ACC 561 Final Exam Guide

Which of the following is an advantage of corporations relative to partnerships and sole proprietorships? 2. The group of users of accounting information charged with achieving the goals of the business is its 3. Which of the following financial statements is cornered with the company at a point in time? 4. An income statement 5. The most important information needed to determine if companies can pay their current obligations is the 6. A liquidity ratio measures the 7. The convention of consistency refers to consistent use of accounting principles 8. Horizontal analysis is also known as 9. Horizontal analysis is a technique for evaluating a series of financial statement data over a period of time 10. Vertical analysis is a technique that expresses each item in a financial statement 11. Process costing is used when 12. An important feature of a job order cost system is that each job 13. In a process cost system, product costs are summarized: 14. An activity that has a direct cause-effect relationship with the resources consumed is a(n) 15. Activity-based costing 16. A cost which remains constant per unit at various levels of activity is a 17. Fixed costs are $600,000 and the contribution margin per unit is $150. What is the break