Which of the following would NOT appear on a profit and loss statement?
a. current assets
b. direct material
c. operating expenses
d. labor
Ans: a. current assets
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For monetary-unit sampling, a sampling interval of 400 means that:
A. the average misstatement in sample items is $400. B. every 400th dollar in the account will be included in the sample. C. the average size of items in the account is 400. D. every 400th item in the account will be selected in the sample.
Imagine that you sell veterinarian products. As you discuss the merit of a new vaccination with a potential buyer, you notice that she is leaning away from you and rearranging objects on her desk. You are receiving ________ signals.
A. territorial B. defiance C. mixed D. disagreement E. caution
If the two totals of a trial balance are not equal, it could be due to
A) failure to record a transaction B) recording the same erroneous amount for both the debit and the credit parts of a transaction C) an error in determining the account balances, such as a balance being incorrectly computed D) recording the same transaction more than once
Colin was a professional classical guitarist until a motorcycle accident left him disabled
After long months of therapy, he hired an experienced luthier and started a small shop to make and sell Spanish guitars. The guitars sell for $900, and the fixed monthly operating costs are as follows: Rent and utilities $700 Wages and benefits to luthier 2,000 Other expenses 475 Colin's accountant told him about contribution margin ratios, and Colin understood clearly that for every dollar of sales, $0.60 went to cover his fixed costs, and anything above that point was profit. What is the amount of revenue Colin should earn each month to break even? (Round your answer to the nearest dollar.) A) $7,938 B) $5,292 C) $4,500 D) $4,125