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| Section | Weight | Objectives |
|---|---|---|
| Profit Planning | 10–15% | - Cost-volume-profit (CVP) analysis
|
| Cost Systems | 20–25% | - Costing methods
|
| Controls and Regulations | 10–15% | - Internal control systems and principles
|
| Financial Analysis | 45–50% | - Purpose and components of financial statements
|
| Budgeting and Decision Making | 10–15% | - Relevant information for decision making
|
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NEW QUESTION # 12
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 # 13
A company manufactures and sells widgets. The following information is available:
* Total fixed costs per month are $300,000
* The variable cost per widget is $50
* Each widget sells for $100
How many widgets does the company need to sell each month to break even?
Answer: D
Explanation:
The correct answer is D. 6,000 . This is a standard cost-volume-profit (CVP) and break-even question. The break-even point in units is calculated by dividing total fixed costs by the contribution margin per unit .
First, compute contribution margin per widget:
Contribution margin per unit = Selling price - Variable cost
= $100 - $50 = $50
Now apply the break-even formula:
Break-even units = Fixed costs / Contribution margin per unit
= $300,000 / $50 = 6,000 widgets
This means the company must sell 6,000 widgets each month to generate enough contribution margin to cover all fixed costs. At that point, profit is zero, which is exactly what break-even means. If it sells more than
6,000 units, it earns a profit. If it sells fewer than 6,000, it incurs a loss.
The other choices are incorrect because they do not fully cover the fixed-cost amount using the $50 contribution margin per unit. Therefore, the correct break-even sales volume is 6,000 widgets , which makes Option D correct.
NEW QUESTION # 14
What does the overall economic performance of a company for a given time period represent?
Answer: B
Explanation:
The correct answer is A. The net income of the company . In financial accounting, the overall economic performance of a company for a specific period is generally summarized by net income or net loss . Net income reflects the result of revenues, expenses, gains, and losses recognized during the period under accrual accounting. It is the bottom-line measure on the income statement and is widely used to evaluate profitability and performance. OpenStax describes the income statement as the report that presents revenues and expenses for a period and arrives at net income.
Option B focuses only on cash receipts and cash payments, which is a cash flow perspective rather than the full accrual-based measure of economic performance. Option C refers more narrowly to gross profit , because it compares sales with cost of goods sold only and excludes operating expenses, interest, and taxes.
Option D, market value, reflects investor valuation rather than accounting performance for a reporting period.
Since the question asks about the company's overall economic performance for a given time period, the most accurate accounting answer is net income . Therefore, Option A is correct.
NEW QUESTION # 15
Which two items on an income statement result in decreased net income if they are increased?
Choose 2 answers.
Answer: A,D
Explanation:
The correct answers are C. Interest expense and D. Cost of goods sold . Net income is determined by starting with revenues and then subtracting expenses and other costs. Because interest expense is an expense, increasing it reduces earnings before tax and therefore lowers net income. Likewise, cost of goods sold (COGS) is a major expense directly tied to the goods sold by the business. When COGS increases, gross profit falls, which then reduces net income. OpenStax summarizes the income statement as including revenues, expenses, gains, and losses in arriving at net income or net loss.
Options A. Gains and B. Revenues are incorrect because increases in either of those items generally increase net income rather than decrease it. Gains arise from peripheral transactions and still improve profitability, while revenues represent inflows from the company's main operations. In contrast, both interest expense and cost of goods sold are deductions in the income statement. Therefore, the two items that decrease net income when increased are Interest expense and Cost of goods sold .
NEW QUESTION # 16
Which technique describes the practice of incurring debt but fully paying the debt over time?
Answer: A
Explanation:
The best answer is B. Liability deferral . Among the choices provided, this is the only option that relates to a liability-based arrangement in which an obligation is incurred and then settled over time. In accounting, debt that is taken on and repaid through scheduled installments is generally treated as a liability until it is extinguished through repayment. Repaying principal over time is commonly described in finance as amortization of debt principal , meaning the borrower fully pays the debt in installments over a period of time.
The other options do not fit this meaning. Income smoothing refers to managing the pattern of reported earnings to reduce fluctuations between periods, not simply borrowing and repaying debt. "Profit control" and
"accounting management" are not standard terms for the repayment of debt over time in basic accounting frameworks. Because the question asks for the option that best matches the idea of incurring debt and then paying it off over time, Liability deferral is the most appropriate answer from the choices given, even though
"debt amortization" would be the more standard term in practice.
NEW QUESTION # 17
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