68. The inventory data for an item for November are:  Nov. 1 Inventory 20 units at $19          4 Sold 10 units        10 Purchased 30 units at $20        17 Sold 20 units        30 Purchased 10 units at $21       Using a perpetual system, what is the cost of the merchandise sold for November if the company uses FIFO? A. $610B. $600C. $590D. $580   […]

    11.Assuming actual volume is 10,000 units and planned volume is 12,000 units, the sales volume variance in units:    A. Equals 2,000 units unfavorable.   B. Equals 2,000 units favorable.   C. Cannot be determined without additional information.   D. None of these answers is correct.     12.Volume variances are computed for which of the following costs?    A. Fixed manufacturing costs only   B. Variable selling and administrative costs […]

    71. Identify the approach to performance measurement that meets the following criteria: high strategic congruence, usually high validity, usually high reliability, moderate acceptability, and very high specificity.  A. Comparative B. Attribute C. Behavioral D. Results Behavioral approach has high strategic congruence, high validity, high reliability, moderate acceptability, and very high specificity compared to results, attribute, comparative, and quality approaches.     72. Identify the approach to performance measurement that […]

  11) The principle of consistency states that: A) changes in accounting methods should occur from one fiscal period to the next. B) a company cannot change from one inventory valuation method to another. C) a company should switch from LIFO to FIFO every other period. D) by using the same method, the financial statements are more meaningful. 12) The full disclosure principle says that […]

    41.Which of the following statements is true of a strategic implementation stage of the strategic management process?    A.During this stage, an organization analyzes its strengths and weaknesses.   B.This is the first stage of the strategic management process, which is sequential in nature.   C.During this stage, an organization follows through on a strategy chosen in the strategy formulation stage.   D.During this […]

  121. As of January 1 of the current year, the Joyner Company had accounts receivables of $50,000. The sales for January, February, and March were as follows: $120,000, $140,000 and $150,000. 20% of each months sales are for cash. Of the remaining 80% (the credit sales), 60% are collected in the month of sale, with remaining 40% collected in the following month. What is the […]

  45. Design Services is organized as a limited partnership, with Miko Toori as one of its partners. Miko’s capital account began the year with a balance of $35,000. During the year, Miko’s share of the partnership income was $7,500, and Miko received $4,000 in distributions from the partnership. What is Miko’s partner return on equity?  A. 10.2% B. 22.7% C. 19.5% D. 20.4% E. 21.4% 46. The following information is available […]

  71. The following production data were taken from the records of the Finishing Department for June:   Inventory in process, 6-1 ( 30% completed) 4,000 units Completed units during June 58,000 units Ending inventory (60% complete) 3,000 units     Determine the number of conversion equivalent units of production in the June 30 Finishing Department inventory, assuming that the first-in, first-out method is used to cost inventories. A. 58,600 […]

    61. The inventory costing method that reports the earliest costs in ending inventory is  A. FIFOB. LIFOC. Average costD. Specific identification   62. Which of the following companies would be more likely to use the specific identification inventory costing method? A. Gordon’s JewelersB. Lowe’sC. Best BuyD. Wal-Mart   63. Addison, Inc. uses a perpetual inventory system.  The following is information about one inventory item for the month of September:  Sep. 1 Inventory 20 units at […]

  4) Which of the following statements is true of activity-based costing? A) In activity-based costing, direct labor-hours is always the best allocation base to allocate all non-manufacturing indirect costs. B) Activity based costing is more suited to companies with high product diversity than companies with single product line. C) Activity based costing broadly averages or spreads the cost of resources uniformly to cost objects […]