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6) A liquidity ratio measures the short-term ability of a company to pay its maturing obligations and to meet unexpected needs for cash. ability of a company to survive over a long period of time. income or operating success of a company over a period of time. percentage of total financing provided by creditors. 9) Horizontal analysis is a technique for evaluating a series of financial statement data over a period of time that has been arranged from the highest number to the lowest number. that has been arranged from the lowest number to the highest number. to determine which items are in error. to determine the amount and/or percentage increase or decrease that has taken place 10 Vertical analysis is a technique that expresses each item in a financial statement starting with the highest value down to the lowest value. as a percent of a base amount. as a percent of the item in the previous year. in dollars and cent 11)Process costing is used when the production process is continuous. costs are to be assigned to specific jobs. dissimilar products are involved. production is aimed at filling a specific customer order. 13)In a process cost system, product costs are summarized: on job cost sheets. on production cost reports. after each unit is produced. when the products are sold. 15) Activity-based costing assigns activity cost pools to products and services, then allocates overhead back to the activity cost pools. allocates overhead directly to products and services based on activity levels. allocates overhead to multiple activity cost pools, and it then assigns the activity cost pools to products and services by means of cost drivers. accumulates overhead in one cost pool, then assigns the overhead to products and services by means of a cost driver. 17) The break-even point is where contribution margin equals total fixed costs. total sales equal total variable costs. total variable costs equal total fixed costs. total sales equal total fixed costs. 19) When a company assigns the costs of direct materials, direct labor, and both variable and fixed manufacturing overhead to products, that company is using operations costing. product costing. absorption costing. variable costing. 4) An income statement reports the assets, liabilities, and stockholders’ equity at a specific date. summarizes the changes in retained earnings for a specific period of time. presents the revenues and expenses for a specific period of time. reports the changes in assets, liabilities, and stockholders’ equity over a period of time. If a division manager’s compensation is based upon the division’s net income, the manager may decide to meet the net income targets by increasing production when using variable costing, in order to increase net income. variable costing, in order to decrease net income. absorption costing, in order to decrease net income. absorption costing, in order to increase net income. 21)An unrealistic budget is more likely to result when it has been developed in a bottom up fashion. has been developed by all levels of management. is developed with performance appraisal usages in mind. has been developed in a top down fashion. 23)The purpose of the sales budget report is to control sales commissions. determine whether income objectives are being met. control selling expenses. determine whether sales goals are being met. 25)Variance reports are (a) external financial reports. (b) SEC financial reports. (c) internal reports for management. (d) all of thes 27 The process of evaluating financial data that change under alternative courses of action is called double entry analysis. incremental analysis. contribution margin analysis. cost-benefit analysis.

6) A liquidity ratio measures the

short-term ability of a company to pay its maturing obligations and to meet unexpected needs for cash.
ability of a company to survive over a long period of time.
income or operating success of a company over a period of time.
percentage of total financing provided by creditors.

9) Horizontal analysis is a technique for evaluating a series of financial statement data over a period of time

that has been arranged from the highest number to the lowest number.
that has been arranged from the lowest number to the highest number.
to determine which items are in error.
to determine the amount and/or percentage increase or decrease that has taken place

10 Vertical analysis is a technique that expresses each item in a financial statement

starting with the highest value down to the lowest value.
as a percent of a base amount.
as a percent of the item in the previous year.
in dollars and cent

11)Process costing is used when

the production process is continuous.
costs are to be assigned to specific jobs.
dissimilar products are involved.
production is aimed at filling a specific customer order.

13)In a process cost system, product costs are summarized:

on job cost sheets.
on production cost reports.
after each unit is produced.
when the products are sold.

15) Activity-based costing

assigns activity cost pools to products and services, then allocates overhead back to the activity cost pools.
allocates overhead directly to products and services based on activity levels.
allocates overhead to multiple activity cost pools, and it then assigns the activity cost pools to products and services by means of cost drivers.
accumulates overhead in one cost pool, then assigns the overhead to products and services by means of a cost driver.

17) The break-even point is where

contribution margin equals total fixed costs.
total sales equal total variable costs.
total variable costs equal total fixed costs.
total sales equal total fixed costs.

19) When a company assigns the costs of direct materials, direct labor, and both variable and fixed manufacturing overhead to products, that company is using

operations costing.
product costing.
absorption costing.
variable costing.

4) An income statement

reports the assets, liabilities, and stockholders’ equity at a specific date.
summarizes the changes in retained earnings for a specific period of time.
presents the revenues and expenses for a specific period of time.
reports the changes in assets, liabilities, and stockholders’ equity over a period of time.

If a division manager’s compensation is based upon the division’s net income, the manager may decide to meet the net income targets by increasing production when using

variable costing, in order to increase net income.
variable costing, in order to decrease net income.
absorption costing, in order to decrease net income.
absorption costing, in order to increase net income.

21)An unrealistic budget is more likely to result when it

has been developed in a bottom up fashion.
has been developed by all levels of management.
is developed with performance appraisal usages in mind.
has been developed in a top down fashion.

23)The purpose of the sales budget report is to

control sales commissions.
determine whether income objectives are being met.
control selling expenses.
determine whether sales goals are being met.

25)Variance reports are

(a) external financial reports.
(b) SEC financial reports.
(c) internal reports for management.
(d) all of thes

27 The process of evaluating financial data that change under alternative courses of action is called

double entry analysis.
incremental analysis.
contribution margin analysis.
cost-benefit analysis.

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