Question
_______________ is the ethical standard being applied when an accountant prepares financial statements in accordance with GAAP. credibility. integrity. objectivity. competence. Of the following, which
_______________ is the ethical standard being applied when an accountant prepares financial statements in accordance with GAAP.
credibility.
integrity.
objectivity.
competence.
Of the following, which can be used as the base amount when performing a vertical analysis of a balance sheet?
Current Assets
Current Liabilities
Total Liabilities and Equity
Total Liabilities
If the selling price per unit decreases and variable cost per unit remains the same, what will the effect on the contribution margin ratio be?
It will remain the same.
It will decrease.
It will increase.
It is impossible to determine with the given information.
Planning, a primary responsibility of management, involves which of the following activities?
Overseeing the company's day-to-day operations
Evaluating the results of operations
None of the above
Setting goals and objectives for the company
What ethical standard would you violate if you occasionally take markers and printing paper home from work for personal use?
Confidentiality
Credibility
Integrity
Competence
By selling one unit above its breakeven unit sales volume, the operating income would be equal to
The unit contribution margin
The fixed expenses
Zero
The unit selling price
______________ is the process of analysing the percentage changes in comparative financial statements from year to year
Vertical Analysis
Benchmarking
Horizontal analysis
Trend analysis
All of the following budgets are financial budgets except
Budgeted balance sheet
Capital expenditures budget
Budgeted income statement
Cash budget
Fixed expenses deducted from total contribution margin total equals
gross profit.
operating income.
sales revenue.
contribution margin ratio.
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