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2ND YEAR CLINCHER ROUND

Authored by Ella Pu-od

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Used 1+ times

2ND YEAR CLINCHER ROUND
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10 questions

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1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The process of ___________ causes the need for cost accounting.

Conversion
Sales
Controlling
Allocating

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Given the following notation, what is the break-even sales level in units? SP = selling price per unit, FC = total fixed cost, VC = variable cost per unit

SP/(FC/VC)
FC/(VC/SP)
VC/(SP - FC)
FC/(SP - VC)

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

As projected net income increases the

degree of operating leverage declines.
margin of safety stays constant.
break-even point goes down.
contribution margin ratio goes up.

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Heath Co.’s current ratio is 4:1. Which of the following transactions would normally increase its current ratio?

Purchasing inventory on account.
Selling inventory on account.
Collecting an account receivable.
Purchasing machinery for cash.

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

When the allowance method of recognizing uncollectible accounts is used, the entry to record the write-off of a specific account

Decreases both accounts receivable and the allowance for uncollectible accounts.
Decreases accounts receivable and increases the allowance for uncollectible accounts.
Increases the allowance for uncollectible accounts and decreases net income.
Decreases both accounts receivable and net income.

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

In which of the following situations is the units-of-production method of depreciation most appropriate?

An asset’s service potential declines with use.
An asset’s service potential declines with the passage of time.
An asset is subject to rapid obsolescence.
An asset incurs increasing repairs and maintenance with use.

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

According to the net method, which of the following items should be included in the cost of inventory?

Freight costs - Yes Purchase discounts not taken-No
Freight costs - Yes Purchase discounts not taken-Yes
Freight costs - No Purchase discounts not taken-Yes
Freight costs - No Purchase discounts not taken-No

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