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QUESTION 4 When drawing a cost-volume-profit graph, how are the axes labeled? A. The horizontal axis...

QUESTION 4

  1. When drawing a cost-volume-profit graph, how are the axes labeled?

    A.

    The horizontal axis would be labeled with number of units (volume or activity), while the vertical axis would be labeled with dollars (of cost or revenue).

    B.

    The horizontal axis would be labeled with dollars (of total fixed costs), while the vertical axis would be labeled with dollars (of total variable costs).

    C.

    The horizontal axis would be labeled with dollars (of cost or revenue), while the vertical axis would be labeled with number of units (volume or activity).

    D.

    None of these answers is correct.

6 points   

QUESTION 5

  1. 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.

    Securities and Exchange Commission

    D.

    Value-Added Principle

6 points   

QUESTION 6

  1. Assume the company sells no inventory in the period, which of the following transactions would cause net income for the period to decrease?

    A.

    Purchased $20,000 of merchandise inventory

    B.

    Used $3,000 of office supplies

    C.

    Recorded $5,500 of depreciation on production equipment

    D.

    Paid $10,500 cash for raw material cost

Homework Answers

Answer #1
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QUESTION 4
When drawing a cost-volume-profit graph, how are the axes labeled?
A. The horizontal axis would be labeled with number of units (volume or activity), while the vertical axis would be labeled with dollars (of cost or revenue).
QUESTION 5
Managerial accounting information is limited or restricted by which of the following authorities or principles?
D. Value-Added Principle.
QUESTION 6
Assume the company sells no inventory in the period, which of the following transactions would cause net income for the period to decrease?
B. Used $3,000 of office supplies.
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