Choose the best answer Which of the following will allow a business owner to understand how much money she has put into the business so far?

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Choose the best answer

Which of the following will allow a business owner to understand how much money she has put into the business so far?


the balance sheet


the statement of owner’s equity


the statement of cash flows


the statement of retained earnings

A business producing packaged food products would have the following variable costs:


Ingredients


Computers


Packaging equipment


Rent

When break-even units are 5000, and fixed costs are $100,000, what is the per unit contribution margin?


$200


$100


$20


$50

Which of the following will allow a business owner to understand how much money she has put into the business so far?


the balance sheet


the statement of owner’s equity


the statement of cash flows


the statement of retained earnings

Details for account balances found on one of the four accounting statements may be found on another of the four statements. This is known as:


Inter-Connectivity.


the Accounting Connection.


the Accounting Equation.


Owner’s Equity.

What term describes a business when revenue earned and costs incurred, in a given period are equal?


Balancing point


Equilibrium


Profit


Break-even

The Sabian company manufactures drums and sells them to colleges for marching bands. This last quarter, Sabian sold $500,000 with fixed costs of $150,000 and a contribution margin of $150,000. What were Sabian’s variable costs for the quarter?


$200,000


$150,000


$500,000


$300,000

Contribution margin per unit divided by sales price per unit is:


Profit Margin Ratio


Profit


Breakeven


Contribution Margin Ratio

Given sales revenue of $200,000 and break-even sales of $150,000 what is the Margin of Safety?


$350,000


$50,000


$150,000


$25,000

A company’s ability to pay its debts is measured by:


liquidity ratio.


profitability tests.


solvency tests.


profitability ratio

Which two categories from the KSY Manufacturing Company’s Balance Sheet will be used to calculate its Current Ratio?


Retained Earnings; Liabilities


Liabilities; Assets


Assets; Retained Earnings


Liabilities; Owner’s Equity

The Golden Braid Bookstore has a quick ratio (Acid Test) of 4.75:1, $40,000 in accounts receivable, and liabilities totaling $80,000. How much cash do they have?


$250,000


$340,000


$380,000


$475,000

If a company sells its average quantity of goods in inventory every 14.6 days, its inventory turn ratio is:


17.9


25


16.2


50

The American Institute of Certified Public Accountants (AICPA) Code of Professional Conduct:


imposes legal penalties for violation.


is involuntary.


requires its members to adhere.


is voluntary.

Section 302 of the Sarbanes Oxley (SOX) Act:


requires all accountants in an organization to take ownership of the company’s financial statements.


requires independence of outside auditors.


requires the CEO and CFO to take unequivocal ownership of their financial statements.


protects whistleblowers.

________ ________ are employees of a firm, who perform managerial accounting functions.


Tax Accountants


Cost Accountants


Budget Specialists


Financial Accountants

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