ACC 561 Final Exam Review

ACC 561 Final Exam Review models are mathematical models of the master budget that can react to any set of assumption about sales, costs, and product mix. A. Budgeting analysis B. Accounting C. Futuring D. Financial planning A sales forecast is . A. a prediction of sales under a given set of conditions B. the same as a sales budget that will generate a desired level of sales C. all of these answers are correct D. the result of decisions to create conditions A gives the expected sales under a given set of conditions. A. sales prediction B. budget forecast C. sales forecast D. sales budget A gives the expected sales under a given set of conditions. A. sales prediction B. budget forecast C. sales forecast D. sales budget A gives the expected sales under a given set of conditions. A. sales prediction B. budget forecast C. sales forecast D. sales budget need cost accounting systems. A. Manufacturing firms and service organizations B. Manufacturing firms and nonprofit organizations C. Manufacturing firms, service organizations, and nonprofit organizations D. Service organizations and nonprofit organizations probably would not be used as a measure of activity in a flexible budget. A. Sales volume B. Number of machine hours used C. Number of hours worked by salespeople D. Number of direct labor hours worked are components of a master budget. A. A continuous budget and a static budget B. An operating budget and a financial budget C. A strategic plan and an operating budget D. A cash budget and an activity budget The master budget quantifies targets for all of the following except . A. markets B. production C. sales D. cost driver activity Costs are allocated for all the following purposes except to A. determine inventory levels B. obtain reimbursement C. predict the economic effects of planning and control decisions D. compute income and asset valuation The following information is available for the Peter Company: Sales $150,000 Invested Capital 156,250 ROI 10% The return on sales is . A. 10.00% B. 62.50% C. 10.42% D. none of these answers is correct Jewel Company's revenues are $300 and invested capital is $240. Expenses are currently 60% of sales. Jewel Company's current return on investment is . A. 50% B. 80% C. 100% D. none of these answers are correct