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| Section | Weight | Objectives |
|---|---|---|
| Profit Planning | 10–15% | - Cost-volume-profit (CVP) analysis
|
| Controls and Regulations | 10–15% | - Internal control systems and principles
|
| Financial Analysis | 45–50% | - Financial statement analysis techniques
|
| Cost Systems | 20–25% | - Costing methods
|
| Budgeting and Decision Making | 10–15% | - Master budget and components
|
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NEW QUESTION # 60
Which act was implemented as a result of the corporate scandals at companies such as Enron and WorldCom?
Answer: C
Explanation:
The correct answer is D. Sarbanes-Oxley Act . The Sarbanes-Oxley Act of 2002 (SOX) was enacted in response to major corporate frauds, including those involving Enron and WorldCom . The U.S. Securities and Exchange Commission has described the law as a response to these financial frauds and the failures of corporate gatekeepers, with the goal of restoring investor confidence and strengthening accountability in financial reporting and auditing.
Option A is incorrect because "Corporate Accountability Act" is not the recognized statute that addressed those scandals. Option B is incorrect because the Securities Exchange Act of 1934 is an earlier law governing securities markets, not the specific reform enacted after Enron and WorldCom. Option C is also incorrect because "Auditing Accountability Act" is not the proper title of the law passed for this purpose.
SOX introduced important reforms such as stronger internal control requirements, auditor independence rules, executive certification of financial reports, and the creation of the PCAOB. These changes were designed to improve the reliability of financial statements and protect investors. Therefore, the only accurate answer is Sarbanes-Oxley Act .
NEW QUESTION # 61
Which two procedures do external auditors use to gain confidence in the quality of a company's financial reporting processes?
Choose 2 answers.
Answer: C,D
Explanation:
The correct answers are A and C . External auditors gather audit evidence by examining accounting records and supporting documents and by obtaining evidence directly from third parties . PCAOB standards describe confirmation as a procedure for obtaining audit evidence from a knowledgeable external source, and this is commonly used for items such as cash, receivables, and certain terms of transactions.
Examining records to support balances and transactions is another core audit procedure. Auditors inspect invoices, contracts, bank statements, reconciliations, journals, and other documentation to determine whether reported balances are supported and fairly stated. These procedures directly relate to the reliability of financial reporting. In contrast, customer satisfaction surveys, marketing analysis, and public-image polling may be useful for business strategy or branding, but they are not standard external audit procedures used to support financial statement assertions. Audit work focuses on relevant, reliable evidence tied to existence, completeness, valuation, rights and obligations, and presentation. Therefore, the two valid procedures are examining records and obtaining third-party confirmations , making A and C the correct answers.
NEW QUESTION # 62
What is the impact on costs as sales volume decreases?
Answer: C
Explanation:
The correct answer is C. Total variable costs will decrease in direct proportion . Variable costs change in total as activity or sales volume changes. When sales volume decreases, total variable costs also decrease proportionally because fewer units are produced or sold. Multiple accounting references explain that total variable cost rises and falls with the level of activity, while the variable cost per unit remains constant within the relevant range.
Option A is the opposite of what happens when volume falls. Options B and D are incorrect because total fixed costs generally remain unchanged within the relevant range regardless of short-term changes in sales volume. OpenStax notes that fixed costs are present regardless of production or sales levels, while variable costs occur only as items or services are produced and sold.
This distinction is central to cost behavior analysis and profit planning. As volume declines, total variable costs go down in direct proportion, but total fixed costs do not normally move with sales in the short run.
Therefore, the correct answer is Option C .
NEW QUESTION # 63
Which change occurred if the cost of goods sold moved from 76.8% to 72.6%?
Answer: B
Explanation:
The correct answer is C. Gross profit percentage increased by 4.2% . Gross profit percentage and cost of goods sold percentage are directly related because together they normally total 100% of sales .
Originally:
Gross profit percentage = 100% - 76.8% = 23.2%
After the change:
Gross profit percentage = 100% - 72.6% = 27.4%
Now calculate the increase:
27.4% - 23.2% = 4.2%
So when the cost of goods sold percentage decreased from 76.8% to 72.6% , the gross profit percentage increased by 4.2% .
Option A is incorrect because the question does not provide enough information to determine the change in net profit percentage , which depends on more than cost of goods sold. Operating expenses, interest, and taxes would also affect net profit. Option B is incorrect for the same reason. Option D is the opposite of what actually happened. Since a lower COGS percentage leaves a larger portion of sales as gross profit, the correct conclusion is that gross profit percentage increased by 4.2% , making Option C correct.
NEW QUESTION # 64
Which overhead cost is associated with batch-level activities?
Answer: D
Explanation:
The correct answer is B. Machine setups . In activity-based costing , batch-level activities are performed each time a batch of goods is processed, regardless of how many units are in that batch. A classic example is the machine setup required before production of a batch can begin. ABC materials commonly identify setup costs as batch-level because the activity occurs per batch rather than per individual unit.
Option A, property taxes , and Option C, factory insurance , are usually considered facility-level or organization-sustaining overhead because they support the factory as a whole rather than a specific batch.
Option D, product engineering wages , is more closely related to product-level activities , since engineering work often supports a particular product line rather than each batch run. Batch-level costs increase with the number of production batches, not necessarily with the number of units produced. Since machine setups are incurred each time a batch is started, they are the standard example of a batch-level overhead cost. Therefore, Option B is the correct answer.
NEW QUESTION # 65
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