Latest Exam Prep

QUESTION 15
Valley Manufacturing uses a process costing system. Which of the following journal entries would correctly record $3,180 of manufacturing overhead to the assembly department?

QUESTION 16
SJ Candles should expect the absorption costing and variable costing methods to result in the same 4th quarter operating profit when which of the following is true?

QUESTION 17
You are the Controller for Healthcare Technology LLC, and you have been tasked with evaluating an upgraded enterprise resource planning system. Which of the following details would be relevant to your decision-making process?

QUESTION 18
Cat Hats Inc. produces lines of headwear for cats. They have been asked by a local animal shelter to produce a special order for dogs. Below is a special order differential analysis prepared by their managerial accountant. Using this information, what would be the result of accepting the special order?

QUESTION 19
Wycliff Corp. had an immaterial credit balance of $1,250 in the manufacturing overhead account after $21,750 was applied to the WIP inventory account. To close the manufacturing overhead account at the end of the period, assuming no further transactions took place, what should Wycliff do?

QUESTION 20
Cash collections and payments for purchases would be included in which of the following budgets as part of the overall master budget?

QUESTION 21
Using the high-low method, what are the expected production costs for 600 units in December?

QUESTION 22
This is the balance sheet for Swinney Services. Using trend analysis, what does this information tell us about the trends for current assets and current liabilities?

QUESTION 23
This is select financial statement data for the three divisions of Technology Goods, Inc. Assuming all assets are operating assets, what is the return on investment for each division?

QUESTION 24
Archer Corporation manufactures coffee cups in the Midwest. Using this data, calculate the total current period manufacturing costs for the Schedule of Cost of Goods Manufactured for the year ending on December 31, 2021.

QUESTION 25
Which of the following statements is a true statement about flexible budgets?

QUESTION 26
Wycliff Corporation practices activity-based management at their manufacturing facility. Which of the following events would most likely be the result of a decision made using activity-based management theory?

QUESTION 27
Which of the following employees of ABC Corporation is most likely to receive the report regarding the internal audit committee’s control findings?

QUESTION 28
Bethel Bakery manufactures frosted sugar cookies. They maintain separate work-in-process accounts for their blending, cutting, baking, decorating, and packaging departments. Which costing method is Bethel Bakery most likely using?

QUESTION 29
Thompson Dental is deciding between two lease options for a new copier. They anticipate making 22,500 copies spread evenly over the course of the year. Which of the following options should they choose if they want to save the most money on an annual basis, and how much money will they save?
Option 1: Monthly lease: $225, Included copies: 1,500/month, Additional copies: $0.15 per copy Option 2: Monthly lease: $250, Included copies: 1,800/month, Additional copies: $0.02 per copy

QUESTION 30
Wycliff Corporation manufactured Job #3 during the month of May. On May 29, 100% of the product was finished and sold on account for $150. These journal entries were recorded during production:

On May 31, Wycliff determined that the amount remaining in the manufacturing overhead account was immaterial and closed it out. What was the amount of gross profit before closing the manufacturing account, and what effect did closing the manufacturing account have on gross profit?

QUESTION 31
Ladron Candies is analyzing sales and production data for the holiday boxes they produced last year. The company expected to use 0.10 direct labor hours to produce one box of specialty candy, and the variable overhead rate was $2.00 per hour. According to payroll records, the company paid for a total of 104,000 hours of direct labor wages. The actual variable overhead costs totaled $200,000. They sold 800,000 boxes of candy to retailers. What is the variable overhead efficiency variance?

QUESTION 32
Coffee Beanz, Inc. currently maintains decentralized operations. The CEO is evaluating whether the company should centralize their operations. Which of the following situations would make centralized operations more beneficial than decentralized?

QUESTION 33
What is the formula to calculate working capital?

QUESTION 34
A potential lender is investigating Wyatt Corporation’s leverage. This is select balance sheet data for Wyatt Corporation as of December 31. What is the company’s debt to assets ratio?