OSU ACCTMIS 2300 Exam 1 Questions with Correct Answers Latest Update 2025/2026

OSU ACCTMIS 2300 Exam 1 Questions with Correct Answers Latest Update 2025/2026 Public Income Statement - Answers Sales Revenue - Cost of Goods Sold = Gross profit - S&A Expenses = Net Income Internal Income statement - Answers Sales Revenue - Variable Costs = Contribution Margin - Fixed Costs = Net Income Mixed Cost Variable Cost Per Unit (Hi Low Method): - Answers (High Cost - Low Cost) / (Highest Activity Level in Units - Lowest Activity Level in Units) High point cost = Fixed cost + (Cost per unit x # of high point units) CM Ratio (a percentage of sales) = - Answers CM / Sales Revenue or CM per unit / Selling price per unit Break-even point = - Answers Sales Revenue - VC - FC = 0 No revenues earned or losses incurred Variable Cost Ratio = - Answers = (variable cost / sales revenue) or (Variable cost per unit / Selling price per unit) Net income (with VC Ratio) = - Answers = Sales - (Variable cost ratio X sales) - Fixed Costs To generate a profit that equals 8% of sales revenue: - Answers (0.08)(Sales revenue per unit)(# of units) = (revenue) - (VC x Units) - Fixed Costs Do the percent times the sales rev set equal to Margin of Safety = - Answers = Actual sales revenue - break-even sales revenue