ACG EXAM UPDATED QUESTIONS AND
CORRECT ANSWERS.
The independent auditors' report usually: - ANS includes an opinion that the financial
statements present fairly, in all material respects, financial information about the company.
Which is the following descriptions is not one of the "Thirteen Financial Shenanigans" identified
by Schilit and Perler, - ANS failing to record intangible assets which the company has
ownership rights to.
Firms that issue registered securities are required to file, with the SEC on an annual basis, which
of the following? - ANS An annual report, a form of 10-K, a set of financial statements
A firm's independent auditors have the responsibility to: - ANS assess the firm's accounting
policies.
The notes to the financial statements: - ANS explain the significant accounting policies of the
company.
where would the investor determine how much inventory a manufacture currently has in work
in process - ANS notes to financial statement(inventory!)
contains a company's annual financial statement, notes to these statements and Independent
auditor opinions - ANS Form-10K
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
, Content of managerial accounting reports: - ANS company Executives:
-The company include what ever it wants, however it wants in its managerial reports
Content of financial accounting reports: - ANS GAAP
High-Low Method - ANS Steps to solve:
1. Find Slope
2. Find point Slope
3. Plug in amount being asked
4. solve the problem
Key words For variable cost - ANS Each...
every...
direct labor
direct material
wages
Commission
Shipping cost
warranty cost
Key words for fixed cost - ANS a month
Salaries by manager and employees
Property taxes
monthly
depreciate
Utilities
Volume required in unit for income - ANS Fixed cost+desired profit/Cm ratio
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
CORRECT ANSWERS.
The independent auditors' report usually: - ANS includes an opinion that the financial
statements present fairly, in all material respects, financial information about the company.
Which is the following descriptions is not one of the "Thirteen Financial Shenanigans" identified
by Schilit and Perler, - ANS failing to record intangible assets which the company has
ownership rights to.
Firms that issue registered securities are required to file, with the SEC on an annual basis, which
of the following? - ANS An annual report, a form of 10-K, a set of financial statements
A firm's independent auditors have the responsibility to: - ANS assess the firm's accounting
policies.
The notes to the financial statements: - ANS explain the significant accounting policies of the
company.
where would the investor determine how much inventory a manufacture currently has in work
in process - ANS notes to financial statement(inventory!)
contains a company's annual financial statement, notes to these statements and Independent
auditor opinions - ANS Form-10K
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
, Content of managerial accounting reports: - ANS company Executives:
-The company include what ever it wants, however it wants in its managerial reports
Content of financial accounting reports: - ANS GAAP
High-Low Method - ANS Steps to solve:
1. Find Slope
2. Find point Slope
3. Plug in amount being asked
4. solve the problem
Key words For variable cost - ANS Each...
every...
direct labor
direct material
wages
Commission
Shipping cost
warranty cost
Key words for fixed cost - ANS a month
Salaries by manager and employees
Property taxes
monthly
depreciate
Utilities
Volume required in unit for income - ANS Fixed cost+desired profit/Cm ratio
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
