Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Multiple choice questions: 1) A (n) ________ groups cost by behavior; that is costs are classified as either variable costs or fixed costs. A) balance

Multiple choice questions:

1) A (n) ________ groups cost by behavior; that is costs are classified as either variable costs or fixed costs.

A) balance sheet

B) Contribution margin income statement

C) Traditional income statement

D) Absorption costing income statement

2) Contribution margin ratio is equal to:

A) Fixed costs divided by contribution margin per unit.

B) Net sales revenue per unit minus variable costs per unit.

C) Net sales revenue minus variable costs.

D) Contribution margin divided by net sales revenue.

3) Which of the following appears as a line item in a contribution margin income statement?

A) Gross profit

B) Cost of goods sold

C) Operating income

D) Selling and administrative expenses

Step by Step Solution

3.37 Rating (144 Votes )

There are 3 Steps involved in it

Step: 1

1 B Contribution margi... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Business Reporting For Decision Making

Authors: Jacqueline Birt, Keryn Chalmers, Albie Brooks, Suzanne Byrne, Judy Oliver

4th Edition

978-0730302414, 0730302415

More Books

Students also viewed these Accounting questions

Question

Under what conditions is the following SQL statement valid?

Answered: 1 week ago