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ACC 556 FINAL EXAM PART 2

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ACC 556 FINAL EXAM PART 2 Final Part 2 • Question 1 A comparison with other companies that provides insight into a company’s competitive position is most commonly known as which of the following types of comparisons? • Question 2 All of the following statements regarding changes in accounting principles are true except which of the following? • Question 3 A critical factor in budgeting for a service firm is to • Question 4 Bogey Co. recorded operating data for its Cheap division for the year. Bogey requires its return to be 10%. Sales $ 1,400,000 Controllable margin 160,000 Total average assets 4,000,000 Fixed costs 100,000 What is the ROI for the year? • Question 5 A flexible budget • Question 6 A manager of a cost center is evaluated mainly on • Question 7 The single most important output in preparing financial budgets is the • Question 8 Quincy Corp. earned controllable margin of $500,000 on sales of $6,400,000. The division had average operating assets of $5,200,000. The company requires a return on investment of at least 8%. How much is residual income? • Question 9 Laser Performance Inc. has the following information available (amount in thousands). Net Income $30,000 Average Total Liabilities 80,000 Average Current Liabilities 36,000 Cash Provided by Operations 48,000 Cash Sales 130,000 Capital Expenditures 22,000 Dividends Paid 6,000 What is the current cash debt coverage? • Question 10 The primary purpose of the statement of cash flows is to • Question 11 The following information pertains to Marsh Company. Assume that all balance sheet amounts represent average balance figures. Total asset $400,000 Stockholders’ equity—common 200,000 Total stockholders’ equity 280,000 Sales revenue 120,000 Net income 25,000 Number of shares of common stock 8,000 Common dividends 9,000 Preferred dividends 6,000 What is Marsh’s payout ratio? • Question 12 If the board of directors authorizes a $100,000 restriction of retained earnings for a future plant expansion, the effect of this action is to • Question 13 Which one of the following is not a benefit of budgeting? • Question 14 2 out of 2 points 1 – Issued $125,000 of par value common stock for cash. 2 – Recorded and paid wages expense of $60,000. 3 – Acquired land by issuing common stock of par value $50,000. 4 – Declared and paid a cash dividend of $10,000. 5 – Sold a long-term investment (cost $3,000) for cash of $3,000. 6 – Recorded cash sales of $400,000. 7 – Bought inventory for cash of $160,000. 8 – Acquired an investment in Zynga stock for cash of $21,000. 9 – Converted bonds payable to common stock in the amount of $500,000. 10 – Repaid a 6 year note payable in the amount of $220,000. What is the net cash provided by operating activities? • Question 15 Which of the following is not typically a characteristic experienced by a company during the growth phase of the corporate life cycle? • Question 16 Cochran Corporation, Inc. has the following income statement (in millions): COCHRAN CORPORATION, INC. Income Statement For the Year Ended December 31, 2014 Net Sales $240 Cost of Goods Sold 80 Gross Profit 160 Operating Expenses 65 Net Income $ 95 Using vertical analysis, what percentage is assigned to net income? ct Answer: • Question 17 If there were 60,000 pounds of raw materials on hand on January 1, 120,000 pounds are desired for inventory at January 31, and 410,000 pounds are required for January production, how many pounds of raw materials should be purchased in January? • Question 18 Which one of the following items is not necessary in preparing a statement of cash flows? Question 19 Holden Packaging Corporation began business in 2014 by issuing 80,000 shares of $5 par common stock for $8 per share and 20,000 s

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