Business Major Field Test Questions And Answers Graded A;(Full Test Bank)

BUSINESS MAJOR FIELD TEST QUESTIONS AND ANSWERS GRADED A;(FULL TEST BANK) Accounting: What costs should be considered when making non-routine decisions? (3) The price of material, Factory overhead costs, and the price of labor Accounting: Total product/ units produced and sold equals?? Product Cost per Unit Accounting: What is a general explanation of what the contribution margin is? The difference between variable costs subtracted from sales Accounting: In a continuous budget plan how many months are generally planned? 12 months Accounting: Which of the following is not one of the weaknesses of standard costing It makes accounting for price increases more accurate Accounting: What are the potential ways to find the price of what a produced products should cost? (3) Product cost concept, total cost concept, and variable cost concept Accounting: Which report is the connecting link between the income statement and the balance sheet? Cash flow statement The net cash flow from operating activities normally differs from the amount of net income for the period. True Accounting: Expense accounts would have a balance on which side? Left side Accounting: A profit-making business operating as a separated legal entity and in which ownership is divided into shares of stock is known as a... Corporation Accounting: A debt may slightly Increase in an asset account Accounting: What would be classified as a current asset on the balance sheet Accounts receivable Accounting: What are the elements of internal control? (3) Control environment, monitoring, and control procedures. True or False: A cash distribution of earnings by a corporation to its stockholders is called a CASH DIVIDEND. The 3 conditions that a corporation must meet to pay a cash dividend are: sufficient retained earnings, sufficient cash, and formal action by the board of directors. True Accounting: Factors in computing depreciation are? Initial cost + residual value = depreciable Accounting: The statement of cash flows reports a firm's major cash inflows and outflows for a period. It provides useful information about a company's ability to do the following??