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ACC 561 Final Exam
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ACC 561 Final Exam (Latest) –
1. 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.
2. 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.
3. 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.
4. 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.
5. 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.
6. The convention of consistency refers to consistent use of
accounting principles
throughout the accounting periods.
among firms.
within industries.
among accounting periods.

7. 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.
8. 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.
9. 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.
10. If a division manager's compensation is based upon the
division's net income, the manager may decide to meet the
net income targets by increasing production when using
variable costing, in order to increase net income.
variable costing, in order to decrease net income.
absorption costing, in order to increase net income.
absorption costing, in order to decrease net income.
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