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 on the answer sheet provided in the Assignments section of Blackboard. Fill in the blank answers should be entered using numeric characters without a dollar sign, comma or decimal point unless specified otherwise. Although you can “Save” your answers while working, you must “Submit” them to get credit for the exam. Once submitted, your answers cannot be changed. Your answer sheet is due by 9pm on Thursday, February 26, 2009; print or save your conformation page to verify that your exam was successfully submitted. 01. Cost of sales is which type of account and on which financial statement is it shown? Type of Account Financial Statement A. asset balance sheet B. asset income statement C. expense balance sheet D. expense income statement E. revenue income statement 02. Operating budgets include all the following budgets except the: A. Sales budget. B. Selling expense budget. C. Cash budget. D. Merchandise purchases budget. E. General and administrative expense budget. 03. The LLB Company recently reported total variable costs of $797,040, total fixed costs of $46,980 and a net income of $55,980. If the company’s sales price is $25 per unit, what is the contribution margin per unit rounded to the nearest penny? Answer: 2.86 04. Crusty Burger is local fast-food restaurant. Customers place orders for hamburgers at a counter located at the front of the restaurant and pick their order up when their name is called. They can then choose whatever vegetables they want such as lettuce and pickles at a condiment bar. The cost of the vegetables would be classified as a A. manufacturing overhead cost B. direct material cost C. period cost D. selling cost E. fixed cost 05. Simon, Inc. had the following account balances: Cash 10,000 Rent expense 10,000 Equipment 20,000 Accounts payable 15,000 Accounts receivable 10,000 Utility expense 5,000 Revenue 50,000 Capital 60,000 Land 30,000 Inventory 40,000 Wage expense 10,000 Long-term liabilities 40,000 What are the company’s total assets? Answer: 110,000
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This note was uploaded on 04/22/2009 for the course ACC 310F taught by Professor Verduzco during the Spring '07 term at University of Texas at Austin.

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

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