Answer the following questions: Question 1: (5 Marks) Choose the correct answer: 1. In 2022 ABC Company produced 5000 units, the variable cost per unit $ 5, and the fixed cost per unit A) $24,000 In 2020 the company plans to produce 3000 units, so the total cost for 2020 is: B) $30,000 C) $16,000 D) None of the other answers 2. Mixed costs consist of a mixture of A) product and period elements. C) variable and fixed B) direct and indirect D) None of the other answers 3. In 2020 ABC Company produced 2000 units, the variable cost per unit $ 5, and the fixed cost per unit $ 3 3. In 2021 the company plans to produce 3000 units, so the total cost for 2021 is: A) 24,000 B) 21,000 C) 15,000 D) None of the other answers 4. accounting is restricted (governed or constrained) by accounting standards (IFRS or GAAP) A) Managerial B) Financial C) Governmental D) None of the other answers 5. cost is the running costs of the operations that are required to generate income. A) Manufacturing B) Marketing C) Operating D) None of the other answers 6. cost includes items that can be traced and allocated to specific product, while cost includes items that could not be traced and allocated to a specific product, such as rent, fuel, light ... etc. A) Indirect - Direct B) Direct - Indirect C) Indirect - Overhead D) None of the other answers 7. if the volume of production increases the fixed cost per unit A) increases B) decreases C) will be the same D) None of the other answers 8. If the volume of production increases the total fixed cost B) decreases C) will be the same D) None of the other answers A) increases 9. If the volume of production increases the total variable cost C) will be the same D) None of the other answers A) increases B) decreases of ethical professional 10. The Institute of Management Accountants (IMA) has developed conduct. C) four rules D) None of the other answers B) two standards A) four standards Question 1: (5 Marks) Determine whether each of the following statements is true or false and con T/F Corre false statement(s): Statement If the variable cost per unit is $20, the price is $30, and the total fixed cost is $50,000, then brea n break-even volume is 5,000 units