Search
Question: What is the journal entry to record the admission of a new partner?Options: Debit Cash, Cr..
Question: What is the effect of recording depreciation on financial statements?Options: Increases ne..
Question: Which of the following is NOT a component of the final accounts?Options: Income StatementB..
Question: What does a trial balance ensure?Options: That all accounts are balancedThat all transacti..
Question: What is the journal entry for recording accrued expenses?Options: Debit Expense, Credit Ca..
Question: Which accounting standard is primarily used in the United States?Options: IFRSGAAPIASFASBC..
Question: Which inventory valuation method assumes that the oldest inventory items are sold first?Op..
Question: How is straight-line depreciation calculated?Options: Cost of asset - Salvage value / Usef..
Question: What is the purpose of the final accounts?Options: To record daily transactionsTo summariz..
Question: Which of the following accounts would NOT appear on a trial balance?Options: CashAccounts ..
Question: What is the journal entry to record a cash sale of $1,000?Options: Debit Cash $1,000, Cred..
Question: If a company has a margin of safety of 20% and its break-even sales are $50,000, what are ..
Question: What happens to the contribution margin if the selling price increases while variable cost..
Question: In a marginal costing system, how are fixed costs treated?Options: Included in product cos..
Question: Which costing method is best for short-term decision-making?Options: Absorption costingMar..
Question: If a company has a contribution margin of $15,000 and fixed costs of $10,000, what is the ..
Question: What is the break-even point in units if fixed costs are $10,000, selling price per unit i..
Question: Which of the following is NOT a benefit of marginal costing?Options: Simplifies decision-m..
Question: If a company sells 1,000 units at $20 each and has variable costs of $12 per unit, what is..
Question: In marginal costing, how is contribution margin calculated?Options: Sales - Total CostsSal..
Question: What is the total contribution margin if a company sells 500 units at a selling price of $..
Question: If the selling price per unit is $100 and the variable cost per unit is $60, what is the m..
Question: A company has a total cost of $50,000 for producing 1,000 units. If the fixed cost is $20,..
Question: If a company has a budgeted sales volume of 1,000 units and a budgeted variable cost of $2..
Question: What is the break-even point in units if fixed costs are $12,000 and the contribution marg..
Question: If a company wants to achieve a profit of $10,000 and has fixed costs of $4,000, how much ..
Question: A product sells for $50 per unit and has a variable cost of $30 per unit. What is the cont..
Question: A company has fixed costs of $12,000 and a contribution margin of $20 per unit. If they se..
Question: A product has a selling price of $25 and variable costs of $15. If fixed costs are $10,000..
Question: If a company sells a product for $50 and has variable costs of $30, what is the break-even..
