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ACC 556 Final Part 2 (100% Correct Answers)
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ACC 556 Final Part 2 (100% Correct Answers)

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Final  Part 2

Question 1

 

A manager of a cost center is evaluated mainly on

Question 2

 

Bogey Co. recorded operating data for its Cheap division for the year. Bogey requires its return to be 10%.
 
Sales                                                 $ 1,400,000
Controllable margin                                  160,000
Total average assets                             4,000,000
Fixed costs                                              100,000
 
What is the ROI for the year?

Question 3

 

Ratios are used as tools in financial analysis

Question 4

 

Which of the following is not typically a characteristic experienced by a company during the growth phase of the corporate life cycle?

Question 5

 

A master budget consists of

Question 6

 

The date on which a cash dividend becomes a binding legal obligation is on the

Question 7

 

If there were 60,000 pounds of raw materials on hand on January 1, 120,000 pounds are desired for inventory at January 31, and 410,000 pounds are required for January production, how many pounds of raw materials should be purchased in January?

Question 8

 

All of the following statements regarding changes in accounting principles are true except which of the following?

Question 9

 

On the basis of the budget reports,

Question 10

 

Holden Packaging Corporation began business in 2014 by issuing 80,000 shares of $5 par common stock for $8 per share and 20,000 shares of 6%, $10 par preferred stock for par. At year end, the common stock had a market value of $10. On its December 31, 2014 balance sheet, Holden Packaging would report

Question 11

 

The primary purpose of the statement of cash flows is to

Question 12

 

Cochran Corporation, Inc. has the following income statement (in millions):

COCHRAN CORPORATION, INC.

Income Statement

For the Year Ended December 31, 2014


Net Sales                                         $240
Cost of Goods Sold                             80
Gross Profit                                        160
Operating Expenses                            65
Net Income                                      $  95
 
Using vertical analysis, what percentage is assigned to net income?

Question 13

 

The following information pertains to Marsh Company. Assume that all balance sheet amounts represent average balance figures.
 
Total asset                                                         $400,000
Stockholders’ equity—common                           200,000
Total stockholders’ equity                                    280,000
Sales revenue                                                      120,000
Net income                                                             25,000
Number of shares of common stock                        8,000
Common dividends                                                  9,000
Preferred dividends                                                 6,000
 
What is Marsh’s payout ratio?

Question 14

 

A flexible budget

Question 15

 

A comparison with other companies that provides insight into a company's competitive position is most commonly known as which of the following types of comparisons?

Question 16

 

Assume the following sales data for a company:
 
2015                         $910,000
2014                         $770,000
2013                           700,000
 
If 2013 is the base year, what is the percentage increase in sales from 2013 to 2014?

Question 17

 

Laser Performance Inc. has the following information available (amount in thousands).
 
Net Income                                                     $30,000
Average Total Liabilities                                   80,000
Average Current Liabilities                               36,000
Cash Provided by Operations                          48,000
Cash Sales                                                     130,000
Capital Expenditures                                        22,000
Dividends Paid                                                   6,000
 
What is the current cash debt coverage?

Question 18

 

Which of the following income statement figures would probably be the best indicator of a company’s future performance?

Question 19

 

Which one of the following is not a benefit of budgeting?

Question 20

 

The single most important output in preparing financial budgets is the

Question 21

 

Zoum Corporation had the following transactions during 2014:
 
1 - Issued $125,000 of par value common stock for cash.
2 - Recorded and paid wages expense of $60,000.
3 - Acquired land by issuing common stock of par value $50,000.
4 - Declared and paid a cash dividend of $10,000.
5 - Sold a long-term investment (cost $3,000) for cash of $3,000.
6 - Recorded cash sales of $400,000.
7 - Bought inventory for cash of $160,000.
8 - Acquired an investment in Zynga stock for cash of $21,000.
9 - Converted bonds payable to common stock in the amount of $500,000.
10 - Repaid a 6 year note payable in the amount of $220,000.
 
What is the net cash provided by operating activities?

Question 22

 

A critical factor in budgeting for a service firm is to

Question 23

 

If the board of directors authorizes a $100,000 restriction of retained earnings for a future plant expansion, the effect of this action is to

Question 24

 

Which one of the following items is not necessary in preparing a statement of cash flows?

Question 25

 

Quincy Corp. earned controllable margin of $500,000 on sales of $6,400,000. The division had average operating assets of $5,200,000. The company requires a return on investment of at least 8%. How much is residual income?

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