Question
1.The contribution margin ratio will show how much ________ a company will make on each dollar of sales. a.profit b.liquidity c.revenue d.loss 2.If a company
1.The contribution margin ratio will show how much ________ a company will make on each dollar of sales.
a.profit
b.liquidity
c.revenue
d.loss
2.If a company sells its average quantity of goods in inventory every 14.6 days, its inventory turn ratio is:
- 16.2
- 25
- 50
- 17.9
3.Which two categories from the KSY Manufacturing Company's Balance Sheet will be used to calculate its Current Ratio?
- Liabilities; Owner's Equity
- Liabilities; Assets
- Assets; Retained Earnings
- Retained Earnings; Liabilities
4.If the sales revenue is $150,000 and the margin of safety is $30,000, then the break-even sales will be:
- $120,000
- $150,000
- $180,000
- $250,000
5.Sales revenue of $110,000 will achieve breakeven when the contribution margin is $30,000 and the fixed costs are:
- $25,000
- $80,000
- $110,000
- $50,000
6.The statement of owner's equity provides users of the financial statements with a reconciliation of the company's ________ and ________ equity accounts.
- checks, balances
- profits, losses
- debit, credit
- beginning, ending
7.Given a contribution margin of $20, if 10,000 units are produced at a cost of $400,000 what is the sales revenue in USD?
- $60
- $600,000
- $300,000
- $200,000
8.Unethical practices in financial reporting have cost:
- accurate pricing.
- accountants their professional reputation.
- there are no consequences.
- the price of oil.
9.Information needed by external entities in order to evaluate business performance is provided by:
- Managerial Accountants
- Financial Accountants
- Attorneys
- Forensic Accountants
10.The heart of all financial accounting is the accounting equation, which is represented as:
- owner's equity = assets + liabilities
- assets = liabilities owner's equity
- liabilities = assets + owner's equity
- assets = liabilities + owner's equity
11.The income statement shows which types of accounts?
- assets
- liabilities
- credits
- income
12.A business producing packaged food products would have the following variable costs:
- Rent
- Packaging equipment
- Computers
- Ingredients
(just use A, B, C, or D as an answer choice and not 1, 2, 3, 4)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started