. Which of the following is TRUE about contribution margin? Select one: A. The amount remaining after cost of goods sold has been deducted from sales revenues. B. The amount remaining fixed costs have been deducted from sales revenue. C. The amount remaining after fixed costs have been deducted from variable costs. D. The amount remaining after variable costs have been deducted from sales revenue. 2. Which of the following financial statements reports information as of a specific date? Select one: A. Statement of Changes in Equity. B. Statement of Profit or Loss and other Comprehensive Income. C. Statement of Cash Flows. D. Statement of Financial Position. 3. The following are objectives of budgeting EXCEPT: Select one: A. Compare organisational actual achievement with planned goals. B. Ensuring departments within an organisation operate as a team. C. Establishing and communicating organisational goals. D. Developing appropriate high technology information system for an organisation. 4. Barbara Bhd. is a refrigerator manufacturing company. Which of the following items is most likely considered an indirect manufacturing cost for Barbara Bhd.? Select one: A. Supplies used for factory machines maintenance. B. Refrigerators doors. C. Fuel costs for trucks used to deliver products to customers. D. Glass shelves for the refrigerators. 5. The following actions can be taken to lower the break-even point EXCEPT: Select one: A. decrease variable costs. B. increase the production volume. C. decrease fixed costs. D. increase the selling price. 6. Which of the following statement is NOT the objective of financial reporting? Select one: A. To prepare information relating to the planning of resources, obligation of resources, and changes related to resources. B. To prepare information relating to the value of business liquidation. C. To prepare useful information to the value cash flow prospect. D. To prepare useful information for investment and lending decisions. Just answer the question without

. Which of the following is TRUE about contribution margin? Select one: A. The amount remaining after cost of goods sold has been deducted from sales revenues. B. The amount remaining fixed costs have been deducted from sales revenue. C. The amount remaining after fixed costs have been deducted from variable costs. D. The amount remaining after variable costs have been deducted from sales revenue. 2. Which of the following financial statements reports information as of a specific date? Select one: A. Statement of Changes in Equity. B. Statement of Profit or Loss and other Comprehensive Income. C. Statement of Cash Flows. D. Statement of Financial Position. 3. The following are objectives of budgeting EXCEPT: Select one: A. Compare organisational actual achievement with planned goals. B. Ensuring departments within an organisation operate as a team. C. Establishing and communicating organisational goals. D. Developing appropriate high technology information system for an organisation. 4. Barbara Bhd. is a refrigerator manufacturing company. Which of the following items is most likely considered an indirect manufacturing cost for Barbara Bhd.? Select one: A. Supplies used for factory machines maintenance. B. Refrigerators doors. C. Fuel costs for trucks used to deliver products to customers. D. Glass shelves for the refrigerators. 5. The following actions can be taken to lower the break-even point EXCEPT: Select one: A. decrease variable costs. B. increase the production volume. C. decrease fixed costs. D. increase the selling price. 6. Which of the following statement is NOT the objective of financial reporting? Select one: A. To prepare information relating to the planning of resources, obligation of resources, and changes related to resources. B. To prepare information relating to the value of business liquidation. C. To prepare useful information to the value cash flow prospect. D. To prepare useful information for investment and lending decisions. Just answer the question without

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1. Which of the following is TRUE about contribution margin? Select one: A. The amount remaining after cost of goods sold has been deducted from sales revenues. B. The amount remaining fixed costs have been deducted from sales revenue. C. The amount remaining after fixed costs have been deducted from variable costs. D. The amount remaining after variable costs have been deducted from sales revenue. 2. Which of the following financial statements reports information as of a specific date? Select one: A. Statement of Changes in Equity. B. Statement of Profit or Loss and other Comprehensive Income. C. Statement of Cash Flows. D. Statement of Financial Position. 3. The following are objectives of budgeting EXCEPT: Select one: A. Compare organisational actual achievement with planned goals. B. Ensuring departments within an organisation operate as a team. C. Establishing and communicating organisational goals. D. Developing appropriate high technology information system for an organisation. 4. Barbara Bhd. is a refrigerator manufacturing company. Which of the following items is most likely considered an indirect manufacturing cost for Barbara Bhd.? Select one: A. Supplies used for factory machines maintenance. B. Refrigerators doors. C. Fuel costs for trucks used to deliver products to customers. D. Glass shelves for the refrigerators. 5. The following actions can be taken to lower the break-even point EXCEPT: Select one: A. decrease variable costs. B. increase the production volume. C. decrease fixed costs. D. increase the selling price. 6. Which of the following statement is NOT the objective of financial reporting? Select one: A. To prepare information relating to the planning of resources, obligation of resources, and changes related to resources. B. To prepare information relating to the value of business liquidation. C. To prepare useful information to the value cash flow prospect. D. To prepare useful information for investment and lending decisions. Just answer the question without explanation. Thanks in advance

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