,500ROI 10The return on sales is _____.11) Company As revenues are 300 on invested capital of 240. Expenses are currently 70 of sales. Acc 561 final exam If Angelo Company can reduce its capital investment by 20 in Company A, return on investment will be _____. ACC 561 final exam12) When the variable costing method is used, fixed factory overhead appears on the income statement as a _____.ACC 561 final exam13) In absorption costing, costs are separated into the major categories of _____.14) _____ is another term for variable costing.15) Budgeted service department cost rates protects the user departments from _____. 16) _____ is an example of the external financial-reporting purpose of the cost management systems.ACC 561 final exam17) 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 _____.20) _____ budgeting is when budgets are...
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