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| Section | Objectives |
|---|---|
| Topic 1: Decision Making and Performance Evaluation | - Capital budgeting techniques (NPV, IRR, Payback Period) - Make-or-buy and special order decisions - Responsibility accounting and performance metrics - Balanced Scorecard concepts - Relevant costs for decision making |
| Topic 2: Financial Accounting Fundamentals | - Preparing financial statements (Income Statement, Balance Sheet, Statement of Cash Flows) - Understanding the accounting cycle - Accrual vs. cash basis accounting - Recording transactions and adjusting entries |
| Topic 3: Managerial Accounting Concepts | - Contribution margin and break-even analysis - Job order and process costing - Cost-Volume-Profit (CVP) analysis - Cost classification and behavior (fixed, variable, mixed costs) |
| Topic 4: Financial Statement Analysis | - Ratio analysis (liquidity, profitability, solvency, efficiency ratios) - Interpreting financial data for decision-making purposes - Horizontal and vertical analysis |
| Topic 5: Budgeting and Planning | - Variance analysis - Master budget components - Operating budgets (sales, production, direct materials, direct labor, overhead) - Financial budgets (cash budget, budgeted income statement, budgeted balance sheet) |
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NEW QUESTION # 63
Which item is an operating activity under a U.S. generally accepted accounting principles (GAAP) statement of cash flows?
Answer: D
Explanation:
The correct answer is B. Cash payments for administration expenses . Under U.S. GAAP, operating activities include cash effects of transactions that enter into the determination of net income, such as cash paid to employees, suppliers, and for other routine operating expenses. FASB's statement on cash flows requires cash receipts and payments to be classified as operating, investing, or financing and defines operating activities as the residual category for the entity's normal revenue-producing activities. OpenStax also describes operating activities as the day-to-day cash flows of the business.
Option A is incorrect because selling a business segment is generally an investing activity , not an operating one. Option C is incorrect because purchasing plant assets is also an investing cash outflow . Option D is incorrect because cash received from selling plant assets is an investing cash inflow . Administrative expenses are part of normal operations, so cash paid for them belongs in operating activities. Therefore, among the options provided, Cash payments for administration expenses is the only item properly classified as an operating activity under U.S. GAAP.
NEW QUESTION # 64
What is the impact on costs as sales volume decreases?
Answer: C
Explanation:
The correct answer is C. Total variable costs will decrease in direct proportion . Variable costs change in total as activity or sales volume changes. When sales volume decreases, total variable costs also decrease proportionally because fewer units are produced or sold. Multiple accounting references explain that total variable cost rises and falls with the level of activity, while the variable cost per unit remains constant within the relevant range.
Option A is the opposite of what happens when volume falls. Options B and D are incorrect because total fixed costs generally remain unchanged within the relevant range regardless of short-term changes in sales volume. OpenStax notes that fixed costs are present regardless of production or sales levels, while variable costs occur only as items or services are produced and sold.
This distinction is central to cost behavior analysis and profit planning. As volume declines, total variable costs go down in direct proportion, but total fixed costs do not normally move with sales in the short run.
Therefore, the correct answer is Option C .
NEW QUESTION # 65
Which two items on an income statement result in decreased net income if they are increased?
Choose 2 answers.
Answer: A,C
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 # 66
What are two examples of product costs?
Choose 2 answers.
Answer: B,C
Explanation:
The correct answers are B. Direct labor and D. Raw materials . Product costs are the costs incurred to manufacture or acquire a product that will be sold. In a manufacturing setting, product costs normally include direct materials (raw materials) , direct labor , and manufacturing overhead . Corporate Finance Institute summarizes product costs as including direct material, direct labor, and manufacturing overhead.
Option A. Selling and administrative expenses is incorrect because those are period costs , not product costs. Option C. Period expenses is also incorrect for the same reason. Period costs are expensed in the period incurred and are not attached to inventory production. Lumen Learning similarly distinguishes product costs from period costs by explaining that product costs include direct materials, direct labor, and overhead, while selling and administrative expenses are period costs.
Because the question asks for two examples of costs directly associated with making a product, the best answers are Direct labor and Raw materials . These are core manufacturing inputs and become part of inventory until the goods are sold.
NEW QUESTION # 67
Which internal control is intended to ensure that a company does not mistakenly pay a supplier for an invoice that includes more items than were actually received?
Answer: C
Explanation:
The correct answer is D . The control designed to prevent payment for goods not actually received is the receiving function's preparation of a receiving report , which is then sent to accounts payable and matched against the supplier invoice and purchase order. This is the essence of a three-way match : purchase order, receiving report, and vendor invoice. AccountingTools explains that payables staff should match the supplier invoice to the related purchase order and proof of receipt before authorizing payment.
Option A is helpful for controlling check completeness and sequence, but it does not verify quantities received. Option B adds authorization control over disbursements, but it also does not confirm whether the shipment matched the invoice. Option C helps ensure purchases are approved before ordering, but it still does not prove what was actually delivered. The receiving department's counting and inspection of goods, followed by forwarding the receiving documentation to accounts payable, directly addresses the risk that a supplier invoice includes more items than were received. Therefore, the best internal control is Option D .
NEW QUESTION # 68
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