The manufacture of specific products paper

BUS 475 Final Exam8

 

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1) The first step in activity-based costing is to __________.

A.  identify the cost driver that has a strong correlation to the activity cost pool

B.  identify and classify the major activities involved in the manufacture of specific products

C.  assign manufacturing overhead costs for each activity cost pool to products

D.  compute the activity-based overhead rate per cost driver

 

2) H55 Company sells two products, beer and wine. Beer has a 10 percent profit margin and wine has a 12 percent profit margin. Beer has a 27 percent contribution margin and wine has a 25 percent contribution margin. If other factors are equal, which product should H55 push to customers?

A.  It should sell an equal quantity of both

B.  Selling either results in the same additional income for the company

C.  Beer

D.  Wine

 

3) Balance sheet accounts are considered to be __________.

A.  nominal accounts

B.  capital accounts

C.  temporary stockholders’ accounts

D.  permanent accounts

 

4) In what situations will a static budget be most effective in evaluating a manager’s effectiveness?

A.  The company has no fixed costs.

B.  The planned activity levels match actual activity levels.

C.  The company has substantial fixed costs.

D.  The company has substantial variable costs.

 

5) Sam’s Used Cars uses the specific identification method of costing inventory. During March, Sam purchased three cars for $6,000, $7,500, and $9,750, respectively. During March, two cars are sold for $9,000 each. Sam determines that at March 31, the $9,750 car is still on hand. What is Sam’s gross profit for March?

A.  $8,250

B.  $750

C.  $5,250

D.  $4,500

 

6) The conceptual framework developed by the Financial Accounting Standards Board __________.

A.  is legally binding on all accountants

B.  is viewed as providing a constitution for setting accounting standards for financial reporting

C.  was approved by a vote of all accountants

D.  are rules that all accountants must follow

 

7) The income statement and balance sheet columns of Pine Company’s worksheet reflects the following totals:

Income Statement  Balance Sheet

Dr.                  Cr.       Dr.                 Cr.

Totals               $58,000 $48,000       $34,000           $44,000

The net income (or loss) for the period is __________.

A.  not determinable

B.  $10,000 loss

C.  $48,000 income

D.  $10,000 income

 

8) Of the following companies, which one would not likely employ the specific identification method for inventory costing?

A.  Hardware store

B.  Antique shop

C.  Music store specializing in organ sales

D.  Farm implement dealership

 

9) What is value chain management best defined as?

A.  All activities associated with providing a product or service

B.  The incremental value of costs associated with hiring a new production floor leader

C.  A large chain that keeps the machines from falling on the production floor

D.  Management decisions that affect how quickly the production run occurs

 

10) A well-designed activity-based costing system starts with __________.

A.  analyzing the activities performed to manufacture a product

B.  assigning manufacturing overhead costs for each activity cost pool to products

C.  identifying the activity-cost pools

D.  computing the activity-based overhead rate

 

11) Multinational corporations __________.

A.  are U.S. companies that trade their securities on the exchanges in other countries

B.  are U.S. companies that sell goods and services in other countries

C.  are required to use international accounting standards

D.  are firms that conduct their operations in more than one country through subsidiaries, divisions, or branches in foreign countries

 

12) A company just starting in business purchased three merchandise inventory items at the following prices. First purchase $80; Second purchase $95; Third purchase $85. If the company sold two units for a total of $240 and used FIFO costing, the gross profit for the period would be _____.

A.  $50

B.  $75

C.  $65

D.  $60

 

13) “Generally accepted” in the phrase generally accepted accounting principles means that the principles __________.

A.  have been approved for use by the managements of business firms

B.  have substantial authoritative support

C.  are proven theories of accounting

D.  have been approved by the Internal Revenue Service

 

14) The major reporting standard for management accounts is __________.

A.  generally accepted accounting principles

B.  the Sarbanes-Oxley Act of 2002

C.  the Standards of Ethical Conduct for Practitioners of Management Accounting and Financial Management

D.  relevance to decisions

 

15: A tax on an imported good is called a __________.

A.  trade tax

B.  tariff

C.  quota

D.  supply tax

 

16) In economics, the cost of something is __________.

A.  often impossible to quantify, even in principle

B.  always measured in units of time given up to get it

C.  the dollar amount of obtaining it

D.  what you give up to get it

 

17) Which of the following statements about GDP is correct?

A.  GDP increases if the total population increases.

B.  Money continuously flows from households to government and then back to households, and GDP measures this flow of money.

C.  GDP measures two things at once: the total income of everyone in the economy and the unemployment rate.

D.  GDP is to a nation’s economy as household income is to a household.

 

18) The price of a good that prevails in a world market is called the

A.  world price.

B.  relative price.

C.  absolute price.

D.  comparative price.

 

19) Lekeisha’s income exceeds her expenditures. Lekeisha is a __________.

A.  borrower who supplies money to the financial system

B.  saver who supplies money to the financial system

C.  saver who demands money from the financial system

D.  borrower who demands money from the financial system

 

20) One characteristic of an oligopoly market structure is:

A.  the actions of one seller have no impact on the profitability of other sellers.

B.  firms in the industry have some degree of market power.

C.  firms in the industry are typically characterized by very diverse product lines.

D.  products typically sell at a price that reflects their marginal cost of production.

 

21) When a firm sells a good or a service, the sale contributes to the nation’s income __________.

A.  We have to know whether the item being sold is a good or a service in order to answer the question

B.  only if the buyer of the good or service is a household

C.  only if the buyer of the good or service is a household or another firm

D.  whether the buyer of the good or a service is a household, another firm, or the government

 

22) The model of short-run economic fluctuations focuses on the price level and __________.

A.  Net GDP

B.  real GDP

C.  economic growth

D.  the neutrality of money

 

23) The open-economy macroeconomic model examines the determination of __________.

A.  the trade balance and the exchange rate

B.  the output growth rate and the real interest rate

C.  unemployment and the exchange rate

D.  the output growth rate and the inflation rate

 

24) In general, the longest lag for __________.

A.  fiscal policy is the time it takes to change policy, while for monetary policy the longest lag is the time it takes for policy to affect aggregate demand

B.  both fiscal and monetary policy is the time it takes to change policy

C.  both fiscal and monetary policy is the time it takes for policy to affect aggregate demand

D.  monetary policy is the time it takes to change policy, while for fiscal policy the longest lag is the time it takes for policy to affect aggregate demand

 

25) The political business cycle refers to __________.

A.  changes in output created by the monetary rule the Fed must follow

B.  the fact that about every four years some politician advocates greater government control of the Fed

C.  the potential for a central bank to increase the money supply and therefore real GDP to help the incumbent get re-elected

D.  the part of the business cycle caused by the reluctance of politicians to smooth the business cycle

 

26) The open-economy macroeconomic model includes __________.

A.  neither the market for loanable funds or the market for foreign-currency exchange

B.  only the market for loanable funds

C.  only the market for foreign-currency exchange

D.  both the market for loanable funds and the market for foreign-currency exchange

 

27) In the open-economy macroeconomic model, other things the same, a decrease in the interest rate shifts __________.

A.  the supply of dollars in the market for foreign-currency exchange to the left

B.  the demand for dollars in the market for foreign-currency exchange to the right

C.  the demand for dollars in the market for foreign-currency exchange to the left

D.  the supply of dollars in the market for foreign-currency exchange to the right

 

28) An invisible barrier that makes it difficult for certain groups, such as minorities and women, to move beyond a certain level in the organizational hierarchy is referred to as the:

A.  Job enlargement concept

B.  Job enrichment theory

C.  Glass floor

D.  Black box theory

E.  Glass ceiling

 

29) An organization that is managed aggressively and has growth and high profits as primary objectives may be considered a(n):

A.  Entrepreneurship venture

B.  Small business

C.  Online Business

D.  Multinational corporation

E.  Large corporation

 

30) A series of quality standards developed by a committee working under the International Organization for Standardization to improve total quality in all businesses for the benefit of both producers and consumers is:

A.  Computer-integrated manufacturing (CIM)

B.  ISO 9000

C.  Customer-based integration

D.  Total quality management

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