Question 1

Determining the company's needs for goods and services is associated with which of the following processes?

Accepted Answer

A) Revenue process 
B) Expenditure process 
C) Conversion process 
D) Evaluation process 
A) Revenue process 
B) Expenditure process 
C) Conversion process 
D) Evaluation process

Question 2

Determining the credit and payment policies for customers is part of the:

Accepted Answer

A) Revenue process 
B) Collection process 
C) Expenditure process 
D) Conversion Process 
A) Revenue process 
B) Collection process 
C) Expenditure process 
D) Conversion Process

Question 3

Which of the following is not part of the revenue process?

Accepted Answer

A) Receive and accept order for goods and services 
B) Receive goods and services 
C) Receive payments for goods and services rendered 
D) Provide customer support 
A) Receive and accept order for goods and services 
B) Receive goods and services 
C) Receive payments for goods and services rendered 
D) Provide customer support

Question 4

Use the following to answer questions 
The TLC Motel, which uses the high/low method to estimate its total cost formula, gathered the following data for the first six months of its current fiscal year:
  
-The fixed housekeeping cost per month is:

Accepted Answer

A) $7,750 
B) $7,830 
C) $7,882 
D) $8,813 
A) $7,750 
B) $7,830 
C) $7,882 
D) $8,813

Question 5

A linear regression analysis indicated a constant of 6,025.50,an X coefficient of 24.75,and an R-squared of 0.65.The estimated cost when the independent variable is 350 is:

Accepted Answer

A) $55,386 
B) $14,688 
C) $11,657 
D) $10,629 
A) $55,386 
B) $14,688 
C) $11,657 
D) $10,629

Question 6

Match between columns
                        Premises: Basis that reflects the consumption or provision of resources
X variable
Y Variable
A span of activity that is normal for a company.
A variable that changes subject to the change in another variable.
A cost that changes in direct proportion to an activity
A variable that does not depend on another variable.

Accepted Answer

The Answer of Activity Driver and Independent Variable and Dependent is...

Question 7

The Banner Company ordered $50,000 of fertilizer from Farmland Industries and were given terms of 2/15 net/60.Which of the following describes how soon the payment must be made in order to receive a discount and the amount of the discount available.

Accepted Answer

A)    
B)    
C)    
D)   
A)    
B)    
C)    
D)

Question 8

Manufacturing products is associated with which of the following processes?

Accepted Answer

A) Revenue process 
B) Expenditure process 
C) Conversion process 
D) Evaluation process 
A) Revenue process 
B) Expenditure process 
C) Conversion process 
D) Evaluation process

Question 9

Match between columns
                        Premises: Measures the amount of correlation between the independent and dependent variable.
Measures the variability around the mean.
The total cost that is the result of some activity.
Creates the change in the cost of an activity.
Measures the significance of the regression slope.
A span of activity that is normal for a company.

Accepted Answer

The Answer of Relevant Range and Standard Error and Dependent is...

Question 10

Goods shipped from a seller's warehouse on June 10,2010,arrived at the buyer's warehouse on June 16,2010.The invoice for the goods arrived at the buyer's accounting department on June 13,2010 and was paid on June 20,2010.If the goods were sold FOB destination,the buyer took legal title on:

Accepted Answer

A) June 20,2008 
B) June 13,2008 
C) June 10,2008 
D) June 16,2008 
A) June 20,2008 
B) June 13,2008 
C) June 10,2008 
D) June 16,2008

Question 11

The Quinter Corporation ordered material for its manufacturing process with a price of $75,000 and that had terms of 1/10 net/30.What is the lowest amount of cash Quinter will have to pay if it meets the terms of the discount agreement?

Accepted Answer

A) $67,500 
B) $75,000 
C) $74,250 
D) $52,500 
A) $67,500 
B) $75,000 
C) $74,250 
D) $52,500

Question 12

Which of the following is not part of the expenditure process?

Accepted Answer

A) Receiving goods and services 
B) Paying suppliers 
C) Ordering goods and services 
D) Using equipment to manufacture products 
A) Receiving goods and services 
B) Paying suppliers 
C) Ordering goods and services 
D) Using equipment to manufacture products

Question 13

Use the following to answer questions 
The TLC Motel, which uses the high/low method to estimate its total cost formula, gathered the following data for the first six months of its current fiscal year:
  
-The estimated total housekeeping cost for a month with 1,400 room rentals is:

Accepted Answer

A) $22,012 
B) $21,740 
C) $20,350 
D) $15,715 
A) $22,012 
B) $21,740 
C) $20,350 
D) $15,715

Question 14

FOB shipping point indicates that goods in transit belong to the:

Accepted Answer

A) Seller 
B) Buyer 
C) Common carrier 
D) either the buyer or seller depending upon the terms of the bill of lading 
A) Seller 
B) Buyer 
C) Common carrier 
D) either the buyer or seller depending upon the terms of the bill of lading

Question 15

Use the following to answer questions 
Bob's Bowlarama performed a linear regression analysis on the monthly cost of operating its concession stand, using the number of customers serviced as the cost driver. The results were as follows:
  
-The cost equation is:

Accepted Answer

A) Y = $4.35X + $1,457.80 
B) Y = ($4.35 + $.23)X - $.76Z 
C) $1,457.80 = $4.35X + $.76Y 
D) $4.35Y = ($.23 + $.76)X - $1,457.80 
A) Y = $4.35X + $1,457.80 
B) Y = ($4.35 + $.23)X - $.76Z 
C) $1,457.80 = $4.35X + $.76Y 
D) $4.35Y = ($.23 + $.76)X - $1,457.80

Question 16

The following is from a linear regression analysis,what is the constant in the cost
equation?

Accepted Answer

A) $9,500 
B) $4,500 
C) $2,714 
D) $9,980 
A) $9,500 
B) $4,500 
C) $2,714 
D) $9,980

Question 17

Describe the effect of an increase in activity,within the relevant range,on variable and fixed cost

Accepted Answer

An increase in activity will i

Question 18

Which of the follow statements is true about a regression's r2?

Accepted Answer

A) The greater the r2 the greater the relationship between the independent and dependant variable. 
B) An r2 that is greater than 1 means that there is more than a 100 percent relationship between the independent and dependant variable. 
C) When a r2 has a negative value the independent variable is inversely related to the dependent variable. 
D) When  a r2 is less than 1 the greater the inverse relationship between the independent and dependant variables. 
A) The greater the r2 the greater the relationship between the independent and dependant variable. 
B) An r2 that is greater than 1 means that there is more than a 100 percent relationship between the independent and dependant variable. 
C) When a r2 has a negative value the independent variable is inversely related to the dependent variable. 
D) When  a r2 is less than 1 the greater the inverse relationship between the independent and dependant variables.

Question 19

Selecting suppliers for a company's goods and services is part of the:

Accepted Answer

A) Revenue process 
B) Expenditure process 
C) Selection process 
D) Conversion process 
A) Revenue process 
B) Expenditure process 
C) Selection process 
D) Conversion process

Question 20

The Pacioli Manufacturing Company has kept track of the number of units they have produced each month and the cost to produce those units for the past 6 months. Using regression determine the cost estimation equation and the R2 for the equation.If Pacioli expects to produce 14,000 units in January what cost should Pacioli budget for? How does the R2 help when forecasting cost and what impact does this R2 have on this estimate?

Accepted Answer

Slope = $5.04 Intercept = $9,897 R² = .99

Determining the company's needs for goods and services is associated with which of the following processes?

Determining the credit and payment policies for customers is part of the:

Which of the following is not part of the revenue process?

Use the following to answer questions The TLC Motel, which uses the high/low method to estimate its total cost formula, gathered the following data for the first six months of its current fiscal year: -The fixed housekeeping cost per month is:

A linear regression analysis indicated a constant of 6,025.50,an X coefficient of 24.75,and an R-squared of 0.65.The estimated cost when the independent variable is 350 is:

The Banner Company ordered $50,000 of fertilizer from Farmland Industries and were given terms of 2/15 net/60.Which of the following describes how soon the payment must be made in order to receive a discount and the amount of the discount available.

Manufacturing products is associated with which of the following processes?

Goods shipped from a seller's warehouse on June 10,2010,arrived at the buyer's warehouse on June 16,2010.The invoice for the goods arrived at the buyer's accounting department on June 13,2010 and was paid on June 20,2010.If the goods were sold FOB destination,the buyer took legal title on:

The Quinter Corporation ordered material for its manufacturing process with a price of $75,000 and that had terms of 1/10 net/30.What is the lowest amount of cash Quinter will have to pay if it meets the terms of the discount agreement?

Which of the following is not part of the expenditure process?

Use the following to answer questions The TLC Motel, which uses the high/low method to estimate its total cost formula, gathered the following data for the first six months of its current fiscal year: -The estimated total housekeeping cost for a month with 1,400 room rentals is:

FOB shipping point indicates that goods in transit belong to the:

Use the following to answer questions Bob's Bowlarama performed a linear regression analysis on the monthly cost of operating its concession stand, using the number of customers serviced as the cost driver. The results were as follows: -The cost equation is:

The following is from a linear regression analysis,what is the constant in the cost equation?

Describe the effect of an increase in activity,within the relevant range,on variable and fixed cost

Which of the follow statements is true about a regression's r²?

Selecting suppliers for a company's goods and services is part of the:

Accounting and Business

Business Processes and Accounting Information

Short-Term Decision Making

Strategic Planning Regarding Operating Processes

Planning, The Balanced Scorecard, and Budgeting

Accounting Information Systems

Purchasinghuman Resourcespayment Process: Recording and Evaluating Expenditure Process Activities

Recording and Evaluating Conversion Process Activities

Recording and Evaluating Revenue Process Activities

Time Value of Money

Planning Investments: Capital Budgeting

Planning Equity Financing

Planning Debt Financing

Recording and Evaluating Capital Resource Process Activities: Financing

Recording and Evaluating Capital Resource Process Activities: Investing

Company Performance: Profitability

Company Performance: Owners Equity and Financial Position

Company Performance: Cash Flows

Company Performance: Comprehensive Evaluation

Filters

Exam 3: Operating Processes: Planning and Control

Determining the company's needs for goods and services is associated with which of the following processes?

Determining the credit and payment policies for customers is part of the:

Which of the following is not part of the revenue process?

Use the following to answer questions The TLC Motel, which uses the high/low method to estimate its total cost formula, gathered the following data for the first six months of its current fiscal year: -The fixed housekeeping cost per month is:

A linear regression analysis indicated a constant of 6,025.50,an X coefficient of 24.75,and an R-squared of 0.65.The estimated cost when the independent variable is 350 is:

The Banner Company ordered $50,000 of fertilizer from Farmland Industries and were given terms of 2/15 net/60.Which of the following describes how soon the payment must be made in order to receive a discount and the amount of the discount available.

Manufacturing products is associated with which of the following processes?

Goods shipped from a seller's warehouse on June 10,2010,arrived at the buyer's warehouse on June 16,2010.The invoice for the goods arrived at the buyer's accounting department on June 13,2010 and was paid on June 20,2010.If the goods were sold FOB destination,the buyer took legal title on:

The Quinter Corporation ordered material for its manufacturing process with a price of $75,000 and that had terms of 1/10 net/30.What is the lowest amount of cash Quinter will have to pay if it meets the terms of the discount agreement?

Which of the following is not part of the expenditure process?

Use the following to answer questions The TLC Motel, which uses the high/low method to estimate its total cost formula, gathered the following data for the first six months of its current fiscal year: -The estimated total housekeeping cost for a month with 1,400 room rentals is:

FOB shipping point indicates that goods in transit belong to the:

Use the following to answer questions Bob's Bowlarama performed a linear regression analysis on the monthly cost of operating its concession stand, using the number of customers serviced as the cost driver. The results were as follows: -The cost equation is:

The following is from a linear regression analysis,what is the constant in the cost equation?

Describe the effect of an increase in activity,within the relevant range,on variable and fixed cost

Which of the follow statements is true about a regression's r2?

Selecting suppliers for a company's goods and services is part of the:

Accounting and Business

Business Processes and Accounting Information

Short-Term Decision Making

Strategic Planning Regarding Operating Processes

Planning, The Balanced Scorecard, and Budgeting

Accounting Information Systems

Purchasinghuman Resourcespayment Process: Recording and Evaluating Expenditure Process Activities

Recording and Evaluating Conversion Process Activities

Recording and Evaluating Revenue Process Activities

Time Value of Money

Planning Investments: Capital Budgeting

Planning Equity Financing

Planning Debt Financing

Recording and Evaluating Capital Resource Process Activities: Financing

Recording and Evaluating Capital Resource Process Activities: Investing

Company Performance: Profitability

Company Performance: Owners Equity and Financial Position

Company Performance: Cash Flows

Company Performance: Comprehensive Evaluation

Filters

Which of the follow statements is true about a regression's r²?