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ACC 561 Final Exam Guide 3Click Here to Buy the Tutorialhttp://www.uopacc561.com/ACC-561-Final-Exam-Guide-3For more course tutorials visitwww.uopacc561.uopacc561.comcom1) According to the Financial Executives Institute, one function ofcontrollership is _____.2) Performance reports _____.3) Budgets _____.4) Ethical accountants are important to society because _____.5) According to the Institute of Management Accountants’ Statementof Ethical Professional Practice, the standard of competence includes:6) According to the Institute of Management Accountants’ Statementof Ethical Professional Practice, the standard of objectivity includes_____.

7) Which scorecard function is associated with making non-routinedecisions?8) _____ is the field of accounting that develops information forexternal decision makers such as stockholders, suppliers, banks, andgovernment regulatory agencies.9) Launching a new product line is an example of _____.10) The _____ is also called the statement of financial position.11) The accrual basis of accounting recognizes the impact oftransactions on the financial statements in the period when _____.12) The _____ is not one of the three major financial statements.13) The use of acquisition cost less depreciation in valuing an asset onthe balance sheet is the logical result of the _____ accountingconvention.14) The accounting convention of _____ guides the relativesophistication of the accounting system.

15) The accounting convention of _____ means selecting the methodof measurement that yields the gloomiest immediate results.16) The statement of cash flows is used for all of the followingexcept_____.17) The difference between a single and multiple step incomestatement is that a single step income statement_____.18) Sylvester Company requires clients to pay in advance for legalservices. One such client made a $4,000 payment on May 1, andSylvester Company recorded this transaction in the appropriateliability account. As of May 20, the legal services that the clientrequested had been completed. The May 20 accounting entry will:19) Output measures of both resources and activities are _____.20) Which of the following is not a cost driver of customer servicescosts?21) Which value chain function would include the cost of computeraideddesign equipment and cost to develop the prototype of a product?22) Walnut Corporation sells desks at $480 per desk. The costsassociated with each desk are as follows:Direct materials

Total fixed costs for the period are $456,840. The contribution marginper desk is _____.23) Hug Me Company produces dolls. Each doll sells for $20.00.Variable costs per unit total $14.00, of which $6.25 is for directmaterials and $5.25 is for direct labor. If total fixed costs are$435,000, then the break even volume in dollars is _____.24) If the sales price per unit is $100, the unit variable cost is $75, andtotal fixed costs are $150,000, then the break even volume in dollarsales rounded to the nearest whole dollar is _____.25) _____ of approximating cost functions does not involve theanalysis of past costs.26) In relation to a cost function, the term reliability means_____.27) The _____ method of measuring cost functions is the least reliable.28) _____ is a name for a system that first accumulates overheadcosts for each of the activities of an organization, and then assigns thecosts of activities to the products, services, or other cost objects thatcaused that activity.

29) The change from traditional costing to activity-based costing mayreveal that _____.30) _____ is an example of the external financial reporting purpose ofthe cost management systems.31) _____ models are mathematical models of the master budget thatcan react to any set of assumption about sales, costs, and product mix.32) Budgets generate negative feelings if they are _____.38) The master budget quantifies targets for all of the followingexcept _____.39) Differences between the static budget and the flexible budget aredue to _____.40) Costs are allocated for all the following purposes except to _____.41) The use of budgeted service department cost rates protects usingdepartments from _____.42) Cost allocation base refers to the _____.

43) Murphy Company has two service departments, Maintenance andPersonnel, as well as two production departments, Mixing andFinishing. Maintenance costs are allocated based onsquare footage while personnel costs are allocated based on numberof employees. The following information has been gathered for thecurrent year:46) In absorption costing, costs are separated into the major categoriesof_____.47) _____ is another term for variable costing.48) When the variable costing method is used, fixed factory overheadappears on the income statement as a_____.49) _____ is the first step in designing a management control system.50) _____ is (are) the most basic component of a management controlsystem.51) Identify which of the following is not a characteristic of amanagement control system.

52) The following information is available for the Peter Company:Sales $500,00053) _____ is a measure of income or profit divided by the investmentrequired to obtain that income or profit. A. Return on investment54) The following information is available for the Peter Company:Sales $150,000