Practice exam

Question 1

cococrin

Answer 1

competence
confidentiality
credibility
integrity

Question 2

supplies on bs supplies expense on is

Answer 2

to find supplies on bs look a supplies on hand
to find supplies on expense i/s look at supplies on account

Question 3

PPE

Answer 3

LTA (investing)

Question 4

RM purchases

Answer 4

desired + required - on hand

Question 5

item is material if

Answer 5

influence decision of creditor or investor

Question 6

bonds payable

Answer 6

discount on on bonds payable and premium

Question 7

PPE

Answer 7

AD

Question 8

accts receivable

Answer 8

ADA

Question 9

mixed costs (high low) step 1

Answer 9

(high activity TC- low activity TC) / (high activities hrs - low activities hrs) = VC per unit

Question 10

mixed costs (high low) step 2

Answer 10

High activity TC - (VC per unit x high activity machine hrs) = FC element

Question 11

Cost Volume Profit step 1

Answer 11

expected increase (1- VC%) = cm