83.GASB Concepts Statement No. 3, Communication Methods in General Purpose External Financial Reports that Contain Basic Financial Statements, states that

A)              notes to the financial statements may include management’s objective explanations.

B)              required supplementary information must be objective and may not include predictions or subjective assessments.

C)              disclosure in the notes is not an adequate substitute for recognition in the financial statements.

D)              All of the above are correct.

84.Under GASB Statement 34, capital assets:

A)must be reported in government-wide statements but are not reported in any of the fund financial statements.

B)must be reported in government-wide statements and in proprietary fund financial statements.

C)are not to be reported in either government-wide or fund financial statements.

D)are to be reported but not depreciated in government-wide and fund financial statements.

85.Long-term debt of a governmental unit would be reported in the:

A)government-wide financial statements and proprietary fund financial statements.

B)government-wide financial statements only.

C)debt service funds of governmental fund financial statements and government-wide financial statements.

D)notes to the financial statements only.

86.A city government collects local option sales taxes legally restricted to pay for the construction of a new courthouse.  Which fund should account for the receipt of the sales taxes?

A)Special revenue fund

B)Capital projects fund

C)Private-purpose trust fund

D)General fund

87.A city government collects local option sales taxes legally restricted to pay for the hiring of teachers for hearing impaired school children.  Which fund should account for the receipt of the sales taxes?

A)Special revenue fund

B)Capital projects fund

C)Private-purpose trust fund

D)General fund

88.A city government makes its semiannual payment of interest on revenue bonds issued to pay for the construction of additional public transit stations.  Which fund would account for the payment?

A)Debt service fund

B)Capital projects fund

C)Enterprise fund

D)Internal service fund

89.A city government sells police cars no longer in use.  No restrictions have been placed on the proceeds.  Which fund should account for the receipt?

A)Debt service fund

B)Capital projects fund

C)Enterprise fund

D)General fund

90.Under GASB Statement 34, accrual accounting is used for:

A)government-wide financial statements only.

B)government-wide financial statements and proprietary fund financial statements only.

C)government-wide, proprietary fund, and fiduciary fund financial statements only.

D)government-wide and all fund financial statements

91.Under GASB Statement 34, modified accrual accounting would be found in the:

A)government-wide financial statements only.

B)governmental fund financial statements only.

C)governmental and fiduciary fund financial statements only.

D)governmental, proprietary, and fiduciary fund financial statements but not in the government-wide financial statements

92.Which of the following is not a fiduciary fund type?

A)Agency.

B)Expendable trust.

C)Private-purpose trust.

D)Investment trust.

31.Valpar Company produces several lines of laundry hampers. The factory is highly automated and uses an activity-based costing system to allocate overhead costs to its various products. During the upcoming period the company expects to produce 72,000 units. The costs and cost drivers associated with four activity cost pools are given below:  Production of 20,000 units of its popular foldable hamper required 3,000 labor hours, 75 setups, and consumed one-third of the product sustaining activities. What amount of unit-level costs will be allocated to the product?   

A. $2,500

B. $7,500

C. $5,000

D. $6,000

32.Sanford Tools produces a variety of scissors and other cutting instruments at its Birmingham manufacturing plant. The plant is highly automated and uses an activity-based costing system to allocate overhead costs to its various product lines. The company expects to produce 24,000 total units during the current period. The costs and cost drivers associated with four activity cost pools are given below:  Production of 1,000 units of a pipe-cutting tool required 400 labor hours, 10 setups, and consumed 30% of the product sustaining activities and resulted in an overhead allocation of $15,400. What amount of batch-level overhead costs was expected during the period?   

A. $24,000

B. $2,400

C. $12,500

D. None of these answers is correct.

33.Pro Tool Company expects to produce 24,000 total units during the current period. The costs and cost drivers associated with four activity cost pools are given below:  Production of 1,000 units of an auto towing tool required 800 labor hours, 12 setups, and consumed 30% of the product sustaining activities. How much total overhead cost will be allocated to this product if the company allocates overhead on the basis of a single overhead allocation rate based on direct labor hours?   

A. $18,400

B. $10,000

C. $100,000

D. $40,000

34.When making a long-term cost plus pricing decision, a company should consider:   

A. the upstream research and development cost.

B. the allocated portion of facility-level cost.

C. the direct manufacturing cost.

D. All of these answers are correct.

35.Which of the following is an upstream cost?   

A. Research and development costs

B. Shipping costs to ship completed goods

C. Sales commissions

D. Sales promotion and advertising costs

36.All of the following are downstream costs except:   

A. advertising costs.

B. distribution costs.

C. patent filing legal costs.

D. warehousing costs.

37.The Tangier Company is considering eliminating the following product line:  What amount of cost is avoidable if Tangier outsources production of this product?   

A. $60,000

B. $50,000

C. $90,000

D. $20,000

38.Identify the obstacle(s) in implementing a successful activity-based costing system.   

A. Gaining the cooperation and support of employees.

B. Obtaining accurate cost driver data.

C. Condensing a large number of activities down into a manageable number of activity cost pools.

D. All of these answers are correct.

39.Mason Company is planning to introduce an activity-based costing system. Which of the following actions by employees could lower the success of the new system?   

A. Employees may purposely report on their time cards different amounts time than they actually worked.

B. Employees may decrease their productivity to demonstrate their dissatisfaction with the new system.

C. Employees may resist having to maintain additional records (such as the number of setups).

D. All of these answers are correct.

40.Costs incurred to avoid nonconforming products are:   

A. prevention costs.

B. appraisal costs.

C. failure costs.

D. voluntary costs.

31.Valpar Company produces several lines of laundry hampers. The factory is highly automated and uses an activity-based costing system to allocate overhead costs to its various products. During the upcoming period the company expects to produce 72,000 units. The costs and cost drivers associated with four activity cost pools are given below:  Production of 20,000 units of its popular foldable hamper required 3,000 labor hours, 75 setups, and consumed one-third of the product sustaining activities. What amount of unit-level costs will be allocated to the product?   

A. $2,500

B. $7,500

C. $5,000

D. $6,000

32.Sanford Tools produces a variety of scissors and other cutting instruments at its Birmingham manufacturing plant. The plant is highly automated and uses an activity-based costing system to allocate overhead costs to its various product lines. The company expects to produce 24,000 total units during the current period. The costs and cost drivers associated with four activity cost pools are given below:  Production of 1,000 units of a pipe-cutting tool required 400 labor hours, 10 setups, and consumed 30% of the product sustaining activities and resulted in an overhead allocation of $15,400. What amount of batch-level overhead costs was expected during the period?   

A. $24,000

B. $2,400

C. $12,500

D. None of these answers is correct.

33.Pro Tool Company expects to produce 24,000 total units during the current period. The costs and cost drivers associated with four activity cost pools are given below:  Production of 1,000 units of an auto towing tool required 800 labor hours, 12 setups, and consumed 30% of the product sustaining activities. How much total overhead cost will be allocated to this product if the company allocates overhead on the basis of a single overhead allocation rate based on direct labor hours?   

A. $18,400

B. $10,000

C. $100,000

D. $40,000

34.When making a long-term cost plus pricing decision, a company should consider:   

A. the upstream research and development cost.

B. the allocated portion of facility-level cost.

C. the direct manufacturing cost.

D. All of these answers are correct.

35.Which of the following is an upstream cost?   

A. Research and development costs

B. Shipping costs to ship completed goods

C. Sales commissions

D. Sales promotion and advertising costs

36.All of the following are downstream costs except:   

A. advertising costs.

B. distribution costs.

C. patent filing legal costs.

D. warehousing costs.

37.The Tangier Company is considering eliminating the following product line:  What amount of cost is avoidable if Tangier outsources production of this product?   

A. $60,000

B. $50,000

C. $90,000

D. $20,000

38.Identify the obstacle(s) in implementing a successful activity-based costing system.   

A. Gaining the cooperation and support of employees.

B. Obtaining accurate cost driver data.

C. Condensing a large number of activities down into a manageable number of activity cost pools.

D. All of these answers are correct.

39.Mason Company is planning to introduce an activity-based costing system. Which of the following actions by employees could lower the success of the new system?   

A. Employees may purposely report on their time cards different amounts time than they actually worked.

B. Employees may decrease their productivity to demonstrate their dissatisfaction with the new system.

C. Employees may resist having to maintain additional records (such as the number of setups).

D. All of these answers are correct.

40.Costs incurred to avoid nonconforming products are:   

A. prevention costs.

B. appraisal costs.

C. failure costs.

D. voluntary costs.

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