BUS 475 -1 - 1)' IncomeStatement BalanceSheet Dr Cr Dr Cr...

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1) 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 Closing entries are necessary for __________.  A. temporary accounts only B. permanent accounts only C. permanent or real accounts only D. both permanent and temporary accounts 2) As Plant Controller, you are trying to determine which costs over which you have the most control on a day to day  basis. Your goal is to achieve better profitability. The Plant Operations Manager suggests that overhead is the easiest  area to directly reduce costs. Which of the following items would be classified as manufacturing overhead?  A. General corporate liability insurance B. Factory janitor C. The western division’s vice president’s salary D. Cost of landscaping the corporate office 3) Which list below best describes the major services performed by public accountants?  A. Employee training, auditing, bookkeeping B. Bookkeeping, mergers, budgets C. Cost accounting, production scheduling, recruiting D. Auditing, taxation, management consulting 4) The conceptual framework developed by the Financial Accounting Standards Board __________.  A. are rules that all accountants must follow B. was approved by a vote of all accountants C. is legally binding on all accountants D. is viewed as providing a constitution for setting accounting standards for financial reporting 5) In what situations will a static budget be most effective in evaluating a manager's effectiveness?  A. The company has substantial variable costs. B. The company has substantial fixed costs. C. The company has no fixed costs. D. The planned activity levels match actual activity levels. 6) Which one of the following items is not generally used in preparing a statement of cash flows?  A. Comparative balance sheets B. Adjusted trial balance C. Additional information D. Current income statement
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7) These are selected account balances on December 31, 2008.  Land (location of the corporation’s office building) $150,000 Land (held for future use) 225,000 Corporate Office Building 900,000 Inventory 300,000 Equipment 675,000 Office Furniture 150,000 Accumulated Depreciation 450,000 What is the net amount of property, plant, and equipment that will appear on the balance sheet?  A. $1,425,000 B. $1,650,000 C. $2,400,000 D. $1,950,000 8) A well-designed activity-based costing system starts with __________.  A. analyzing the activities performed to manufacture a product
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This note was uploaded on 01/03/2011 for the course BUSINESS 475 taught by Professor Smith during the Spring '10 term at Utah.

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BUS 475 -1 - 1)' IncomeStatement BalanceSheet Dr Cr Dr Cr...

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