Question 1 of 402.5 PointsActive Lifestyle Beverages gathered the following information for Job#928.Standard Total CostActual Total CostDirect labor:Standard: 540 hours at $6.75/hr.3,645Actual: 500 hours at $6.50/hr.3,25What is the direct labor efficiency variance?A. $260 favorableB. $260 unfavorableC. $270 favorableD. $270 unfavorableQuestion 2 of 402.5 PointsWhich term below is best paired with “The difference between the actual overhead cost incurred and the flexible budget amount of overhead cost for actual number of output”?A. Sales volume varianceB. Flexible budgetC. Overhead flexible budget varianceD. BenchmarkingQuestion 3 of 402.5 PointsThe following information describes a company’s usage of direct laborin a recent period.Actual direct labor hours usedActual rate per hourStandard rate per hourStandard hours for units produced$34,000$17.00$16.75$33,500How much is the direct labor rate variance?A. $8,375 favorableB. $8,500 favorableC. $8,375 unfavorableD. $8,500 unfavorableQuestion 6 of 402.5 PointsThe entry to allocate manufacturing overhead costs to production involves which of the following?A. Debit to work-in-process inventory for the actual cost of overheadB. Credit to work-in-process inventory for the standard rate of overhead times the standard quantity of the allocation base allowed for actual outputC. Credit to work-in-process inventory for the actual cost of overheadD. Debit to work-in-process inventory for the standard rate of overheadtimes the standard quantity of the allocation base allowed for actualoutputQuestion 7 of 402.5 PointsAll of the following are advantages of using standard costs EXCEPT:A. managers can evaluate the efficiency of production workers.B. differences between the static budget and the flexible budget canbe broken down into price and quantity components.C. consumer motivation for purchases can be analyzed.D. standard costing allows companies to create flexible budgets.Reset SelectionQuestion 11 of 402.5 PointsMyles Company budgeted 10,500 pounds of direct materials costing$23.50 per pound to make 5,300 units of product. The company actually purchased 11,000 pounds of direct materials costing $25 perpound to make the 5,300 units. What is the direct materials price variance?A. $16,500 favorableB. $16,500 unfavorableC. $15,750 unfavorableD. $15,750 favorableQuestion 12 of 402.5 PointsKahn Performance Nutrition produces a protein shake that containswhey protein as one of its ingredients. The whey protein (materials)standards for each batch of protein shake produced are 12 pounds ofwhey protein at a standard cost of $3 per pound. During July, Kahn Performance Nutrition purchased and used 54,000 pounds of whey proteinat a total of $170,000 to make a total of 4,300 batches of proteinshake. What is the materials quantity variance for whey protein in July?A. $7,200 unfavorableB. $7,200 favorableC. $141,900 favorableD. $141,900 unfavorableQuestion 17 of 402.5 PointsA company uses a single raw material in its production process. Thestandard price for a unit of material is $2. During the month the company purchased and used 600 units of this material at a price of $2.25per unit. The standard quantity required per finished product is 2 units,and during the month the company produced 310 finished units. Howmuch was the material quantity variance?A. $40 favorableB. $40 unfavorableC. $45 favorableD. $45 unfavorablePart 1 of 2 Question 18 of 402.5 PointsCapital Manufacturing designs and manufactures bathtubs for homeand commercial applications. Capital recorded the following data for itscommercial bathtub production line during the month of March.Standard DL hours per tub – 3Standard overhead rate per DL hour – $6.50Standard overhead cost per unit – $19.50Actual overhead costs – $22,750Actual DL hours – 3,250Actual overhead cost per machine hour – $7.00Actual tubs produced – 1,10What is the variable manufacturing overhead efficiency variance forMarch?A. $1,625 unfavorableB. $325 unfavorableC. $1,625 favorableD. $325 favorableQuestion 19 of 402.5 PointsHow is the variable manufacturing overhead efficiency variance calculated?A. The difference between the actual overhead rate and the standardoverhead rate multiplied by the standard overhead rateB. The difference between the standard hours allowed and the actualhours used multiplied by the standard overhead rateC. The difference between the standard hours allowed and the actualhours usedD. The difference between the standard hours allowed and the actualhours used multiplied by the actual overhead rateQuestion 20 of 402.5 PointsWhich of the following is NOT an advantage of using standard costsand variances?A. Use as a performance benchmark for evaluation of actual costsB. Use as a basis for components of the master budgetC. Simplification of bookkeepingD. Change in behavior of managers to obtain desired variancesReset SelectionQuestion 21 of 402.5 PointsThe following are all methods of analyzing capital investments EXCEPT:A. payback period.B. regression analysis.C. net present value (NPV).D. accounting rate of return (ARR).Question 24 of 402.5 PointsWhich of the following areas does NOT make significant use of timevalue of money concepts?A. Capital investment analysisB. Lending and borrowingC. Personal finance planningD. Marketing researchQuestion 25 of 402.5 PointsYou win the lottery and must decide how to take the payout. Use an 8%discount rate. What is the present value of $15,000 a year received atthe end of each of the next 6 years?A. $9,450B. $90,000C. $74,893D. $69,345Question 26 of 402.5 PointsSmith & Cramer Computer Repair is considering an investment in computer and network equipment costing $254,000. This equipment wouldallow them to offer new programming services to clients. The equipment will be depreciated on the straight-line basis over an 8-year period with an estimated residual value of $60,000. Using the accountingrate of return model, what is the minimum average annual operatingincome that must be generated from this investment in order toachieve an 11% accounting rate of return?A. $6,600B. $21,340C. $31,750D. $27,940Question 27 of 402.5 PointsHincapie Manufacturing is evaluating investing in a new metal stamping machine costing $30,924. Hincapie estimates that it will realize$12,000 in annual cash inflows for each year of the machine’s 3-yearuseful life. The internal rate of return (IRR) for the machine is approximately:A. 8%.B. 10%.C. 5%.D. 6%.Reset SelectionQuestion 28 of 402.5 PointsMantua Motors is evaluating a capital investment opportunity. Thisproject would require an initial investment of $38,000 to purchaseequipment. The equipment will have a residual value at the end of itslife of $3,000. The useful life of the equipment is 5 years. The newproject is expected to generate additional net cash inflows of $12,000per year for each of the 5 years. Mantua Motors’ required rate of returnis 14%. The net present value of this project is closest to:A. ($1,994).B. $4,753.C. $3,196.D. $28,386.Reset SelectionQuestion 30 of 402.5 PointsAssuming an interest rate of 6%, the present value of $22,000 to be received 9 years from now would be closest to:A. $16,434.B. $13,024.C. $37,162.D. $35,068.Question 32 of 402.5 PointsA manager wants to know which investment decision will affect thebottom line of the financial statements according to Generally Accepted Accounting Principles. Which capital budgeting method wouldhe choose?A. Payback methodB. Accounting rate of return methodC. Net present value methodD. Profitability indexQuestion 33 of 402.5 PointsSiesta Manufacturing has asked you to evaluate a capital investmentproject. The project will require an initial investment of $88,000. Thelife of the investment is 7 years with a residual value of $4,000. If theproject produces net annual cash inflows of $16,000, what is the accounting rate of return?A. 3.90%B. 4.55%C. 550%D. 18.18%Question 34 of 402.5 PointsWhich of the following decision rules is a correct statement?A. If the net present value is positive, do not invest in the capital asset.B. If the internal rate of return is less than the required rate of return,invest in the asset.C. Investments with longer payback periods are more desirable, all elsebeing equal.D. If the net present value is positive, invest in the capital asset.Reset SelectionQuestion 35 of 402.5 PointsEagle Corporation is considering the purchase of a new machine. Themachine costs $550,000 and will generate an annual net cash inflow of$100,000. What is the payback period?A. 4 years and 6 monthsB. 5 yearsC. 5 years and 6 monthsD. 6 years and 1 monthQuestion 37 of 402.5 PointsWhich of the following capital decision methods uses accrual accounting, rather than net cash flows, as a basis for calculations?A. Payback methodB. Internal rate of returnC. Net present valueD. Accounting rate of returnReset SelectionQuestion 38 of 402.5 PointsMulheim Corporation is deciding whether to automate one phase of itsproduction process. The equipment has a 6-year life and will cost$410,000. Projected net cash inflows from the equipment are as follows.YearYearYearYearYearYear123456- $120,000- $100,000- $110,000- $100,000- $95,000- $90,000Mulheim Corporation’s hurdle rate is 12%. Assume the residual value iszero.What is the net present value of the equipment?A. $(18,275)B. $3,046C. $20,000D. $18,275Reset SelectionQuestion 40 of 402.5 PointsWhich of the following is NOT a factor when considering the time valueof money?A. The interest rateB. The principal amountC. The payback periodD. The number of periods____________________________________________________________________________________________________________________________________________________Question 1 of 205.0 PointsA company reported the following amounts of net income:Year 1 – $120,960Year 2 – $151,200Year 3 – $187,488Which of the following is the percentage change from Year 2 to Year 3?A. 24.00%B. 55.00%C. 124.00%D. 25.00%Question 2 of 205.0 PointsThe following data relate to Sorrentino Corporation for last year:Operating income – $250,000Net increase in all current assets except cash – $45,000Net decrease in current liabilities- $30,000Gain on sale of investments – $8,000Cash dividends paid on common stock – $35,000Depreciation expense – $10,000What is the net cash provided by operating activities for last year onthe statement of cash flows for Sorrentino Corporation?A. $130,000B. $142,000C. $173,000D. $177,000Question 3 of 205.0 PointsComputing cash generated from operating activities is:A. the same for both the direct and indirect methods.B. different in that the indirect method considers depreciation.C. different in that the direct method considers depreciation.D. none of the above.Question 4 of 205.0 PointsUsing a base year as 100% and expressing other years as a percentageof the base year is an example of:A. trend analysis.B. vertical analysis.C. horizontal analysis.D. benchmarking.Question 5 of 205.0 PointsA payment of interest on a loan would be considered a:A. cash outflow from investing activities.B. cash outflow from operating activities.C. cash outflow from financing activities.D. cash outflow from depreciation.Question 6 of 205.0 PointsEnvironmental sustainability is the primary concern of which of the following types of organizations?A. Large domestic corporationsB. Global service firmsC. Manufacturing firmsD. All organizations regardless of size, location, or sectorQuestion 7 of 205.0 PointsWhich of the following items is most likely to be found on an environmental management accounting report?A. CEO’s salaryB. Public accounting firm’s fee for doing financial accounting auditC. Ratio of recycled trash to total trashD. Regional sales revenueQuestion 9 of 205.0 PointsWhich of the following would appear on a statement of cash flows prepared using the direct method?A. Cash payments for salaries would appear on the statement.B. A loss of the sale of equipment would appear on the statement.C. Amortization expenses would appear on the statement.D. Depreciation expenses would appear on the statement.Question 10 of 205.0 PointsA company reported the following amounts of net income:Year 1 – $15,000Year 2 -$21,000Year 3 – $31,500Which of the following is the percentage change from Year 2 to Year 3?A. 40.00%B. 50.00%C. 110.00%D. 150.00%Question 11 of 205.0 PointsA company’s inventory account increased $26,500 and its accountspayable account decreased $18,250 during the year. The accountspayable relates only to the acquisition of inventory. Sales were$789,500 and cost of goods sold was $532,700. What was the amountof payments to suppliers of inventory?A. $550,950B. $577,450C. $540,950D. $834,250Question 13 of 205.0 PointsThere are several reasons an organization might pursue sustainableinitiatives. “A legislative act requires retailers to take back old batteriesand electronic devices for recycling or reuse.” This situation is an example of which type of reason to implement sustainable initiatives?A. Cost reductionB. Regulatory complianceC. Stakeholder influenceD. Competitive strategyQuestion 15 of 205.0 PointsWhich of the following items represents monetary information in an environmental management accounting system?A. Kilowatt hours of electricity usedB. Cost of upgrading factory equipment to reduce emissionsC. Ratio of recycled trash to total trashD. Cost of janitorial services in officeQuestion 16 of 205.0 PointsAlexander Industries, in Chicago, plans to take advantage of the windsblowing in from Lake Michigan. Alexander is developing a project to install a wind turbine that would generate electricity and reduce energycosts. The turbine would have an initial cost of $500,000 and wouldprovide a net cost savings of $57,000 per year. The turbine will have alife of 25 years. What is the payback period, in years, for the wind turbine?A. 8.77 yearsB. 9.08 yearsC. 25 yearsD. 28.75 yearsQuestion 17 of 205.0 PointsWhich type of analysis includes the computation of the percentagechange in total assets between two balance sheet dates?A. ProfitabilityB. VerticalC. HorizontalD. CapitalQuestion 19 of 205.0 PointsA ________ is a measure of the total emissions of carbon dioxide andother greenhouse gases.A. carbon footprintB. waste footprintC. carbon markD. water footprintQuestion 20 of 205.0 PointsThe study of percentage changes in comparative financial statementsis an example of:A. vertical analysis.B. trend analysis.C. benchmarking.D. horizontal analysis.


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