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NEW QUESTION 35
Using absorption costing, fixed manufacturing overhead costs are best described as:
- A. Direct product costs.
- B. Indirect product costs.
- C. Direct period costs.
- D. Indirect period costs.
Answer: B
Explanation:
Using absorption costing, fixed manufacturing overhead is included in inventoriable product) costs. Fixed manufacturing overhead costs are indirect costs because they cannot be directly traced to specific units produced.
NEW QUESTION 36
A depreciable asset has an estimated 20% residual value. At the end of the asset's estimated useful life the accumulated depreciation will equal the original cost of the asset under which of the following depreciation methods?
- A. Option D
- B. Option A
- C. Option C
- D. Option B
Answer: A
Explanation:
At the end of the estimated useful life of a depreciable asset, the amount of accumulated depreciation should equal the depreciable cost original cost - estimated residual value regardless of the depreciation method used. Periodic diminishing-balance depreciation is calculated without regard to residual value, but the asset is not depreciated below its residual value. The SYD method uses a depreciable base equal to cost minus residual value.
NEW QUESTION 37
A brand manager in a consumer food products organization suspected that several days of the point-of-sale data on the spreadsheet from one grocery chain were missing. The best approach for detecting missing rows in spreadsheet data would be to:
- A. Review store identification code and identify missing product identification codes.
- B. Sort on product identification code and identify missing product identification codes.
- C. Compare product identification codes by store for consecutive periods.
- D. Compare product identification codes for consecutive periods.
Answer: C
NEW QUESTION 38
Refer to the exhibit.
If the profit margin of an organization decreases, and all else remains equal, which of the following describes how the "Funds Needed" line in the graph below will shift?
- A. The "Funds Needed" line will point downward with an extreme slope.
- B. The "Funds Needed" line will point downward with a minimal slope.
- C. The "Funds Needed" line will remain pointed upward, but will become more steep.
- D. The "Funds Needed" line will remain pointed upward, but will become less steep.
Answer: C
NEW QUESTION 39
According to Maslow's hierarchy of needs theory, which of the following best describes a strategy where a manager offers an assignment to a subordinate specifically to support his professional growth and future advancement?
- A. Esteem by colleagues.
- B. Job security.
- C. Sense of belonging in the organization.
- D. Self-fulfillment.
Answer: B
Explanation:
Explanation/Reference: https://opentextbc.ca/businessopenstax/chapter/maslows-hierarchy-of-needs/
NEW QUESTION 40
During an audit of the organization's annual financial statements, the internal auditor notes that the current cost of goods sold percentage is substantially higher than in prior years. Which of the following is the most likely explanation for this increase?
- A. Process to manufacture goods is more efficient.
- B. Write-off of inventory is increasing.
- C. Labor productivity to produce goods is increasing.
- D. Cost of raw material inventory items is decreasing.
Answer: B
NEW QUESTION 41
Which of the following statements about activity-based costing ABC) is false?
- A. Activity-based costing is useful for allocating marketing and distribution costs.
- B. In activity-based costing, cost drivers are what cause costs to be incurred.
- C. Activity-based costing is more likely to result in major differences from traditional costing systems if the firm manufactures only one product rather than multiple products.
- D. Activity-based costing differs from traditional costing systems in that products are cross-subsidized.
Answer: C
Explanation:
ABC determines the activities that will serve as cost objects and then accumulates a cost pool for each activity using the appropriate activity base cost driver). It is a system that may be employed with job order or process costing methods. Thus, when there is only one product, the allocation of costs to the product is trivial. All of the cost is assigned to the one product; the particular method used to allocate the costs does not matter.
NEW QUESTION 42
An organization accumulated the following data for the prior fiscal year:
Value of
Percentage of
Quarter
Output Produced
Cost X
1
$4,750,000
2.9
2
$4,700,000
3.0
3
$4,350,000
3.2
4
$4,000,000
3.5
Based on this data, which of the following describes the value of Cost X in relation to the value of Output Produced?
- A. Cost X is a semi-fixed cost.
- B. Cost X is a variable cost.
- C. Cost X and the value of Output Produced are unrelated.
- D. Cost X is a fixed cost.
Answer: D
NEW QUESTION 43
If the exchange rate has changed from 1 local currency unit LCU) to 5 foreign currency units FCUs) to a rate of 1 LCU to 5.5 FCUs,
- A. The FCU has depreciated by 20%.
- B. The LCU has appreciated by 10%.
- C. The FCU has appreciated by 20%.
- D. The LCU has depreciated by 10%.
Answer: B
Explanation:
If the exchange rate changes from 1 LCU to 5 FCUs to 1 LCU to 5.5 FCUs, the LCU has appreciated by 10% [(5.5 - 5) 5].
NEW QUESTION 44
An entity sells to retail stores on credit terms of 2/10 net 30. Daily sales average 150 units at a price of US $300 each. Assuming that all sales are on credit and 60% of customers take the discount and pay on day 10 while the rest of the customers pay on day 30, what is the amount of the entity's accounts receivable?
- A. US $81,000
- B. US $135,000
- C. US $990,000
- D. US $900,000
Answer: A
Explanation:
The entity has daily sales of US $45,000 consisting of 150 units at US $300 each. For 30 days, sales total US $1.350.000. Forty percent of these sales. or US $540,000, will be uncollected because customers do not take their discounts. The remaining 60%. or US $810,000. will be paid within the discount pen 1. However, by the end of 30 days. only 213 of the US $810,000 will be collected because the sales from days 21 through 30 are still within the discount period. Therefore, an additional US $270,000 $810,000 - $5...I0, Ori0) will still be uncollected after the 30th day, but will be subject to a discount. In total, the average retail balance is US $810,000. consisting of US $540,000 on which no discount will be taken and US '1.270.000 that will be paid within the discount period.
NEW QUESTION 45
Assume that the enterprise reports cost of goods sold of US $200,000 and interest expense of US $10,000 for the current period. Also assume a 50% tax rate on corporate earnings. The final closing entry required to ensure that current earnings are incorporated into year-end retained earnings is:
- A. Retained earnings US $280,000 Income summary US $280.000
- B. Income summary US $140,000 Retained earnings US $140.000
- C. Retained earnings US $240,000 Income summary US $240.000
- D. Income summary US $240,000 Retained earnings US $240.000
Answer: B
Explanation:
Current period pretax net income equals US $280,000$750,000 sales - $200,000 CGS $60,000 depreciation - $10,000 interest - $200,000 administrative expenses. Thus, after tax net income credited to retained earnings equals US $140.000 [(10 - .5) x $280,000.
NEW QUESTION 46
One of the elements included in the economic order quantity (EOQ) formula is:
- A. Selling price of item.
- B. Safety stock.
- C. Lead time for delivery.
- D. Yearly demand.
Answer: D
Explanation:
The basic EOQ formula is used to minimize the total of inventory carrying and ordering costs. The basic EOQ equals the square root of a fraction consisting of a numerator equal to the product of twice the unit periodic demand and the variable cost per order and a denominator equal to the unit periodic carrying cost.
NEW QUESTION 47
In a process-costing system, the cost of abnormal spoilage should be:
- A. Included in the cost of units transferred out.
- B. Ignored.
- C. Prorated between units transferred out and ending inventory
- D. Treated as a loss in the period incurred.
Answer: D
Explanation:
Abnormal spoilage is spoilage that is not expected to occur under normal, efficient operating conditions. Because of its unusual nature, abnormal spoilage is typically treated as a loss in the period in which it is incurred. Believing that its traditional cost system may be providing misleading information, an organization is considering an activity-based costing ABC) approach. It now employs a full cost system and has been applying its manufacturing overhead on the basis of machine hours. The organization plans on using
50.000 direct labor hours and 30.000 machine hours in the coming year. The following data show the manufacturing overhead that is budgeted.
Cost, sales, and production data for one of the organization' s products for the coming year are as follows:
NEW QUESTION 48
Which of the following describes the most appropriate set of tests for auditing a workstation's logical access controls?
- A. Review the list of people who attempted to access the workstation and failed, as well as error messages.
- B. Review the list of people with access badges to the room containing the workstation and a log of those who accessed the room.
- C. Review the passwords of those who attempted unsuccessfully to access the workstation and the log of their activity.
- D. Review the password length, frequency of change, and list of users for the workstation's login process.
Answer: B
NEW QUESTION 49
A measure that describes the risk of an investment project relative to other investments in general is the:
- A. Coefficient of variation.
- B. Expected return
- C. Beta coefficient
- D. Standard deviation.
Answer: C
Explanation:
The required rate of return on equity capital in the Capital Asset Pricing Model is the risk-free rate, plus the product of the market risk premium times the beta coefficient. The market risk premium is the amount above the risk-free rate that will induce investment in the market The beta coefficient of an individual share is the correlation between the volatility price variation) of the stock market and that of the price of the individual share. For example. if an individual share goes up 15% and the market only 10%. beta is 1.5.
NEW QUESTION 50
On June 1 of the current year, XYZ Company purchased British pounds for 10,000 euros. It also acquired land for 25,000 euros. At the end year or XYZ Company's fiscal year on December 31, the spot rate for the pound was 1.20 euros. The land had a value of 27,500 euros. XYZ Company records its nonmonetary items at historical cost. Which of the following is the correct presentation of this transaction on XYZ Company's balance sheet?
- A. €10,000 €25,000
- B. €12,000 €25,000
- C. €10,000 €27,500
- D. €12,000 €27,500
Answer: B
Explanation:
At the balance sheet date, monetary items are reported at the closing rate, which is often the spot rate on the balance sheet date. Nonmonetary items measured at historical cost reported at the rate on the transaction date. Thus, the pounds are reported at €12.0001.20
€/￡ x €10,000), and the land is reported at €25,000.
NEW QUESTION 51
Which of the following actions would senior management need to consider as part of new IT guidelines regarding the organization's cybersecurity policies?
- A. Growing use of bring your own devices for organizational matters.
- B. Assigning new roles and responsibilities for senior IT management.
- C. Expansion of operations into new markets with limited IT access.
- D. Hiring new personnel within the IT department for security purposes.
Answer: D
NEW QUESTION 52
Quality cost indices are often used to measure and analyze the cost of maintaining a given level of quality. One example of a quality cost index, which uses a direct labor base, is computed as:
The following quality cost data were collected for May and June:
Based upon these cost data, the quality cost index:
- A. Decreased four points from May to June.
- B. Decreased 10 points from May to June.
- C. Was unchanged from May to June.
- D. Increased 10 points from May to June.
Answer: A
Explanation:
The index for May was 40 [(US $4,000 + $6,000 + $12,000 + $14,000) + $90,000], and the index for June was 36 [(US $5,000 + $5,000 + $15,000 + $11.000) + $100,000].
NEW QUESTION 53
Which of the following data analytics tools would be applied by an internal audit activity positioned at the lowest level of maturity?
- A. Spreadsheets.
- B. Workflow and data capture technology
- C. Data visualization applications.
- D. Software integrated with central data warehouse
Answer: A
NEW QUESTION 54
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