ACC 561 Final Exam Guide 2

December 24, 2015  |  By  | 

Category: Business

1) According to the Financial Executives Institute, one function of the treasurer is _____ 2) Budgets _____. 3) Department performance reports can be used to help department heads determine _____. 4) Ethical accountants are important to society because _____. 5) Below is a statement from the Institute of Management Accountants’ Statement of Ethical Professional Practice. “Refrain from disclosing confidential information acquired in the course of their work except when authorized, unless legally obligated to do so.” It is an 7) _____ refers to accounting information developed for managers within an organization. 8) _____ is the field of accounting that develops information for external decision makers such as stockholders, suppliers, banks, and government regulatory agencies. 9) Launching a new product line is an example of _____ 10) _____ would not appear on the financial statements for a sole proprietorship. 11) The _____ is also called the statement of financial position. 12) The accrual basis of accounting recognizes the impact of transactions on the financial statements in the period when _____ 13) The accounting convention of _____ guides the relative sophistication of the accounting system. 14) The accounting convention of _____ permits a company to immediately expense assets (such as a garbage can) with small values and long useful lives. 15) Mr. Bryant invested $50,000 cash in a new corporation. The new corporation will record this transaction with a debit to_____ 16) The difference between a single and multiple step income statement is that a single step income statement_____ 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) Limited liability means that_____. 19) Which value chain function would include depreciation on transportation cost? 20) Number of engineering hours is a likely cost driver for which value chain function? 21) Which value chain function would include the cost of computer-aided design equipment and cost to develop the prototype of a product?

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