1. Any event that affects the financial position of an organization and requires recording is called a(n) A) account B) transaction C) recognition principle D) posting

2. Which of the following is a major factor causing changes in management accounting today? A) decreased global competition B) shift to a manufacturing-based economy O C) advances in technology D) expansion of the value chain

3. Cherry Wood Company sells desks at $480 per desk. The variable costs are $372 per desk. Total fixed costs for the period are $456,840. The contribution margin ratio is A) 22.5% B) 29.0% C) 77.5% D) 40.6%

4. What statement about management accounting is FALSE? A) Management accounting is the process of identifying, measuring, accumulating, analyzing, preparing, interpreting, and communicating information. B) Management accounting is used by managerial accountants to make strategic and operational decisions. C) Management accounting helps managers fulfill organizational objectives. D) Management accounting produces information for managers in an organization.

5. Consider the following linear mixed-cost function: Y = $72,000 + $7.70X Where: Y = total annual maintenance cost X = number of patient-days What does the $72,000 represent? A) variable cost per patient-day B) fixed cost per patient-day C) total variable cost D) total fixed cost

6. Cash collections of Accounts Receivable will increase_____ and decrease_____ A) Cash; Accounts Receivable B) Accounts Receivable; Accounts Payable C) Cash; Accounts Payable D) Accounts Payable; Accounts Receivable

Please show work