BUS/475 Sample Final Exam
Which of the following is NOT an element of manufacturing overhead? a. Factory employee’s salary
b. Depreciation on the factory
c. Plant manager’s salary
d. Factory repairperson’s wages
What accounts are NOT classified in the current assets section of the balance sheet? a. Cash
b. Accounts payable
c. Security deposits
The starting point of a master budget is the preparation of the a. cash budget.
b. sales budget.
c. production budget.
d. budgeted balance sheet.
What amounts are not included in Gross Margin?
a. Operating expenses
c. Cost of goods sold
d. Commissions paid
At what rate is the income statement converted for US $ comparison? a. Month end
b. First day of the month rate
c. Average rate
d. It is not appropriate to convert to US $
Which list below best describes the major services performed by public accountants? a. Bookkeeping, mergers, and budgets
b. Employee training, auditing, and bookkeeping
c. Auditing, taxation, management consulting
d. Cost accounting, production scheduling, recruiting
Jaime Inc. manufactures 2 products, sweaters and jackets. The company has estimated its overhead in the order-processing department to be $180,000. 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
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
What exists when budgeted costs exceed actual results?
a. A budgeting error
b. A favorable difference
c. An unfavorable difference
d. An excess profit
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
Which of the following is NOT a part of the accounting process? a. Recording
c. Financial decision making
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
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.
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.
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.
When measures of central tendency are not affected by extremely low or extremely high values? a. Mean and median
b. Mean and mode
c. Mode and median
d. Standard deviation and mean
What is the relationship among the mean, median, and mode in a symmetric distribution? a. All equal
b. Mean is always the smallest value
c. Mean is always the largest value
d. Mode is the largest value
Suppose you want to show the changes in the...
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