This document contains answers to 55 questions for an ACC 561 final exam. It includes questions related to topics like department performance reports, accounting conventions, financial statements, cost accounting, budgeting, and management control systems. The document provides the answers to multiple choice and calculation questions that test understanding of key accounting concepts.

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This paperwork ACC 561 Final Exam C. DONE includes
answers to these exercises: 1) Department performance
reports can be used to help department heads determine .
2) Performance reports _ . 3) According to the Financial
Executives Institute, one function of controllership is . 4)
Which of the following is not a major factor causing changes
in management accounting today? 5) Ethical accountants are
important to society because . 6) According to the Institute
of Management Accountants' Statement of Ethical
Professional Practice, the standard of competence includes:
7) Which scorecard function is associated with making non-routine
decisions? 8) The primary users of management
accounting information are . 9) is the field of accounting
that develops information for external decision makers such
as stockholders, suppliers, banks, and government regulatory
agencies. 10) The is also called the statement of financial
position. 11) Etiwanda Company's accountant recorded a
debit to Accounts Payable and a credit to Cash. This
transaction will . 12) The is not one of the three major
financial statements. 13) The accounting convention of
guides the relative sophistication of the accounting system.
14) The accounting convention of means selecting the
method of measurement that yields the gloomiest
immediate results. 15) The use of acquisition cost less
depreciation in valuing an asset on the balance sheet is the
logical result of the _ accounting convention. 16) The
statement of cash flows is used for all of the following except

2. _. 17) The Rebecca Company acquired merchandise
inventory costing $10,000 on September 1. The company will
not pay for the inventory until October 1. This transaction
will affect the Rebecca Company by increasing the
Merchandise Inventory account by $10,000 and 18) Output
measures of both resources and activities are 19)
Nonoperating items on the income statement . 20) Number
of engineering hours is a likely cost driver for which value
chain function? 21) Which value chain function would include
advertising costs? 22) Walnut Corporation sells desks at $480
per desk. The costs associated with each desk are as follows:
23) If the sales price per unit is $100, the unit variable cost is
$75, and total fixed costs are $150,000, then the break even
volume in dollar sales rounded to the nearest whole dollar is
24) Hug Me Company produces dolls. Each doll sells for
$20.00. Variable costs per unit total $14.00, of which $6.25 is
for direct materials and $5.25 is for direct labor. If total fixed
costs are $435,000, then the break even volume in dollars is .
25) The method of measuring cost functions is the least
reliable. 26) of approximating cost functions does not
involve the analysis of past costs. 27) Managers should apply
two principles to obtain accurate and useful cost functions.
These principles are . 28) The change from traditional costing
to activity-based costing may reveal that . 29) need cost
accounting systems. 30) A sales forecast is . 31) is an
example of the external financial reporting purpose of the
cost management systems 32) models are mathematical
models of the master budget that can react to any set of
assumption about sales, costs, and product mix. 33) A gives
the expected sales under a given set of conditions. 34) A
gives the expected sales under a given set of conditions. 35)

3. Important factors considered by sales forecasters include all
of the following except . 36) The master budget includes
forecasts for all of the following except . 37) The master
budget quantifies targets for all of the following except . 38)
are components of a master budget. 39) Differences between
the static budget and the flexible budget are due to . 40) The
use of budgeted service department cost rates protects using
departments from . 41) Cost allocation base refers to the .
42) The preferred guidelines for allocating service
department costs include . 43) Murphy Company has two
service departments, Maintenance and Personnel, as well as
two production departments, Mixing and Finishing.
Maintenance costs are allocated based on square footage
while personnel costs are allocated based on number of
employees. The following information has been gathered for
the current year: 44) Gomez Company has two service
departments, Maintenance and Personnel, as well as two
production departments, Mixing and Finishing. Maintenance
costs are allocated based on square footage while personnel
costs are allocated based on number of employees. The
following information has been gathered for the current year
. 45) Serena Company has two service departments,
Maintenance and Personnel, as well as two production
departments, Mixing and Finishing. Maintenance costs are
allocated based on square footage while personnel costs are
allocated based on number of employees. The following
information has been gathered for the current year: 46) In
absorption costing, costs are separated into the major
categories of . 47) Absorption costing assigns to the product.
48) Factory overhead appears on the absorption-costing
income statement as . 49) is the first step in designing a

4. management control system. 50) is (are) the most basic
component of a management control system. 51) Identify
which of the following is not a characteristic of a
management control system. 52) The following information is
available for the Peter Company: 53) is a measure of income
or profit divided by the investment required to obtain that
income or profit. 54) The following information is available
for the Peter Company:
General Questions - General Academic Questions
ACC 561 Latest Final Exam
Pack only essentials to reduce clutter in your dorm. A
crowded dorm room is uncomfortable and is also a good
place to lose homework. Write down the essentials on a list,
and do not buy extraneous items when doing your shopping.
Concentrate on purchasing things that can help you make the
most of the space you have....
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