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Acct 2 Module 2 Review

Authored by Eric Swanson

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KG - University

Used 7+ times

Acct 2 Module 2 Review
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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not part of the revenue process? 

Receive and accept order for goods and services.
Receive goods and services.
Receive payments for goods and services rendered.
Provide customer support.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not part of the conversion process? 

Machine set ups
Paying for the raw material used in production.
Storing the raw material used in production.
Storing finished manufactured goods until sold.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not part of the expenditure process?

Receiving goods and services.
Paying suppliers.
Ordering goods and services.
Using equipment to manufacture products.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Document sent by the purchasing dept. to order a specific quantity of goods or services is a: 

Vendor invoice
Purchasing report
Purchase order
Purchase requisition

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A sales invoice originates with the:

Vendor
Purchasing department
Sales department
Accounting department

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Goods shipped from seller on Nov 1, arrive at buyer on Nov 6. If FOB destination, the buyer

took legal title on Nov 10.
the buyer took legal title on Nov 6.
The buyer took legal title on Nov 1.
The buyer took legal title on Nov 7.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If fixed costs increase, how will this affect the contribution margin?

it will increase
it will decrease
there will be no effect.

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