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| Section | Objectives |
|---|---|
| Decision Making and Performance Evaluation | - Make-or-buy and special order decisions - Relevant costs for decision making - Balanced Scorecard concepts - Responsibility accounting and performance metrics - Capital budgeting techniques (NPV, IRR, Payback Period) |
| Financial Statement Analysis | - Horizontal and vertical analysis - Interpreting financial data for decision-making purposes - Ratio analysis (liquidity, profitability, solvency, efficiency ratios) |
| Budgeting and Planning | - Financial budgets (cash budget, budgeted income statement, budgeted balance sheet) - Variance analysis - Operating budgets (sales, production, direct materials, direct labor, overhead) - Master budget components |
| 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 |
| Managerial Accounting Concepts | - Contribution margin and break-even analysis - Cost classification and behavior (fixed, variable, mixed costs) - Cost-Volume-Profit (CVP) analysis - Job order and process costing |
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NEW QUESTION # 12
A company manufactures leather products and has recently switched to the activity-based costing (ABC) method. It needs to determine the cost of its leather wallets. The company is already aware of its DM and DL costs.
What is the first step to calculating the cost of the product?
Answer: B
Explanation:
The correct answer is D. Identify overhead cost activities . In activity-based costing (ABC) , once direct materials and direct labor are known, the process begins by identifying the activities that cause overhead costs . Those activities become the basis for forming cost pools and selecting cost drivers. ACCA's ABC overview explains the sequence as splitting overheads into activities or cost pools, then identifying what causes those costs, and finally allocating costs based on cost-driver usage.
Option B is incorrect because assigning overhead occurs after the relevant activities and drivers have been identified. Option A is incorrect because general and administrative costs are not the first ABC step for costing a specific manufactured product. Option C may be a sensible housekeeping action, but it is not the formal first step in the ABC method. Other ABC explanations also begin with identifying activities and cost pools before calculating rates and assigning overhead to products.
Therefore, when using ABC to calculate the cost of leather wallets after DM and DL are known, the first formal step is to identify overhead cost activities , making Option D the correct answer.
NEW QUESTION # 13
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: A
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 # 14
How are activity-based costing systems different from traditional costing systems?
Answer: B
Explanation:
The correct answer is C . Activity-based costing (ABC) is generally more precise than traditional costing when a company makes multiple products that consume overhead resources differently. ABC assigns overhead by identifying activities and using multiple cost drivers that better reflect how products actually use resources. Sources on ABC explain that it improves cost accuracy compared with traditional systems, especially in more complex production environments.
Option A is incorrect because the statement is reversed. Traditional costing often uses a single volume-based driver such as labor hours or machine hours, while ABC commonly uses multiple cost drivers . Option B is incorrect because ABC is usually more time-consuming and expensive to administer, not less. Option D is also incorrect because ABC is especially useful when products are heterogeneous , meaning they differ in the amount and type of overhead resources they consume. Therefore, the key difference is that ABC gives a more precise assignment of overhead costs than traditional costing when multiple products are produced. That makes Option C the correct answer.
NEW QUESTION # 15
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: C
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 # 16
Which two items increase net income?
Choose 2 answers.
Answer: A,B
Explanation:
The correct answers are C. Interest income and D. Gain on sale of assets . Net income increases when revenues and gains increase, while it decreases when expenses and losses increase. Interest income is a type of revenue or other income that adds to earnings. Gain on sale of assets also increases net income because it represents the amount by which proceeds from the sale exceed the asset's carrying value. OpenStax notes that the income statement includes revenues, expenses, gains, and losses in measuring financial performance.
Option A. Income tax expense decreases net income because it is an expense. Option B. Cost of sales also decreases net income because it is a major operating expense deducted in arriving at gross profit and ultimately net income. Gains and interest income improve profitability, whereas expenses reduce it. This distinction is fundamental in preparing and interpreting the income statement. Therefore, the two items that increase net income are Interest income and Gain on sale of assets , making C and D the correct answers.
NEW QUESTION # 17
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