University of Phoenix, Northern Virginia Campus ACC 561 Accounting Course Quiz 1 (Chapters 1, 5, 6) Facilitator: Randolph A. Stanley Student Name:___________________________ Grade:__________________________________ Instructions: Please answer all questions. Each question worth 1point for a total of 25points. You must only select one answer for each question. 1. _____ refers to accounting information developed for managers within an organization. a. Internal auditing b. Managerial accounting c. Financial accounting Tax accounting 2.
University of Phoenix, Northern Virginia Campus ACC 561 Accounting Course Quiz 1 (Chapters 1, 5, 6) Facilitator: Randolph A. Stanley Student Name:___________________________ Grade:__________________________________ Instructions: Please answer all questions. Each question worth 1point for a total of 25points. You must only select one answer for each question. 1. _____ refers to accounting information developed for managers within an organization. a. Internal auditing b. Managerial accounting c. Financial accounting Tax accounting 2. The primary users of management accounting information are _____. a. bankers b. governmental regulatory authorities c. internal decision makers suppliers 3. The Hola Company held a Christmas party. The company expected attendance of 100 persons and prepared the following budget: Hotel room rental $500 Food 500 Entertainment 800 Decorations 400 Totals $2,200 After all bills for the party were paid, the total came to $2,315. Details are: $575 for hotel room rental; $640 for food; $750 for entertainment; and $350 for decorations. One hundred persons attended the party. What is the total budget variance? a. $115 unfavorable is the total budget variance. b. $115 favorable is the total budget variance. c. $25 favorable is the total budget variance. d. $140 unfavorable is the total budget variance. 4. The Hola Company held a Christmas party. The company expected attendance of 100 persons and prepared the following budget: Hotel room rental $600 Food 500 Entertainment 800 Decorations 300 Totals $2,200 After all bills for the party were paid, the total came to $2,315. Details are: $575 for hotel room rental; $640 for food; $750 for entertainment; and $350 for decorations. One hundred persons attended the party. What is the main reason for the unfavorable total budget variance? a. Hotel room rent is the main…
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