Exam (elaborations)
accounting exam 1 practice guide questions and answers
- Course
- Accounting
- Institution
- Accounting
accounting exam 1 practice guide questions and answers
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accounting exam 1 practice guidequestions and answers
True or false, A factory manager's salary would be classified as a period cost. - Answer-
false
Equity= - Answer-paid-in capital+ ending retained earnings
beginning retained earnings + net income - dividends= - Answer-ending retained
earnings
If owner's equity decreases from the beginning of the year to the end of the year, then
A. net income is less than dividends.
B. there was a net income and no dividends.
C. additional investments are greater than a net loss.
D. net income is greater than dividends. - Answer-net income is less than dividends
To find the cost of the company to produce each unit, what costs must you add
together? - Answer-variable costs
Is utilities a fixed or variable cost? - Answer-variable
What is not a benefit of following a well-designed budgeting process? - Answer-
assurance of future profits
If an individual asset is increased, then there could be an equal _______ in another
asset - Answer-decrease
equity= - Answer-assets-liabilities
What is the key data element on which the entire budget is based? - Answer-sales
forecast
True or false: The contribution margin per unit is the price at which a unit must be sold
for the company to break even - Answer-false
Dividends are reported on the - Answer-statement of equity
What is the last budgeted financial statement to be prepared? - Answer-budgeted
balance sheet
What is the order of budgets from first to last? (there are 6) - Answer-sales forecast,
production, operating expenses, income statement, cash, balance sheet
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