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| Section | Objectives |
|---|---|
| Budgeting and Planning | - Master budget components - Variance analysis - Financial budgets (cash budget, budgeted income statement, budgeted balance sheet) - Operating budgets (sales, production, direct materials, direct labor, overhead) |
| Decision Making and Performance Evaluation | - Balanced Scorecard concepts - Capital budgeting techniques (NPV, IRR, Payback Period) - Responsibility accounting and performance metrics - Relevant costs for decision making - Make-or-buy and special order decisions |
| Managerial Accounting Concepts | - Cost-Volume-Profit (CVP) analysis - Contribution margin and break-even analysis - Job order and process costing - Cost classification and behavior (fixed, variable, mixed costs) |
| Financial Statement Analysis | - Interpreting financial data for decision-making purposes - Ratio analysis (liquidity, profitability, solvency, efficiency ratios) - Horizontal and vertical analysis |
| Financial Accounting Fundamentals | - Recording transactions and adjusting entries - Preparing financial statements (Income Statement, Balance Sheet, Statement of Cash Flows) - Accrual vs. cash basis accounting - Understanding the accounting cycle |
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NEW QUESTION # 15
Which two items increase net income?
Choose 2 answers.
Answer: C,D
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 # 16
Which events represent financial information recorded in the accounting system of a business?
Answer: C
Explanation:
Accounting systems record business events that have already occurred , not events that may happen in the future and not the personal activities of owners. This is why Option B is correct. In financial accounting, recorded information must be based on identifiable, measurable, and supportable transactions or events, such as sales made, expenses incurred, assets purchased, liabilities created, or cash received and paid. Accounting information is primarily historical in nature, which improves reliability and allows users to evaluate what actually happened in the business.
Option A is incorrect because future business events are forecasts or estimates, not recorded transactions unless a present accounting event already exists, such as an accrued expense. Options C and D are also incorrect because personal events of the owners are not part of the business accounting records unless they directly affect the business entity, for example, owner investment or owner withdrawals. Under the business entity concept, the business is accounted for separately from its owners. Therefore, only completed business transactions and relevant economic events belonging to the business are recorded in the accounting system.
NEW QUESTION # 17
What are the costs associated with two or more business units called?
Answer: D
Explanation:
The correct answer is B. Indirect costs . Indirect costs are costs that cannot be economically traced to a single specific cost object, department, product, or business unit because they support multiple activities or units at the same time . Sources defining indirect costs explain that these costs are involved in more than one activity and therefore must often be allocated rather than directly assigned.
Option A is incorrect because variable costs are defined by behavior relative to activity level, not by whether they relate to more than one business unit. Option C, direct costs , are the opposite of indirect costs because they can be traced specifically to one cost object. Option D, product costs , refer to costs attached to manufacturing a product, such as direct materials, direct labor, and manufacturing overhead, and do not necessarily imply multiple business units. In cost accounting, when a cost supports shared operations and cannot be directly attributed to just one unit, it is treated as an indirect cost . Therefore, Option B is the correct answer.
NEW QUESTION # 18
Which two items on an income statement result in decreased net income if they are increased?
Choose 2 answers.
Answer: B,D
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 # 19
Which source of cash is the best indicator of a firm's viability as an ongoing concern?
Answer: A
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 # 20
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