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| Section | Objectives |
|---|---|
| Topic 1: Managerial Accounting for Decision Making | - Budgeting and Planning
|
| Topic 2: Business Decision Support | - Relevant Costing
|
| Topic 3: Financial Accounting Fundamentals | - Accounting Principles
|
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NEW QUESTION # 41
What is an advantage of the indirect method of the cash flow statement?
Answer: B
Explanation:
The correct answer is B. Easy to reconcile between net income and cash flows . Under the indirect method
, the operating section of the statement of cash flows begins with net income and then adjusts for noncash items, gains and losses, and changes in working capital to arrive at net cash provided by operating activities
. This makes it especially useful for showing the relationship between accrual-based profit and actual operating cash flow. FASB guidance explains that the indirect method presents this reconciliation within the cash flow reporting process, and OpenStax likewise describes the indirect method as beginning with net income and reconciling it to cash flows.
Option A is incorrect because the direct method is often easier for beginners to read since it lists cash receipts and cash payments more directly. Option C is incorrect because the indirect method does not specifically prevent errors or reveal "indirect costs." Option D is incorrect because the purpose of the method is not to compare direct and indirect costs. Its main practical advantage is the clear reconciliation from net income to operating cash flow , so Option B is correct.
NEW QUESTION # 42
How does management accounting differ from financial accounting?
Answer: A
Explanation:
The correct answer is A . The key difference is that management accounting is mainly used inside the organization for planning, control, performance evaluation, and decision-making, while financial accounting is aimed primarily at external users such as investors, creditors, and regulators. Management accounting reports are tailored to managers' needs and may include forecasts, budgets, cost analyses, and both financial and nonfinancial information.
Option B is incorrect because management accounting can absolutely help a company gain competitive advantage through pricing, efficiency analysis, budgeting, and strategic decision-making. Option C is misleading because "an unbiased view of economic performance" is more closely associated with external financial reporting. Option D is incorrect because management accounting is not restricted to financial data; it often includes nonfinancial measures such as production efficiency, quality metrics, customer behavior, and operational performance. This flexibility is one of its main strengths. Therefore, the best distinction is that management accounting is used primarily for internal planning, control, and evaluation , making Option A correct.
NEW QUESTION # 43
A company has projected the following sales for the spring quarter of a year:
April = $300,000
May = $325,000
June = $375,000
Cash is used to pay for 65% of all sales. The remainder is on credit.
The pattern for credit receivables collections is as follows:
* Month of sale = 60%
* Month after sale = 30%
* Second month after sale = 10%
What are the projected cash sales for all three months of the spring quarter?
Answer: D
Explanation:
The correct answer is D. $650,000 . The question asks for projected cash sales for all three months of the spring quarter , not total cash collections including receivables from credit sales. Since 65% of all sales are cash sales , simply multiply total spring-quarter sales by 65%.
First, calculate total sales for April through June:
$300,000 + $325,000 + $375,000 = $1,000,000
Now calculate the cash-sales portion:
65% × $1,000,000 = $650,000
Therefore, the projected cash sales for the quarter are $650,000 .
The credit collection percentages are not needed for this specific question because it asks only about cash sales , not total cash receipts. Those credit collection percentages would matter if the question asked for cash collections by month or by quarter from both current and prior credit sales.
Because 65% of the quarter's $1,000,000 total sales are made in cash, the projected cash sales amount is
$650,000 , which makes Option D correct.
NEW QUESTION # 44
Which two details can management determine through a cost-volume-profit analysis?
Choose 2 answers.
Answer: C,D
Explanation:
The correct answers are A and B . Cost-volume-profit (CVP) analysis is a forward-looking planning tool used to study how changes in costs , sales volume , and selling price affect contribution margin, break-even point, and target profit. OpenStax describes CVP analysis as one of the most useful tools in managerial accounting for analyzing how changing business situations affect profit.
Option A is correct because CVP helps management estimate how a future change in variable costs or fixed costs would influence profit. Option B is also correct because CVP can determine how many units must be sold to achieve a desired target income or profit level. In contrast, Options C and D focus on past transactions and past tax costs, which are not the primary purpose of CVP analysis. CVP is mainly a planning and decision-making method rather than a historical reporting tool. It helps managers ask "what happens if" questions about future operations, such as what sales volume is needed to earn a target profit or how a change in cost structure would affect margins. Therefore, the correct choices are A and B .
NEW QUESTION # 45
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 # 46
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