BUS 475Final Exam
101/101 Questions with Answers Correct 100%
ANSWERS ARE HERE…

1) The income statement and balance sheet columns of Pine Company's worksheet reflects the following totals: Income Statement Balance Sheet Dr. Cr. Dr. Cr.
Totals
Closing entries are necessary for __________.
A. temporary accounts only
B. permanent accounts only
C. permanent or real accounts only
D. both permanent and temporary accounts

2) As Plant Controller, you are trying to determine which costs over which you have the most control on a day to day basis. Your goal is to achieve better profitability. The Plant Operations Manager suggests that overhead is the easiest area to directly reduce costs. Which of the following items would be classified as manufacturing overhead?
A. General corporate liability insurance
B. Factory janitor
C. The western division’s vice president’s salary
D. Cost of landscaping the corporate office

3) Which list below best describes the major services performed by public accountants?
A. Employee training, auditing, bookkeeping
B. Bookkeeping, mergers, budgets
C. Cost accounting, production scheduling, recruiting
D. Auditing, taxation, management consulting
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4) The conceptual framework developed by the Financial Accounting Standards Board __________.
A. are rules that all accountants must follow
B. was approved by a vote of all accountants
C. is legally binding on all accountants
D. is viewed as providing a constitution for setting accounting standards for financial reporting

5) In what situations will a static budget be most effective in evaluating a manager's effectiveness?
A. The company has substantial variable costs.
B. The company has substantial fixed costs.
C. The company has no fixed costs.
D. The