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1. What is a cost whose total amount changes in direct proportion to a change in volume

1. What is a cost whose total amount changes in direct proportion to a change in volume
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Solution Guide / Answer Key:

ACCOUNTING

MULTIPLE CHOICE

1. What is a cost whose total amount changes in direct proportion to a change in volume? (Points : 1)

2. Which of the following costs is an example of a fixed cost? (Points : 1)

3. If production increases by 15%, how will total variable costs likely react? (Points : 1)

4. Which of the following statements is TRUE with respect to fixed costs per unit? (Points : 1)

5. Canine Company produces and sells dog treats for discriminating pet owners. The unit selling price is $10, unit variable costs are $7, and total fixed costs are $3,300. What are breakeven sales? (Points : 1)

6. Fixed Company produces a single product selling for $30 per unit. Variable costs are $12 per unit and total fixed costs are $4,000. What is the contribution margin ratio? (Points : 1)

7. If the sale price per unit is $7, the unit contribution margin is $3, and total fixed expenses are $19,500, what are the breakeven sales in units? (Points : 1)

8. Which of the following alternatives reflects the proper order of preparing components of the master budget? (1) financial budget (2) operating budget (3) capital expenditures budget (Points : 1)

9. Operating budgets include all of the following except for one. Which is it? (Points : 1)

10. Heath Company has beginning inventory of 21,000 units and expected sales of 48,000 units. If the desired ending inventory is 15,500 units, how many units should be produced? (Points : 1)

11. Janeway Corporation desires a December 31 ending inventory of 1,500 units. Budgeted sales for December are 2,300 units. The November 30 inventory was 850 units. What are budgeted purchases? (Points : 1)

12. Martin Company sells a certain product for $15 per unit. The beginning inventory is 40,000 units, and the desired ending inventory is 32,000 units. If budgeted production is 100,000 units, what is the forecasted sales revenue from the product? (Points : 1)

13. The preparation of which of the following is the final step in the preparation of the financial budget? (Points : 1)

14. June sales were $40,000 while projected sales for July and August were $50,000 and $60,000, respectively. Sales are 40% cash and 60% credit. All credit sales are collected in the month following the sale. What are the expected collections for July? (Points : 1)

 

FILE: MS WORD

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