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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Cost Systems | 20–25% | - Costing methods
|
| Topic 2: Profit Planning | 10–15% | - Cost-volume-profit (CVP) analysis
|
| Topic 3: Financial Analysis | 45–50% | - Purpose and components of financial statements
|
| Topic 4: Budgeting and Decision Making | 10–15% | - Relevant information for decision making
|
| Topic 5: Controls and Regulations | 10–15% | - Internal control systems and principles
|
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NEW QUESTION # 67
Which source of cash is the best indicator of a firm's viability as an ongoing concern?
Answer: B
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 # 68
Last year, X Corporation had sales of $500,000 and total expenses of $300,000. A manager of the company is entitled to get a sales commission of 10% of net profit.
What amount of sales commission is to be recognized at year-end?
Answer: C
Explanation:
The correct answer is A. $20,000 . First, calculate net profit before the commission:
Net profit = Sales - Total expenses = $500,000 - $300,000 = $200,000
The manager's commission is 10% of net profit , so:
Commission = 10% × $200,000 = $20,000
Therefore, the amount to recognize at year-end is $20,000 . Under accrual accounting, expenses are recognized in the period in which they are incurred, even if they have not yet been paid. Since the company earned the profit during the year and the manager became entitled to the commission based on that profit, the commission expense should be recorded at year-end in the same reporting period. This follows the matching concept, which aligns expenses with the revenues they helped generate.
Option B is incorrect because it represents 10% of sales, not net profit. Option C and Option D do not match the 10% commission calculation based on the stated profit amount. Since the problem clearly says the commission is based on net profit , the correct recognized amount is $20,000 , making Option A correct.
Accounting texts describe net profit as revenues minus expenses.
NEW QUESTION # 69
A company manufactures and sells widgets. The following information is available:
* Total fixed costs per month are $300,000
* The variable cost per widget is $50
* Each widget sells for $100
How many widgets does the company need to sell each month to break even?
Answer: B
Explanation:
The correct answer is D. 6,000 . This is a standard cost-volume-profit (CVP) and break-even question. The break-even point in units is calculated by dividing total fixed costs by the contribution margin per unit .
First, compute contribution margin per widget:
Contribution margin per unit = Selling price - Variable cost
= $100 - $50 = $50
Now apply the break-even formula:
Break-even units = Fixed costs / Contribution margin per unit
= $300,000 / $50 = 6,000 widgets
This means the company must sell 6,000 widgets each month to generate enough contribution margin to cover all fixed costs. At that point, profit is zero, which is exactly what break-even means. If it sells more than
6,000 units, it earns a profit. If it sells fewer than 6,000, it incurs a loss.
The other choices are incorrect because they do not fully cover the fixed-cost amount using the $50 contribution margin per unit. Therefore, the correct break-even sales volume is 6,000 widgets , which makes Option D correct.
NEW QUESTION # 70
Which two examples represent financial statement errors?
Choose 2 answers.
Answer: A,C
Explanation:
The correct answers are A and C . A financial statement error is an unintentional misstatement in the amount, classification, presentation, or disclosure of financial statement information. PCAOB standards explain that misstatements can arise from either error or fraud , and errors are unintentional. A miscalculated payroll tax liability is a classic accounting error because it produces an incorrect liability amount without intent to deceive. Likewise, unintentionally recording unearned customer prepayments as revenue is an error in revenue recognition and financial statement classification.
Option B is not an error; it is fraud or misappropriation of assets because it involves deliberate overpayment and a kickback. PCAOB fraud guidance distinguishes intentional misconduct from accidental mistakes.
Option D is not necessarily an error merely because an auditor disagrees with management's estimate.
Allowance for uncollectible accounts is an area of judgment, and disagreement alone does not prove a financial statement error exists. Therefore, the two choices that best represent unintentional financial statement errors are A and C .
NEW QUESTION # 71
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 # 72
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