Question 1.1. X&P Companys formula for its Cost of Goods Sold is given as Beginning Finished Goods Inventory plus Cost of Goods Manufactured minus Ending Finished Goods Inventory. S = Cost of Goods Sold, B = Beginning Finished Goods Inventory, M = Cost of Goods Manufactured, and E = Ending Finished Goods Inventory. If S = $900,000 and B = 15% of S, which of the following is the Beginning Finished Goods Inventory amount? (Points : 1)

A. $135,000 B. $140,000 C. $145,000 D. $150,000

Question 2.2. ABC Companys formula for its Total Costs is Total Fixed Costs plus Total Variable Costs. T = Total Costs, F = Total Fixed Costs, V = Total Variable Costs, v = Variable Cost per Unit of Production, and q = Quantity of Production Units. If Variable Cost per Unit of Production is $50 Total Fixed Costs is $200,000, and Total Variable Costs is $80,000, which of the following is the production level? (Points : 1)

A. 800 units B. 1,000 units C. $1,600 units D. $2,400 units

Question 3.3. N&T Companys formula for its Cost of Goods Sold is given as Beginning Finished Goods Inventory plus Cost of Goods Manufactured minus Ending Finished Goods Inventory. S = Cost of Goods Sold, B = Beginning Finished Goods Inventory, M = Cost of Goods Manufactured, and E = Ending Finished Goods Inventory. If S = $1,200,000, B = 14% of S, and M = 90% of S, which of the following is the Ending Finished Goods Inventory amount? (Points : 1)

A. $48,000 B. $72,000 C. $96,000 D. $120,000

Question 4.4. ABC Companys formula for its Total Costs is Total Fixed Costs plus Total Variable Costs. If T = Total Costs, F = Total Fixed Costs, V = Total Variable Costs, v = Variable Cost per Unit of Production, and q = Quantity of Production Units, which of the following derives the Total Costs equation at 800 production level? (Points : 1)

A. T = F 800v B. T = F/800v C. T = F + 800v D. T = 800v/F

Question 5.5. ABC Companys formula for its Total Costs is Total Fixed Costs plus Total Variable Costs. If T = Total Costs, F = Total Fixed Costs, and V = Total Variable Costs, which of the following derives the Total Costs equation? (Points : 1)

A. T = F - V B. T = F + V C. T = F/V D. T = V/F

Question 6.6. ABC Companys formula for its Cost of Goods Sold is given as Beginning Finished Goods Inventory plus Cost of Goods Manufactured minus Ending Finished Goods Inventory. S = Cost of Goods Sold, B = Beginning Finished Goods Inventory, M = Cost of Goods Manufactured, and E = Ending Finished Goods Inventory. If S = $800,000, B = $50,000, and E = $40,000, which of the following derives the Cost of Goods Manufactured? (Points : 1)

A. $800,000 = $40,000 $50,000 + M B. $800,000 = $40,000 + $50,000 + M C. $800,000 = $50,000 - $40,000 + M D. $800,000 = $40,000 - $50,000 M

Question 7.7. ABC Companys formula for its Total Costs is Total Fixed Costs plus Total Variable Costs. T = Total Costs, F = Total Fixed Costs, V = Total Variable Costs, v = Variable Cost per Unit of Production, and q = Quantity of Production Units. If Variable Cost per Unit of Production is $50, which of the following is the Total Variable Costs amount at 800 production level? (Points : 1)

A. $750 B. $800 C. $39,500 D. $40,000

Question 8.8. ABC Companys formula for its Cost of Goods Sold is given as Beginning Finished Goods Inventory plus Cost of Goods Manufactured minus Ending Finished Goods Inventory. If S = Cost of Goods Sold, B = Beginning Finished Goods Inventory, M = Cost of Goods Manufactured, and E = Ending Finished Goods Inventory, which of the following derives the Cost of Goods Sold equation? (Points : 1)

A. S = E + M B B. S = B + M E C. S = B - M E D. S = E + M + B

Question 9.9. Which of the following is a distinguishing feature of managerial accounting? (Points : 1)

A. External users B. General-purpose reports C. Very detailed reports D. Quarterly and annual reports

Question 10.10. Which of the following describes the managerial function of controlling? (Points : 1)

A. The managerial function of controlling is performed by investors of a company. B. The managerial function of controlling reports the companys earnings potential to creditors. C. The managerial function of controlling is concerned mainly with operating a manufacturing segment. D. The managerial function of controlling includes the evaluation of the performance of a companys department.