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ACC 561: MANAGERIAL ACCOUNTING FINAL EXAM

Final exam on managerial accounting concepts and applications.

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    ACC 561: MANAGERIAL ACCOUNTING FINAL EXAM ACC 561 FINAL EXAM (NEW) Question 1 Which of the following is an advantage of corporations relative to partnerships and sole Harder to transfer Lower taxes. Most common form of organization. Reduced legal liability for investors. Question 2 The group of users of accounting information charged with achieving the goals of the business is its creditors. investors. managers. auditors. Question 3 Which of the following financial statements is concerned with the company at a point in time? Balance sheet. Income statement. Retained Earnings statement. Statement of cash flows. Question 4 An income statement presents the revenues and expenses for a specific period of time. summarizes the changes in retained earnings for a specific period of time. reports the assets, liabilities, and stockholders’ equity at a specific date. reports the changes in assets, liabilities, and stockholders’ equity over a period of time. Question 5 The most important information needed to determine if companies can pay their current obligations is the projected net income for next year.

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    net income for this year. relationship between current assets and current liabilities. relationship between short - term and long - term liabilities. Question 6 A liquidity ratio measures the income or operating success of a company over a period of time. percentage of total financing provided by creditors. ability of a company to survive over a long period of time. short - term ability of a company to pay its maturing obligations and to meet unexpected needs for cash. Question 7 The convention of consistency refers to consistent use of accounting principles throughout the accounting periods. within industries. among accounting periods. among firms. Question 8 Horizontal analysis is also known as vertical analysis. trend analysis. common size analysis. linear analysis Question 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. to determine the amount and/or percentage increase or decrease that has taken place. to determine which items are in error. that has been arranged from the lowest number to the highest number. Question 10 Vertical analysis is a technique that expresses each item in a financial statement as a percent of the item in the previous year. in dollars and cents.

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