ACC 561 Final Exam
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7) Which type of organization would most likely have work-in-process inventory? 8) _____ is a measure of income or profit divided by the investment required to obtain that income or profit. 9) The following information is available for the Peter Company: Sales: $150,000 Invested capital: $156,250 ROI: 10% The return on sales is _____. 10) The following information is available for the Peter Company: Sales: $500,000 Invested capital: $312,500 ROI: 10% The return on sales is _____. 11) Company A’s revenues are $300 on invested capital of $240. Expenses are currently 70% of sales. If Angelo Company can reduce its capital investment by 20% in Company A, return on investment will be _____. 12) When the variable costing method is used, fixed factory overhead appears on the income statement as a _____. 13) In absorption costing, costs are separated into the major categories of _____. 14) _____ is another term for variable costing. 15) Budgeted service department cost rates protects the user departments from _____. 16) _____ is an example of the external financial-reporting purpose of the cost management systems. 17) The level of sales at which revenues equal expenses and net income is zero is called the _____. 18) Output measures of both resources and activities are _____. 19) The break-even point is where _____. 20) _____ budgeting is when budgets are formulated with the active participation of all affected employees. 21) _____ is the logical integration of management accounting tools to gather and report data and to evaluate performance. 22) _____ are components of a master budget. 23) An important factor considered by sales forecasters is _____. 24) _____ models are mathematical models of the master budget that can react to any set of assumptions