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ACCT2121 - Midterm 2 Exam Questions with Correct Answers Rated A+ Accrual basis accounting - Answers reporting income when it is earned and expenses when they are incurred Prepaid Expense Deferrals (JEs) - Answers When a company pays for something in advance (e.g., insurance, rent), it is initially recorded as an asset (e.g., Prepaid Insurance). As time passes and the benefit is consumed, an adjusting entry is made to recognize the expense. Ex. Initial payment (January 1): Dr. Prepaid In...

ACCT 2121 Midterm #2 questions and answers graded A+ passed

ACCT 2121 MIDTERM REAL EXAM 2024 QUESTIONS AND ACCURATE ANSWERS GRADED A+ CERTIFIED 100% MCQ Q1 (1 point) In multiproduct situations, when the sales mix shifts toward the product with the highest contribution margin per unit, then: A) total revenues will decrease B) breakeven quantity will increase C) total contribution margin will decrease D) operating income will increase

ACCT 2121 Mid-term Exam 2022 MCQ Q1 (1 point) In multiproduct situations, when the sales mix shifts toward the product with the highest contribution margin per unit, then: A) total revenues will decrease B) breakeven quantity will increase C) total contribution margin will decrease D) operating income will increase Q2 (1 point) Hope company produces and sells 500 units of its only product per month at the selling price of $1,200. The variable manufacturing cost of the 500 units is...

ACCT 2121 Mid-term Exam 2022 MCQ Q1 (1 point) In multiproduct situations, when the sales mix shifts toward the product with the highest contribution margin per unit, then: A) total revenues will decrease B) breakeven quantity will increase C) total contribution margin will decrease D) operating income will increase Q2 (1 point) Hope company produces and sells 500 units of its only product per month at the selling price of $1,200. The variable manufacturing cost of the 500 units is...

ACCT 2121 Mid-term Exam 2022 MCQ Q1 (1 point) In multiproduct situations, when the sales mix shifts toward the product with the highest contribution margin per unit, then: A) total revenues will decrease B) breakeven quantity will increase C) total contribution margin will decrease D) operating income will increase Q2 (1 point) Hope company produces and sells 500 units of its only product per month at the selling price of $1,200. The variable manufacturing cost of the 500 units is...

ACCT 2121 Mid-term Exam 2022 MCQ Q1 (1 point) In multiproduct situations, when the sales mix shifts toward the product with the highest contribution margin per unit, then: A) total revenues will decrease B) breakeven quantity will increase C) total contribution margin will decrease D) operating income will increase Q2 (1 point) Hope company produces and sells 500 units of its only product per month at the selling price of $1,200. The variable manufacturing cost of the 500 units is...

The factor which determines whether or not goods should be included in a physical count of inventory is a. physical possession b. legal title c. management's judgment d. whether or not the purchase price has been paid - ANSWER B If goods in transit are shipped FOB destination a. the seller has legal title to the goods until they are delivered b. the buyer has legal title to the goods until they are delivered c. the transportation company has legal title to the good...

ACCT 2121 Chapter 6 100% SOLUTION 2023//2024The factor which determines whether or not goods should be included in a physical count of inventory is a. physical possession b. legal title c. management's judgment d. whether or not the purchase price has been paid - ANSWER B If goods in transit are shipped FOB destination a. the seller has legal title to the goods until they are delivered b. the buyer has legal title to the goods until they are delivered c. the transportation compan...