ACC 561 (ACC561)

ACC 561 FINAL EXAM 3 1. At September 1, 2017, Baxter Inc. reported Retained Earnings of $423,000. During the month, Baxter generated revenues of $60,000, incurred expenses of $36,000, purchased equipment for $15,000 and paid dividends of $6,000. What is the balance in Retained Earnings at September 30, 2017 $441,000 credit 2. The investigation of materials price variance usually begins in the Purchasing department 3. Scorpion Production Company planned to use 1 yard of plastic per unit b...

ACC 561 FINAL EXAM 2 1. Danner Corporation reported net sales of $650,000, $720,000, and $780,000 in the years 2016, 2017, and 2018, respectively. If 2016 is the base year, what percentage do 2018 sales represent of the base? a. 2018 net sales / base year 2016 net sales = 780,000 / 650,000 = 1.2 1.2 x 100% = 120% The answer is 120% 2. Ben Gordon, Inc. manufactures 2 products, wheels and seats. The company has estimated its overhead in the assembling department to be $660,000. The compan...

ACC 561 FINAL EXAM 1 1. Question 1 The entry to record the acquisition of raw materials on account is: Correct (B) Raw Materials Inventory&... 2. Question 2 Which of the following statements concerning users of accounting information is incorrect? Correct (D) Regulatory authorities ... 3. Question 3 The Mac Company has four plants nationwide that cost $350 million. The current fair value of the plants is $300 million. The plants will be reported as assets at: Correct (A) $350 milli...

ACC 561 FINAL EXAM 4 1. Question 1 The entry to record the acquisition of raw materials on account is: Correct (B) Raw Materials Inventory&... 2. Question 2 Which of the following statements concerning users of accounting information is incorrect? Correct (D) Regulatory authorities ... 3. Question 3 The Mac Company has four plants nationwide that cost $350 million. The current fair value of the plants is $300 million. The plants will be reported as assets at: Correct (A) $350 milli...

ACC 561 Final Exam Questions And Answers Latest (Verified Answers) models are mathematical models of the master budget that can react to any set of assumption about sales, costs, and product mix. A. Budgeting analysis B. Accounting C. Futuring D. Financial planning A sales forecast is . A. a prediction of sales under a given set of conditions B. the same as a sales budget that will generate a desired level of sales C. all of these answers are correct D. the result of decisions to crea...

ACC 561 Final Exam Questions & Answers Latest (Verified Answers) A sales forecast is . A. a prediction of sales under a given set of conditions B. the same as a sales budget that will generate a desired level of sales C. all of these answers are correct D. the result of decisions to create conditions A gives the expected sales under a given set of conditions. A. sales prediction B. budget forecast C. sales forecast D. sales budget A gives the expected sales under a given set of conditi...

ACC 561 Final Exam Questions & Answers Latest (Verified Answers) models are mathematical models of the master budget that can react to any set of assumption about sales, costs, and product mix. A. Budgeting analysis B. Accounting C. Futuring D. Financial planning A sales forecast is . A. a prediction of sales under a given set of conditions B. the same as a sales budget that will generate a desired level of sales C. all of these answers are correct D. the result of decisions to create ...

ACC 561 FINAL EXAM 1) The statement of cash flows is used for _____. A. showing the relationship of net income to changes in current assets B. determining a company’s acceptable level of debt financing C. revealing commitments that may restrict future courses of action D. evaluating the creditworthiness of the organization 2) Nonoperating items on the income statement _____. A. are revenues and expenses arising from adjusting entries B. include interest income and expense C. appear on...

ACC 561 FINAL EXAM 1 1. Danner Corporation reported net sales of $650,000, $720,000, and $780,000 in the years 2016, 2017, and 2018, respectively. If 2016 is the base year, what percentage do 2018 sales represent of the base? a. 2018 net sales / base year 2016 net sales = 780,000 / 650,000 = 1.2 1.2 x 100% = 120% The answer is 120% 2. Ben Gordon, Inc. manufactures 2 products, wheels and seats. The company has estimated its overhead in the assembling department to be $660,000. The compan...