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Bus/475 Final Exam

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BUS/475 Sample Final Exam

|Accounting |
|Financial accounting |
| |Conceptual foundations |
| |Income statement and statement of retained |
| |earnings |
| |Balance sheet |
| |Statement of cash flows |
|Managerial accounting |
| |Cost concepts |
| |Product costing systems |
| |Activities-based costing |
| |Cost, volume, and profit analysis |
| |Budgeting (except capital budgeting covered |
| |under finance) |
| |Standard costing |
| |Nonroutine decision making |
|International accounting* |

1. Which of the following is NOT an element of manufacturing overhead? a. Factory employee’s salary b. Depreciation on the factory c. Plant manager’s salary d. Factory repairperson’s wages

2. What accounts are NOT classified in the current assets section of the balance sheet? a. Cash b. Accounts payable c. Security deposits d. Inventory

3. The starting point of a master budget is the preparation of the a. cash budget. b. sales budget. c. production budget. d. budgeted balance sheet.

4. What amounts are not included in Gross Margin? a. Operating expenses b. Sales c. Cost of goods sold d. Commissions paid

5. At what rate is the income statement converted for US $ comparison? a. Month end b. First day of the month rate c. Average rate d. It is

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