IVY SOFTWARE MBA PREPWORKS MANAGERIAL ACCOUNTING EXAM |ACCURATE ANSWERS |VERIFIED
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IVY SOFTWARE MBA PREPWORKS MANAGERIAL ACCOUNTING
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IVY SOFTWARE MBA PREPWORKS MANAGERIAL ACCOUNTING
If Elli Inc sells 20,000 units of x and 60,000 units of y, the composite unit consists of .25x and .75y (T/F) - ACCURATE ANSWERTrue. Adding 20,000 and 60,000 we get 80,000 units. Splitting this up into proportions we have 20,000/80,000=25%x and 60,000/80,000=75%y.
If the quantity sold is greater...
IVY SOFTWARE MBA PREPWORKS
MANAGERIAL ACCOUNTING EXAM
IVY SOFTWARE MBA PREPWORKS MANAGERIAL ACCOUNTING EXAM |ACCURATE
ANSWERS |VERIFIED
If Elli Inc sells 20,000 units of x and 60,000 units of y, the composite unit consists
of .25x and .75y (T/F) - ACCURATE ANSWER✅✅True. Adding 20,000 and
60,000 we get 80,000 units. Splitting this up into proportions we have
20,000/80,000=25%x and 60,000/80,000=75%y.
If the quantity sold is greater than the quantity produced there has to be: -
ACCURATE ANSWER✅✅Finished goods beginning inventory. If you sell more
than you produce, you must obtain the units somewhere. You obtain them from the
finished goods beginning inventory.
Contribution margin and contribution margin per unit are the same. - ACCURATE
ANSWER✅✅False
,Breakeven indicates that the sales dollars cover all fixed and variable costs of
manufacturing - ACCURATE ANSWER✅✅True
Inventoriable costs using variable costing is appropriate for external reporting -
ACCURATE ANSWER✅✅False
Essex company sells two products- A and B. Product A sales are two times that of
product B. The contribution per unit for A is $4 and B is $1. What is the weighted
average contribution margin per unit? - ACCURATE ANSWER✅✅$3
Absorption costing clearly separates fixed costs from variable costs - ACCURATE
ANSWER✅✅false
Converse company has two products- A and B. The weighted average contribution
margin per unit is $4. Converse sells twice as many As as Bs. The contribution
margin per unit for B is $2. What is it for A? - ACCURATE ANSWER✅✅$5
If the breakeven is 5000 units and fixed costs are $50,000, what is the contribution
margin per unit? - ACCURATE ANSWER✅✅$10
Which of the following will be found on an absorption costing income statement
but not on a variable costing income statement? - ACCURATE
ANSWER✅✅Gross Margin and Cost of Goods Sold
If units produced are less than units sold, net income using absorption costing is -
ACCURATE ANSWER✅✅Less than variable costing
, If the selling price is $5 per unit the variable cost is $1 per unit and the fixed cost is
$20,000, what is the breakeven in units? - ACCURATE ANSWER✅✅$5,000 (5x
- 1x - 20000 = 0, 4x - 20,000=0, 4x=20000, x = 5000)
The total of ALL the right-hand sides of the T-accounts must equal the total of ALL
the left-hand sides of the T-Accounts (T/F) - ACCURATE ANSWER✅✅True.
The double-entry system of accounting means that for each transaction recorded,
there is a left-hand (debit) entry offset by a right-hand (credit) entry.
Since the total of all the R sides of accounts equals the total of L sides, then the
total amount of increases entered in the general ledger must equal the total amount
of decreases (T/F) - ACCURATE ANSWER✅✅False. Cash (Asset) and
Common Stock (Owners' Equity) is used to record the sale of company stock.
While the R side equals the L side, they both increase, thus, the total amount of
increases does not equal the decreases.
Almost all the data necessary to prepare an income statement is contained in the
retained earnings account. - ACCURATE ANSWER✅✅False. not Almost all.
ALL.
A transaction is an event that affects the financial position of a company. -
ACCURATE ANSWER✅✅True.
Credits are generally good and debits are generally bad. - ACCURATE
ANSWER✅✅False. credit means nothing more than the R side while a debit
means the L side. Neither is good or bad.
Bookkeeping accounts are a method of accumulating financial transactions and
summarizing their effects on balance sheet items. - ACCURATE
ANSWER✅✅True. Bookkeeping accounts provide an easy means for recording,
collecting, and reporting financial transactions of a firm.
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