ACC200 Practice Exam

ACC200 Practice Exam - ACC 200 PRACTICE EXAM QUESTIONS...

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ACC 200 PRACTICE EXAM QUESTIONS Spring 2011
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2 TABLE OF CONTENTS Selecting a Form of Business Ownership . ............................................... 3 The Role of Accounting in Business . ....................................................... 4 The Cash Basis of Accounting . ................................................................ 6 The Accrual Basis of Accounting . ........................................................... 9 Introduction to Taxation. ....................................................................... 13 Ch 1: Introduction to Managerial Accounting . .................................... 15 Ch 2: Product Costing: Manufacturing Processes, Cost Terminology, and Cost Flows . ....................................................................................... 16 Ch 3: Cost Behavior . .............................................................................. 20 Ch 4: Job Costing, Process Costing, and Operations Costing . .......... 23 Ch 5: Activity-Based Costing . .............................................................. 29 Ch 6: Cost-Volume-Profit Analysis . ...................................................... 30 Ch 7: Relevant Costs and Product Planning Decisions . ...................... 38 Ch 8: Long-Term (Capital Investment) Decisions . .............................. 44 Ch 9: The Use of Budgets in Planning and Decision Making. ............. 48 Ch 10: Variance Analysis- A Tool for Cost Control and Performance Evaluation . .............................................................................................. 51 Ch 11: Decentralization, Performance Evaluation and the Balanced Scorecard . ............................................................................................... 53
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3 Selecting a Form of Business Ownership (from Section 1) 1. The owners of a(n) _________________ are subject to limited liability as in a corporation, but are taxed as if the firm was a partnership. A. Sole proprietorship B. S-Corporation C. C-Corporation D. General partnership E. None of the above 2. Compared to sole proprietorships and partnerships, a major advantage of corporations is that they: A. are easier to form. B. have greater access to funds. C. receive more favorable tax treatment. D. avoid agency problems. 3. “Double taxation” is a disadvantage to which type of organization? A. Sole proprietorship B. General partnership C. Limited partnership D. S-Corporation E. C-Corporation 4. Which type of organization is required to follow generally accepted accounting principles (GAAP)? A. Sole proprietorship B. General partnership C. S-Corporation D. Publicly-held corporation E. Privately-held corporation 5. The XYZ Corporation has total earnings of $20 million and decides to pay its stockholders a dividend of $8 million. If the corporate tax rate is 30% and the personal tax rate on individual stockholders is 25%, the total amount of taxes paid on XYZ’s earnings would be: A. $11 million B. $8 million C. $6 million D. $5 million E. $3 million SOLUTIONS: 1. B 2. B 3. E 4. D 5. B
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ACC200 Practice Exam - ACC 200 PRACTICE EXAM QUESTIONS...

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