A100 Exam 1 Spring 1 2008

A100 Exam 1 Spring 1 2008 - 1 Which of the following is...

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1 Which of the following is illegal (i.e., "bad")? a Tax tourism b Tax redaction c Tax avoidance d Tax ebullience e Tax evasion 2 Which of the following would a taxpayer in the United States of America prefer? a $1,000 tax credit b $1,000 tax deduction c $1,000 tax redemption d $1,000 tax exclusion e $1,000 tax reclusion 3 The only people who are allowed to provide audit opinions for publicly-held companies in the U.S. of A. are: a IRS special agents b Certified Internal Auditors c Certified Public Accountants d Certified Financial Auditors e General Accountability Office (GAO) agents 4 The law that was passed as a result of ENRON's misdeeds is known as: a SARBOX b Enrongate c 404 d 302 e McCain-Feingold 5 In the United States, the cost of research and development of new products would appear: a In cost of goods sold b in a manufacturing inventory account c as unearned revenue d as an expense e none of the above 6 The section of the law that requires audits of internal controls for publicly-held companies in the United States is: a 403 b 304 c 404 d 302 e 402 7 Mottern Company's total cost function is y = mx +b. If b = $10,000, and Mottern's total costs = $50,000 when 2,000 units are produced and sold, what is Mottern's variable cost per unit? a $40 b $20 c $25 d $10 e $200 8 Which of the following statements is false? a Fixed cost per unit decreases as a company produces and sells more units of product. b Variable cost per unit remains the same no matter how much a company produces and sells. c Total fixed costs remain the same no matter how much a company produces and sells. d Total variable costs increase as a company produces and sells more units of product. e Fixed cost per unit remains the same no matter how much a company produces and sells. 9 A Company has total revenues of $60,000, total variable costs of $40,000, and net income of $10,000. What is A Company's breakeven point? a $33,333 b $15,000 c $30,000 d $50,000 e none of the above 10 B Company has total revenues of $400,000, total variable costs of $300,000, and net income of $40,000. How much must B Company's total sales be in order for B to earn net income of $100,000? a $640,000 b $213,333 c $800,000 d $1,000,000 e none of the above
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On January 1, 2006, BDB borrowed $180,000 from Local Bank, and agreed to pay the bank $252,000 on January 1, 2010 to settle the debt. 11 a A note payable of $180,000, interest expense of $36,000, and interest payable of $54,000. b A note payable of $180,000, interest expense of $18,000, and interest payable of $54,000. c A note payable of $180,000, interest expense of $54,000, and interest payable of $54,000. d A note payable of $135,000, interest expense of $18,000, and interest payable of $54,000.
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A100 Exam 1 Spring 1 2008 - 1 Which of the following is...

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