Final Exam Review

Final Exam Review

University

27 Qs

quiz-placeholder

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Final Exam Review

Final Exam Review

Assessment

Quiz

Other

University

Medium

Created by

Adam Madonia

Used 10+ times

FREE Resource

27 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The four standard GAAP financial statements answer which of the following questions?

How many units a business needs to sell to breakeven

How a business can be more efficient

Which managers are performing to expectations

Should the business close a plant

None of the above

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which statement(s) describes managerial accounting, as presented in this class?

A. The primary users are outside the company

B. Reports must conform to specific standards

C. Reports are generated on an as-needed basis

A and C

A and B

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Below are costs incurred by a manufacturing company.

Cost of raw materials used, travel expenses for sales staff, cost of packing materials, sales commission paid, electricity used to operate machines in the factory, CEO salary

Which costs are classified as product costs on a GAAP income statement?

Cost of raw materials used, CEO salary, cost of packing materials

CEO salary, sales commission paid, cost of raw materials used

Electricity used to operate machines in the factory, cost of raw materials used, cost of packing materials

Sales commission paid, travel expenses for sales staff, CEO salary

Cost of packing materials, travel expenses for sales staff, sales commission paid

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Unit contribution margin is defined as

Total revenue dollars less total variable expense dollars

Total revenue dollars less total fixed expense dollars

Selling price per unit less unit variable cost

Selling price per unit less unit fixed cost

Total profit before taxes dollars less total fixed expense dollars

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which statement about product costs and period expenses is true?

Period expenses are inventoriable, but product costs are not

The cost of goods sold is recorded on the income statement for the period

The costs of production are accumulated in the raw materials account

Period costs are deducted from revenues to calculate gross margin

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Media Image

With respect to the number of tiles produced, which costs are best classified as variable

Janitorial supplies and utility costs

Cost of raw materials and maintenance costs on copiers

Human resource manager's salary and CEO's salary

Production manager's salary and advertising on national television

Cost of raw materials and production employee wages

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The Criders Company has 12,000 units of obsolete inventory. The units originally cost $6,000.

The company can either sell them for scrap at $0.20 per unit or they can invest $2,000 to be able to sell them at a price of $0.60 per unit.

With regard to this decision, the cost of the original units would be considered:

Relevant and sunk

Not relevant and sunk

Not relevant and variable

Relevant and variable

None of the above

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