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| Section | Objectives |
|---|---|
| Financial Accounting Fundamentals | - Financial Statements
|
| Business Decision Support | - Relevant Costing
|
| Managerial Accounting for Decision Making | - Cost Behavior
|
>> New Accounting-for-Decision-Makers Test Dumps <<
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NEW QUESTION # 21
The following list provides partial financial information for a company.
Current assets = $36,543
Total assets = $58,719
Current liabilities = $24,824
Total liabilities = $48,561
Stockholders' equity = $10,158
Sales = $46,997
Net income = $3,761
Market value of equity = $41,316
What is the current ratio for this company?
Answer: B
Explanation:
The correct answer is C. 1.47 . The current ratio measures a company's ability to pay its short-term obligations using its short-term assets. The formula is:
Current ratio = Current assets / Current liabilities
Using the given figures:
Current ratio = 36,543 / 24,824 = 1.4721 , which rounds to 1.47
This means the company has $1.47 of current assets for every $1.00 of current liabilities . In financial analysis, this is generally viewed as a sign that the company has a reasonable short-term liquidity position, although the ideal ratio depends on the industry and the quality of the current assets. For example, cash and receivables are usually more liquid than inventory.
Option A is close, but it is not the correct rounded result. Option B is incorrect because it would indicate current liabilities exceed current assets. Option D is far too high based on the numbers given. Since the question asks specifically for the current ratio , the correct calculation and answer are clearly 1.47 , making Option C the right choice.
NEW QUESTION # 22
A company budgeted the following purchases for raw materials:
January = $10,000
February = $20,000
March = $25,000
April = $22,000
May = $27,000
June = $30,000
July = $24,000
The company has a policy of paying for 40% of purchases in the month of the purchase, 35% in the month following the purchase, and 25% in the second month following the purchase.
What are the budgeted cash disbursements for May based on this information?
Answer: B
Explanation:
The correct answer is C. $25,050 . To calculate May cash disbursements , include payments from three months:
* 25% of March purchases
* 35% of April purchases
* 40% of May purchases
Now calculate each part:
25% of March ($25,000) = $6,250
35% of April ($22,000) = $7,700
40% of May ($27,000) = $10,800
Add them together:
$6,250 + $7,700 + $10,800 = $24,750
That math points to Option B , not Option C.
So the correct accounting answer based on the numbers provided is:answer: B The likely issue is that one of the answer choices in the source has a typo or the pasted numbers contain a small error. Under standard budgeting logic, May cash disbursements must include the unpaid portions of March and April plus the current-month payment on May purchases. Using the exact data shown, the total is
$24,750 . Therefore, the correct answer from the calculation is Option B , even though your list may contain a keyed inconsistency.
NEW QUESTION # 23
A company's statement of cash flows includes the following cash transactions.
Sales = $1,250,000
Inventory purchase = -$750,000
Property and equipment purchase = -$280,000
Interest payment on long-term debt = -$25,000
Payment of wages = -$315,000
Payment of rent = -$40,000
Borrowing long-term debt = $200,000
Payment of cash dividends = -$15,000
Repurchase of treasury stock = -$40,000
Total cash flows = -$5,000
What is the total cash flow from investing activities?
Answer: D
Explanation:
The correct answer is B. -$280,000 . To determine cash flow from investing activities , include only cash flows related to the acquisition and disposal of long-term assets and investments. In the transactions listed, the only investing activity is:
Property and equipment purchase = -$280,000
That makes total cash flow from investing activities -$280,000 . OpenStax states that the investing section of the statement of cash flows relates to changes in long-term assets, and FASB's cash flow guidance classifies acquisitions of productive assets as investing cash outflows.
The other listed items belong to different sections. Sales, inventory purchases, wages, rent, and interest payments are generally operating activities under U.S. GAAP. Borrowing long-term debt, paying dividends, and repurchasing treasury stock are financing activities . Since none of those belong in investing activities, they should not be included in the investing subtotal. Therefore, the total cash flow from investing activities is simply the cash paid for property and equipment, which is -$280,000 , making Option B the correct answer.
NEW QUESTION # 24
Which user group of financial statements evaluates the ability to repay loans?
Answer: D
Explanation:
The correct answer is C. Lenders because lenders use financial statements primarily to assess whether a company can repay borrowed money and meet interest and principal obligations. They focus heavily on liquidity, solvency, debt levels, and cash-generating ability before deciding whether to extend credit or approve loans. Accounting learning materials note that lenders often study ratios and financial statement relationships to determine whether a company can cover short-term and long-term obligations.
Management does use financial statements, but mainly for planning, controlling, and decision-making inside the business. Investors are more focused on profitability, growth, dividends, and return on investment.
Suppliers may review financial information when offering trade credit, but the group most directly concerned with the company's ability to repay loans is lenders. In practical terms, lenders analyze items such as current assets, current liabilities, total liabilities, operating cash flow, and interest coverage to judge repayment capacity. That makes them the user group most closely linked to evaluating loan repayment ability. Therefore, among the four options given, Lenders is the most accurate and best-supported answer from accounting theory and financial statement analysis.
NEW QUESTION # 25
A manufacturer produces three products A, B, and C.
The company uses the following information to determine activity rates for each pool.
Cost Pool
Costs
Total Activity
Pool 1
$300,000
20,000 hours
Pool 2
$20,000
500 pounds
Pool 3
$10,000
100 moves
Data concerning the three products appear in the following table.
Cost Driver
Product A
Product B
Product C
Number of hours
10,000
7,500
2,500
Number of pounds
150
250
100
Number of moves
20
40
50
What is the total amount of overhead applied to Product B?
Answer: A
Explanation:
The correct answer is B. $126,500 . Under activity-based costing (ABC) , each cost pool gets its own activity rate, and then overhead is applied to the product based on that product's actual use of each activity. OpenStax and ACCA both describe ABC as assigning overhead through multiple activity pools and cost drivers rather than one broad rate.
First compute the rate for each pool:
Pool 1 rate = $300,000 / 20,000 hours = $15 per hour
Pool 2 rate = $20,000 / 500 pounds = $40 per pound
Pool 3 rate = $10,000 / 100 moves = $100 per move
Now apply those rates to Product B :
Hours: 7,500 × $15 = $112,500
Pounds: 250 × $40 = $10,000
Moves: 40 × $100 = $4,000
Total overhead for Product B = $112,500 + $10,000 + $4,000 = $126,500
Option C, $158,000 , is actually the overhead for Product A, which is a classic trap in this question. Because ABC assigns overhead based on each product's own activity consumption, Product B's correct total overhead is $126,500 .
NEW QUESTION # 26
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