ACC 561 Final Exam Guide 1

December 24, 2015  |  By  | 

Category: Business

1) Department performance reports can be used to help department heads determine _____. 2) Performance reports _____. 3) According to the Financial Executives Institute, one function of controllership is _____. 4) Which of the following is not a major factor causing changes in management accounting today? A. Increasing importance of the service sector of the economy is not a major factor. 5) Ethical accountants are important to society because _____. 6) According to the Institute of Management Accountants' Statement of Ethical Professional Practice, the standard of competence includes: 7) Which scorecard function is associated with making non-routine decisions? 8) The primary users of management accounting information are _____. 9) _____ is the field of accounting that develops information for external decision makers such as stockholders, suppliers, banks, and government regulatory agencies. 10) The _____ is also called the statement of financial position. 11) Etiwanda Company's accountant recorded a debit to Accounts Payable and a credit to Cash. This transaction will_____. 12) The _____ is not one of the three major financial statements. 13) The accounting convention of _____ guides the relative sophistication of the accounting system. 14) The accounting convention of _____ means selecting the method of measurement that yields the gloomiest immediate results. 15) The use of acquisition cost less depreciation in valuing an asset on the balance sheet is the logical result of the _____ accounting convention. 16) The statement of cash flows is used for all of the following except_____. 17) The Rebecca Company acquired merchandise inventory costing $10,000 on September 1. The company will not pay for the inventory until October 1. This transaction will affect the Rebecca Company by increasing the Merchandise Inventory account by $10,000 and _____. 18) Output measures of both resources and activities are _____. 19) Nonoperating items on the income statement_____. 20) Number of engineering hours is a likely cost driver for which value chain function? 21) Which value chain function would include advertising costs? 22) Walnut Corporation sells desks at $480 per desk. The costs associated with each desk are as follows: Direct materials $195 Direct labor 126 Variable factory overhead 51

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