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| Section | Objectives |
|---|---|
| Financial Accounting Fundamentals | - Accounting Principles
|
| Managerial Accounting for Decision Making | - Cost Behavior
|
| Business Decision Support | - Relevant Costing
|
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NEW QUESTION # 38
A manufacturer produces three products A, B, and C.
The company uses the following information to determine activity rates for each pool.
Cost Pool
Costs
Total Activity
Pool 1
$300,000
20,000 hours
Pool 2
$20,000
500 pounds
Pool 3
$10,000
100 moves
Data concerning the three products appear in the following table.
Cost Driver
Product A
Product B
Product C
Number of hours
10,000
7,500
2,500
Number of pounds
150
250
100
Number of moves
20
40
50
What is the total amount of overhead applied to Product B?
Answer: C
Explanation:
The correct answer is B. $126,500 . Under activity-based costing (ABC) , each cost pool gets its own activity rate, and then overhead is applied to the product based on that product's actual use of each activity. OpenStax and ACCA both describe ABC as assigning overhead through multiple activity pools and cost drivers rather than one broad rate.
First compute the rate for each pool:
Pool 1 rate = $300,000 / 20,000 hours = $15 per hour
Pool 2 rate = $20,000 / 500 pounds = $40 per pound
Pool 3 rate = $10,000 / 100 moves = $100 per move
Now apply those rates to Product B :
Hours: 7,500 × $15 = $112,500
Pounds: 250 × $40 = $10,000
Moves: 40 × $100 = $4,000
Total overhead for Product B = $112,500 + $10,000 + $4,000 = $126,500
Option C, $158,000 , is actually the overhead for Product A, which is a classic trap in this question. Because ABC assigns overhead based on each product's own activity consumption, Product B's correct total overhead is $126,500 .
NEW QUESTION # 39
What can be deduced when a company has an asset turnover of 0.95?
Answer: D
Explanation:
The correct answer is A. The company was able to generate $0.95 in sales for each dollar in assets . The asset turnover ratio is calculated as:
Asset turnover = Total sales / Total assets
This ratio measures how efficiently a company uses its assets to produce revenue. If a company has an asset turnover of 0.95 , it means that for every $1.00 invested in assets , the company generated $0.95 in sales during the period.
This ratio is especially useful in comparing operating efficiency across time or between similar companies. A higher asset turnover usually indicates more efficient use of assets in generating sales, while a lower ratio may suggest underused resources or a more asset-intensive business model.
Option B is incorrect because asset turnover does not measure equity generation. Option C is incorrect because it does not compare liabilities to assets. Option D is incorrect because profit per dollar of assets is more closely related to return on assets, not asset turnover. Since the formula directly links sales with assets , the only correct interpretation of a 0.95 asset turnover is $0.95 in sales per $1.00 of assets , which is Option A .
NEW QUESTION # 40
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: A
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 # 41
Which action should a managerial accountant consider taking if confronted by an ethical conflict?
Answer: B
Explanation:
The correct answer is A. Use an objective advisor confidentially . The IMA Statement of Ethical Professional Practice includes guidance for resolving ethical conflict and notes that management accountants may wish to discuss the matter with an objective advisor to obtain a better understanding of possible courses of action. This step is intended to help the accountant evaluate the issue carefully while preserving confidentiality and professionalism.
Option B is not the best answer because going directly to the chief executive officer is not always the first or most appropriate step. Ethical conflict guidance usually recommends following the organization's established chain of command unless the issue involves that level of management. Option C is incorrect because discussing the issue with "any stakeholder" could violate confidentiality. Option D is also weaker because consulting a coworker is not the same as seeking advice from an objective and appropriate advisor. The emphasis in professional ethics guidance is on confidentiality, sound judgment, and proper escalation.
Therefore, the most suitable action among the options given is to use an objective advisor confidentially , making Option A correct.
NEW QUESTION # 42
Which events represent financial information recorded in the accounting system of a business?
Answer: B
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 # 43
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