124. A component of operating efficiency and profitability, calculated by expressing net income as a percent of net sales, is the: A. Acid-test ratio.B. Merchandise turnover.C. Price earnings ratio.D. Accounts receivable turnover.E. Profit margin ratio. 125. One of several ratios that reflects solvency includes the: A. Acid-test ratio.B. Current ratio.C. Times interest earned ratio.D. Total asset turnover.E. Days’ sales in inventory. 126. A company had a market price of $27.50 per share, earnings per share of $1.25, and dividends […]

  51) Seneca Company has invested $1,000,000 in a plant to make gas pumps for service stations. The average long-run income desired from the plant is $150,000 annually. The annual cost base for each pump is $1,000. What should be the prospective selling price for each pump if the company uses a target return on investment as the markup base? 51) ______ A) $16,000 B) […]

  74.Which of the following is not an example of the function of an Agency Fund? A)Payment of pension benefits to retired government employees B)Collection of local government sales taxes by the state government C)Collection of property taxes for the school district by an elected county government official. D)Periodic distribution by the state government of county sales taxes 75.Which of the following statements is not […]

    66.Refer to the information above. At the reduced selling price of $65 per unit, what dollar volume of sales per month is required to break-even? (Round your intermediate percentage to one decimal place and final answer to nearest whole dollar.)    A. $27,842.   B. $22,727.   C. $21,090.   D. $29,540.       Grand Gimmicks Company produces a single product with a current selling price of […]

  121. In contribution margin analysis, the quantity factor is computed as:  A. the increase or decrease in the number of units sold multiplied by the planned unit sales price or unit cost B. the increase or decrease in unit sales price or unit cost multiplied by the planned number of units to be sold C. the increase or decrease in the number of units sold multiplied by the […]

  86.Canfield Technical School allocates administrative costs to its respective departments based on the number of students enrolled, while maintenance and utilities are allocated per square feet of the classrooms. Based on the information below, what is the total amount allocated to the Welding Department (rounded to the nearest dollar) if administrative costs for the school were $50,000, maintenance fees were $12,000, and utilities were […]

  21) A learning curve is a function that measures how labour-hours per unit decrease, as units of production increase.   22) A COQ report provides information on individual categories, but can not provide information on interdependencies across the four categories of quality costs.   23) Quality of design measures A) how closely the characteristics of products or services match the needs and wants of […]

  223. Construct a chart of accounts, assigning account numbers and arranging the accounts in balance sheet and income statement order (“1” for assets, and so on).  Each account number is three digits.  Contra accounts should designated with a decimal of the account (100.1 for contra of account 100). Assets and liabilities should be in order of liquidity, expenses should be  in alphabetical order.   Accounts […]

  51. Hugh Morris Company pays weekly wages of $10,000 every Friday for a five day week ending on that day. If the last day of the year is on Wednesday, the adjusting entry to record the accrued wages is:  A. debit Wages Expense $6,000; credit Cash $6,000 B. debit Wages Expense $4,000; credit Cash $4,000 C. debit Wages Expense $6,000; credit Wages Payable $6,000 D. debit Wages Expense $6,000; […]

  172. Put the following in the order of the flow of manufacturing costs for a companya. Closing under/over applied factory overhead to cost of goods soldb. Materials purchasedc. Factory labor used and factory overhead incurred in productiond. Completed jobs moved to finished goodse. Factory overhead applied to jobs according to the predetermined overhead ratef. Materials requisitioned to jobsg. Selling of finished producth. Preparation of financial […]