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ACC 561 Final Exam

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Question 49


Which of the following is an advantage of corporations relative to partnerships and sole proprietorships?




  • Lower taxes.
  • Harder to transfer ownership.
  • Most common form of organization.
  • Reduced legal liability for investors.


Question 64


The group of users of accounting information charged with achieving the goals of the business is its



  • auditors.
  • creditors.
  • managers.
  • investors.

Question 110


Which of the following financial statements is concerned with the company at a point in time?



  • Income statement.
  • Balance sheet.
  • Retained Earnings statement.
  • Statement of cash flows.



Question 112


An income statement



  • presents the revenues and expenses for a specific period of time.
  • summarizes the changes in retained earnings for a specific period of time.
  • reports the assets, liabilities, and stockholders’ equity at a specific date.
  • reports the changes in assets, liabilities, and stockholders’ equity over a period of time.

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Question 118


The most important information needed to determine if companies can pay their current obligations is the



  • net income for this year.
  • relationship between current assets and current liabilities.
  • projected net income for next year.
  • relationship between short-term and long-term liabilities.


Question 124


A liquidity ratio measures the



  • short-term ability of a company to pay its maturing obligations and to meet unexpected needs for cash.
  • percentage of total financing provided by creditors.
  • income or operating success of a company over a period of time.
  • ability of a company to survive over a long period of time.


Question 165


The convention of consistency refers to consistent use of accounting principles



  • throughout the accounting periods.
  • among firms.
  • within industries.
  • among accounting periods.

acc 561 final exam questions and answers


Question 90


Horizontal analysis is also known as



  • common size analysis.
  • linear analysis.
  • vertical analysis.
  • trend analysis.


Question 92


Horizontal analysis is a technique for evaluating a series of financial statement data over a period of time



  • to determine which items are in error.
  • that has been arranged from the highest number to the lowest number.
  • to determine the amount and/or percentage increase or decrease that has taken place.
  • that has been arranged from the lowest number to the highest number.

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Question 111


Vertical analysis is a technique that expresses each item in a financial statement



  • as a percent of a base amount.
  • in dollars and cents.
  • starting with the highest value down to the lowest value.
  • as a percent of the item in the previous year.

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Question 41


Process costing is used when



  • the production process is continuous.
  • costs are to be assigned to specific jobs.
  • production is aimed at filling a specific customer order.
  • dissimilar products are involved.


Question 43


An important feature of a job order cost system is that each job



  • must be similar to previous jobs completed.
  • has its own distinguishing characteristics.
  • must be completed before a new job is accepted.
  • consists of one unit of output.

accounting 561 final exam


Question 49


In a process cost system, product costs are summarized:



  • on job cost sheets.
  • on production cost reports.
  • when the products are sold.
  • after each unit is produced.

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Question 33


An activity that has a direct cause-effect relationship with the resources consumed is a(n)



  • overhead rate.
  • product activity.
  • cost driver.
  • cost pool.

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Question 40


Activity-based costing



  • allocates overhead to multiple activity cost pools, and it then assigns the activity cost pools to products and services by means of cost drivers.
  • assigns activity cost pools to products and services, then allocates overhead back to the activity cost pools.
  • accumulates overhead in one cost pool, then assigns the overhead to products and services by means of a cost driver.
  • allocates overhead directly to products and services based on activity levels.


Question 40


A cost which remains constant per unit at various levels of activity is a



  • mixed cost.
  • fixed cost.
  • manufacturing cost.
  • variable cost.

acc 561 financial statement analysis


Question 105


The break-even point is where



  • total sales equal total variable costs.
  • total variable costs equal total fixed costs.
  • total sales equal total fixed costs.
  • contribution margin equals total fixed costs.


Question 109


Fixed costs are $600,000 and the contribution margin per unit is $150. What is the break-even point?



  • $1,500,000
  • $4,000,000
  • 1,500 units
  • 4,000 units

acc 561 financial statement review


Question 94


When a company assigns the costs of direct materials, direct labor, and both variable and fixed manufacturing overhead to products, that company is using



  • product costing.
  • operations costing.
  • absorption costing.
  • variable costing.

acc 561 financial statement analysis paper


Question 122


If a division manager's compensation is based upon the division's net income, the manager may decide to meet the net income targets by increasing production when using



  • variable costing, in order to increase net income.
  • variable costing, in order to decrease net income.
  • absorption costing, in order to increase net income.
  • absorption costing, in order to decrease net income.

acc 561 financial statements


Question 50


An unrealistic budget is more likely to result when it



  • has been developed by all levels of management.
  • has been developed in a bottom up fashion.
  • has been developed in a top down fashion.
  • is developed with performance appraisal usages in mind.


Question 39


A major element in budgetary control is



  • the valuation of inventories.
  • the preparation of long-term plans.
  • approval of the budget by the stockholders.
  • the comparison of actual results with planned objectives.


Question 43


The purpose of the sales budget report is to



  • control sales commissions.
  • control selling expenses.
  • determine whether income objectives are being met.
  • determine whether sales goals are being met.


Question 89


The accumulation of accounting data on the basis of the individual manager who has the authority to make day-to-day decisions about activities in an area is called


  • Answer
  • flexible accounting.
  • static reporting.
  • responsibility accounting.
  • master budgeting.


Question 142


Variance reports are



  • external financial reports.
  • SEC financial reports.
  • internal reports for management.
  • all of these.


Question 40


Internal reports that review the actual impact of decisions are prepared by



  • the controller.
  • management accountants.
  • factory workers.
  • department heads.


Question 42


The process of evaluating financial data that change under alternative courses of action is called




  • cost-benefit analysis.
  • contribution margin analysis.
  • incremental analysis.
  • double entry analysis.

Question 54


Seasons Manufacturing manufactures a product with a unit variable cost of $100 and a unit sales price of $176. Fixed manufacturing costs were $480,000 when 10,000 units were produced and sold. The company has a one-time opportunity to sell an additional 1,000 units at $140 each in a foreign market which would not affect its present sales. If the company has sufficient capacity to produce the additional units, acceptance of the special order would affect net income as follows:




  • Income would increase by $40,000.
  • Income would decrease by $8,000.
  • Income would increase by $140,000.
  • Income would increase by $8,000.


Question 70


Carter, Inc. can make 100 units of a necessary component part with the following costs:

Direct Materials       $120,000

Direct Labor             20,000

Variable Overhead 60,000

Fixed Overhead      40,000

If Carter can purchase the component externally for $220,000 and only $10,000 of the fixed costs can be avoided, what is the correct make-or-buy decision?



  • Buy and save $30,000
  • Make and save $10,000
  • Buy and save $10,000
  • Make and save $30,000



Question 84


A company has a process that results in 15,000 pounds of Product A that can be sold for $16 per pound. An alternative would be to process Product A further at a cost of $200,000 and then sell it for $28 per pound. Should management sell Product A now or should Product A be processed further and then sold? What is the effect of the action?




  • Sell now, the company will be better off by $20,000.
  • Sell now, the company will be better off by $200,000.
  • Process further, the company will be better off by $180,000.
  • Process further, the company will be better off by $20,000.


Accounting 561 Course Content include Topics and Objectives for ACC 561 final exam questions and answers 



ACC 561 final exam has a well-defined syllabus. We have presented the entire syllabus with both compulsory and optional modules for Accounting – acc561 Course.  Past trend suggests that the focus of exam has changed year-on-year. So, we have covered the entire topics important for the exam.


  • Budgetary Planning and Control
  • Decision Making Objectives
  • Introduction to Financial Reporting
  • Financial Statement Analysis
  • Cost–Volume–Profit Analysis
  • Product Costing


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