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| 1 | |
Which of the following is not part of the revenue process? |
| | A) | Accept order for goods and services |
| | B) | Ship goods to customers FOB shipping point |
| | C) | Collect accounts receivable |
| | D) | Purchase merchandise for resale to customers |
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| 2 | |
Determining the company's labor needs for a manufacturing company is part of which of the following processes? |
| | A) | Revenue process |
| | B) | Expenditure process |
| | C) | Conversion process |
| | D) | Evaluation process |
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| 3 | |
Determining the payment policies to suppliers and vendors who provide merchandise the company expects to sell later is part of the: |
| | A) | Revenue process |
| | B) | Collection process |
| | C) | Expenditure process |
| | D) | Conversion Process |
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| 4 | |
Which of the following is not information that a company should collect when placing an order with a vendor? |
| | A) | Specifications of the goods ordered |
| | B) | Delivery terms |
| | C) | Credit terms |
| | D) | How to reach the vendor |
| | E) | All of the above should be collected |
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| 5 | |
McCall Brothers purchased $65,000 of inventory from a vendor who offered credit terms of 1/15, n/45. If McCall takes advantage of the discount, the amount paid to the vendor will be: |
| | A) | $55,250 |
| | B) | $64,350 |
| | C) | $45,500 |
| | D) | cannot be determined from the information given |
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| 6 | |
Richardson & Phillips ordered $30,000 of fuel from Jones Farm Supply and were given terms of 2/10, net 30. Which of the following describes how soon the payment must be made in order to receive a discount and the amount of the discount available?
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| | A) | Between 10 and 30 Days $ 600 |
| | B) | Between 2 and 30 Days $3,000 |
| | C) | Between 2 and 10 $ 600 |
| | D) | 10 Days $ 600 |
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| 7 | |
A document sent to the purchasing department to order a specific quantity of goods or services is called a: |
| | A) | Vendor invoice |
| | B) | Purchase Requisition |
| | C) | Purchase Order |
| | D) | Sales Invoice |
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| 8 | |
The preparation of a sales invoice is triggered by _____ and is completed by the ______ department. |
| | A) | The Warehouse and Purchasing Department |
| | B) | Customer and Accounting Department |
| | C) | Customer and Sales Department |
| | D) | A vendor and Sales Department |
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| 9 | |
FOB shipping point indicates that goods in transit belong to the ______ and the freight charges are paid by the _____. |
| | A) | Seller - Buyer |
| | B) | Buyer - Buyer |
| | C) | Common carrier - Seller |
| | D) | Buyer - Seller |
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| 10 | |
The document listing the quantities of materials being shipped by a common carrier is referred to as a: |
| | A) | Operations list |
| | B) | Bill of lading |
| | C) | Production order |
| | D) | Materials requisition |
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| 11 | |
French Corporation ordered materials from Manson Manufacturing on October 1, 2009. Manson shipped the materials by rail on October 5 and the railroad notified French on October 12, that the goods had arrived. French picked up the materials on October 13. The terms of the sale are FOB shipping point. On what date should Manson consider this a sale? |
| | A) | October 1 |
| | B) | October 5 |
| | C) | October 12 |
| | D) | October 13 |
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| 12 | |
Y = m(X) is the formula for a(n): |
| | A) | Activity cost |
| | B) | Variable cost |
| | C) | Fixed cost |
| | D) | Mixed cost |
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| 13 | |
The formula for a mixed cost is: |
| | A) | Y = b |
| | B) | Y = m(X) |
| | C) | Y = m(X) + b |
| | D) | Y = m(X) + b(X) |
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| 14 | |
A linear regression analysis indicated a constant of 800, an X coefficient of 6.5, and an R-squared of 0.83. The estimated cost when the independent variable is 650 is: |
| | A) | $5,025 |
| | B) | $9,425 |
| | C) | $1,170 |
| | D) | $1,314 |
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| 15 | |
US Center Motel uses the high/low method to estimate its total cost formula, gathered the following data for the first six months of its current fiscal year:
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Using the high/low method the estimated total housekeeping cost for a month with 2,800 room rentals is: |
| | A) | $41,042 |
| | B) | $40,324 |
| | C) | $38,528 |
| | D) | $42,928 |
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