Dancer Corp. has a selling price of $20 per unit, and variable costs of $10 per unit. When 12,000 units are sold, profits equaled $35,000. How many units must be sold to break-even?
A. 32,300
B. 24,366
C. 8,500
D. 20,400
Answer: C
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The International Accounting Standards Board (IASB):
A. Is the only source of generally accepted accounting principles (GAAP). B. Identifies globally preferred accounting practices to increase comparability among financial statements. C. Has the authority to impose its standards on companies around the world. D. Only applies to companies that are members of the European Union. E. Is the government group that establishes reporting requirements for companies that issue stock to the investing public.
Which of the following documents defined accounting as a service activity whose function is “to provide quantitative information... that is intended to be useful in making economic decisions”?
a. “Objectives of Financial Statements” (Trueblood Committee Report) b. “Basic Concepts and Accounting Principles Underlying Financial Statements of Business Enterprises” (APB Statement 4) c. “A Statement of Basic Accounting Theory” (ASOBAT) d. “Statement of Accounting Theory and Theory Acceptance” (SATTA)
Many firms are reluctant to invest in great service, largely because ________.
A. it takes time and patience before a return on the investment is noticeable B. of the inseparability and perish ability of services C. it is difficult to change employees' actions D. a service's quality can only be as good as that of the provider himself or herself E. consumers usually are not aware that they are receiving great service
Pre-judgment attachment permits a creditor to seize the debtor's property:
a. to prevent the debtor from disposing of assets before litigation would result in a judgment for the creditor. b. if the defendant has not paid his debts on time. c. when the defendant has filed for bankruptcy. d. if the defendant cannot be persuaded to come to court.