Acc/561 Exam Essay

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| | Multiple Choice Question 49 | | | | Your answer is correct. | | | Which of the following is an advantage of corporations relative to partnerships and sole proprietorships? | Reduced legal liability for investors. | | Harder to transfer ownership. | | Lower taxes. | | Most common form of organization. | | | | | Multiple Choice Question 64 | | | | Your answer is correct. | | | The group of users of accounting information charged with achieving the goals of the business is its | auditors. | | managers. | | investors. | | creditors. | | Multiple Choice Question 110 | | | | Your answer is correct. | | | Which of the following…show more content…
| | consists of one unit of output. | | must be completed before a new job is accepted. | | must be similar to previous jobs completed. | Multiple Choice Question 49 | | | | Correct. | | | In a process cost system, product costs are summarized: | after each unit is produced. | | when the products are sold. | | on job cost sheets. | | on production cost reports. | Multiple Choice Question 33 | | | | Correct. | | | An activity that has a direct cause-effect relationship with the resources consumed is a(n) | overhead rate. | | cost driver. | | cost pool. | | product activity. | Multiple Choice Question 40 | | | | Correct. | | | Activity-based costing | allocates overhead to multiple activity cost pools, and it then assigns the activity cost pools to products and services by means of cost drivers. | | allocates overhead directly to products and services based on activity levels. | | accumulates overhead in one cost pool, then assigns the overhead to products and services by means of a cost driver. | | assigns activity cost pools to products and services, then allocates overhead back to the activity cost pools. | Multiple Choice Question 40 | | | | Correct. | | | A cost which remains constant per unit at various levels of activity is a | fixed cost. | | mixed

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