1.Randy Jones decided to run an ABC analysis of his 500 stock keeping inventory items. He found that his average inventory was $200,000 and that there were 50 items out of the 500 that cost him $23,000. These 50 items would be classified as ________ items.

A: C

B: D

C: A

D: B

2.The forecasting model that assumes previous time periods have some influence on future sales, but the influence varies by time period, is

A:historical analogy. B:moving average. C:weighted moving average. D:mean absolute deviation. E:exponential smoothing.

3.Current assets are assets ________ and fixed assets are assets ________.

A.converted to cash during the accounting year; that have an expected life in excess of one year

B.that have an expected life in excess of one year; converted to cash during the accounting year

C.that have an expected life in excess of one year; that have an expected life in excess of one year

D.converted to cash during the accounting year; converted to cash during the accounting year

4.The Tom Smith Corporation has the following items: Cash, $5,000; Machinery, $50,000; Building, $150,000; Note payable bank, $10,000; Savings, $10,000; Long-term debt, $50,000; Accounts payable, $30,000; Taxes payable, $5,000; Accounts receivable, $30,000; Inventory, $10,000; Depreciation Building, $35,000; Depreciation Machinery, $25,000; Land $50,000. Owner's equity for this Corporation are

A:$95,000. B:$55,000. C:$45,000. D.$155,000.