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Unformatted text preview: Week 3 quiz 1. When materials are requisitioned for a job, the materials inventory account is debited. (Points : 1) True False 2. The following information pertains to Bright Toy Company's operating activities for 2012. The company sells light box toys and sold 10,000 units in 2012. Purchases $ 126,000 Selling and Administrative Expenses 90,000 Merchandise inventory, 1/1/2012 14,000 Merchandise inventory, 12/31/2012 10,000 Sales Revenue 250,000 What is the operating income for 2012? (Points : 1) $250,000 $140,000 $ 30,000 $ 90,000 None of these is correct 3. Process costing is used by companies that produce large numbers of identical units in a continuous fashion. (Points : 1) True False 4. Management accounting is influenced significantly by rules of GAAP and guidelines of the Securities Exchange Commission. (Points : 1) True False 5. Village Company's selected cost data for 2012 are shown below:...
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This note was uploaded on 03/01/2012 for the course ACCOUTNING 550 taught by Professor Abner during the Spring '11 term at DeVry Houston.
- Spring '11