Homework

Homework

# Quiz - Accounting - 41 Questions

Hello,   Need this by Wednesday 6/27.   I...

Hello,

Need this by Wednesday 6/27.

I tried attaching the file. If its not there, let me know.

Show More
Show Less
6/23/2012
Ellen, Lawyer
Category: Homework
Satisfied Customers: 36,715
Experience: Lawyer, Accountant and Researcher
Verified
Hi

Unfortunately the file was not attached
Customer reply replied 5 years ago

41 Questions

1. All of the following
are service organization, except:

 a. a dry cleaners b. a public accounting firm c. A manufacturer of sporting goods d. a real estate brokerage

2. Reviewing the output of the
department is an example of:

 a. planning b. controlling c. budgeting d. Analyzing

3. The Gotcha Company held a Christmas
party. The company expected attendance of 200 persons and prepared the
following budget:

Hotel room
rental \$600

Food 500

Entertainment
800

Decorations
300

Totals
\$2,200

After all
bills for the party were paid, the total came to \$2,315. Details are: \$575 for
hotel room rental; \$640 for food; \$750 for entertainment; and \$350 for
decorations. Two hundred persons attended the party.

What is the
total budget variance?

 a. \$115 unfavorable is the total budget variance. b. \$115 favorable is the total budget variance. c. \$25 favorable is the total budget variance. d. \$140 unfavorable is the total budget variance

4. The Gotcha Company held a Christmas
party. The company expected attendance of 200 persons and prepared the
following budget:

Hotel room
rental \$600

Food 500

Entertainment
800

Decorations
300

Totals
\$2,200

After all
bills for the party were paid, the total came to \$2,315. Details are:\$575 for
hotel room rental; \$640 for food; \$750 for entertainment; and \$350 for
decorations. Two hundred persons attended the party.

What is the
main reason for the unfavorable total budget variance?

 a. Hotel room rent is the main reason. b. Food is the main reason c. Entertainment is the main reason. d. Decorations are the main reason.

5. Which scorecard function is
associated with making nonroutine decisions?

 a. Scorekeeping is associated with making nonroutine decisions. b. Attention directing is associated with making nonroutine decisions c. Problem solving is associated with making nonrouting decisions. d. None of these answers is correct.

6. The primary users of management
accounting information are:

 a. bankers b. governmental regulatory authorities c. internal decision makers d. suppliers

7. ____________refers to accounting
information developed for managers within an organization.

 a. Internal auditing b. Managerial accounting c. Financial accounting d. Tax accounting

8. The various stages through which a
product passes are called the:

 a. product life cycle b. production plan c. market analysis d. product initiative

9. At a clothing
manufacturer, line authority is held by the head of which department?

 a. The head of the assembly department holds line authority. b. The head of the receiving department holds line authority. c. The head of the shipping department holds line authority. d. All of these anwsers are correct.

10. Which of the following
statements is not true?

 a. Management accounting does not play a vital role in the achievement of a company's goals and objectives. b. Management accounting information is used across the entire value chain of activities. c. Management accounting information is used throughout the life cycle of products and services. d. External accountants are expected to adhere to standards of ethical conduct.

11. Managers should focus
their efforts on managing:

 a. activities required to make products or deliver services b. products and services c. revenues d. None of these answers is correct

12. Which of the following
is not a cost driver of customer services costs?

 a. Hours spent servicing products are not a cost driver of customer services costs. b. Travel costs are not a cost driver of customer services costs. c. Number of service calls is not a cost driver of customer services costs. d. All of these answers are correct.

13. _________is how the
activities of an organization affect its costs.

 a. Cost behavior b. Cost driver c. Volume-related cost drivers d. Non of these answers is correct

14. As the cost-driver activity level increases within the relevant
range:

 a. total fixed costs remain unchanged b. fixed costs per unit increases c. total variable costs decrease d. variable costs per unit increases

15. As the cost driver activity level decreases within the relevant
range:

 a. total fixed costs increase b. fixed costs per unit decreases c. total variable costs decrease d. variable costs per unit decreases

16. An increase in total variable cost usually indicates:

 a. the cost-driver activity level is decreasing b. the cost-driver activity level is increasing c. variable costs per unit is decreasing d. variable costs per unit is increasing

17. Relevant range applies to:

 a. the variable costs b. fixed costs c. both fixed and variable costs d. cost driver activity levels

18. The level of sales at which revenues equal expenses and net
income is zero is called the:

 a. margin of safety b. contribution margin c. break-even point d. marginal income point

19. If the sales price per unit is \$20, the unit contribution
margin is \$8, and total fixed costs are \$24,000, the break-even point in units
is:

 a. 3,000 b. 1,200 c. 857 d. 2,000

20. Meredith Company wishes to earn after-tax net income of
\$18,000. Total fixed costs are \$84,000, and the contribution margin per unit is
\$6.00. Meredith's tax rate is 40%. The number of units that must be sold to
breakeven is

 a. 14,000 units b. 17,000 units c. 19,000 units d. 21,500 units

21. _________will decrease a company's break-even point.

 a. Reducing its total fixed costs b. Increasing contribution margin per unit c. Increasing variable cost per unit d. Decreasing the selling price per unit

22. If the sales price per unit is \$180, variable cost per unit is
\$96, targeted net income is \$52,800, and total fixed costs are \$39,600, the
number of units that must be sold is:

 a. 513 b. 629 c. 963 d. 1,100

23. ______________is the excess of sales over the cost of goods
sold.

 a. Gross margin b. Contribution-margin ratio c. Variable-cost ratio d. The sales mix

24. ____________is the relative proportions or combinations of
quantities of products that comprise total sales.

 a. Sales mix b. Gross margin c. Contribution-margin ratio d. Variable-cost ratio

25. The cost of using the telephone, which involves a flat rate per
month plus a fee for extra usage, world be considered a:

 a. step cost b. fixed cost c. variable cost d. mixed cost

26. Costs that change abruptly at intervals of activity because the
resources and their costs come in indivisible chucks called:

 a. mixed costs b. variable costs c. fixed costs d. step costs

27. Palmer, Inc., currently
produces 140,000 units at a cost of \$440,000. Next year Palmer, Inc., expects
to produce 150,000 units. Palmer's relevant range is 100,000 to 150,000 units.
If the cost is fixed and 150,000 units are produced, the fixed cost:

 a. will stay the same b. will increase to \$480,000 c. will decrease d. will be indeterminate

28. A thorough knowledge of
cost behavior helps managers to:

 a. plan costs b. obtain feedback c. decide on the efficient use of resources d. All of these answers are correct.

29. The following three data points appear to be:

Units Costs

100 \$400

110 440

120 480

 a. a variable cost b. a mixed cost c. a fixed cost d. a step cost

30. The following three data
points appear to be:

Unit Cost

600 \$700

650 700

700 700

 a. Mixed costs b. Step costs c. Committed fixed costs d. Discretionary fixed costs

31. __________change
abruptly at intervals of activity because the resources and their costs are
only available in indivisible chunks.

 a. Mixed costs b. Step Costs c. Committed fixed costs d. Discretionary fixed costs

32. A car lease payment
computed by the number of miles driven can be identified as a:

 a. purely variable cost b. discretionary fixed cost c. committed fixed cost d. mixed cost

33. Costs that
may be essential to the long-run achievement of the organization's goals, but
that managers can almost reduce to zero in the short run, are called:

 a. engineered costs b. mixed costs c. committed fixed costs. d. discretionary fixed costs

34. A mortgage
payment would most likely be identified as a:

 a. purely variable cost b. discretionary fixed cost c. committed fixed cost d. mixed cost

35. ___________need
agregate rather than detailed cost information.

 a. External users b. Internal users c. External stockholders d. Both internal and external users

36. ______________need
agregate measures of inventory value and cost of goods sold.

 a. Investors b. Creditors c. External stockholders d. All of these answers are correct.

37. A_____________is
a activity for which a separate measurement is desired.

 a. cost objective b. period cost c. product cost d. cost accumulation system

38. ________________Glue
is not a direct cost of a furniture manufacturer.

 a. Paint for finished products b. Wood c. Glue d. Glass for table tops

39. Where a
specific product is the cost object, the hourly wages of assembly workers who
work on ony that product would be classified as a(n):

 a. direct, varialbe cost b. direct, fixed cost c. indirect, variable cost d. idirect, fixed cost

40. ____________is
the sum of direct labor and direct materials

 a. Conversion costs b. Prime costs c. Period costs d. Indirect costs

41. ______________is
not a product cost.

 a. Wages of factory guards b. Indirect labor c. Depreciation on factory equipment d. A sales commission

Thank you so much. I will begin working on your answers and will post later tonight
Would you like to ask this question?
Ellen, Lawyer
Category: Homework
Satisfied Customers: 36,715
Experience: Lawyer, Accountant and Researcher
Verified
Ellen, Lawyer
Category: Homework
Satisfied Customers: 36,715
36,715 Satisfied Customers
Experience: Lawyer, Accountant and Researcher

Ellen is online now

A new question is answered every 9 seconds

• Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
• Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

## What Customers are Saying:

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

I couldn't be more satisfied! This is the site I will always come to when I need a second opinion.

JustinKernersville, NC

Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around.

EstherWoodstock, NY

Thank you so much for taking your time and knowledge to support my concerns. Not only did you answer my questions, you even took it a step further with replying with more pertinent information I needed to know.

RobinElkton, Maryland

He answered my question promptly and gave me accurate, detailed information. If all of your experts are half as good, you have a great thing going here.

DianeDallas, TX

< Previous | Next >

## Meet the Experts:

LogicPro

Engineer

5,731 satisfied customers

Expert in Java C++ C C# VB Javascript Design SQL HTML

Manal Elkhoshkhany

Tutor

4,551 satisfied customers

More than 5000 online tutoring sessions.

Linda_us

Finance, Accounts & Homework Tutor

3,138 satisfied customers

Post Graduate Diploma in Management (MBA)

Chris M.

M.S.W. Social Work

2,636 satisfied customers

Master's Degree, strong math and writing skills, experience in one-on-one tutoring (college English)

F. Naz

Chartered Accountant

2,161 satisfied customers

Experience with chartered accountancy

Bizhelp

CPA

1,887 satisfied customers

Bachelors Degree and CPA with Accounting work experience

Seanna

Tutor

1,781 satisfied customers

3,000+ satisfied customers, all topics, A+ work

< Previous | Next >

Related Homework Questions
For LogicPro only: Design a C++ program in which a class
For LogicPro only: Design a C++ program in which a class should manage the free and allocated space. You should use a dynamic node implementation of link list to implement both lists for this assignme… read more
LogicPro
Engineer
Bachelor of Technology
5,731 satisfied customers
You can apply several different worksheets themes from which
You can apply several different worksheets themes from which tab? A.Insert, B. Home, C.File, or D. Page layout! Its not B What would be a situations in which you could use an excel chart to present yo… read more
GLENN
Master of Mathematics
343 satisfied customers
Just wanted to see if you would be interested in helping me
Hello Again! Just wanted to see if you would be interested in helping me with two more programs? I will attach the Program outlines and the Word documents. Please let me know if you would like to help… read more
George Sibiya
PhD
217 satisfied customers
6. How many worksheets display in the Excel window when you
6. How many worksheets display in the Excel window when you create a new blank workbook? A. 3 B. 2 C. 4 D. 1 Student Answer: A Answer: Incorrect Reference: Objective 2.17. What would be a situation in… read more
Software Developer
Associate Degree
37 satisfied customers
Question 18 of 20: Select the best answer for the question.
Question 18 of 20 : Select the best answer for the question. 18. What size paper should you use for a legal document? A. 3″ × 5″ B. 8½″ × 11″ C. 7¼″ × 10½″ D. 8½″ × 14″… read more
JA Engineer
Diploma (Honors)
163 satisfied customers
I need help with Exam Number: 00701400 Lesson Name: General
I need help with Exam Number: 00701400Lesson Name: General Math I, Study Unit 2 Pennfoster test… read more
GLENN
Master of Mathematics
343 satisfied customers
Answer all three questions and don't exceed 600 words for
Answer all three questions and don't exceed 600 words for each answer while using at least two references to support your answers for each question adopting APA citation in the text and in the referen… read more
F. Naz
Chartered Accountant
CA Finalist & Completed B.com
2,161 satisfied customers
QUESTION 1 A(n) _________________ policy are codified as
QUESTION 1A(n) _________________ policy are codified as standards and procedures that are used when configuring or maintaining systems.0.10000 points Save AnswerQUESTION 2In systems analysis and desig… read more
F. Naz
Chartered Accountant
CA Finalist & Completed B.com
2,161 satisfied customers
I need all the questions answered inthis pdf! I need all
I need all the questions answered inthis pdf! I need all sixty questions on all 21 pages answered!… read more
Steven, M.Acc.
Instructor
Master\u0027s Degree
252 satisfied customers
Exam Number: 584002RR I need all t he questions answered in
Exam Number: 584002RR I need all t he questions answered in excel in this pdf file now! Asap!… read more
The-PC-Guy
Bachelor\u0027s Degree
629 satisfied customers
How do you differentiate between an expression and an
How do you differentiate between an expression and an equation? Provide an example of each, where the two are either related to or similar to each other. … read more
GLENN
Master of Mathematics
343 satisfied customers
Duane will use an open system LAN because he knows the open
Duane will use an open system LAN because he knows the open system will support varieties of hardware and software components made by different vendors. Steve will use a closed system LAN because he k… read more
F. Naz
Chartered Accountant
CA Finalist & Completed B.com
2,161 satisfied customers
IT 278 Network Administration 1. Server roles and features
IT 278 Network Administration 1. Server roles and features can be added and updated through both a GUI installation and a Server Core installation. In a short essay, explain how to use Windows PowerSh… read more
David L.
Bachelor\u0027s Degree
6 satisfied customers
For LogicPro only. need help with this debugging to input it
For LogicPro only.need help with this debugging to input it into raptor// A high school is holding a recycling competition // This program allows a user to enter a student's // year in school (1 throu… read more
LogicPro
Engineer
Bachelor of Technology
5,731 satisfied customers
I need the answer key to penn american literature, 986174RR
I need the answer key to penn foster american literature, 986174RR 986175RR 986176RR 986177RR 986178RR … read more
GLENN
Master of Mathematics
343 satisfied customers
For LogicPro only * Reading data strings from a file *
For LogicPro only* Reading data strings from a file * Convert from int based container to templates or generics based * Accommodate dynamic resizing using this algorithm: 1. Starting with a dynamic si… read more
LogicPro
Engineer
Bachelor of Technology
5,731 satisfied customers
Question 1 of 20: Select the best answer for the question.
Question 1 of 20 : Select the best answer for the question. 1. For what type of document would you use the landscape page orientation? A. Three-column brochure B. Business letter C. Legal contract D. … read more
Cher
Masters Degree
1,381 satisfied customers
5 - 5 x 5 +5. What is the answer to 5 - 5 x 5 + 5? Only that
no, only that two people using order of operations keeps getting different answers… read more
GLENN
Master of Mathematics
343 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less