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_______________ 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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