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Could i get help with question 43. I know the answer need to know how you get there.
University of Connecticut
School of Business
Managerial Accounting 2101
Exam 2 - Fall 15 –W
November 2, 2015
Student: ___________________________________________________________________________
(some questions have 4 options to select and others have 5)
1. The Sarbanes-Oxley Act requires reportin
g by the company/client on internal control
over financial reporting
via:
A. A management statement in the annual report on Form 10-K
B. A special quarterly filing from the audit committee
C. A footnote to the auditor’s report
D. A direct letter addressed to the SEC signed by the audit committee
2. Narchie sells a single product for $50. Variable costs are 60% of the selling price, and the company has fixed
costs that amount to $400,000. Current sales total 16,000 units.
Narchie:
A. will break-even by selling 8,000 units.
B. will break-even by selling 13,333 units.
C. will break-even by selling 20,000 units.
D. will break-even by selling 1,000,000 units.
E. cannot break-even because it loses money on every unit sold.
3. Which of the following are responsible for an organization's internal controls
, which are broadly defined as a
process designed to provide reasonable assurance regarding the achievement of the objectives of effectiveness
& efficiency of operations, reliability of financial reporting, and compliance with applicable laws and
regulations:
A. The Board of Directors
B. The CEO
C. Management
D. All of the above
E. None of the above
1
4. Sarbanes Oxley addresses a concern that firms may seek to exaggerate their financial statements. Why
would executives want to do that?
A. to enhance the CEO's reputation
B. to trigger higher bonuses to key executives under plans tied to firm earnings
C. to raise stock prices before a key executive sells his or her stock
D. all of the above.
5. The budget method that maintains a constant twelve-month planning horizon by adding a new month on the
end as the current month is completed
is called:
A. an operating budget.
B. a capital budget.
C. a continuous or rolling budget.
D. a master budget.
6. Brooklyn sells a single product to wholesalers. The company's budget for the upcoming year revealed
anticipated unit sales of 31,600, a selling price of $20, variable cost per unit of $8, and total fixed costs of
$360,000. If Brooklyn's unit sales are 300 units more than anticipated, its break-even point will:
A. increase by $12 per unit sold.
B. decrease by $12 per unit sold.
C. increase by $8 per unit sold.
D. decrease by $8 per unit sold.
E. not change.
2
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