Quiz 1 - Chapters 1,2,3 & 5

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

This preview shows pages 1–3. Sign up to view the full content.

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
This is the end of the preview. Sign up to access the rest of the document.

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....
View Full Document

## 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.

### Page1 / 3

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

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document
Ask a homework question - tutors are online