BUS 475 Final Exam Study Guide 2012 � Set 4

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BUS 475 Final Exam Study Guide 2012–Set 4100 Answers from 2012 BUS/475 Final ExamReviewed and Prepared by ACCNerd.com. Thank you!1) Which one of the following is a product cost?A.Indirect laborB.Sales person’s salariesC.OfficesalariesD.Advertising costs2) Lucy starts her own psychiatric practice, but her expenditures to open the practice exceed herincome. Lucy is a __________.A.borrower who demands money from the financial systemB.borrower who supplies money tothe financial systemC.saver who supplies money to the financial systemD.saver who demands money from the financial system3) Of the following companies, which one would not likely employ the specific identificationmethod for inventory costing?A.Music store specializing in organ salesB.Antique shopC.Farm implement dealershipD.Hardware store4) Which one of the following items is not generally used in preparing a statement of cash flows?A.Adjusted trial balanceB.Comparative balance sheetsC.Additional informationD.Current income statement5) The conceptual framework developed by the Financial Accounting Standards Board __________.A.was approved by a vote of all accountantsB.is viewed as providing a constitution for setting accounting standards for financial reportingC.are rules that all accountants must followD.is legally binding on all accountants6) What is the preparation of reports for each level of responsibility in the company’s organizationchart called?A.Static reportingB.Exception reportingC.Responsibility reportingD.Master budgeting analysis

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