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Question 1 

The accounting equation can be stated as assets + liabilities = owner's equity.
 T or F?

Answer

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Question 2 

The accounting equation can be stated as:
A) Assets + Liabilities = Shareholders' equity
B) Assets = Liabilities + Shareholders' equity
C) Assets = Liabilities - Shareholders' equity
D) Assets + Shareholders' equity = Liabilities

Answer

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Question 3 

Bonds in a particular issue which mature in installments over a period of time are called:
A) serial bonds
B) callable bonds
C) term bonds
D) convertible bonds

Answer

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Question 4 

Open Space Furniture began June with merchandise inventory of 45 sofas that cost a total of $31,500.  During the month, Open Space purchased and sold merchandise on account as follows:

June 7   Purchase   25 sofas @ $750 each
      14   Sale   30 sofas @ 1,150 each
     18   Purchase   50 sofas @ $775 each
     27   Sale   35 sofas @ $1,200 each

Prepare a perpetual inventory record, using the LIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit.
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Answer

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Thank you

Question 5 

Preparing budgets is an example of which of the following management functions?
A) Analyzing
B) Directing
C) Controlling
D) Planning

Answer

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Question 6 

Using account analysis, what type of cost is the monthly cost of a storage locker used for holding old records?
A) Variable
B) Step
C) Fixed
D) Mixed

Answer

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Question 7 

Using account analysis, what type of cost is an electric bill that charges a flat monthly fee plus a charge for each kilowatt hour of electricity used?
A) Step
B) Variable
C) Fixed
D) Mixed

Answer

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Question 8 

Total mixed cost is represented by which of the following equations?
A) y = vx + f
B) y = v + f
C) y = vx
D) y = f

Answer

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Question 9 

The cerebral perfusion pressure is represented by which of the following equations?
A) CPP = MAP - CVP
B) CPP = ICP - MAP
C) CPP = CVP - ICP
D) CPP = MAP - ICP

Answer

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Question 10 

The representation for total variable costs is
A) vx.
B) vx - f.
C) vx + f.
D) y = vx + f.

Answer

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