Acct 202 Final Review

Reviewed by Editorial Team

The ProProfs editorial team is comprised of experienced subject matter experts. They've collectively created over 10,000 quizzes and lessons, serving over 100 million users. Our team includes in-house content moderators and subject matter experts, as well as a global network of rigorously trained contributors. All adhere to our comprehensive editorial guidelines, ensuring the delivery of high-quality content.

Learn about Our Editorial Process

| By Bsawyer

Bsawyer

Community Contributor

Quizzes Created: 3 | Total Attempts: 1,129

| Attempts: 391

Quiz Flashcard

Questions

Feedback

During the Quiz End of Quiz

Difficulty

Easy First Hard First Sequential

1/70 Questions

In ABC, manufacturing OH is credited when OH is applied to products using activity rates.
- True.
- Fales.

About This Quiz

The ACCT 202 Final Review assesses understanding of cash flow statements, focusing on their preparation, purpose, and transaction reporting. It evaluates key skills in managing and analyzing financial activities, crucial for effective financial decision-making.

Quiz Preview

Quiz Review Timeline (Updated): Mar 20, 2023 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

Current Version
Mar 20, 2023

Quiz Edited by
ProProfs Editorial Team
May 04, 2010

Quiz Created by
Bsawyer

Recent Quizzes

Cash Flow Statements Trivia Questions! Quiz Cash Flow Statements Trivia Questions! Quiz

FINANCIAL ACCOUNTING SSS 1 FINANCIAL ACCOUNTING SSS 1

Financial Accounting Practice Exam Quiz! Financial Accounting Practice Exam Quiz!

C_TS4FI_1809 - SAP Certified Application Associate - SAP S/4HANA for Financial Accounting Associates (SAP S/4HANA 1809) C_TS4FI_1809 - SAP Certified Application Associate - SAP S/4HANA for Financial Accounting Associates (SAP S/4HANA 1809)

FAR 1 - FINAL EXAMINATIONS FAR 1 - FINAL EXAMINATIONS

intro to financial math intro to financial math

Back to top

Acct 202 Final Review

In ABC, manufacturing OH is credited when OH is applied to products using activity rates.

Quiz Preview

Generally, the most important category on the statement of cash flows is cash flows from:

In ABC, OH is credited when OH is applied to products using activity rates.

The statement of cash flows will not report the:

Which one of the following items is not generally used in preparing a statement of cash flows?

The order of presentation of activities on the statement of cash flows is:

The activity rates in ABC are computed by dividing the OH in each production department by its DL-hours.

If actual sales equal break-even sales:

The primary purpose of the statement of cash flows is to:

Which of the following costs could contain both variable and a fixed cost element with respect to the total output of the company?

In calculating cash flows from operating activities using the indirect method, a gain on the sale of equipment is:

Meyer Co. reported net income of $40,000 for the year. During the year, AR increased by $14,000, AP decreased by $6,000 and depreciation expense of $10,000 was recorded. Net cash provided by operating activities for the year is:

Which of the following would be subtracted from net income using the indirect method?

Rodman Co. had credit sales of $650,000. The beginning AR balance was $40,000 and the ending AR balance was $140,000. What were the cash collections from customers during the period?

Haagen Inc. is a merchandising company. Last month the company's cost of goods sold was $92,000. The company's beginning merchandise inventory was $14,000 and its ending merchandise inventory was $16,000. What was the total amount of the company's merchandise purchases for the month?

The manufacturing operation that would be most likely to use a job-order costing system is:

In a statement of cash flows, a change in the taxes payable account would be classified as:

Which of the following would be added to NI using the indirect method?

Galbraith Co. applies OH to jobs on the basis of 70%DL cost. If job 201 shows $28,000 of OH applied, the DL cost on the job was:

Short-term liquidity is:

The relevant range:

Flynn Co. reported a net loss of $10,000 for the year ended December 31, 2002. During the year, AR decreased $10,000, merchandise inventory increased $16,000, AP increased by $20,000, and depreciation expense of $10,000 was recorded. During 2002, operating activities:

Last month a manufacturing company had the following operating results:Beg. FG: $84,000End FG: $71,000Sales: $505,000GM: $63,000What was COG Mfg?

The balance in WIP equals:

Under the indirect method of determining net cash provided by operating activities on the statement of cash flows, which of the following would be recorded as a deduction from net income?

The acquisition of land by issuing common stock is:

In a job-order cost system, the application of OH usually would be recorded as a debit to:

In describing the cost formula equation, Y=a + bX, which of the following is correct:

Which is the equation for operating income?

Investing activities include:

Direct materials cost is:

In ABC, the total OH cost in an activity pool can be computed by:

Total variable cost divided by sales revenue is:

Which of the following would be considered a "source" of cash for purposes of constructing a statement of cash flows?

The CM ratio always increases when the:

Financial and managerial accounting are similar in that both:

Winger Corp. sells a product for $5 per unit. The fixed expenses are $210,000 and the unit variable expenses are 60% of the selling price. What sales would be necessary in order for Winger Corp. to realize a profit of 10% of sales?

Firm X and Firm Y are competitors within the same industry. Firm X produces its product using large amounts of DL. Firm Y has replaced DL with investment in machinery. Projected sales for both firms are 15% LESS than in the prior year. Which statement regarding projected profits is TRUE?

If accounts payable have increased during a period,

Wages paid to the factory supply shop foreman are considered an example of:

In ABC,

Which of the following would probably be a VC at college?

The statement of cash flows will not provide insight into:

An example of direct labor cost is wages paid to:

Guerra Electronics manufactures a variety of electronic gadgets for use in the home. Which of the following would probably be the most accurate measure of activity to use for allocating the cost of inspecting the finished products at Guerra?