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| Section | Objectives |
|---|---|
| Topic 1: Budgeting and Planning | - Master budget components - Operating budgets (sales, production, direct materials, direct labor, overhead) - Variance analysis - Financial budgets (cash budget, budgeted income statement, budgeted balance sheet) |
| Topic 2: Financial Accounting Fundamentals | - Recording transactions and adjusting entries - Accrual vs. cash basis accounting - Preparing financial statements (Income Statement, Balance Sheet, Statement of Cash Flows) - Understanding the accounting cycle |
| Topic 3: Financial Statement Analysis | - Ratio analysis (liquidity, profitability, solvency, efficiency ratios) - Horizontal and vertical analysis - Interpreting financial data for decision-making purposes |
| Topic 4: Managerial Accounting Concepts | - Cost classification and behavior (fixed, variable, mixed costs) - Cost-Volume-Profit (CVP) analysis - Contribution margin and break-even analysis - Job order and process costing |
| Topic 5: Decision Making and Performance Evaluation | - Balanced Scorecard concepts - Make-or-buy and special order decisions - Responsibility accounting and performance metrics - Relevant costs for decision making - Capital budgeting techniques (NPV, IRR, Payback Period) |
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NEW QUESTION # 34
In September, an airline using accrual accounting received cash from a round-trip ticket sold to a customer for
$1,500. The ticket allowed the customer to fly from Denver to Hawaii in October and from Hawaii back to Denver in November.
When should the airline recognize revenue?
Answer: A
Explanation:
The correct answer is C. In October and November . Under accrual accounting and modern revenue recognition guidance, revenue is recognized when the company satisfies its performance obligations, not merely when cash is received. For an airline ticket, the airline earns the revenue by providing transportation
. SEC disclosures from airlines state that passenger revenue is deferred until transportation is provided, and revenue recognition guidance under Topic 606 also requires recognition when control of the promised service transfers to the customer.
Because this is a round-trip ticket , the airline has not fully earned the revenue in September when the cash is collected. Instead, the service is performed in parts: one flight in October and the return flight in November
. Therefore, the revenue should be recognized as the transportation service is delivered across those two months. Option A is incorrect because September is only the cash receipt date, not the service date. Option B is incorrect because part of the service is provided in October. Option D is incorrect because collecting cash alone does not create earned revenue under accrual accounting. Therefore, October and November is the correct answer.
NEW QUESTION # 35
Who does Sarbanes-Oxley apply to?
Answer: B
Explanation:
The correct answer is D. Publicly traded companies in the United States . Sarbanes-Oxley was enacted to strengthen corporate accountability, internal controls, and audit oversight for companies that access the public securities markets. Standard summaries of SOX explain that it applies to publicly traded companies doing business in the United States, along with the audit firms that audit those public companies.
Option B is incorrect because SOX does not generally apply in full to private, nonpublic companies in the same way it applies to public issuers. Option C is also incorrect for the same reason. Option A may describe a narrower scenario that can involve public-company reporting structures, but for an exam question asking broadly "Who does Sarbanes-Oxley apply to?", the clearest and best answer is publicly traded companies in the United States . SOX is fundamentally a public-company law designed to protect investors by improving the reliability of corporate disclosures and the independence of external audits. Therefore, among the listed choices, Option D is the most accurate and standard answer.
NEW QUESTION # 36
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 # 37
Which organization establishes rules U.S. companies use to record and report accounting transactions?
Answer: B
Explanation:
The correct answer is C. Financial Accounting Standards Board (FASB) . The FASB is the private-sector standard-setting body whose accounting and financial reporting standards are recognized as authoritative U.S.
generally accepted accounting principles (GAAP) for purposes of the federal securities laws. The SEC has explicitly recognized FASB standards as "generally accepted," which is why U.S. companies rely on FASB guidance when recording and reporting accounting transactions.
Option A is incorrect because the Accounting Principles Board (APB) was a former standard-setting body that was replaced by the FASB. Option B, the SEC , does have legal authority over public company reporting, but it does not serve as the primary day-to-day accounting standard setter in the same way FASB does. Option D, the IRS , is responsible for tax administration, not financial accounting standards for general-purpose financial statements. For exam purposes, when the question asks which organization establishes the accounting rules U.S. companies use to record and report transactions, the best and most accurate answer is FASB .
NEW QUESTION # 38
Which source of cash is the best indicator of a firm's viability as an ongoing concern?
Answer: C
Explanation:
The correct answer is A. Cash from operating activities . Cash generated from operating activities is the best indicator of whether a company can continue as a going concern because it reflects cash produced by the firm' s core day-to-day business operations . OpenStax explains that the operating section shows cash flows generated and used by normal business activities, while investing and financing sections relate to asset purchases/sales and raising or repaying capital. OpenStax also notes that operating cash flow helps indicate the feasibility of continuing and advancing company plans.
Option B is incorrect because financing cash flows can come from borrowing or issuing stock, which may temporarily provide cash without proving the business itself is healthy. Option C is incorrect because investing cash flows often relate to buying or selling long-term assets and do not directly show sustainable operating strength. Option D is not one of the formal statement of cash flows categories under U.S. GAAP.
For evaluating long-term viability, analysts and auditors place the greatest weight on the firm's ability to generate cash internally from operations. Therefore, Cash from operating activities is the best answer.
NEW QUESTION # 39
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