BUS 475 Final Exam Study Guide 2012 � Set 4

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BUS 475 Final Exam Study Guide 2012–Set 4100 Answers from 2012 BUS/475 Final ExamReviewed and Prepared by ACCNerd.com. Thank you!1) Which one of the following is a product cost?A.Indirect laborB.Sales person’s salariesC.OfficesalariesD.Advertising costs2) Lucy starts her own psychiatric practice, but her expenditures to open the practice exceed herincome. Lucy is a __________.A.borrower who demands money from the financial systemB.borrower who supplies money tothe financial systemC.saver who supplies money to the financial systemD.saver who demands money from the financial system3) Of the following companies, which one would not likely employ the specific identificationmethod for inventory costing?A.Music store specializing in organ salesB.Antique shopC.Farm implement dealershipD.Hardware store4) Which one of the following items is not generally used in preparing a statement of cash flows?A.Adjusted trial balanceB.Comparative balance sheetsC.Additional informationD.Current income statement5) The conceptual framework developed by the Financial Accounting Standards Board __________.A.was approved by a vote of all accountantsB.is viewed as providing a constitution for setting accounting standards for financial reportingC.are rules that all accountants must followD.is legally binding on all accountants6) What is the preparation of reports for each level of responsibility in the company’s organizationchart called?A.Static reportingB.Exception reportingC.Responsibility reportingD.Master budgeting analysis

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7) The cost principle requires that when assets are acquired, they be recorded at __________.A.appraisal valueB.selling priceC.exchange price paidD.list price8) If a company reports a net loss, it __________.A.will not be able to make capital expendituresB.will not be able to get a loanC.may still have a net increase in cashD.will not be able to paycash dividends9) The major reporting standard for management accounts is __________.A.generally accepted accounting principlesB.relevance to decisionsC.the Standards of Ethical Conduct for Practitioners of Management Accounting andFinancialManagementD.the Sarbanes-Oxley Act of 200210) The primary purpose of the statement of cash flows is to __________.A.facilitate banking relationshipsB.provide information about the cash receipts and cash payments during a periodC.provide information about the investing and financing activities during a periodD.prove that revenues exceed expenses if there is a net income11) Managerial accounting __________.A.places emphasis on special-purpose informationB.pertains to the entity as a whole and is highly aggregatedC.is concerned with costing productsD.is governed by generally accepted accounting principles12) A well-designed activity-based costing system starts with __________.A.analyzing the activities performed to manufacture a productB.assigning manufacturing overhead costs for each activity cost pool to productsC.identifying the activity-cost poolsD.computing the activity-based overhead rate13) Balance sheet accounts are considered to be __________.A.nominal accountsB.capital accountsC.temporary stockholders’ accountsD.permanent accounts14) As Plant Controller, you are trying to determine which costs over which you have the mostcontrol on a day to day basis. Your goal is to achieve better profitability. The Plant OperationsManager suggests that overhead is the easiest area to directly reduce costs. Which of the followingitems would be classified as manufacturing overhead?

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A.Cost of landscaping the corporate officeB.The western division’s vice president’s salaryC.General corporate liability insuranceD.Factory janitor15) The primary purpose of the statement of cash flows is to __________.A.facilitate banking relationshipsB.provide information about the cash receipts and cash payments during a periodC.provide information about the investing and financing activities during a periodD.prove that revenues exceed expenses if there is a net income16) Lekeisha's income exceeds her expenditures. Lekeisha is a __________.A.borrower who demands money from the financial systemB.borrower who supplies money to the financial systemC.saver who supplies money to the financial systemD.saver who demands money from the financial system17) A tax on an imported good is called a __________.A.supply taxB.trade taxC.tariffD.quota18) One of Astro Company's activity cost pools is machine setups, with estimated overhead of$150,000. Astro produces sparklers (400 setups) andlighters (600 setups). How much of themachine setup cost pool should be assigned to sparklers?A.$150,000B.$60,000C.$90,000D.$75,00019) One characteristic of an oligopoly market structure is:A.firms in the industry have somedegree of market power.B.firms in the industry are typically characterized by very diverse product lines.C.the actions of one seller have no impact on the profitability of other sellers.D.products typically sell at a price that reflects their marginal cost of production.20) When, in a particular market, the law of demand and the law of supply both apply, theimposition of a binding price ceiling in that market causes quantity demanded to be __________.A.less than quantity suppliedB.greater than quantity suppliedC.double the quantity suppliedD.equal to quantity supplied21) When a firm sells a good or a service, the sale contributes to the nation’s income __________.A.only if the buyer of the good or service is a household or another firmB.only if the buyer of the good or service is a householdC.We have to know whether the item being sold is a good or a service in order to answer thequestion

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D.whether the buyer of the good or a service is a household, another firm, or the government22) The open-economy macroeconomic model includes __________.A.only the market for foreign-currency exchangeB.only the market for loanable fundsC.neither the market for loanable funds or the market for foreign-currency exchangeD.both the market for loanable funds and the market for foreign-currency exchange23) Most economists use the aggregate demand and aggregate supply model primarily to analyze__________.A.the effects of macroeconomic policy on the prices of individual goodsB.short-run fluctuations in the economyC.productivity and economic growthD.the long-run effects of international trade policies24) In the market for foreign-currency exchange in the open economy macroeconomic model, theamount of net capital outflow represents the quantity of dollars __________.A.supplied for the purpose of buying assets abroadB.supplied for the purpose of selling assets domesticallyC.demanded for the purpose of importing foreign goods and servicesD.demanded for the purpose of buying U.S. net exports of goods and services25) Which of the following is not correct?A.A potential cost of deficits is that they reduce national saving, thereby reducing growth of thecapital stock and output growth.B.The U.S. debt per-person is large compared with average lifetime income.C.Deficits give people the opportunity to consume at the expense of their children, but they do notrequire them to do so.D.In 2005, the U.S. government had a deficit.26) The Federal Reserve will tend to tighten monetary policy when __________.A.interest rates are rising too rapidlyB.the growth rate of real GDP is quite sluggishC.it thinks the unemployment rate is too highD.it thinks inflation is too high today, or will become too high in the future27) Which of the following statements about GDP is correct?A.Nominal GDP values production at current prices, whereas real GDP values production atconstant prices.B.Nominal GDP valuesproduction at market prices, whereas real GDP values production at the costof the resources used in the production process.C.Nominal GDP values production at constant prices, whereas real GDP values production at currentprices.D.Nominal GDP consistently underestimates the value of production, whereas real GDP consistentlyoverestimates the value of production.28) The most dominant areas in the global economy include:

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A.North America, Western Europe and AsiaB.North America, Asia andAfricaC.North America, Mexico and AsiaD.Western Europe, Asia and AfricaE.North America, South America and Western Europe29) The term used to refer to all kinds of differences including religious affiliation, age, disabilitystatus, economic class and lifestyle in addition to gender, race, ethnicity and nationality is:A.DiversityB.RecruitingC.EmploymentD.Managerial ethicsE.Selection30) A leader is:A.Someone with authority over othersB.Someone who influences others to attain goalsC.The top level manager in a firm or businessD.Someone well-respected by othersE.A strategic level manager31) Teams that operate separately from the regular work structure and exist temporarily are knownas:A.Management teamsB.Self-managed teamsC.Parallel teamsD.Transnational teamsE.Self-designing teams32) __________ is the process of working with people and resources to accomplish organizationalgoals.A.SupervisingB.Decision makingC.ManagementD.ControllingE.Planning33) An organization that is managed aggressively and has growth and high profits as primaryobjectives may be considered a(n):A.Online BusinessB.Entrepreneurship ventureC.Large corporationD.Small businessE.Multinational corporation34) A manager's ability to stimulate people to be high performers is referred to as:A.SupervisingB.Controlling

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