Final Exam Acct 320 latest comprehensive
questions and answers||2025 may actual
exam| guaranteed success
1-
16gWhichgofgthegfollowinggisgnotgagprimarygfunctiongofgthegmanage
mentgaccountant?g-gCORRECTgANSWER-
Communicatesgfinancialgresultsgandgpositiongtogexternalgparties.
1.gWhygdogmostgcompaniesgadheregtogGAAPgforgtheirgbasicginterna
lgfinancialgstatements?g-gCORRECTgANSWER-
Accrualgaccountinggprovidesgaguniformgmethodgtogmeasuregangorg
anization'sgfinancialgperformance.
2.gWhichgofgthegfollowinggisgnotgtruegaboutgstrategy?g-
gCORRECTgANSWER-Itghasgagshort-term gfocus.
3.gThegvaluegchaing-gCORRECTgANSWER-
b.gisgthegsequencegofgbusinessgfunctionsgingwhichgcustomerguseful
nessgisgaddedgtogproductsgorgservices.
4.gWhichgofgthegfollowinggisgnotgagkeygsuccessgfactorgingagcompany
'sgeffortgtogdelivergincreasedglevelsgofgperformancegtogthegcustomer
?g-gCORRECTgANSWER-d.gPricegreduction
5.gThegfive-stepgdecisiongprocessg-gCORRECTgANSWER-
a.gincludesgplanninggandgcontrolgactivities.
6.gIngsupportinggmanagers,gmanagementgaccountantsghavegthreeg
guidelines.gThesegguidelinesgare:g-gCORRECTgANSWER-b.gCost-
benefitganalysis,gbehavioralgconsiderationsgandgtechnicalgconsider
ations,gandgdifferentgcostsgforgdifferentgpurposes.
,7.g_____gmanagementgexistsgtogprovidegadvicegandgassistancegtog
thosegresponsiblegforgattaininggthegobjectivesgofgthegorganization.g-
gCORRECTgANSWER-c.gStaff
8.gThegTreasurerg-gCORRECTgANSWER-
b.gundertakesgbanking,gfinancing,ginvestments,gandgcashgmanage
mentgduties.
9.gWhichgofgthegfollowinggisgnotgonegofgthegethicalgresponsibilitiesgo
fgagmanagementgaccountant?g-gCORRECTgANSWER-
a.gCompliance
10.gThegInstitutegofgManagementgAccountantsgissuesgwhichgcertifi
cation?g-gCORRECTgANSWER-d.gCMA
11.gThegpersongprimarilygresponsiblegforgmanagementgaccountingg
andgfinancialgaccountinggisgtheg?g-gCORRECTgANSWER-
g.gcontroller
ApplewhitegCorporation,gagmanufacturinggcompany,gisganalyzinggit
sgcostgstructuregingagprojectgtogachievegsomegcostgsavings.gWhichg
ofgthegfollowinggstatementsgis/aregcorrect?
I.gThegcostgofgthegdirectgmaterialsgingApplewhite'sgproductsgisgconsi
deredgagvariablegcost.
II.gThegcostgofgthegdepreciationgofgApplewhite'sgplantgmachinerygisg
consideredgagvariablegcostgbecausegApplewhitegusesgangaccelerat
edgdepreciationgmethodgforgbothgbookgandgincomegtaxgpurposes.
III.gThegcostgofgelectricitygforgApplewhite'sgmanufacturinggfacilitygisg
consideredgagfixedgcost,gevengifgthegcostgofgthegelectricityghasgbothg
variablegandgfixedgcomponents.g-gCORRECTgANSWER-
2.gIgonlygisgcorrect.
2-
17gComprehensivegCaregNursinggHomegisgrequiredgbygstatutegand
gregulationgtogmaintaingagminimum g3gtog1gratiogofgdirectgservicegstaf
,fgtogresidentsgtogmaintaingtheglicensuregassociatedgwithgthegNursin
ggHomegbeds.gThegsalarygexpensegassociatedgwithgdirectgserviceg
staffgforgthegComprehensivegCaregNursinggHomegwouldgmostglikely
gbegclassifiedgas:g-gCORRECTgANSWER-2.gFixedgcost.
2-
18gFriscogCorporationgisganalyzinggitsgfixedgandgvariablegcostsgwith
ingitsgcurrentgrelevantgrange.gAsgitsgcostgdrivergactivitygchangesgwit
hingthegrelevantgrange,gwhichgofgthegfollowinggstatementsgis/aregco
rrect?g-gCORRECTgANSWER-3.gIgonlygisgcorrect.
2-19gYearg1gfinancialgdatagforgthegABCgCompanygisgasgfollows:
Salesg$5,000,000
Directgmaterialsg850,000
Directgmanufacturingglaborg1,700,000
Variablegmanufacturinggoverheadg400,000
Fixedgmanufacturinggoverheadg750,000
VariablegSG&Ag150,000
FixedgSG&Ag250,000
Undergthegabsorptiongmethod,gYearg1gCostgofgGoodsgsoldgwillgbe:g-
gCORRECTgANSWER-d.g$3,700,000
2-
20gThegfollowingginformationgwasgextractedgfromgthegaccountinggre
cordsgofgRooseveltgManufacturinggCompany:
Directgmaterialsgpurchasedg80,000
Directgmaterialsgusedg76,000
Directgmanufacturingglaborgcostsg10,000
Indirectgmanufacturingglaborgcostsg12,000
Salesgsalariesg14,000
Othergplantgexpensesg22,000
Sellinggandgadministrativegexpensesg20,000
, Whatgwasgthegcostgofggoodsgmanufactured?g-
gCORRECTgANSWER-2.g$120,000
1.gGalwaygCo.gmanagementgdesiresgcostginformationgregardinggits
gCelticgbrand.gThegCelticgbrandgisga(n)g-gCORRECTgANSWER-
a.gcostgobject.
2.gThegcostgofgprintergpapergongagcollegegcampusgwouldgbegagdirec
tgcostgtogthegcollegegbutgwouldgneedgtogbegallocatedgasgangindirectg
costgtog-gCORRECTgANSWER-d.gindividualgstudentginstruction.
3.gWhatgisgthegtotalgfixedgcostgofgthegshippinggdepartmentgofgElaine
gCo.gifgitghasgthegfollowingginformationgforg2011?
Salariesg$800,000g75%gofgemployeesgongguaranteedgcontracts
Packagingg$400,000gdependinggongsizegofgitem(s)gshipped
Postageg$500,000gdependinggongweightgofgitem(s)gshipped
Rentgofgwarehousegspaceg$250,000gannualgleaseg-
gCORRECTgANSWER-a.g$850,000
4.gRoslandgGraphicsgsuccessfullygbidgongagjobgprintinggstandardgn
otebookgcoversgduringgthegyeargusingglastgyear'sgpricegofg$0.27gper
gcover.gThisgamountgwasgcalculatedgfrom gpriorgyeargcosts,gnotinggt
hatgnogchangesginganygcostsghadgoccurredgfromgthegpastgyeargtogth
egcurrentgyear.gAtgthegendgofgthegyear,gthegcompanygmanagergwasg
shockedgtogdiscovergthatgthegcompanyghadgsufferedgagloss.g"Howgc
ouldgthisgbe?"gshegexclaimed.g"Weghadgnogincreasesgingcostgandgo
urgpricegwasgthegsamegasglastgyear.gLastgyeargweghadgaghealthyginc
ome."gWhatgcouldgexplaingthegcompany'sglossgingincomegthisgcurre
ntgyear?g-gCORRECTgANSWER-
b.gTheirgcostsgweregmostlygfixedgcostsgandgthegamountgproducedgt
hisgyeargwasglessgthanglastgyear.
5.gWhichgtypegofgcompanygconvertsgrawgmaterialsgintogfinishedgpro
ducts?g-gCORRECTgANSWER-d.gManufacturing
questions and answers||2025 may actual
exam| guaranteed success
1-
16gWhichgofgthegfollowinggisgnotgagprimarygfunctiongofgthegmanage
mentgaccountant?g-gCORRECTgANSWER-
Communicatesgfinancialgresultsgandgpositiongtogexternalgparties.
1.gWhygdogmostgcompaniesgadheregtogGAAPgforgtheirgbasicginterna
lgfinancialgstatements?g-gCORRECTgANSWER-
Accrualgaccountinggprovidesgaguniformgmethodgtogmeasuregangorg
anization'sgfinancialgperformance.
2.gWhichgofgthegfollowinggisgnotgtruegaboutgstrategy?g-
gCORRECTgANSWER-Itghasgagshort-term gfocus.
3.gThegvaluegchaing-gCORRECTgANSWER-
b.gisgthegsequencegofgbusinessgfunctionsgingwhichgcustomerguseful
nessgisgaddedgtogproductsgorgservices.
4.gWhichgofgthegfollowinggisgnotgagkeygsuccessgfactorgingagcompany
'sgeffortgtogdelivergincreasedglevelsgofgperformancegtogthegcustomer
?g-gCORRECTgANSWER-d.gPricegreduction
5.gThegfive-stepgdecisiongprocessg-gCORRECTgANSWER-
a.gincludesgplanninggandgcontrolgactivities.
6.gIngsupportinggmanagers,gmanagementgaccountantsghavegthreeg
guidelines.gThesegguidelinesgare:g-gCORRECTgANSWER-b.gCost-
benefitganalysis,gbehavioralgconsiderationsgandgtechnicalgconsider
ations,gandgdifferentgcostsgforgdifferentgpurposes.
,7.g_____gmanagementgexistsgtogprovidegadvicegandgassistancegtog
thosegresponsiblegforgattaininggthegobjectivesgofgthegorganization.g-
gCORRECTgANSWER-c.gStaff
8.gThegTreasurerg-gCORRECTgANSWER-
b.gundertakesgbanking,gfinancing,ginvestments,gandgcashgmanage
mentgduties.
9.gWhichgofgthegfollowinggisgnotgonegofgthegethicalgresponsibilitiesgo
fgagmanagementgaccountant?g-gCORRECTgANSWER-
a.gCompliance
10.gThegInstitutegofgManagementgAccountantsgissuesgwhichgcertifi
cation?g-gCORRECTgANSWER-d.gCMA
11.gThegpersongprimarilygresponsiblegforgmanagementgaccountingg
andgfinancialgaccountinggisgtheg?g-gCORRECTgANSWER-
g.gcontroller
ApplewhitegCorporation,gagmanufacturinggcompany,gisganalyzinggit
sgcostgstructuregingagprojectgtogachievegsomegcostgsavings.gWhichg
ofgthegfollowinggstatementsgis/aregcorrect?
I.gThegcostgofgthegdirectgmaterialsgingApplewhite'sgproductsgisgconsi
deredgagvariablegcost.
II.gThegcostgofgthegdepreciationgofgApplewhite'sgplantgmachinerygisg
consideredgagvariablegcostgbecausegApplewhitegusesgangaccelerat
edgdepreciationgmethodgforgbothgbookgandgincomegtaxgpurposes.
III.gThegcostgofgelectricitygforgApplewhite'sgmanufacturinggfacilitygisg
consideredgagfixedgcost,gevengifgthegcostgofgthegelectricityghasgbothg
variablegandgfixedgcomponents.g-gCORRECTgANSWER-
2.gIgonlygisgcorrect.
2-
17gComprehensivegCaregNursinggHomegisgrequiredgbygstatutegand
gregulationgtogmaintaingagminimum g3gtog1gratiogofgdirectgservicegstaf
,fgtogresidentsgtogmaintaingtheglicensuregassociatedgwithgthegNursin
ggHomegbeds.gThegsalarygexpensegassociatedgwithgdirectgserviceg
staffgforgthegComprehensivegCaregNursinggHomegwouldgmostglikely
gbegclassifiedgas:g-gCORRECTgANSWER-2.gFixedgcost.
2-
18gFriscogCorporationgisganalyzinggitsgfixedgandgvariablegcostsgwith
ingitsgcurrentgrelevantgrange.gAsgitsgcostgdrivergactivitygchangesgwit
hingthegrelevantgrange,gwhichgofgthegfollowinggstatementsgis/aregco
rrect?g-gCORRECTgANSWER-3.gIgonlygisgcorrect.
2-19gYearg1gfinancialgdatagforgthegABCgCompanygisgasgfollows:
Salesg$5,000,000
Directgmaterialsg850,000
Directgmanufacturingglaborg1,700,000
Variablegmanufacturinggoverheadg400,000
Fixedgmanufacturinggoverheadg750,000
VariablegSG&Ag150,000
FixedgSG&Ag250,000
Undergthegabsorptiongmethod,gYearg1gCostgofgGoodsgsoldgwillgbe:g-
gCORRECTgANSWER-d.g$3,700,000
2-
20gThegfollowingginformationgwasgextractedgfromgthegaccountinggre
cordsgofgRooseveltgManufacturinggCompany:
Directgmaterialsgpurchasedg80,000
Directgmaterialsgusedg76,000
Directgmanufacturingglaborgcostsg10,000
Indirectgmanufacturingglaborgcostsg12,000
Salesgsalariesg14,000
Othergplantgexpensesg22,000
Sellinggandgadministrativegexpensesg20,000
, Whatgwasgthegcostgofggoodsgmanufactured?g-
gCORRECTgANSWER-2.g$120,000
1.gGalwaygCo.gmanagementgdesiresgcostginformationgregardinggits
gCelticgbrand.gThegCelticgbrandgisga(n)g-gCORRECTgANSWER-
a.gcostgobject.
2.gThegcostgofgprintergpapergongagcollegegcampusgwouldgbegagdirec
tgcostgtogthegcollegegbutgwouldgneedgtogbegallocatedgasgangindirectg
costgtog-gCORRECTgANSWER-d.gindividualgstudentginstruction.
3.gWhatgisgthegtotalgfixedgcostgofgthegshippinggdepartmentgofgElaine
gCo.gifgitghasgthegfollowingginformationgforg2011?
Salariesg$800,000g75%gofgemployeesgongguaranteedgcontracts
Packagingg$400,000gdependinggongsizegofgitem(s)gshipped
Postageg$500,000gdependinggongweightgofgitem(s)gshipped
Rentgofgwarehousegspaceg$250,000gannualgleaseg-
gCORRECTgANSWER-a.g$850,000
4.gRoslandgGraphicsgsuccessfullygbidgongagjobgprintinggstandardgn
otebookgcoversgduringgthegyeargusingglastgyear'sgpricegofg$0.27gper
gcover.gThisgamountgwasgcalculatedgfrom gpriorgyeargcosts,gnotinggt
hatgnogchangesginganygcostsghadgoccurredgfromgthegpastgyeargtogth
egcurrentgyear.gAtgthegendgofgthegyear,gthegcompanygmanagergwasg
shockedgtogdiscovergthatgthegcompanyghadgsufferedgagloss.g"Howgc
ouldgthisgbe?"gshegexclaimed.g"Weghadgnogincreasesgingcostgandgo
urgpricegwasgthegsamegasglastgyear.gLastgyeargweghadgaghealthyginc
ome."gWhatgcouldgexplaingthegcompany'sglossgingincomegthisgcurre
ntgyear?g-gCORRECTgANSWER-
b.gTheirgcostsgweregmostlygfixedgcostsgandgthegamountgproducedgt
hisgyeargwasglessgthanglastgyear.
5.gWhichgtypegofgcompanygconvertsgrawgmaterialsgintogfinishedgpro
ducts?g-gCORRECTgANSWER-d.gManufacturing
