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ACC 561 / ACC 561 Final Exam (New) Perfect Answer

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49.Which of the following is an advantage of corporations relative to partnerships and sole proprietorships? Lower taxes. Harder to transfer ownership. Most common form of organization. Reduced legal liability for investors. 64. The group of users of accounting information charged with achieving the goals of the business is its auditors. creditors. managers. investors. 110. Which of the following financial statements is concerned with the company at a point in time? Income statement. Balance sheet. Retained Earnings statement. Statement of cash flows. 112. An income statement presents the revenues and expenses for a specific period of time. summarizes the changes in retained earnings for a specific period of time. reports the assets, liabilities, and stockholders’ equity at a specific date. reports the changes in assets, liabilities, and stockholders’ equity over a period of time. 118. The most important information needed to determine if companies can pay their current obligations is the net income for this year. relationship between current assets and current liabilities. projected net income for next year. relationship between short-term and long-term liabilities. 124. A liquidity ratio measures the short-term ability of a company to pay its maturing obligations and to meet unexpected needs for cash. percentage of total financing provided by creditors. income or operating success of a company over a period of time. ability of a company to survive over a long period of time. 165. The convention of consistency refers to consistent use of accounting principles throughout the accounting periods. among firms. within industries. among accounting periods. 90.Horizontal analysis is also known as common size analysis. linear analysis. vertical analysis. trend analysis. 92. Horizontal analysis is a technique for evaluating a series of financial statement data over a period of time to determine which items are in error. that has been arranged from the highest number to the lowest number. to determine the amount and/or percentage increase or decrease that has taken place. that has been arranged from the lowest number to the highest number. 111. Vertical analysis is a technique that expresses each item in a financial statement as a percent of a base amount. in dollars and cents. starting with the highest value down to the lowest value. as a percent of the item in the previous year. 41. Process costing is used when the production process is continuous. costs are to be assigned to specific jobs. production is aimed at filling a specific customer order. dissimilar products are involved. 43. An important feature of a job order cost system is that each job must be similar to previous jobs completed. has its own distinguishing characteristics. must be completed before a new job is accepted. consists of one unit of output. 49. In a process cost system, product costs are summarized: on job cost sheets. on production cost reports. when the products are sold. after each unit is produced. 33. An activity that has a direct cause-effect relationship with the resources consumed is a(n) overhead rate. product activity. cost driver. cost pool. 40. Activity-based costing allocates overhead to multiple activity cost pools, and it then assigns the activity cost pools to products and services by means of cost drivers. assigns activity cost pools to products and services, then allocates overhead back to the activity cost pools. accumulates overhead in one cost pool, then assigns the overhead to products and services by means of a cost driver. allocates overhead directly to products and services based on activity levels. 40. A cost which remains constant per unit at various levels of activity is a mixed cost. fixed cost. manufacturing cost. variable cost. 105. The break-even point is where total sales equal total variable costs. total variable costs equal total fi

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