Quiz 1 - Chapters 1,2,3 & 5

Quiz 1 - Chapters 1,2,3 & 5 - Quiz #1 Your score on this...

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Unformatted text preview: Quiz #1 Your score on this exam is 12 out of 21 . Answer Key Question 1 (Worth 3 points) An employee accidentally overstated the year's advertising expense by $50,000. Which of the following correctly depicts the effect of this error? Cost of goods manufactured will be overstated by $50,000. Cost of goods sold will be overstated by $50,000. Both cost of goods manufactured and cost of goods sold will be overstated by $50,000. Cost of goods sold will be overstated by $50,000, and cost of goods manufactured will be understated by $50,000. None of these. This is a correct answer Points earned on this question : 3 Question 2 (Worth 3 points) Montgomery Company has a variable selling cost. If sales volume increases, how will the total variable cost and the variable cost per unit behave? My Notes : The variable cost per unit is constant and does not depend on how many units are produced. Choice A Choice B This is a correct answer Choice C Choice D Choice E Points earned on this question : 0 Question 3 (Worth 3 points) Bolman, Inc., has only variable costs and fixed costs. A review of the company's records disclosed that Bolman, Inc....
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This note was uploaded on 01/24/2011 for the course ACC 505 taught by Professor N/a during the Winter '09 term at Walsh College.

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Quiz 1 - Chapters 1,2,3 & 5 - Quiz #1 Your score on this...

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