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
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| 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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