ACC 561 Final Exam

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ACC 561 Final Exam

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1) According to the Financial Executives Institute, one function of controllership is _____.

2) Performance reports _____.

3) Budgets _____.

4) Ethical accountants are important to society because _____.

5) According to the Institute of Management Accountants’ Statement of Ethical Professional
Practice, the standard of competence includes:

6) According to the Institute of Management Accountants’ Statement of Ethical Professional Practice, the standard of objectivity includes _____.

7) Which scorecard function is associated with making non-routine decisions?

8) _____ is the field of
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20) Which of the following is not a cost driver of customer services costs?

21) Which value chain function would include the cost of computer-aided design equipment and cost to develop the prototype of a product?

22) Walnut Corporation sells desks at $480 per desk. The costs associated with each desk are as follows: Total fixed costs for the period are $456,840. The contribution margin per desk is

23) Hug Me Company produces dolls. Each doll sells for $20.00. Variable costs per unit total $14.00, of which $6.25 is for direct materials and $5.25 is for direct labor. If total fixed costs are $435,000, then the break even volume in dollars is _____.
24) If the sales price per unit is $100, the unit variable cost is $75, and total fixed costs are $150,000, then the break even volume in dollar sales rounded to the nearest whole dollar is _____.
25) _____ of approximating cost functions does not involve the analysis of past costs.

26) In relation to a cost function, the term reliability means_____.

27) The _____ method of measuring cost functions is the least reliable.

28) _____ is a name for a system that first accumulates overhead costs for each of the activities of an organization, and then assigns the costs of activities to the products, services, or other cost objects that caused that activity.

29) The change from traditional costing to activity-based costing

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