Gains differ from revenues because gains:
A) are not a result of the entity's ongoing, central operations.
B) do not have to be realized.
C) are reported as income from operating activities.
D) do not involve any offsetting costs or expenses.

I think the answer to this is a) but maybe d.

The term, "earned," in revenue recognition refers to which of the following?
A) The entity has completed, or substantially completed, the activities it must perform to be entitled to the revenue benefits.
B) The product or service has been exchanged for cash, claims to cash, or an asset that is readily convertible to a known amount of cash or claims to cash.
C) The entity has received an irrevocable order for goods or services.
D) Cash has been received with an irrevocable order for goods or services.
E) None of the above.

I think the answer is b) as I think revenue can only be recognized once the product is finished and delivered.

The concept of matching revenue and expense refers to the fact that:
A) expenses for a period equal the revenues for the period.
B) all costs incurred in the process of earning revenue during a period are recorded as an expense in that period.
C) all cash disbursements during a period are subtracted from all cash receipts during the period.
D) costs incurred in the process of earning revenue during a period are deferred and expensed in a future period.

I think this is b)

Most entities satisfy the accounting criteria for recognizing revenue when:
A) an order is received from a customer.
B) cash is received from a customer.
C) an unearned revenue account is credited.
D) a product is delivered or a service is provided.

I think the answer to this one is d)

Most entities satisfy the accounting criteria for recognizing an expense when:
A) a commitment is made to purchase a product or service.
B) cash is paid to a supplier.
C) a cost is incurred in the revenue generating process.
D) a dividend is paid to stockholders.

I think the answer to this one is c) but think it may be a), this one I am confused on.

Which of the following is not a category of financial statement ratios?
A) Financial leverage.
B) Liquidity.
C) Profitability.
D) Prospectus.

I think the answer to this one is d) prospectus and am almost sure of this but would like some confirmation.

An entity's current ratio will be influenced by:
A) the inventory cost flow assumption used.
B) writing off an overdue account receivable against the allowance for uncollectible accounts.
C) the depreciation method used.
D) issuance of a stock dividend

I think this is a) but am not sure why

The comparison of activity measures of different companies is complicated by the fact that:
A) different inventory cost flow assumptions may be used.
B) dollar amounts of assets may be significantly different.
C) only one of the companies may have preferred stock outstanding.
D) the number of shares of common stock issued may be significantly different

I would say this is a) but it could be b. Help

The cost of a single unit of production in excess of the breakeven point in units is:
A) its fixed cost and variable cost.
B) its fixed cost only.
C) its variable cost only.
D) none of the above

I think this is either c) (which is what I am leaning towards) or it is D.

What percentage of the contribution margin is profit on units sold in excess of the breakeven point?
A) It's 50% to the contribution margin ratio.
B) It's equal to the variable cost ratio.
C) It's equal of the gross profit ratio.
D) It's 100%.
With this one I am really lost, I think it is D) because anything above the breakeven point I think is all profit.

An example of a product cost is:
A) advertising expense for the product.
B) a portion of the president's travel expenses.
C) interest expense on a loan to finance inventory.
D) production line maintenance costs.

I would say the answer is D because I think a product cost has to be directly associated with the cost of making the product.

The overhead component of product cost is:
A) the sum of the actual overhead costs incurred in the manufacture of the product.
B) likely to be the same amount for every product made by the company.
C) an estimated amount based on labor hours, machine hours, or some other activity.
D) determined at the end of the year when actual costs and actual production are known.

I think the answer is a) because anything that is a cost indirectly to make a product is counted as overhead

The production cost of a single unit of a manufactured product is determined by:
A) dividing total direct materials and direct labor for a production run by the number of units made.
B) dividing total direct materials, direct labor, and manufacturing overhead for a production run by the number of units made.
C) dividing total direct materials, direct labor, manufacturing overhead and selling expenses for a production run by the number of units made.
D) dividing the selling price by the gross profit ratio.

I think the answer to this one is D) but it may also be c). I am not sure

An example of a cost that is likely to have a variable behavior pattern is:
A) sales force salaries.
B) depreciation of production equipment.
C) salaries of production supervisors.
D) direct labor costs.

I thought this was going to be an easy one but really my best guess is a).

An example of a cost likely to have a fixed behavior pattern is:
A) sales force commission.
B) raw material costs.
C) advertising costs.
D) electricity costs for packaging equipment.

I don't think any of these are fixed costs but if I had to guess I would say b) raw material costs

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