24. Under which method may companies manipulate their income by choosing which units to sell? a) FIFO b) LIFO c) Weighted Average d) Specific Identification

The of each product's sales to. O selling price, profit O unit price, expense O ratio, total sales O profit, revenue yields the sales mix.

Which of the following is the indicator of the rate at which company is earning profit? Select one: a. Margin of safety b. All options are correct c. Contribution margin d. Profit volume ratio

Which of the following would not be considered as a component of the "cost" of stock?a. Salaries of selling staffb. Transportation inward costsc. Import dutiesd. Purchase price

Which of the following is a measure of profitability?a. Quick (acid-test) ratiob. Net salesc. Inventory turnoverd. Return on assets (ROA)

For which of the following cost flow methods does generally accepted accounting principles require application of the lower-of-cost-or-market rule? Multiple Choice All of these cost flow methods FIFO Specific identification Weighted average LIFO

Which of the following is an assumption of cost-volume-profit analysis? a. The inventory quantities during the period can change. b. Within the relevant range of operating activity, the efficiency of operations can change. c. Costs can be divided into fixed and variable components. d. The sales mix can vary. 5 Which of the following is an assumption of cost-volume-profit analysis? a. The inventory quantities during the period can change. b. Within the relevant range of operating activity, the efficiency of operations can change. c. Costs can be divided into fixed and variable components. d. The sales mix can vary.

4. What is the difference between the SCI of a service entity from a merchandising entity? 5. What is the formula in computing Net Income (Loss) for Service Entities? 6. What is the formula in computing Net Sales? 7. What is the formula in computing Cost of Goods Sold?

The Pet Store experienced the following events for the Year 1 accounting period: 1. Acquired $55,000 cash from the issue of common stock. 2. Purchased $78,000 of inventory on account. 3. Received goods purchased in Event 2 FOB shipping point; freight cost of $1,400 paid in cash. 4. Sold inventory on account that cost $44,000 for $83,000. 5. Freight cost on the goods sold in Event 4 was $1,200. The goods were shipped FOB destination. Cash was paid for the freight cost. 6. Customer in Event 4 returned $5,360 worth of goods that had a cost of $2,730. 7. Collected $68,060 cash from accounts receifable. 8. Paid $64,000 cash on accounts payable. 9. Paid $3,360 for advertising expense. 10. Paid $3,570 cash for insurance expense. Required a. Which of these events affect period (selling and administrative) costs? Which result in product costs? If neither, label the transaction NA. Transaction Cost

Mark up can be calculated by the formula; a. Markup = Cost + Expenses b. Markup = Cost + Profit c. Markup = Selling price + Cost d. Markup = Expenses + Profit