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Web Exam 1 Practice - Practice Exam 1(Chapters 2 12 13 and...

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Practice Exam 1 (Chapters 2, 12, 13 and 14) These practice questions do not cover every topic that may appear on the actual exam, but they should be a part of your exam preparation. You should also study your class notes, homework, practice problems as well as the assigned reading from the textbook. 01. If a company reported accounts receivable in its financial statements, the company would be refering to A. amounts due from customers to be paid to the company. B. amounts to be paid by the company to its creditors. C. amounts to be collected from creditors by the company. D. amounts to be paid by the compamy to its customers. 02. King Korn, Inc sells a biodegradable plastic made out of corn products and has predicted the following sales for the first four months of the current year: Jan. Feb. March April Sales in units 1,800 1,600 2,100 1,600 Ending inventory for each month should be 20% of the next month's sales, and the December 31 inventory is consistent with that policy. How many units should be purchased in February? 03. Which of the following statements is true?
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