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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Profit Planning | 10–15% | - Cost-volume-profit (CVP) analysis
|
| Topic 2: Controls and Regulations | 10–15% | - Internal control systems and principles
|
| Topic 3: Cost Systems | 20–25% | - Costing methods
|
| Topic 4: Financial Analysis | 45–50% | - Purpose and components of financial statements
|
| Topic 5: Budgeting and Decision Making | 10–15% | - Relevant information for decision making
|
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NEW QUESTION # 23
Which current asset on a balance sheet appears first in the traditional category order for U.S.-based companies?
Answer: B
Explanation:
The correct answer is A. Cash . In the traditional ordering of current assets on a U.S. balance sheet, accounts are typically listed in order of liquidity , meaning how quickly they can be converted into cash or used. Cash is already the most liquid asset, so it normally appears first. After cash, companies usually list items such as marketable securities, accounts receivable, inventory, and prepaid expenses. OpenStax identifies cash among the standard examples of assets and discusses current assets such as accounts receivable, inventory, and prepaid items.
Option B, inventory , is incorrect because inventory is less liquid than cash and receivables. Option C, accounts receivable , is also incorrect because receivables are expected to become cash, but they are not cash itself. Option D, prepaid expenses , typically appear later because they do not convert into cash; instead, they provide future benefits through services or coverage already paid for. In U.S. practice, the standard presentation begins with the most liquid current asset, which is cash. Therefore, among the choices provided, Cash is the correct answer.
NEW QUESTION # 24
Which formula yields a cash times interest earned ratio of 11?
Answer: C
Explanation:
The correct answer is B . The cash times interest earned ratio measures a company's ability to cover its cash interest payments from cash generated before interest and taxes. The formula is:
Cash times interest earned = Cash from operations before interest and taxes / Cash paid for interest If the ratio is 11 , then the numerator must be 11 times the denominator. Using the amounts in the answer choices, $11,000 divided by $1,000 = 11 , which matches the required result exactly. The Journal of Accountancy describes cash interest coverage using cash flow from operations adjusted for interest and taxes in the numerator and interest paid in the denominator.
Option A is incorrect because acquisitions relate to investing activities, not interest coverage. Option C is incorrect because dividing by cash from operations does not produce the interest coverage ratio. Option D is incorrect because income taxes are not the denominator in this ratio. This ratio is useful in solvency analysis because it shows how many times a firm can pay its interest obligations using cash-based operating performance. Therefore, Option B is the correct formula.
NEW QUESTION # 25
Which financial statement is used to determine a company's income and expenses for a specific period?
Answer: C
Explanation:
The correct answer is D. Income statement . The income statement reports a company's revenues and expenses over a specific period of time and shows whether the company earned a profit or incurred a loss during that period. Standard accounting materials explain that the income statement summarizes revenue and expense activity and presents net income or net loss for the reporting period.
Option A, the balance sheet , is incorrect because it shows financial position at a particular date rather than performance over a period. Option B, the statement of retained earnings , explains changes in retained earnings, including the effects of net income and dividends, but it does not serve as the main report for listing revenues and expenses. Option C, the statement of cash flows , focuses on cash inflows and outflows from operating, investing, and financing activities rather than accrual-based income and expense measurement. In accounting, when the question asks which statement is used to determine income and expenses for a period, the income statement is the direct and correct answer. That is why Option D is the best answer.
NEW QUESTION # 26
Which organization establishes rules U.S. companies use to record and report accounting transactions?
Answer: B
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 # 27
Given the following information:
Pairs of shoes expected to be produced = 1,950,000
Pairs of shoes produced = 2,500,000
Overhead rate = $0.75
What is the amount of applied overhead?
Answer: B
Explanation:
The correct answer is D. $1,875,000 . Applied overhead is calculated by multiplying the predetermined overhead rate by the actual amount of the allocation base used during production. OpenStax explains that a predetermined overhead rate is established in advance and then applied to production using the actual activity level.
The formula is:
Applied overhead = Overhead rate × Actual production
Using the figures provided:
Applied overhead = $0.75 × 2,500,000 = $1,875,000
So the total amount of overhead applied is $1,875,000 . The "expected to be produced" amount helps establish or understand the rate, but once the rate is given, applied overhead is based on the actual production achieved , not the estimated quantity.
Option C, $1,462,500 , would result from multiplying the rate by the expected production of 1,950,000, which is not what the question asks. The question specifically asks for the applied overhead, which uses actual activity. Therefore, with 2,500,000 pairs produced at $0.75 per pair , the correct applied overhead is
$1,875,000 , making Option D the correct answer.
NEW QUESTION # 28
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