ACC 561 Final Exam Questions - ACC 561 Final Exam Questions models are mathematical models of the master budget that can react to any set of assumption

ACC 561 Final Exam Questions - ACC 561 Final Exam Questions...

This preview shows page 1 - 4 out of 9 pages.

ACC 561 Final Exam Questions _____ models are mathematical models of the master budget that can react to any set of assumption about sales, costs, and product mix. A. Budgeting analysis B. Accounting C. Futuring D. Financial planning A sales forecast is _____. A. a prediction of sales under a given set of conditions B. the same as a sales budget that will generate a desired level of sales C. all of these answers are correct D. the result of decisions to create conditions A _____ gives the expected sales under a given set of conditions. A. sales prediction B. budget forecast C. sales forecast D. sales budget A _____ gives the expected sales under a given set of conditions. A. sales prediction B. budget forecast C. sales forecast D. sales budget A _____ gives the expected sales under a given set of conditions. A. sales prediction B. budget forecast C. sales forecast D. sales budget _____ need cost accounting systems. A. Manufacturing firms and service organizations B. Manufacturing firms and nonprofit organizations C. Manufacturing firms, service organizations, and nonprofit organizations D. Service organizations and nonprofit organizations
Image of page 1
_____ probably would not be used as a measure of activity in a flexible budget. A. Sales volume B. Number of machine hours used C. Number of hours worked by salespeople D. Number of direct labor hours worked _____ are components of a master budget. A. A continuous budget and a static budget B. An operating budget and a financial budget C. A strategic plan and an operating budget D. A cash budget and an activity budget The master budget quantifies targets for all of the following except _____. A. markets B. production C. sales D. cost driver activity Costs are allocated for all the following purposes except to A. determine inventory levels B. obtain reimbursement C. predict the economic effects of planning and control decisions D. compute income and asset valuation The following information is available for the Peter Company: Sales $150,000 Invested Capital 156,250 ROI 10% The return on sales is _____. A. 10.00% B. 62.50% C. 10.42% D. none of these answers is correct Jewel Company's revenues are $300 and invested capital is $240. Expenses are currently 60% of sales. Jewel Company's current return on investment is _____. A. 50% B. 80% C. 100% D. none of these answers are correct
Image of page 2
Speedo Company's revenues are $300 on invested capital of $240. Expenses are currently 70% of sales. If Angelo Company can reduce its invested capital by 20%, return on investment will be _____. A. 75% B. 18.75% C. 93.75% D. 46.88% is the first step in designing a management control system. A. Evaluating management's performance B. Preparing financial statements C. Establishing organizational goals D. Distinguishing between profit centers and cost centers is (are) the most basic component of a management control system. A. The organization's long-range budget B. The stockholder's preferences C. The organization's goals D. Top management's preferences Identify which of the following is not a characteristic of a management control system.
Image of page 3
Image of page 4

You've reached the end of your free preview.

Want to read all 9 pages?

  • Summer '19
  • Accounting, d., Maintenance Department, B., c.

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture