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| Section | Objectives |
|---|---|
| Topic 1: Financial Accounting Fundamentals | - Financial Statements
|
| Topic 2: Business Decision Support | - Performance Measurement
|
| Topic 3: Managerial Accounting for Decision Making | - Cost Behavior
|
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NEW QUESTION # 46
The following list provides partial financial information for a company.
Beginning cash balance = $1,200
Received cash from sales of goods = $16,000
Paid wages and salaries = $4,500
Received cash from non-trading securities = $5,000
Paid cash for plant assets = $6,000
Received cash from loans = $8,000
Paid cash in repayment of loans = $2,000
What is the ending cash balance for this company?
Answer: D
Explanation:
The correct answer is D. $17,700 . To find the ending cash balance, start with the beginning cash balance and then add all cash inflows and subtract all cash outflows.
Beginning cash = $1,200
Inflows:
Cash from sales = $16,000
Cash received from non-trading securities = $5,000
Cash received from loans = $8,000
Total inflows = $29,000
Outflows:
Wages and salaries paid = $4,500
Cash paid for plant assets = $6,000
Cash paid in repayment of loans = $2,000
Total outflows = $12,500
Now calculate ending cash:
Ending cash = $1,200 + $29,000 - $12,500 = $17,700
This is the amount of cash remaining after considering all listed cash transactions. The classification of the cash flows is not necessary to solve the question, but they include operating, investing, and financing effects.
What matters mathematically is that every cash receipt increases total cash and every cash payment decreases it. Since the net increase in cash is $16,500 , adding that to the beginning cash of $1,200 gives $17,700 .
Therefore, Option D is correct.
NEW QUESTION # 47
A company manufactures leather products and has recently switched to the activity-based costing (ABC) method. It needs to determine the cost of its leather wallets. The company is already aware of its DM and DL costs.
What is the first step to calculating the cost of the product?
Answer: D
Explanation:
The correct answer is D. Identify overhead cost activities . In activity-based costing (ABC) , once direct materials and direct labor are known, the process begins by identifying the activities that cause overhead costs . Those activities become the basis for forming cost pools and selecting cost drivers. ACCA's ABC overview explains the sequence as splitting overheads into activities or cost pools, then identifying what causes those costs, and finally allocating costs based on cost-driver usage.
Option B is incorrect because assigning overhead occurs after the relevant activities and drivers have been identified. Option A is incorrect because general and administrative costs are not the first ABC step for costing a specific manufactured product. Option C may be a sensible housekeeping action, but it is not the formal first step in the ABC method. Other ABC explanations also begin with identifying activities and cost pools before calculating rates and assigning overhead to products.
Therefore, when using ABC to calculate the cost of leather wallets after DM and DL are known, the first formal step is to identify overhead cost activities , making Option D the correct answer.
NEW QUESTION # 48
What purpose do the notes within financial statements serve to the Financial Accounting Standards Board?
Answer: A
Explanation:
The correct answer is A. Providing supplementary information as needed . Notes to financial statements are designed to give users additional information that supports, explains, and expands on the amounts shown in the main financial statements. They may include descriptions of accounting policies, contingencies, commitments, segment information, assumptions, and other disclosures necessary for fair presentation. FASB- related disclosure materials and accounting references describe notes as providing supporting or supplementary information for items presented in the statements.
Option C is partly true in a narrower sense because the notes often include a summary of significant accounting policies , but that is only one component of their broader purpose. Option B is incorrect because totals are summarized in the statements themselves, not mainly in the notes. Option D is also incorrect because the notes are not limited to financial statistics; they provide qualitative and quantitative disclosures that help users interpret the statements properly. Therefore, the best overall answer is that notes serve the purpose of providing supplementary information as needed to make the financial statements more complete, understandable, and decision-useful.
NEW QUESTION # 49
Which financial statement is used to determine a company's income and expenses for a specific period?
Answer: B
Explanation:
The correct answer is D. Income statement . The income statement reports a company's revenues and expenses over a specific period of time and shows whether the company earned a profit or incurred a loss during that period. Standard accounting materials explain that the income statement summarizes revenue and expense activity and presents net income or net loss for the reporting period.
Option A, the balance sheet , is incorrect because it shows financial position at a particular date rather than performance over a period. Option B, the statement of retained earnings , explains changes in retained earnings, including the effects of net income and dividends, but it does not serve as the main report for listing revenues and expenses. Option C, the statement of cash flows , focuses on cash inflows and outflows from operating, investing, and financing activities rather than accrual-based income and expense measurement. In accounting, when the question asks which statement is used to determine income and expenses for a period, the income statement is the direct and correct answer. That is why Option D is the best answer.
NEW QUESTION # 50
Which two examples represent financial statement errors?
Choose 2 answers.
Answer: A,D
Explanation:
The correct answers are A and C . A financial statement error is an unintentional misstatement in the amount, classification, presentation, or disclosure of financial statement information. PCAOB standards explain that misstatements can arise from either error or fraud , and errors are unintentional. A miscalculated payroll tax liability is a classic accounting error because it produces an incorrect liability amount without intent to deceive. Likewise, unintentionally recording unearned customer prepayments as revenue is an error in revenue recognition and financial statement classification.
Option B is not an error; it is fraud or misappropriation of assets because it involves deliberate overpayment and a kickback. PCAOB fraud guidance distinguishes intentional misconduct from accidental mistakes.
Option D is not necessarily an error merely because an auditor disagrees with management's estimate.
Allowance for uncollectible accounts is an area of judgment, and disagreement alone does not prove a financial statement error exists. Therefore, the two choices that best represent unintentional financial statement errors are A and C .
NEW QUESTION # 51
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