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| Section | Objectives |
|---|---|
| Topic 1: Budgeting and Planning | - Master budget components - Financial budgets (cash budget, budgeted income statement, budgeted balance sheet) - Variance analysis - Operating budgets (sales, production, direct materials, direct labor, overhead) |
| Topic 2: Managerial Accounting Concepts | - Job order and process costing - Cost-Volume-Profit (CVP) analysis - Cost classification and behavior (fixed, variable, mixed costs) - Contribution margin and break-even analysis |
| Topic 3: Decision Making and Performance Evaluation | - Make-or-buy and special order decisions - Relevant costs for decision making - Capital budgeting techniques (NPV, IRR, Payback Period) - Responsibility accounting and performance metrics - Balanced Scorecard concepts |
| Topic 4: Financial Statement Analysis | - Horizontal and vertical analysis - Ratio analysis (liquidity, profitability, solvency, efficiency ratios) - Interpreting financial data for decision-making purposes |
| Topic 5: Financial Accounting Fundamentals | - Recording transactions and adjusting entries - Understanding the accounting cycle - Accrual vs. cash basis accounting - Preparing financial statements (Income Statement, Balance Sheet, Statement of Cash Flows) |
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NEW QUESTION # 61
During the year, a company purchased goods on a credit basis for its supplies of $750.
What would be the impact on the accounting equation and financial statement?
Answer: A
Explanation:
The correct answer is C. Increase in assets by $750 and increase in liability by $750 . When a company purchases supplies on credit, it receives an asset now and promises to pay later. The supplies increase the company's assets , and the amount owed to the seller increases liabilities , usually as accounts payable. This keeps the accounting equation balanced:
Assets = Liabilities + Equity
Here, assets rise by $750 and liabilities also rise by $750 , while equity is unchanged at the time of purchase.
OpenStax explains that buying items on account increases the related asset and increases accounts payable.
Option A is incorrect because liabilities do not decrease. Option B is incorrect because assets do not decrease when the company receives supplies. Option D is incorrect because neither side decreases at the moment of purchase. The expense is not recognized immediately unless the supplies are consumed; initially, the company records the asset and the obligation. This is a common transaction used to show how dual effects maintain balance in the accounting equation. Therefore, the correct impact is an increase in assets and an equal increase in liabilities , which is Option C .
NEW QUESTION # 62
Which overhead cost is associated with batch-level activities?
Answer: C
Explanation:
The correct answer is B. Machine setups . In activity-based costing , batch-level activities are performed each time a batch of goods is processed, regardless of how many units are in that batch. A classic example is the machine setup required before production of a batch can begin. ABC materials commonly identify setup costs as batch-level because the activity occurs per batch rather than per individual unit.
Option A, property taxes , and Option C, factory insurance , are usually considered facility-level or organization-sustaining overhead because they support the factory as a whole rather than a specific batch.
Option D, product engineering wages , is more closely related to product-level activities , since engineering work often supports a particular product line rather than each batch run. Batch-level costs increase with the number of production batches, not necessarily with the number of units produced. Since machine setups are incurred each time a batch is started, they are the standard example of a batch-level overhead cost. Therefore, Option B is the correct answer.
NEW QUESTION # 63
A company plans to purchase inventory for the second half of a year as follows:
July = $100,000
August = $75,000
September = $225,000
October = $125,000
November = $250,000
December = $30,000
The company usually pays 50% of inventory purchases in the month of purchase, 35% in the following month, and 15% in the second month.
What are the forecasted October cash payments based on this information?
Answer: B
Explanation:
The correct answer is D. $152,500 . To find October cash payments , include the portions of purchases paid in October from three different months:
* 15% of August purchases
* 35% of September purchases
* 50% of October purchases
Now calculate each amount:
15% of August ($75,000) = $11,250
35% of September ($225,000) = $78,750
50% of October ($125,000) = $62,500
Now add them:
$11,250 + $78,750 + $62,500 = $152,500
This is the total forecasted cash payment for October under the company's payment pattern. Budgeted cash disbursement questions often require tracking the timing of payments across multiple months, not just the current month's purchases.
Option B includes only 50% of October purchases. Option C includes only 35% of September purchases.
Option A includes only part of the earlier-month carryover. Since October cash payments must include all three applicable portions, the correct total is $152,500 , making Option D the right answer.
NEW QUESTION # 64
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 # 65
A corporation has liabilities and owners' equity of $100 million and $40 million respectively. What is the amount of the asset balance in this case?
Answer: D
Explanation:
The correct answer is D. $140 million . This question is solved using the basic accounting equation :
Assets = Liabilities + Owners' Equity
The company has $100 million in liabilities and $40 million in owners' equity. Adding these together gives:
Assets = $100 million + $40 million = $140 million
Therefore, the asset balance must be $140 million . This relationship is fundamental in accounting because every recorded transaction must keep the accounting equation in balance. Authoritative accounting materials explain that assets are financed by two main sources: liabilities, which represent creditors' claims, and equity, which represents owners' claims.
Option A, B, and C are incorrect because they do not satisfy the accounting equation. In financial statement analysis, this equation is the foundation of the balance sheet and helps users understand how a business finances its resources. When liabilities increase or equity increases, total assets must reflect those financing sources. Since both liabilities and owners' equity together total $140 million , assets must also total $140 million . That makes Option D the only correct choice.
NEW QUESTION # 66
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