Please use the below review to prepare for the accounting assessment quiz assignment.
The concepts tested on the accounting assessment are:
1.) Cost behavior—variable, fixed, and mixed. Make sure you understand how to identify cost behavior and also the relationship between cost behavior and changes in production or quantity. For example, assume that you have a cost that at 225 units of production is $67.50 and at 250 units of production is $75.00. Is this cost variable, fixed, or mixed? (answer: variable). Or, how about a cost that at 225 units of production is $97.50 and at 250 units of production is $105.00. Is this cost variable, fixed, or mixed? (answer: mixed).
2.) Cost classifications. Review product costs versus period costs.
3.) Budgeting using cost formulas. In chapter 9, we computed a planning and flexible budget using cost formulas. Make sure you understand how to use cost formulas to budget. For example, the cost formula for supplies is $1500 + $10Q. How much is total supplies (both fixed and variable) at a production level of 1200 units? (answer: $13,500).
4.) The contribution margin income statement. We worked with the contribution margin income statement in chapters 2 and 5. Make sure you understand how to compile a contribution margin statement and how the parts of the statement react to changes in quantity (this is the reverse C method that I taught you in chapter 5). For example, see the below contribution margin statement. What is net income at a production level of 3000 units? (answer: $26000)
Sales (1200 units) $36000
Variable Costs 21600
Contribution Margin $14400
Fixed Costs 10000
Net Income $ 4400
The assessment is 15 multiple choice questions worth 30 points.
The assessment will be administered in Canvas.
You will have one attempt and a time limit (60 minutes).
You must complete the exam in one sitting (you cannot save and exit).
You must answer a question before you can move to the next question. And after you submit an answer, you cannot go back and change the answer. This setting is required to maintain exam integrity.
Since all our papers are written from scratch, the papers we submit are plagiarism free and we strictly adhere to lecturer’s instructions. Our writers are highly qualified from all over the world and include graduates and professors from most of the largest and known universities in the world. Once you have assigned us your assignment, we select the most qualified and reliable writer to handle your assignment.
Unlike other writing companies, we encourage clients to draw back their money at any stage of the writing process if they experience any uncertainties with the quality of generated content. However, you will hardly have to make this decision because of our business approach that suits your needs.
We have an advanced plagiarism-detection system that flags any work that fails to meet the required academic expectations. Our company thrives in honesty, and as such, you will be guaranteed to achieve a paper that meets your expectations.
At homeworkpaper.org we have online agents that you can chat with to have your assignment taken care of with the little remaining time. Also, we have professional academic writers who will work on your assignment providing you with a high-quality paper at the same time. We can take care of your urgent assignments in less than 5 hours.
We uphold confidentiality and privacy through our interactions with clients, an aspect that has enhanced our relationship with prospective customers seeking for assignment help. We do not disclose your information with third-parties; neither do we share your work with any other person apart from you.
We do not resell previously-done tasks delivered to other clients. When we deliver orders to our clients, we safeguard their privacy and confidentiality by ensuring the third party does not access the work. By writing the papers from scratch, we have managed to maintain a certain level of originality, which defines our business model. Our qualified editors proofread all submitted work to eliminate mistakes that can interfere with the credibility of the assignment.