1. Which of the following phrases is most descriptive of managerial accounting?

1. Never used to state corporate goals
2. Often subjective
3. Typically prepared quarterly or annually
4. B and C
5. None of the above

2. Which of the following phrases is most descriptive of financial accounting?

1. May measure time or customer satisfaction
2. Never uses subjective measurements
3. Subject to cost-benefit analysis
4. None of the above

3. Nick Andrewson uses gas to heat his home. He has accumulated the following information regarding his monthly gas bill and monthly heating degree-days. The heating degree-days value for a month is found by first subtracting the average temperature for each day from 65 degrees and then summing these daily amounts together for the month.

Month	Heating Degree-Days	Gas Bill
February	850	$129
April	300	$52

What will be the increase in Nicks monthly gas bill per heating degree-day using the high-low method?

1. $0.14
2. $6.59
3. $0.17
4. $5.77

4. The following information pertains to Supersuppers 2020 operations:

Selling price per unit	$50
Variable costs per unit	$10
Total fixed costs	$55,000

Supersuppers break-even point in units is:

1. 2,000 units
2. 3,333 units
3. 1,334 units
4. 1,375 units

5. Which of the following statements best defines a strategy for an organization?

1. Increase next years sales by 10 percent over current year sales
2. Providing high quality products and services to customers
3. Adopt a cost effective plan for providing new products and services to customers
4. Become the worlds largest provider of consumer goods