ACC 561: MANAGERIAL ACCOUNTING FINAL EXAM

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ACC 561: MANAGERIAL ACCOUNTING FINAL EXAMACC 561 FINAL EXAM (NEW)Question 1Which of the following is an advantage of corporations relative to partnerships and soleHarder to transferLower taxes.Most common form of organization.Reduced legalliability for investors.Question 2The group of users of accounting information charged with achieving the goals of thebusiness is itscreditors.investors.managers.auditors.Question 3Which of the followingfinancial statementsis concerned with the company at a point intime?Balance sheet.Income statement.Retained Earnings statement.Statement of cash flows.Question 4An income statementpresents 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.Question 5The most important information needed to determine if companies can pay their currentobligations is theprojected net income for next year.

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net income for this year.relationship between current assets and current liabilities.relationship between short-term and long-term liabilities.Question 6Aliquidity ratiomeasures theincome or operating success of a company over a period of time.percentage of total financing provided by creditors.ability of a company to survive over a long period of time.short-term ability of a company to pay its maturing obligations and to meet unexpected needsfor cash.Question 7The convention of consistency refers to consistent use of accounting principlesthroughout the accounting periods.within industries.among accounting periods.among firms.Question8Horizontal analysis is also known asvertical analysis.trend analysis.common size analysis.linear analysisQuestion 9Horizontal analysis is a technique for evaluating a series of financial statement data over aperiod of timethat 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.to determine which items are in error.that has been arranged from the lowest number to the highest number.Question 10Vertical analysis is a technique that expresses each item in a financial statementas a percent of the item in the previous year.in dollars and cents.

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