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Financial Accounting for Managers ACC 556 Final Exam Part 2 (Spring 2018)


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  1.    Laser Performance Inc. has the following information available (amount in thousands).
    2.    A flexible budget
    3.    A manager of a cost center is evaluated mainly on
    4.    The primary purpose of the statement of cash flows is to
    5.    Cochran Corporation, Inc. has the following income statement (in millions):
    6.    The date on which a cash dividend becomes a binding legal obligation is on the
    7.    The single most important output in preparing financial budgets is the
    8.    Assume the following sales data for a company:
    9.     A master budget consists of
    10.    Which one of the following is not a benefit of budgeting?
    11.    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
    12.    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?
    13.    Ratios are used as tools in financial analysis
    14.    Which one of the following items is not necessary in preparing a statement of cash flows?
    15.    Which of the following is not typically a characteristic experienced by a company during the growth phase of the corporate life cycle?
    16.    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?
    17.    All of the following statements regarding changes in accounting principles are true except which of the following?
    18.    On the basis of the budget reports,
    19.    Bogey Co. recorded operating data for its Cheap division for the year. Bogey requires its return to be 10%
    20.    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
    21.    A critical factor in budgeting for a service firm is to
    22.    Zoum Corporation had the following transactions during 2014:
    23.    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?
    24.    Which of the following income statement figures would probably be the best indicator of a company’s future performance?
    25.    The following information pertains to Marsh Company. Assume that all balance sheet amounts represent average balance figures

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