Financial Accounting Impairment Multiple Choice Questions Homework Help
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1. Technology and complexity issues often lead management to simplify and to:
Use linear estimation methods.
Use volume-based costing and nonlinear estimation methods.
Use volume-based costing methods.
Use nonlinear estimation methods.
Use activity-based costing and volume-based costing methods.
2. Which of the following methods considers all reciprocal flows between service departments through simultaneous equations?
The net realizable value method.
3. A relatively low margin of safety ratio (MOS%) for a product is usually an indication that the product:
Is losing money.
Has a high contribution margin.
Is riskier than a product with a higher margin of safety ratio.
Is less risky than a product with a higher margin of safety ratio.
Requires heavy fixed cost to produce or sell.
4. The use of a relationship of total factory overhead to direct labor hours is said to be valid only within the relevant range, which means:
Within a reasonable dollar amount for labor costs.
Within the range of observations of the cost driver.
Within the range of reasonableness as judged by the department supervisor.
Within the budget allowance for overhead.
5. Cleaning Care Inc. expects to sell 10,000 mops. Fixed costs (for the year) are expected to be $10,000, unit sales price is expected to be $12, and unit variable costs are budgeted at $7.
Cleaning Care’s margin of safety (MOS) in units is:
6. Stylish Sitting is a retailer of office chairs located in San Francisco, California. Due to increased market competition, the CFO of Stylish Sitting has grown worried about the firm’s upcoming income stream. The CFO asked you to use the company financial information provided below.
Sales Price $75.00
Per Unit Variable Costs:
Invoice Cost 41.70
Sales Commission 18.30
Total Per Unit Variable Cost $60.00
Advertising $ 56,000
Total Annual Fixed Costs $360,000
If 40,000 office chairs were sold, Stylish Sitting’s operating income would be:
7. The Robinson-Patman Act, administered by the U.S. Federal Trade Commission, addresses pricing that could substantially damage the competition in an industry. This pricing is called:
8. In terms of evaluating mutually exclusive projects, the internal rate of return (IRR) method mistakenly favors investment proposals with:
Short useful lives.
Long useful lives.
Moderate cash flow returns.
Large residual values.
9. Which of the following statements regarding a joint production process is NOT true?
The essential decision facing management is whether to sell products at the split-off point or to sell these products after further processing.
The allocation of joint (common) production costs to individual products helps management determine which products should be processed beyond the split-off point.
Costs incurred up to the split-off point are referred to as joint production costs.
The decision as to whether individual products should be sold “as is” or processed further is made on the basis of comparing incremental revenues and incremental costs.
10. Which of the following is not true regarding the appropriate discount rate to be used in conjunction with discounted cash flow (DCF) decision models?
For projects of “above average” risk, the appropriate discount rate is the weighted-average cost of capital (WACC)
It includes an estimate of the after-tax cost of debt.
It can differ across investment projects, according to perceived risk.
It is also sometimes referred to as the “hurdle rate” for capital budgeting purposes.
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11. In a sell-or-process-further decision, joint production costs:
Are irrelevant to the decision.
Should be allocated to outputs on the basis of relative sales dollars.
Should be allocated to outputs on the basis of relative physical units.
Cannot be allocated to products for financial reporting purposes.
12. Pique Corporation wants to purchase a new machine for $300,000. Management predicts that the machine can produce sales of $200,000 each year for the next 5 years. Expenses are expected to include direct materials, direct labor, and factory overhead (excluding depreciation) totaling $80,000 per year. The firm uses straight-line depreciation with no residual value for all depreciable assets. Pique’s combined income tax rate is 40%. Management requires a minimum after-tax rate of return of 10% on all investments.
What is the payback period for the new machine (rounded to nearest one-tenth of a year)? (Assume that the cash inflows occur evenly throughout the year.)
13. ____________________ is an important first step in value engineering because it identifies critical consumer preferences that will define the product’s desired functionality:
Sales force analysis.
Market place analysis.
14. The “flexible budget” can best be described as a budget that adjusts:
Revenues for sales-dollar changes.
Revenues and expenses for changes in output (such as sales volume).
Expenses for changes in budgeted output between two periods.
For efficiency, but not selling price and cost variances.
For selling price and cost variances, but not efficiency variances.
15. An organization’s overall management accounting and control system:
Includes the planning function.
Is also referred as the organization’s core performance-measurement system.
Is separate from its operational control system.
Includes nonfinancial, but not financial, performance measures.
Focuses on strategic, not operational, control
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