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University Of Arizona ATMO 005 QUIZ 11 1)If land were purchased for $50,000 and thenlater was appraised at a value of $60,000

Accounting

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University Of Arizona

ATMO 005

QUIZ 11

1)If land were purchased for $50,000 and thenlater was appraised at a value of $60,000.

Which accounting concept would be used todetermine which value should be listed on the balance sheet?

A. Matching conceptB. Objectivity concept

C. Cost concept

D. Disclosure concept

E. None of the above

 

2. Which of the following would be considered a prime cost?
   1. Direct labor cost

B. Overhead cost

C. Period cost

D. Indirect material cost

E. All of the above

 

3. Relevant range assumes
   1. Unit volume stays the same

B. Total variable costs stay the same

C. Price per unit stay the same

D. Break-even point stays the same

E. None of the above

4. A standard cost is essentiallyA. a budget for a single unit.
   1. a budget for the amount a unit should be priced at.
   2. the same as a fixed cost.D. the fixed component of a mixed cost.E. None of the above Quiz
5. In a personal budget, which of the followingwould not be considered committed cost?
   1. insuranceB. transportationC. groceriesD. retirementE. utilities