Exam 1 Practice - Practice Exam 1 These practice questions...

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Practice Exam 1 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, assignments, 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 referring 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 company to its customers. $30,000 invested by owners 20,000 cash obtained from bank loan 10,000 of services were sold; customers will pay cash next month 500 utilities paid with cash 500 wages owed employees; will be paid next month What are the total assets for the company at the end of the month? A. 39,500 B. 39,000 C. 58,000 D. 59,000 E. 59,500 03. Which of the following statements is true? A. Costs that cannot be classified as direct material or direct labor are classified as period costs. B. The total cost of a finished product generally contains equal amounts of material, labor, and manufacturing overhead costs. C. A factory manager’s salary would be classified as a period cost. D. Reports prepared in managerial accounting are general-purpose reports, whereas reports prepared in financial accounting are usually special-purpose reports. E. None of the above are true. 04. Which of the following statements is true? A. Decreases in the level of activity will cause total variable and total fixed costs to decrease. B. The break-even point is the point at which total sales equals total contribution margin. C. In cost-volume-profit analysis, the term ‘cost’ includes only manufacturing costs. D.
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Exam 1 Practice - Practice Exam 1 These practice questions...

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