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Web Exam 1 - Exam#1 Once you have completed the exam below...

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Exam #1 Once you have completed the exam below, you must enter your answers in the Assignments section of Blackboard on the answer sheet provided. Your answer sheet is due by 5pm on Monday, Sept. 29, 2008; print or save your conformation page to verify that your exam was successfully submitted. If you have any clarification questions about the exam, please post a note on the ACC 310F Class Q&A Discussion Board located in the Communication section of Blackboard. 01. Which of the following accurately reflects a cost-volume-profit relationship? A. Sales - Total Variable Costs + Fixed Costs = Net Income B. Contribution Margin = Net Income + Fixed Costs C. Contribution Margin = Sales - Fixed Costs D. Sales - Total Variable Costs = Net Income E. Sales - Total Variable Costs - Fixed Costs = Contribution Margin 02. Just Juice produces quality fruit juices and related products. Which of the following would be classified as a period cost for the company? 03. Which of the following is not an example of an overhead cost: Use the following information from the accounting records of Sling Blade Farming Company to answer questions #04 and #05. Cost of goods sold 220,000 Cash 15,000 Equipment 45,000 Accounts receivable 20,000 Wage expense 3,000 Notes payable 50,000 Land 30,000 Income tax expense 1,000 Selling expense 15,000 Accounts payable 10,000 Sales 300,000 Inventory 60,000 Withdrawals 2,000 Rent expense 4,000
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