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| Section | Objectives |
|---|---|
| Business Decision Support | - Performance Measurement
|
| Financial Accounting Fundamentals | - Financial Statements
|
| Managerial Accounting for Decision Making | - Budgeting and Planning
|
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NEW QUESTION # 66
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: A
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 # 67
Which two details can management determine through a cost-volume-profit analysis?
Choose 2 answers.
Answer: B,D
Explanation:
The correct answers are A and B . Cost-volume-profit (CVP) analysis is a forward-looking planning tool used to study how changes in costs , sales volume , and selling price affect contribution margin, break-even point, and target profit. OpenStax describes CVP analysis as one of the most useful tools in managerial accounting for analyzing how changing business situations affect profit.
Option A is correct because CVP helps management estimate how a future change in variable costs or fixed costs would influence profit. Option B is also correct because CVP can determine how many units must be sold to achieve a desired target income or profit level. In contrast, Options C and D focus on past transactions and past tax costs, which are not the primary purpose of CVP analysis. CVP is mainly a planning and decision-making method rather than a historical reporting tool. It helps managers ask "what happens if" questions about future operations, such as what sales volume is needed to earn a target profit or how a change in cost structure would affect margins. Therefore, the correct choices are A and B .
NEW QUESTION # 68
Which organization establishes rules U.S. companies use to record and report accounting transactions?
Answer: D
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 # 69
Which body regulates a certified public accounting firm's audit practices when the firm is auditing a large, publicly traded company?
Answer: A
Explanation:
The correct answer is D. The Public Company Accounting Oversight Board (PCAOB) . The PCAOB was created to oversee the audits of public companies and SEC-registered brokers and dealers in order to protect investors and support the public interest in accurate, independent audit reports. Its responsibilities include registration of audit firms, inspections, enforcement, and audit-related standard-setting. Because the question refers to a CPA firm auditing a large, publicly traded company , PCAOB oversight is the correct regulatory answer.
Option A is incorrect because FASB sets accounting standards, not audit practice regulation for public company auditors. Option B, FASAC , is an advisory council to FASB and does not regulate audit firms.
Option C, the IRS , administers tax laws and does not oversee external audit practices for public companies.
In accounting and auditing, it is essential to distinguish between those who set accounting rules and those who supervise auditors. For publicly traded companies, that audit oversight role belongs to the PCAOB , making Option D the only accurate choice.
NEW QUESTION # 70
What is a cost incurred as part of the production process?
Answer: C
Explanation:
The correct answer is C. Raw materials cost . A cost incurred as part of the production process is a product cost , and raw materials are one of the most direct examples. In manufacturing, raw materials are inputs physically used to create finished goods, so they are clearly part of production. Manufacturing cost guidance consistently identifies direct materials, direct labor, and manufacturing overhead as production-related costs.
Option A, sunk cost , refers to a past cost that has already been incurred and cannot be changed, so it is a decision-making concept rather than a specific production input. Option B, opportunity cost , represents the benefit forgone by choosing one alternative over another, not an actual recorded production cost. Option D, period cost , refers to costs such as selling and administrative expenses that are expensed in the period incurred and are not part of the manufacturing process. Because raw materials are directly consumed in producing goods, they are the clearest example of a cost incurred as part of production. Therefore, the correct answer is Raw materials cost , making Option C correct.
NEW QUESTION # 71
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