Podcast
Questions and Answers
What is the expected total sales for Castle Black in the first month of operations?
What is the expected total sales for Castle Black in the first month of operations?
- $100,000 (correct)
- $250,000
- $350,000
- $500,000
What percentage of sales is expected to be spent on inventory purchases during the first month?
What percentage of sales is expected to be spent on inventory purchases during the first month?
- 30%
- 40%
- 20%
- 35% (correct)
What is the expected monthly operating expense for Castle Black?
What is the expected monthly operating expense for Castle Black?
- $5,000 (correct)
- $10,000
- $3,000
- $7,000
What is the cost of the construction project expected to begin in January?
What is the cost of the construction project expected to begin in January?
What minimum cash balance must Castle Black maintain at the end of each month?
What minimum cash balance must Castle Black maintain at the end of each month?
What is a disadvantage of participative budgeting?
What is a disadvantage of participative budgeting?
What information does a zero-based budget use?
What information does a zero-based budget use?
Which budget is considered the starting point for all other types of budgets within a company?
Which budget is considered the starting point for all other types of budgets within a company?
How many points are allocated for Problem I in the examination?
How many points are allocated for Problem I in the examination?
Considering Seven Sages, LLC's sales for August, what percentage of the total sales were credit sales?
Considering Seven Sages, LLC's sales for August, what percentage of the total sales were credit sales?
What is one of the costs included in Macklemore Inc.'s manufacturing operations?
What is one of the costs included in Macklemore Inc.'s manufacturing operations?
What is the total expected cash receipts in October for Seven Sages, LLC?
What is the total expected cash receipts in October for Seven Sages, LLC?
How many questions are included in Problem I?
How many questions are included in Problem I?
What does the honor code statement obligate the student to do?
What does the honor code statement obligate the student to do?
What is the total number of points possible in the examination?
What is the total number of points possible in the examination?
Flashcards
Points Earned
Points Earned
The total number of points a student earned on an assessment.
Points Possible
Points Possible
The maximum possible points on a test or exam.
Problem I
Problem I
A section of a test with 15 multiple-choice questions worth 4 points each.
Problem II
Problem II
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Problem III
Problem III
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Participative Budgeting Risk
Participative Budgeting Risk
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Rolling Budget Disadvantage
Rolling Budget Disadvantage
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Zero-Based Budget
Zero-Based Budget
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Sales Budget Role
Sales Budget Role
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Cash Collection Pattern
Cash Collection Pattern
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Castle Black's January Sales
Castle Black's January Sales
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January Inventory Purchases
January Inventory Purchases
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Payment Terms for Purchases
Payment Terms for Purchases
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January Operating Expenses
January Operating Expenses
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Minimum Cash Balance
Minimum Cash Balance
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Study Notes
Accounting Exam Notes
- This exam covers chapters 6, 7, 8, and 9 of the textbook.
- Keep the test booklet intact; do not unstaple pages.
- Ensure all scantron bubbles are filled in completely for name and ID.
- Sign the honor code statement at the bottom of the page.
- Record multiple choice answers on the scantron sheet and in the test booklet.
- Use No. 2 pencils only for the scantron.
- Show all calculations for workout problems in the test booklet.
- Budget your time effectively for both multiple choice and workout problems.
- Only the scantron sheet will be graded for multiple choice.
- Turn in the test booklet, scantron sheet, and any scratch paper to the proctor at the end of the exam.
- Points will be deducted for failure to follow instructions.
Problem I: Multiple Choice
- Contains 15 multiple-choice questions.
- Each question is worth 4 points.
- Total possible points for this section: 60
- Use the scantron sheet for responses, and circle your choice in the booklet.
- Questions pertain to cost behavior, including variable, fixed, and mixed costs.
- Questions involve cost estimations, break-even point, and target profit calculations.
Problem II: CVP Analysis
- The problem deals with Cost-Volume-Profit analysis.
- Total possible points for this problem: 20
Problem III: Absorption versus Variable Costing
- This problem entails cost accounting concepts, in particular the difference between absorption costing and variable costing.
- Total possible points for this problem: 20
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Description
Prepare for your upcoming accounting exam with this comprehensive review based on chapters 6, 7, 8, and 9 of the textbook. This quiz will test your knowledge across multiple choice and workout problems, ensuring you are well-prepared for grading. Follow all instructions carefully to avoid losing points.
