Hi Sarah, I have a few questions that I need help with immediately. They are due in 35 minutes. Question 2: A company may have several cost centers, but it can have only one profit center. True or False? ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Question 6 The beginning and ending balances of the finished goods inventory are not used in the computation of cost of goods manufactured. True or False? ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Question 7 Once the financial statements have been prepared, the steps in the accounting cycle are complete. Which of the following is NOT one of the steps in the accounting cycle? A: Post Closing Trial Balance B: Closing Trial Balance C: Adjusting entries D: Closing entries ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Question 8 The end-of-period adjusting entries are A: recorded in the journal and posted in the ledger. B: recorded in the ledger and posted in the journal. C: recorded and posted in the journal. D: recorded and posted in the ledger. ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Question 10 The Balance Sheet of a manufacturing firm will include which account that will not be included in the Balance Sheet of a service firm? A: Work in Process Inventory B: Prepaid Wages C: Accounts Payable D: Purchases ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Amounts paid to factory repair and maintenance employees are considered direct labor. True or False? ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Question 12 The rate of return on total assets measures how effectively management has used the assets of the company. True or False? ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Question 16 The contribution margin of a department is the difference between A: Its gross profit on sales and its indirect expenses. B: Its net sales and the total expenses. C: Its gross profit on sales and its direct expenses. D: Its net sales and its cost of goods sold. ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Question 17 Responsibility accounting provides detailed data for each cost center and profit center so that management can determine how efficiently the individual segments are functioning. True or False? ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Question 18 The adjusting entry to close out the beginning work in process inventory includes a debit to Income Summary and a credit to Work in Process Inventory. True or False? ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Question 21 The Cost of Goods Sold section of the income statement for a manufacturing business shows the work in process inventory. True or False? ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Question 22 In vertical analysis, it is customary to express each item on the balance sheet as a percentage of total liabilities. True or False? ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Question 23 Under the perpetual inventory method, additions and deletions are recorded as they occur to which of the following? A: Work in Process B: Finished Goods C: All of these D: Materials ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Question 24 The balance of the Manufacturing Summary account is closed into the Income Summary account. True or False