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NEW QUESTION # 30
Which of the following statements is a true statement about flexible budgets?
- A. Selling and administrative expenses are reported in the flexible budget
- B. The actual number of units sold is irrelevant to a flexible budget
- C. Cost variance analysis is an integral part of preparing a flexible budget
- D. The flexible budget is prepared before the master budget to assist with planning
Answer: A
NEW QUESTION # 31
Use the statement of cash flows to calculate the free cash flow.
- A. $22,000
- B. $52,000
- C. $3,000
- D. $77,000
Answer: C
NEW QUESTION # 32
What is the formula to calculate working capital?
- A. Current assets + Current liabilities
- B. Total assets - Current liabilities
- C. Total assets - Total liabilities
- D. Current assets - Current liabilities
Answer: D
NEW QUESTION # 33
Thompson Dental is deciding between two lease options for a new copier. They anticipate making 22,500 copies spread evenly over the course of the year. Which of the following options should they choose if they want to save the most money on an annual basis, and how much money will they save?
Option 1: Monthly lease: $225, Included copies: 1,500/month, Additional copies: $0.15 per copy Option 2: Monthly lease: $250, Included copies: 1,800/month, Additional copies: $0.02 per copy
- A. Option 2; $189 annual savings
- B. Option 1; $16 annual savings
- C. Option 1; $300 annual savings
- D. Option 2; $357 annual savings
Answer: D
NEW QUESTION # 34
Wycliff Corporation manufactured Job #3 during the month of May. On May 29, 100% of the product was finished and sold on account for $150. These journal entries were recorded during production:
On May 31, Wycliff determined that the amount remaining in the manufacturing overhead account was immaterial and closed it out. What was the amount of gross profit before closing the manufacturing account, and what effect did closing the manufacturing account have on gross profit?
- A. Gross profit was $44; gross profit decreased by $1.00 after closing manufacturing overhead.
- B. Gross profit was $75; gross profit increased by $1.00 after closing manufacturing overhead.
- C. Gross profit was $44; gross profit increased by $1.00 after closing manufacturing overhead.
- D. Gross profit was $75; gross profit decreased by $1.00 after closing manufacturing overhead.
Answer: D
NEW QUESTION # 35
This is select financial statement data for Binks Corporation. What is the inventory turnover ratio for year 2?
- A. 7.2
- B. 4.7
- C. 4.4
- D. 2.3
Answer: B
NEW QUESTION # 36
Wycliff Corp. had an immaterial credit balance of $1,250 in the manufacturing overhead account after $21,750 was applied to the WIP inventory account. To close the manufacturing overhead account at the end of the period, assuming no further transactions took place, what should Wycliff do?
- A. Debit manufacturing overhead $20,500; credit cost of goods sold $20,500
- B. Debit cost of goods sold $1,250; credit manufacturing overhead $1,250
- C. Debit cost of goods sold $20,500; credit manufacturing overhead $20,500
- D. Debit manufacturing overhead $1,250; credit cost of goods sold $1,250
Answer: B
NEW QUESTION # 37
SJ Candles is performing a cost-volume-profit analysis to prepare for year 2. Fixed costs are expected to remain the same as year 1, but variable costs per unit are expected to increase by 10%. They plan to keep the same sales price but want to know what level of sales must be achieved in year 2 to maintain the same operating profit.
- A. $424,050
- B. $282,700
- C. $398,350
- D. $405,789
Answer: D
NEW QUESTION # 38
Which row correctly identifies the calculation to establish standard costs for direct materials, direct labor, and factory overhead?
- A. Row 4
- B. Row 2
- C. Row 3
- D. Row 1
Answer: A
NEW QUESTION # 39
Which of the following activities would be included in the cash flows from the financing section of the statement of cash flows?
- A. Purchase of property and equipment
- B. Increase in accounts receivable
- C. Cash dividends paid to noncontrolling interests
- D. Cash receipts from customers
Answer: C
NEW QUESTION # 40
What is the balance in the manufacturing overhead account after these transactions were recorded, assuming the beginning balance was zero?
- A. $700
- B. $4,780
- C. $6,700
- D. $6,000
Answer: A
NEW QUESTION # 41
Which of the following employees of ABC Corporation is most likely to receive the report regarding the internal audit committee's control findings?
- A. Payroll clerk
- B. Managerial accountant
- C. Chief financial officer
- D. Plant manager
Answer: C
NEW QUESTION # 42
Wycliff Corporation manufactures several different styles of bicycles. Managers appropriately record direct materials and direct labor into work-in-process accounts during production. To apply manufacturing overhead, managers consider cost pools for assembly and shipping to calculate a predetermined overhead rate for each department. Which of the following best describes the method used by Wycliff Corporation for allocating manufacturing overhead costs?
- A. Plantwide
- B. Process
- C. Activity-based
- D. Departmental
Answer: D
NEW QUESTION # 43
Cost behavior patterns tend to be reliable within which of the following?
- A. The current ratio
- B. Free cash flow
- C. A contribution margin
- D. A relevant range
Answer: D
NEW QUESTION # 44
A potential lender is investigating Wyatt Corporation's leverage. This is select balance sheet data for Wyatt Corporation as of December 31. What is the company's debt to assets ratio?
- A. 86%
- B. 74%
- C. 14%
- D. 23%
Answer: C
NEW QUESTION # 45
What would the salary of a manufacturing firm's HR Manager be classified as?
- A. Indirect Labor
- B. Manufacturing Overhead
- C. Direct Labor
- D. General and Administrative Costs
Answer: D
NEW QUESTION # 46
Archer Corporation manufactures coffee cups in the Midwest. Using this data, calculate the total current period manufacturing costs for the Schedule of Cost of Goods Manufactured for the year ending on December 31, 2021.
- A. $604,000
- B. $925,000
- C. $554,000
- D. $679,000
Answer: A
NEW QUESTION # 47
Using this data, what is the contribution margin?
- A. $625,000
- B. $121,000
- C. $326,000
- D. $365,000
Answer: C
NEW QUESTION # 48
Ladron Candies uses activity-based costing to allocate variable factory overhead costs. Which of the following statements best represents the excerpted activity data for indirect materials?
Indirect Materials:
- A. There is a $500 favorable spending variance
- B. There is a $1,000 favorable spending variance
- C. There is a $500 unfavorable efficiency variance
- D. There is a $1,000 unfavorable efficiency variance
Answer: A
NEW QUESTION # 49
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