Accounting 212 Test 1-Liberty University

3 main duties of non public accountants - Answer- planning, controlling, decision making financial accounting - Answer- concerned with reporting historical information to external parties, emphasizing objectivity, precision, GAAP managerial accounting - Answer- concerned with providing information to managers inside the organization, emphasizing the future, relevance for planning, controlling, decision making. don't need to follow GAAP selling and administrative expenses are considered to be A) product cost under variable costing B) product cost under absorption costing C) part of fixed manufacturing overhead under variable costing D) period cost under variable costing - Answer- Period costs under variable costing a portion of total fixed MOH cost incurred during a period may A) be excluded from cost of goods sold under absorption costing B) be charged as a period cost with the remainder deferred under variable costing C) never be excluded from COGS under absorption costing D) never be excluded from COGS under variable costing - Answer- be excluded from cost of goods sold under absorption costing over an extended period of time in which the final ending inventories are zero, the accumulated net operating income figures reported under absorption costing will be A) greater than those reported under variable costing B) less than those reported under variable costing C) the same as those reported under variable costing D) higher or lower since no generalization can be made - Answer- the same as those reported under variable which of the following formulas is used to calculate the contribution margin ratio A) (sales - fixed expenses) / sales B) (sales - COGS) / sales C) (sales - variable expenses) / sales D) (sales - total expenses) / sales - Answer- (sales-variable expenses)/sales the break even point in unit sales is found by dividing total fixed expenses by A) the contribution margin ratio B) the variable expenses per unit C) th