Get Instant Access to Accounting-for-Decision-Makers Practice Exam Questions [Q36-Q52]

NO.36 What is the impact on costs as sales volume decreases?

NO.37 The following cost-volume-profit graph shows revenues and costs at various levels of production.
How many units should this company sell each month to realize a profit?

38位 A company’s statement of cash flows includes the following cash transactions.
Sales = $1,250,000
Inventory purchase = -$750,000
Property and equipment purchase = -$280,000
Interest payment on long-term debt = -$25,000
Payment of wages = -$315,000
Payment of rent = -$40,000
Borrowing long-term debt = $200,000
Payment of cash dividends = -$15,000
Repurchase of treasury stock = -$40,000
Total cash flows = -$5,000
What is the total cash flow from investing activities?

NO.39 Which change occurred if the cost of goods sold moved from 76.8% to 72.6%?

40位 What is true regarding the use of International Financial Reporting Standards (IFRS)?

NO.41 Which organization establishes rules U.S. companies use to record and report accounting transactions?

NO.42 A company collects 20% of the credit sales in the month of sale and the rest is collected equally in the following two months. The company made the following credit sales:
January = $500,000
February = $420,000
March = $545,000
April = $550,000
May = $555,000
June = $567,000
July = $600,000
Which is the correct amount of cash collection in the month of September?

NO.43 The following list provides partial financial information for a company.
Financial Category | 20X3 | 20X2
Net income | $3,540 | ?
Cash from operations | $4,417 | ?
Cash paid for capital expenditures | $5,613 | ?
Cash paid for acquisitions | $5,964 | ?
Cash paid for interest | $2,782 | ?
Cash paid for income taxes | $2,860 | ?
What is the cash flow to net income ratio for this company in 20X2?

NO.44 A company budgeted the following purchases for raw materials:
January = $10,000
February = $20,000
March = $25,000
April = $22,000
May = $27,000
June = $30,000
July = $24,000
The company has a policy of paying for 40% of purchases in the month of the purchase, 35% in the month following the purchase, and 25% in the second month following the purchase.
What are the budgeted cash disbursements for May based on this information?

NO.45 Which act was implemented as a result of the corporate scandals at companies such as Enron and WorldCom?

NO.46 Which costs are found in a manufacturing company rather than a service-oriented company?

NO.47 What purpose do the notes within financial statements serve to the Financial Accounting Standards Board?

NO.48 Which internal control is intended to ensure that a company does not mistakenly pay a supplier for an invoice that includes more items than were actually received?

49位 Which two items on an income statement result in decreased net income if they are increased?
答えを2つ選んでください。

NO.50 Which balance sheet category reflects what a company owns that can be turned into cash or used to generate cash?

NO.51 A company has projected the following sales for the spring quarter of a year:
April = $300,000
May = $325,000
June = $375,000
Cash is used to pay for 65% of all sales. The remainder is on credit.
The pattern for credit receivables collections is as follows:
* Month of sale = 60%
* Month after sale = 30%
* Second month after sale = 10%
What are the projected cash sales for all three months of the spring quarter?

NO.52 Last year, X Corporation had sales of $500,000 and total expenses of $300,000. A manager of the company is entitled to get a sales commission of 10% of net profit.
What amount of sales commission is to be recognized at year-end?