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ACC 561 Final Exam

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ACC 561 Final Exam

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1). _____ refers to accounting information developed for managers within an organization.
A. Internal auditing
B. Managerial accounting
C. Financial accounting
D. Tax accounting

2). Ethical accountants are important to society because _____.
A. they pay their taxes
B. the information produced is reliable
C. they will not go to prison and waste taxpayers’ money
D. none of these answers is correct

3). Performance reports _____.
A. are quantitative expressions of action plans
B. provide feedback by comparing results with plans and by highlighting …show more content…

25). A sales forecast is _____.

26). Which of the following is not a major benefit of budgeting?

27). Preparing the master budget begins by establishing _____.

28). Financial planning models _____.

29). A variance is the difference between _____.

30). Efficiency is indicated by _____.

31). Flexible budgets help to measure the _____.

32). Identify which of the following statements about "perfection standards" is true.

33). Identify which of the following is not a characteristic of a management control system.

34). Identify which of the following statements regarding responsibility centers is false.

35). A management control system must _____ to achieve maximum benefits at minimum cost.

36). An uncontrollable cost _____.

37). Improvements in the production process are examples of _____cost.

38). Identify which of the following statements is a benefit of decentralization.

39). Reciprocal services are services provided by a service department to _____.

40). Costs are accumulated in traditional and ABC systems by _____.

41). _____ is not a cost driver representing an “ability to bear” philosophy.

42). _____ is least likely to be a cost driver as a basis for applying overhead costs.

43). The excess of actual overhead over the overhead applied to products is called _____.

44). _____ is (are) used for external reporting.

45). The fixed overhead rate is

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