Acct 2020 Ch 1-4 Quiz Questions

Acct 2020 Ch 1-4 Quiz Questions - 1. Gross margin equals...

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1. Gross margin equals sales revenue - cost of goods sold 2. Financial Accounting a. is concerned with the information about the firm as a whole 3. Which of the following is an example of the management activity referred to as planning? a. Developing a strategy of disposing of hazardous waste. 4. Product costs a. are manufacturing costs. are inventoriable costs. include direct materials, direct labor, and overhead. 5. Gross margin percent equals? a. gross margin / sales revenue 6. Which of the following is an example of a period cost? a. research and development, selling and marketing, general accounting 7. Operating income equals a. sales revenue - cost of goods sold - selling and administrative expenses 8. Costs are subdivided into what two major functional categories? a. production and non-production 9. Which of the following areas is not emphasized on the CMA examination? a. external auditing and business law 10. Which of the following would not be a non-production cost? a. indirect labor 11. Which of the following would be found on the Balance Sheet of a manufacturer? a. factory building 12. Which of the following would not be an example of a value-added activity? a. storage of finished products 13. Which of the following would not be found on the Income Statement of a manufacturer? a. work in process 14. On a manufacturer’s Income Statement expenses are separated into the following three categories a. production, selling, and administrative 15. Which of the following would occupy a line position in a hospital? chief of surgery a. NOT (hospital administrator, manager of the cafeteria, none of these)
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16. Which of the following can be found on the Income Statements of both a manufacturing and service organization? a.
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This note was uploaded on 04/23/2008 for the course ACCT 2020 taught by Professor Lui during the Spring '08 term at North Texas.

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Acct 2020 Ch 1-4 Quiz Questions - 1. Gross margin equals...

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