ACIS Final Exam review
What is the TEXT function format code if we want the output for 01/04/2020 to appear as: 4-Jan -"mmm-dd" -"d-mmm-yy" -"d-mmm" -"mmm-yy" -"y-mmmd"
"d-mmm"
Jackson was reviewing the bill for his carwash business and determined that the highest bill, $5,000, occurred in July when 4,000 cars were washed and the lowest bill, $3,000, occurred in February when 2,000 cars were washed. What was the total fixed cost portion of the water bill using the high- low method? -$1,000 -$2,000 -$3,000 -$3,500 -$2,500
$1,000
the variable cost ratio of Baginski Corporation's only product is 30%. The company's fixed expenses are $470,000 and the company's target profit is $230,000. The sales dollars needed to attain the target profit is; -$900,000 -$1,000,000 -$700,000 -$800,000
$1,000,000
estimated shipping cost at junk food imports is estimated using the high-low method. Pat records indicate total shipping cost was $18,000 for 16000 pounds for 22,000 pounds shipped. The company plansto ships 18,000 pounds next month, the expected total shipping cost using the high-low method is: (hint: find the cost function first and then find total cost for next month's activity) -$20,400 -$18,750 -$24,000 -$6000 -$19,500
$19,500
October purchases=$100,000 November purchases=$75,000 December purchases= $50,000 the company estimates that it will pay 60% of the purchases in the month after purchase and the remaining 40% in the second month after purchase. What are the estimated cashe payments for the month of December? -$45,000 -$90,000 -$85,000 -$65,000
$85,000
Curwodd corporation is estimating the following purchases in the third quarter of 2020 July purchases=$500,000 August purchases=$750,000 September purchases=$1,000,000 The company also estimates that it will pay 60% of the purchases in the month of purchases, 25% in the month after purchase, and 15% in the second month after purchase. What are the estimated cash payments for the month of september? -$887,500 -$812,500 -$862,500 -$787,500
$862,500
The records of the Dodge corporation show the following results for the most recent year: Sales Revenue=$256,000 Total fixed costs=$56,000 Net operating Income=$32,000 Based on the above data and setting up the contribution format income statements, what is the contribution margin to the dodge corporation? -$24,000 -$88,000 -$0 -$200,000
$88,000
which symbol can be used to override the standard order of mathematical operations? -( ) - * or / - + or -
( )
Each worksheet in an excel workbook can hold a maximum of how many rows? -65,536 rows -1,048,576 rows -418,798 rows -5,108,441 rows
1,048,576 rows
Medoc company provides the following information about its single product: selling price per unit= $8.85 Variable cost per unit= $4.85 Total fixed costs= $250,000 How many unties must the company sell to reach the target profit amount? -62,500 -100,00 -37,500
100,000
How many argument does the AVERAGEIF and SUMIF functions have? -4 -3 -1 - More than 4
3
Lore corporation has provided the following information sales revenue=$200,000 Total Variable costs=$90,000 Total fixed costs=$10,000 what is the company's CM ration (ie, CM%) based on the above information? -55% -50% -45% -60%
55%
A formula needs to be entered into cell C2 on an excel worksheet that is being used as a template. The goal of the formula is to divide the value in cell A2 by the value in cell B2. The number entered in to cell A2 is 20000 and the number entered into cell B2 is 100. Which of the following shows how this formula should be entered into cell C2? - =B2/A2 - =A2/b2 - =20000/100 - =A2^B2 - =B2^A2
=A2/B2
Assume the value in cell A7 is 25. An IF function will be used in cell A10 to evaluate the value in A7 and the IF Function will produce an output of either OK or TOO LOW. Any value greater than or equal to 25 is OK and any value below 25 is TOO LOW. Which of the following IF functions will produce an accurate output? -=IF(A7>=25,"TOO LOW","OK") -=IF(A7</25,"OK","TOO LOW") -=IF(A7>=25,"OK","Too LOW") -=IF(A7>25,OK,TOO LOW) -=IF(A7=25 OR B12>25,"OK,"TOO LOW"
=IF(A7>=25,"OK","Too LOW")
Which of the follwing IF Functions will produce a blank cell output if there is no data entered into cell B700> -=IF(B700=0,ISBlank,"DATA") -=IF(ISBLANK(B700:B800),"","Data") -IF(B700=0,"DATA",ISBLANK) -=IF(ISBLANK(B700),"","DATA") -=IF(ISBLANK(B700),"","DATA")
=IF(ISBLANK(B700),"","DATA")
A function is being entered into an excel worksheet to evaluate the content in cells B5, C5, and D5. The function needs to determine if the value in cell B5 is less than 2%, C5 is greater than 50, or if the word Buy is entered into cell D5. Which of the following functions accomplish this goal? -=AND(B5 <.02,C5>50,D5="BUY") -=AND (B5<.02%,C5>50,D5=BUY) -=OR(B%<.02,C5>50,D5=BUY -=OR(B5<2%,C5>50,D5="BUY")
=OR(B5<2%,C5>50,D5="BUY")
The following loan data is entered into an excel worksheet: Loan principal, cell B5, $150,000 APR, Cell B6, 5% Terms, Cell B7, 30 years Assume loan payments are made yearly(end of the year). which of the following functions will accurately calculate the required annual payments for this loan? (assume the FV and type arguments are 0) -=PMT(B6/12,-B7*12,-B5) -=PMT(B6,B7,-B5) -=PMT(B6,B7,B5,.1) -=PMT(B6,-B7,-B5) -=PMT(B6/12,B7+12,-B5)
=PMT(B6,B7,-B5)
Consider the following formula : A3-a9+c9/A4^D10 -A4^D10 -A9+B7 -B7*C9 -C9/A4 -A3-A9
A4^D10
Which of the following is an investment made in regular installments over a period of time? (this would be a reccurring investment over a specific period of time) -Amoritization -annuity -lease -bonds
Annuity
Assume we would like a logical test to see if cell B5 is less than 5%. Which of the following would be an incorrect logical test for evaluating if cell B5 is less than 5%? -B5<.05 -B5<5 -B<5%
B5<5
The cell range $A$2:$E$300 is used to define the table_array argument of a VLOOKUP function. If the col_index_num argument is defined with the number 3, data from what column will appear as the output of the function when a match is found for the value? -A -D -E -C -B
C
The freeze Panes command is going to be a worksheet such that column A and B and rows 1 through 5 are visible. Which cell location should be activated first before applying the freeze panes command? -C6 -C5 -C4 -B4 -B5
C6
which of the following functions will count the number of cells in a range that contain a number? -COUNT function -COUNT Blank Function -COUNTA function -CONCATENATE function
COUNT Function
Any two cell locations separated by a colon is known as a(n); -Workbook -Worksheet -Cell reference -Cell address -Cell range
Cell range
The __________is the key building block for creating formulas in Microsoft excel? -Relative reference -Absolute reference -Cell reference -Mixed reference
Cell reference
After highlighting range of cells, holding the CTRL Key and tapping the X key on your keyboard will do which of the following? -Cut the data in the highlighted range -Copy data in the highlighted range -transfer all the values in the highlighted range into a blank worksheet in the workbook -Paste data in the highlighted
Cut the data in the highlighted range
If you intend to share a spreadsheet with someone else, what should be added at the conclusion of your project to prevent any outputs from becoming distorted or corrupt. -Data internal controls -Pivot Tables -quick access toolbar -Status bar
Data internal controls
what symbol is used in front of the column letter and row number when absolute referencing is being used? -Dollar sign "$" -Quotation marks "" -Exclamation Point "!" -Hahstags #
Dollar sign "$"
If the actual numbers are less than the flex budget numbers this would create a favorable variance for: -Both revenues and expenses -Revenues only -Expenses only -Both expenses and net operating income
Expenses only
A Data audit can always be accomplish visually regardless of the size and complexity of the excel file. True False
False
Assume a SUMIFS formula has two criteria ranges (along with a criteria for each range). For the value within the range to be summed as part of the output only one of the criteria must be met. -True -False
False
Assume we are creating either a AVERAGEIF or SUMIF function. The last argument which is the [Average_Range] or [Sum_Range] cannot be left blank if you expect to produce an output other than an ERROR message. True False
False
Assume we are in cell address E5 within an excel worksheet. The "E" refers to the row and the "6" refers to the column within the worksheet. True False
False
Excel functions will not ignore cell references that are blank. The blank cells are counted as zeroes and are included in the output. True False
False
If we want to create a PivotTable or chart in our excel worksheet, we would use the "developer" tab" of the excel ribbon. True False
False
Once a worksheet is deleted, we would be able to "undo" this command and bring the worksheet back into the workbook. True False
False
The COUNTIF function will count the number of cells in a range that contains only numeric data. True False
False
The auto Fill feature is used to combine several cell locations into one larger cell location. True False
False
The following two functions are identical: =SUM(B3:B13) =SUM(B3,B13) True False
False
When an absolute reference is applied to a cell reference, relative referencing will not be applied when formula or function is copied and pasted to a new location. True False
False
you can define multiple sets of criteria when using the AVERAGEIF or SUMIF functions. True False
False
Which of the following will help when managing and analyzing a large dataset with many columns and/or rows? -Concatenate -wrap text -merge and center -Headers and footers -Freeze panes
Freeze Panes
___________________is a variable tool for evaluating scenarios since it can produce targeted outputs by changing a variable referenced in a formula or function -PV function -FV function -Time value of money -Goal seek
Goal seek
The row numbers along the left side of a worksheet are as follows: 1 2 4 5 6. This indicates that row 3 is ____________ -Protected -collapsed -Moved -Hidden -Deleted
Hidden
Which tab on the excel ribbon would we use if we wanted to add a "header and/or footer" to the worksheet?
Insert
A cost that is part variable and part fixed of referred to as a: -Period costs -Direct costs -sunk costs -Mixed costs -Product Costs
Mixed
A ___________ is a powerful analytical tool that can be configured to evaluate comparisons and trends for a dataset. -PivotTable -Header and footer -Data internal controls -Absolute reference
PivotTable
Which of the following is the amount of money borrowed from a lender? -Interest -Principal -Collateral -Amortization -depreciation
Principal
A dataset contain the following columns: Year, Month, and Total Sales Dollars. If a PivotTable is going to be created to sum and compare the sales dollars by month for each year, the best arrangement for the PivotTable would be to place the Month field into which area of the PivotTable? -Legend -Filters -Categories -Rows -Values
Rows
Which of the following example would not be a universal constant? -Sales revenue per year -Weeks in a year -Hours in a day -Month in a year -Number of days in a week
Sales revenue per year
The following was entered into a cell on an excel worksheet: =Text(B15,mmm) which of the following explains why the output of the function is the #NAME? error code? -Cell B15 is not properly formatted -The text function needs to have three or more arguments defined -The code entered in the format_text argument is not in quotations -None of the other answers are correct
The code entered in the format_text argument is not in quotations
If the pound signs (###) appear in a cell location, which of the following is TRUE -AN error had occurred in the cell -The data in cell has been protected -The column width needs to be increased -the cells is in column that has been deleted -The data in the cells has been hidden
The column width needs to be increased
If the [type] argument in the PMT function is defined with the number 1, which of the following is TRUE? -The function will assume that payments will be made at the beginning of each period. -the function will produce a negative value output -the function will calculate annual payments -the function will assume that payments will be made at the end of each period.
The function will assume that payments will be made at the beginning of each period.
The following was entered into cell A11 on an Excel worksheet: =AVERAGE(A2:A10). which of the following is true if cell A11 is copied and pasted into cell C11? (hint: relative referencing) -The function will be modified to =AVERAGE(C2:C10) -The function will remain =AVERAGE(A2:A20) -The function will be modified to =AVERAGE(A2:C11) -Functions cannot be copied and pasted into other cell location on a worksheet -The function will be modified to =AVERAGE(C11:C19)
The function will be modified to =AVERAGE(C2:C10)
The following CONCATENATE function was entered into a cell on the summary worksheet in an excel workbook: =CONCATENATE(a5,CODE,55) Which of the following is a flaw with this function? -The cell reference A5 must be enclosed in quotations -The word CODE must be enclosed in quotations -the arguments of the CONCATENATE function cannot be defined with words or numeric data. -There must be an even number of arguments derived for this function
The word CODE must be enclosed in quotations
what type of chart arranges data in a hierarchy so the largest and smallest components of a dataset can be easily identified? -Box and whisker plot -treemap chart -Scatter Chart -waterfall chart
Treemap chart
A chart sheet can only contain a chart and no other data can be added. True False
True
Assume we are putting in the argument for a VLOOKUP function. If the [Range_lookup] being used is defined as "TRUE" this means the function will look for for a value that is an exact match or the closest match that is less than the lookup value. True False
True
Assuming we are creating a statistical IF or OFS function. The syntax for using logical tests in "criteria" arguemnts if different compared to a regular IF function> True False
True
Failure to conduct a data audit could result in erroneous outputs and poor decisions being made. True False
True
One of the features within a PivotTable is that we do not have to show the Grand totals for both rows and columns. True False
True
One of the features within a PivotTable is that we do not have to show the grand Totals for both rows and columns . True False
True
The first Argument in the SUMIFS function is the Sum_Range argument. True False
True
The formula Bar can be used for entering data into cells as well as editing that already exists in a cell. True False
True
The status Bar is located at the bottom of the excel worksheet True False
True
When entering dates into a cell location you should NOT put an equal sing in front of the date True False
True
When inserting a pivotTable you will have the option to place pivotTable into a new worksheet or an existing worksheet. True False
True
When you use AND or OR functions you decrease the need to use lengthy nested functions True False
True
when it comes to a loan amortization table, as we continue to make payments on our loan the amount of our payments going towards principal increases and the amount of the payments going towards interest decreases. True False
True
Which function has only one argument and that argument is the serial number? -TEXT function -ISERROR Function -YEAR Function -EOMONTH function
YEAR Function
The point at which a company has zero net operating income or profit is called the: -Margin of safety -leverage point -Break-even point -contribution point
break even point
The __________argument of the VLOOKUP function contains the data that will become the output of the function. -Table_array -lookup_value -[range_lookup] -col_index_number
col_index_number
Which column determines the number of maps that will be created in the plot area of the treemap? -Third column -first column -Second column
first column
Assume we are wanting to create an HLOOKUP function. Which of the following must contain the lookup value? -First column of the table array cell range -first row of the table array cell range -the column index number defined in the column_index_num argument -The row index number defined in the row_index_num argument
first row of the table array cell range
the budget that is adjusted for the actual activity is the: -plan budget -static budget -flex budget -original budget
flex budget
Which of the following would be an equation to calculate total sales dollars? -quantity sold divided by selling price -quantity sold plus selling price -quantity sold minus selling price -quantity sold multiplied by selling price
quantity sold multiplied by selling price
Assume we are creating a logical test with the text outputs. The text outputs must be enclosed in what withinthe [Value_if_true] or [value_if_false] arguments? -Hashtags -Quotations -less than and greater than symbols -parenthesis
quotations
Which of the following is true with respect to the AND function? -The out put of the function will be false only if all of the logical tests are false -the output of the function will be true if just one logical test is true -the output of the function will be true only if all logical tests are true -The arguments of the functions can be defined with no more than three logical tests.
the output of the function will be true only if all logical tests are true
which of the following equations is correct when calculating average selling price unit? -unit sales multiplies by total sales dollars -total sales dollars - Unit sales -unit sales divided by totals sales dollars -totals sales dollars divided by unit sales
total sales dollars divided by unit sales
Instead of increasing the width of the columns, you could use which command when working with long text strings? -macro -Wrap text -filter -borders
wrap text