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NEW QUESTION # 25
What is the formula to calculate working capital?
- A. Total assets - Current liabilities
- B. Current assets - Current liabilities
- C. Total assets - Total liabilities
- D. Current assets + Current liabilities
Answer: B
NEW QUESTION # 26
Waffles, Inc. is evaluating their annual bonus allocations for restaurant division managers. This is the segmented income statement data for the three individual restaurant locations of Waffles, Inc. What does this information tell us about the performance of each division manager?
- A. With a net income of $668,800, the southern location manager had the worst performance.
- B. With the lowest costs of goods sold and operating expenses, the eastern location manager had the best performance.
- C. With a net income nearly 4x higher than the other two locations, the western location manager had the best performance.
- D. Because the western location is larger, it would be unfair to use segmented net income as a measure for comparing each manager's performance.
Answer: D
NEW QUESTION # 27
Ladron Candies is analyzing sales and production data for the holiday boxes they produced last year. The company expected to use 0.10 direct labor hours to produce one box of specialty candy, and the variable overhead rate was $2.00 per hour. According to payroll records, the company paid for a total of 104,000 hours of direct labor wages. The actual variable overhead costs totaled $200,000. They sold 800,000 boxes of candy to retailers. What is the variable overhead efficiency variance?
- A. $48,000 favorable variable overhead efficiency variance
- B. $8,000 favorable variable overhead efficiency variance
- C. $48,000 unfavorable variable overhead efficiency variance
- D. $8,000 unfavorable variable overhead efficiency variance
Answer: C
NEW QUESTION # 28
This is the balance sheet for Swinney Services. Using trend analysis, what does this information tell us about the trends for current assets and current liabilities?
- A. Current assets increased at a rate nearly 4x higher than current liabilities
- B. Current assets increased at a rate nearly 2x higher than current liabilities
- C. Current assets increased at a rate nearly 10x higher than current liabilities
- D. Current assets increased at a rate nearly 6x higher than current liabilities
Answer: C
NEW QUESTION # 29
Myer Inc. achieved their goal of reducing their employee turnover rate by 15%. Which of the following perspectives of their balanced scorecard is most likely to include this measure?
- A. Customer satisfaction
- B. Learning and growth
- C. Internal business process
- D. Financial performance
Answer: B
NEW QUESTION # 30
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 2; $357 annual savings
- D. Option 1; $300 annual savings
Answer: C
NEW QUESTION # 31
Managers have several different methods from which to choose when evaluating long-term investments. Which method disregards the time value of money as a factor?
- A. Internal rate of return
- B. Payback
- C. Annuity tables
- D. Net present value
Answer: B
NEW QUESTION # 32
This is select financial statement data for the three divisions of Technology Goods, Inc. Assuming all assets are operating assets, what is the return on investment for each division?
- A. 33.1%, 31.3%, 31.2%
- B. 82.2%, 39.0%, 66.0%
- C. 17.8%, 10.0%, 15.9%
- D. 53.0%, 32.0%, 50.9%
Answer: C
NEW QUESTION # 33
Use the statement of cash flows to calculate the free cash flow.
- A. $77,000
- B. $3,000
- C. $22,000
- D. $52,000
Answer: B
NEW QUESTION # 34
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 $20,500; credit manufacturing overhead $20,500
- C. Debit manufacturing overhead $1,250; credit cost of goods sold $1,250
- D. Debit cost of goods sold $1,250; credit manufacturing overhead $1,250
Answer: D
NEW QUESTION # 35
Valley Manufacturing uses a process costing system. Which of the following journal entries would correctly record $3,180 of manufacturing overhead to the assembly department?
- A.
- B.
- C.
- D.
Answer: C
NEW QUESTION # 36
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 $1,000 unfavorable efficiency variance
- B. There is a $1,000 favorable spending variance
- C. There is a $500 unfavorable efficiency variance
- D. There is a $500 favorable spending variance
Answer: D
NEW QUESTION # 37
Ladron Candies is analyzing sales and production data for the holiday boxes they produced last year. The company expected to use 2 pounds of direct materials to produce one box of specialty candy at a cost of $3.00 per pound. Invoices show the company purchased 1,650,000 pounds of direct materials at $2.90 per pound and used 1,580,000 pounds in production. They sold 800,000 boxes of candy to retailers. What is the materials quantity variance?
- A. $(60,000) favorable materials quantity variance
- B. $(165,000) favorable materials quantity variance
- C. $(60,000) unfavorable materials quantity variance
- D. $(165,000) unfavorable materials quantity variance
Answer: A
NEW QUESTION # 38
Diamonds and More produced a new line of necklaces that sell for $350 each. Management requires a profit equal to 40 percent of the selling price. What is the target cost of this product?
- A. $140
- B. $350
- C. $175
- D. $210
Answer: D
NEW QUESTION # 39
The manager of Ladron Candies is deciding whether or not to invest in new equipment with a purchase price of $10,500 and a required rate of return of 7%. Given this calculation of the present value of cash inflows and outflows for the next three years, what should he decide, based on the internal rate of return?
- A. Reject the investment, because the internal rate of return cannot be determined with the information given.
- B. Accept the investment, because the internal rate of return is approximately 6% and results in a profit after three years.
- C. Accept the investment, because the internal rate of return is approximately 7%, which equals the required rate of return.
- D. Reject the investment, because the internal rate of return is approximately 7% and results in a loss after three years.
Answer: C
NEW QUESTION # 40
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. Departmental
- B. Activity-based
- C. Process
- D. Plantwide
Answer: A
NEW QUESTION # 41
How does a statement of cash flows provide value for a company?
- A. By showing assets, liabilities, and owners' equity at a point in time
- B. By showing the change from the beginning cash balance to the ending cash balance on the balance sheet
- C. By showing events that changed the stockholder's equity over the course of the accounting period
- D. By showing revenues and expenses using the accrual basis of accounting
Answer: B
NEW QUESTION # 42
Cat Hats Inc. produces lines of headwear for cats. They have been asked by a local animal shelter to produce a special order for dogs. Below is a special order differential analysis prepared by their managerial accountant. Using this information, what would be the result of accepting the special order?
- A. A differential contribution margin of $550
- B. A differential contribution margin of $700
- C. A differential profit of ($550)
- D. A differential profit of ($700)
Answer: C
NEW QUESTION # 43
Strang Tax provides tax consulting services to its clients whom they charge on an hourly basis. They would like to use differential analysis to determine whether profits would change if they dropped certain clients. Which of the following items should be excluded from this analysis?
- A. Consulting fees
- B. Wages payable
- C. Rent expenses
- D. Project management costs
Answer: C
NEW QUESTION # 44
Cost behavior patterns tend to be reliable within which of the following?
- A. A contribution margin
- B. A relevant range
- C. The current ratio
- D. Free cash flow
Answer: B
NEW QUESTION # 45
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