Managerial accounting information is limited or restricted by which of the following authorities or principles?
A. Generally Accepted Accounting Principles
B. Managerial Accounting Standards Board
C. Value-Added Principle
D. Securities and Exchange Commission
Answer: C
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Which of the following is the formula for calculating employee turnover?
A. Number of employees voluntarily leaving their jobs during the year/Total number of employees B. Number of positions/Total number of employees C. Number of employees fired from their jobs during the year/Number of positions D. Number of employees fired from their jobs during the year/Total number of employees E. Number of employees voluntarily leaving their jobs during the year/Number of positions
Ahmed & Co. makes and sells two types of shoes, Plain and Fancy. Data concerning these products are as follows: Plain FancyUnit selling price$20.00 $35.00 Variable cost per unit 12.00 24.50 Sixty percent of the unit sales are Plain, and annual fixed expenses are $45,000. Assuming that the sales mix remains constant, the number of units of Plain that Ahmed must sell to break even is:
A. 5,625. B. 3,000. C. 2,000. D. 3,375. E. 5,000.
Total liabilities are $100,000 and total owners' equity is $200,000. What are total assets?
A) We need to know retained earnings before we can compute total assets. B) We need more information on current and long-term assets before we can compute total assets. C) $100,000 D) $300,000
Several manufacturers of ball bearings that are located in countries in the EU operated under a mutual agreement to raise prices in tandem. Their product, they say, is critical in auto production, and shoddy workmanship puts everyone at risk. The pricing agreements were entered into solely for the purpose of keeping cars safe. Which of the following is correct? A) ?Price-fixing for a good
cause is still price-fixing. B) ?Price-fixing for purposes of safety vs. profits is permitted under the Sherman Act. C) ?The ball bearing manufacturers are not really competitors and their price-fixing agreement is permitted under the Sherman Act. D) ?This is resale price maintenance and not price fixing.