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## Accounting

 Accounting Basics Cost Accounting Financial Accounting Managerial Accounting Auditing Taxation

problem 1: Which of the given approaches to transfer pricing uses the price at which the product transferred could be sold to outside buyers:

a. Cost-price approach
b. Negotiate price approach
c. Market price approach
d. Standard cost approach

problem 2: A company sells 25,000 units of product in Year 1 for \$9 each. Variable costs are \$5 each and the company made a total income of \$60,000. In Year 2, the company increases the sale price to \$10 due to a 40% increase in fixed costs. Variable costs are not impacted. How many units should the company sell to break even in year 2:

a. 11,200
b. 14,000
c. 15,000
d. 21,000

problem 3: Compute the payback period based on the information provided. The net investment is \$750,000 at the starting of the investment. Cash flows are \$150,000 for Year 1; \$250,000 for Year 2; \$100,000 for Year 3; \$200,000 for Year 4; \$100,000 for Year 5:

a. 3 years
b. 3.5 years
c. 4 years
d. 4.5 years

problem 4: The increase or decrease in cost which is expected from a specific action as compared with an alternative action is termed as:

a. Differential cost
b. Opportunity cost
c. Replacement cost
d. Sunk cost

problem 5: Conversion costs comprise:

a. Direct materials and direct labor
b. Direct labor and factory overhead
c. Direct materials and factory overhead
d. Direct materials and indirect labor

problem 6: Which of the given accounts would be categorized as a current liability on the balance sheet:

a. Accounts payable
b. Accounts receivable
c. Long term debt
d. Treasury stock

problem 7: A debit entry to an account will:

a. Always decrease the account balance
b. Always increase the account balance
c. Increase the balance of a revenue account
d. Increase the balance of an expense account

problem 8: ACME Company produces canned vegetable soup. The company employs the weighted-average method in its process costing system. The company sold 400,000 units in January. There was no beginning work in process or finished goods inventory. Work in Process inventory at January 31 was 40,000 units, which were 50% complete as to conversion costs. The Finished Goods inventory at January 31 was 30,000 units. What were the equivalent units for conversion costs for January?: *

a. 400,000 units
b. 430,000 units
c. 450,000 units
d. 470,000 units

problem 9: A plant asset priced at \$120,000 is acquired by trading in a similar asset which has a book value of \$30,000. Suppose that the trade-in allowance is \$40,000 and that \$70,000 cash is paid for the new asset. Determine the cost of the new asset for financial reporting purposes:

a. \$40,000
b. \$70,000
c. \$100,000
d. \$110,000

problem 10: An employee’s pay rate is \$45 per hour. Suppose that the FICA rate is 7.5% on the first \$100,000 of annual earnings and 2.0% on earnings between \$100,000 and \$200,000. The employee worked 40 hrs throughout the current week and his cumulative earnings prior to the current week were \$99,000. All other taxes withheld (excluding FICA) were \$300 for the current week. Determine the employee’s net pay for the current week:

a. \$1,329
b. \$1,365
c. \$1,409
d. \$1,464

Accounting Basics, Accounting

• Category:- Accounting Basics
• Reference No.:- M92836

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