GBA 398 Integrated Perspectives on Business Module 2 CBK ACC Quiz Answers
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Saint Leo GBA 398 Module 2 CBK ACC Quiz Answers
1. What is the title of the form that foreign companies have used to reconcile their financial statements to U.S. GAAP?
2. Which of the following would be debited to assign the costs of indirect labor?
3. Which of the following is a debt that is due to be paid with cash, or with goods and services within the next year (or normal operating cycle if longer)?
4. Which of the following statements is correct with respect to variable cost per unit, within the relevant range?
5. The difference between actual costs and the costs that should have been incurred for the actual number of outputs is called a:
6. The standard variable overhead rate for Unbeatable Toys is $5. Budgeted fixed overhead is $20,000. Unbeatable Toys' budgeted production was 2,000 units for the current period and actual production was 1,950. What is the production volume variance?
7. Which of the following sections from the statement of cash flows includes activities that affect net income on the income statement?
8. Which of the following is the book (or printout) holding all the accounts?
9. A net loss would be closed as a:
10. Lincoln Company produces a part that is used in the manufacture of one of its products. The unit manufacturing costs of this part, are assuming a production level of 5,000 units, illustrated below. Erickson Company has offered to sell 5,000 units of the same part to Lincoln Company for $13 per unit. Assuming the company has no other use for its facilities and that the fixed manufacturing costs are unavoidable, what should Lincoln Company do?
11. Which of the following statements is not applicable to target pricing?
12. In a special sales order decision, incremental fixed costs incurred because of an additional purchase of equipment are considered to be:
13. Which of the following costs do not go directly into the work in process account?
14. In a process costing system, direct labor and manufacturing overhead are normally incurred when?
15. Items such as buildings and land are:
16. Fairfield Company management has budgeted different amounts for its next fiscal year.If Fairfield Company spends an additional $30,000 on advertising, sales volume should increase by 2,500 units. What effect will this decision have on operating income?
17. Prepaid expenses are recorded as:
18. Fixed costs that do not differ between two alternatives are:
19. What is the name given to the agreement between the FASB and IASC to harmonize accounting standards?
20. Which of the following is the chronological record of transactions?
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