This document contains the answers to a final exam for an accounting course. It lists multiple choice questions and answers related to performance reports, budgets, the roles of accountants, financial statements, accounting principles, and other accounting topics. The questions assess understanding of key concepts in management, financial, tax, and cost accounting.
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ACC 545 Final Exam 100% Correct Answer
Description:
1) A company changes from percentage-of-completion to completed-contract, which is the method used for tax purposes. The entry to record this change should include a
A. debit to Retained Earnings in the amount of the difference on prior years, net of tax.
B. debit to Loss on Long-Term Contracts in the amount of the difference on prior years, net of tax.
C. credit to Deferred Tax Liability.
D. debit to Construction in Process.
2) Which of the following is accounted for as a change in accounting principle?
A. A change from expensing immaterial expenditures to deferring and amortizing them as they become material
B. A change from the cash basis of accounting to the accrual basis of accounting
C. A change in inventory valuation from average cost to FIFO
D. A change in the estimated useful life of plant assets
3) A company changes from straight-line to an accelerated method of calculating depreciation, which will be similar to the method used for tax purposes. The entry to record this change should include a
A. debit to Deferred Tax Asset.
B. debit to Retained Earnings in the amount of the difference on prior years.
C. credit to Deferred Tax Liability.
D. credit to Accumulated Depreciation.
4) Presenting consolidated financial statements this year when statements of individual companies were presented last year is
A. an accounting change that should be reported by restating the financial statements of all prior periods presented.
B. an accounting change that should be reported prospectively.
C. NOT an accounting change.
D. a correction of an error.
5) During 2008, a construction company changed from the completed-contract method to the percentage-of-completion method for accounting purposes but not for tax purposes. The following lists include gross profit figures under both methods for the past 3 years:
Completed-Contract
Percentage-of-Completion
2006
$ 475,000
$ 800,000
2007
625,000
950,000
2008
700,000
1,050,000
$1,800,000
$2,800,000
Assuming an income tax rate of 40% for all years, the affect of this accounting change on prior periods should be reported by a credit of what?
A. $390,000 on the 2008 income statement
B. $600,000 on the 2008 income statement
C. $390,000 on the 2008 retained earnings statement
D. $600,000 on the 2008 retained earnings statement
6) On January 1, 2005, Baden Co. purchased a machine, which was its only depreciable asset, for $300,000. The machine has a 5-year life, and no salvage value. Sum-of-the-years’-digits depreciation has been used for financial statement reporting and the elective straight-line method for income tax reporting. Effective January 1, 2008, for financial statement reporting, Baden decided to change to the straight-line method for depreciation of the machine. Assume that Baden can justify the change.
Baden’s income before depreciation, before inc
Annual Charge Exemption (ACE) roadshow presentation - June 2015TGA Australia
Powerpoint from the TGA sponsor information sessions outlining the changes from the Low Value Turnover (LVT) scheme to the new Annual Charge Exemption (ACE) scheme.
Bus 475 final exam 100 questions with answers 4th set answers are hererenat88
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Customer support is very important to us. Please use our online chat system in case you have any questions. Also, you can email them to us at homeworkmye@gmail.com. We will do our best to answer you!
ACC 545 Final Exam 100% Correct Answer
Description:
1) A company changes from percentage-of-completion to completed-contract, which is the method used for tax purposes. The entry to record this change should include a
A. debit to Retained Earnings in the amount of the difference on prior years, net of tax.
B. debit to Loss on Long-Term Contracts in the amount of the difference on prior years, net of tax.
C. credit to Deferred Tax Liability.
D. debit to Construction in Process.
2) Which of the following is accounted for as a change in accounting principle?
A. A change from expensing immaterial expenditures to deferring and amortizing them as they become material
B. A change from the cash basis of accounting to the accrual basis of accounting
C. A change in inventory valuation from average cost to FIFO
D. A change in the estimated useful life of plant assets
3) A company changes from straight-line to an accelerated method of calculating depreciation, which will be similar to the method used for tax purposes. The entry to record this change should include a
A. debit to Deferred Tax Asset.
B. debit to Retained Earnings in the amount of the difference on prior years.
C. credit to Deferred Tax Liability.
D. credit to Accumulated Depreciation.
4) Presenting consolidated financial statements this year when statements of individual companies were presented last year is
A. an accounting change that should be reported by restating the financial statements of all prior periods presented.
B. an accounting change that should be reported prospectively.
C. NOT an accounting change.
D. a correction of an error.
5) During 2008, a construction company changed from the completed-contract method to the percentage-of-completion method for accounting purposes but not for tax purposes. The following lists include gross profit figures under both methods for the past 3 years:
Completed-Contract
Percentage-of-Completion
2006
$ 475,000
$ 800,000
2007
625,000
950,000
2008
700,000
1,050,000
$1,800,000
$2,800,000
Assuming an income tax rate of 40% for all years, the affect of this accounting change on prior periods should be reported by a credit of what?
A. $390,000 on the 2008 income statement
B. $600,000 on the 2008 income statement
C. $390,000 on the 2008 retained earnings statement
D. $600,000 on the 2008 retained earnings statement
6) On January 1, 2005, Baden Co. purchased a machine, which was its only depreciable asset, for $300,000. The machine has a 5-year life, and no salvage value. Sum-of-the-years’-digits depreciation has been used for financial statement reporting and the elective straight-line method for income tax reporting. Effective January 1, 2008, for financial statement reporting, Baden decided to change to the straight-line method for depreciation of the machine. Assume that Baden can justify the change.
Baden’s income before depreciation, before inc
Annual Charge Exemption (ACE) roadshow presentation - June 2015TGA Australia
Powerpoint from the TGA sponsor information sessions outlining the changes from the Low Value Turnover (LVT) scheme to the new Annual Charge Exemption (ACE) scheme.
Accounting1) As Plant Controller, you are trying to determine .docxannetnash8266
Accounting
1) As Plant Controller, you are trying to determine which costs over which you have the most control on a day to day basis. Your goal is to achieve better profitability. The Plant Operations Manager suggests that overhead is the easiest area to directly reduce costs. Which of the following items would be classified as manufacturing overhead?
A. Cost of landscaping the corporate office
B. The western division’s vice president’s salary
C. General corporate liability insurance
D. Factory janitor
2) The income statement and balance sheet columns of Pine Company's worksheet reflects the following totals:
Income Statement
Balance Sheet
Dr.
Cr.
Dr.
Cr.
Totals
$58,000
$48,000
$34,000
$44,000
Closing entries are necessary for __________.
A. both permanent and temporary accounts
B. permanent or real accounts only
C. permanent accounts only
D. temporary accounts only
3) Hess, Inc. sells a single product with a contribution margin of $12 per unit and fixed costs of $74,400 and sales for the current year of $100,000. How much is Hess’s break even point?
A. 6,200 units
B. 2,133 units
C. 4,600 units
D. $25,600
4) Disney’s variable costs are 30% of sales. The company is contemplating an advertising campaign that will cost $22,000. If sales are expected to increase $40,000, by how much will the company's net income increase?
A. $12,000
B. $6,000
C. $18,000
D. $28,000
5) "Generally accepted" in the phrase generally accepted accounting principles means that the principles __________.
A. have been approved by the Internal Revenue Service
B. have been approved for use by the managements of business firms
C. are proven theories of accounting
D. have substantial authoritative support
6) What is value chain management best defined as?
A. The incremental value of costs associated with hiring a new production floor leader
B. All activities associated with providing a product or service
C. A large chain that keeps the machines from falling on the production floor
D. Management decisions that affect how quickly the production run occurs
7) The major reporting standard for management accounts is __________.
A. relevance to decisions
B. generally accepted accounting principles
C. the Standards of Ethical Conduct for Practitioners of Management Accounting and Financial Management
D. the Sarbanes-Oxley Act of 2002
8) These are selected account balances on December 31, 2008.
Land (location of the corporation's office building)
$100,000
Land (held for future use)
150,000
Corporate Office Building
600,000
Inventory
200,000
Equipment
450,000
Office Furniture
100,000
Accumulated Depreciation
300,000
What is the net amount of property, plant, and equipment that will appear on the balance sheet?
A. $1,600,000
B. $950,000
C. $1,300,000
D. $1,100,000
9) The cost principle is the basis for preparing financial statements because it is __________.
A. an intern.
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ACC 561 ACC/561 Final Exam 100% Correct
1. ACC 561 Final Exam
ANSWERS ARE HERE
1) Performance reports _____.
A. ignore areas that are presumed to be running smoothly
B. provide feedback by comparing results with plans and by highlighting deviations from plans
C. are deviations from a plan
D. are quantitative expressions of action plans
2) Budgets _____.
A. ignore areas that are presumed to be running smoothly
B. are deviations from a plan
C. are quantitative expressions of action plans
D. provide feedback by comparing results with plans and by highlighting deviations from plans
3) According to the Financial Executives Institute, one function of the treasurer is _____.
A. government reporting
B. reporting and interpreting financial information
C. Short term financing
D. tax administration
4) Which of the following is not a major factor causing changes in management accounting today?
A. E-commerce is not a major factor.
B. Declining work ethic is not a major factor.
C. Increased global competition is not a major factor.
D. Increasing importance of the service sector of the economy is not a major factor.
5) Below is a statement from the Institute of Management Accountants’ Statement of Ethical
Professional Practice. “Refrain from disclosing confidential information acquired in the course of their
work except when authorized, unless legally obligated to do so.” It is an example of _____.
2. A. integrity
B. competence
C. confidentiality
D. objectivity
6) Ethical accountants are important to society because _____.
A. none of these answers is correct
B. they pay their taxes
C. the information produced is reliable
D. they will not go to prison and waste taxpayers' money
7) _____ refers to accounting information developed for managers within an organization.
A. Tax accounting
B. Financial accounting
C. Managerial accounting
D. Internal auditing
8) The primary users of management accounting information are _____.
A. suppliers
B. internal decision makers
C. governmental regulatory authorities
D. bankers
9) _____ is the field of accounting that develops information for external decision makers such as
stockholders, suppliers, banks, and government regulatory agencies.
A. Financial accounting
B. Management accounting
C. Tax accounting
D. Auditing
10) The _____ is also called the statement of financial position.
A. balance sheet
B. income statement
C. statement of retained earnings
3. D. statement of cash flows
11) Any event that affects the financial position of an organization and requires recording is called
a(n)_____.
A. account
B. transaction
C. posting
D. accounting change
12) _____ would not appear on the financial statements for a sole proprietorship.
A. Cost of Goods Sold
B. Paid-in Capital
C. Accumulated Depreciation
D. Unearned Sales Revenues
13) The accounting convention of _____ guides the relative sophistication of the accounting system.
A. cost benefit
B. objectivity
C. Conservatism
D. materiality
14) Mr. Bryant invested $50,000 cash in a new corporation. The new corporation will record this
transaction with a debit to_____.
A. Cash and a credit to Retained Income for $50,000
B. Cash and a credit to Paid-in Capital for $50,000
C. Retained Earnings and a credit to Cash for $50,000
D. Paid-in Capital and a credit to Retained Earnings for $50,000
15) The accounting convention of _____ means selecting the method of measurement that yields the
gloomiest immediate results.
A. objectivity
B. conservatism
C. cost benefit
D. materiality
16) The statement of cash flows is used for all of the following except_____.
A. determining a company's ability to pay its debts when they are due
B. evaluating the creditworthiness of the organization
C. showing the relationship of net income to changes in cash
D. revealing commitments that may restrict future courses of action
4. 17) The Rebecca Company acquired merchandise inventory costing $10,000 on September 1. The
company will not pay for the inventory until October 1. This transaction will affect the Rebecca Company
by increasing the Merchandise Inventory account by $10,000 and _____.
A. decreasing the Accounts Payable account by $10,000
B. decreasing the Capital account by $10,000
C. increasing the Accounts Payable account by $10,000
D. increasing the Capital account by $10,000
18) Nonoperating items on the income statement_____.
A. reflect the effects of financial management decisions
B. appear on the income statement immediately after gross profit
C. are revenues and expenses arising from adjusting entries
D. appear only on corporate income statements
19) Which value chain function would include depreciation on transportation cost?
A. The customer service function would include depreciation on transportation cost.
B. The marketing function would include depreciation on transportation cost
C. The distribution function would include depreciation on transportation cost.
D. The production function would include depreciation on transportation cost.
20) Which value chain function would include advertising costs?
A. The customer service function would include advertising costs.
B. The production function would include advertising costs.
C. The distribution function would include advertising costs.
D. The marketing function would include advertising costs.
21) Which of the following is not a cost driver of customer services costs?
A. Travel costs are not a cost driver of customer services costs.
B. Number of service calls is not a cost driver of customer services costs.
C. Hours spent servicing products are not a cost driver of customer services costs.
D. All of these answers are correct
22) Hug Me Company produces dolls. Each doll sells for $20.00. Variable costs per unit total $14.00, of
which $6.25 is for direct materials and $5.25 is for direct labor. If total fixed costs are $435,000, then the
break even volume in dollars is _____.
A. $1,023,529
B. $621,429
C. $1,450,000
D. $435,000
5. 23) If the sales price per unit is $100, the unit variable cost is $75, and total fixed costs are $150,000,
then the break even volume in dollar sales rounded to the nearest whole dollar is _____.
A. $600,000
B. $150,000
C. $200,000
D. $1,500
24) Knothole Company sells desks at $480 per desk. The costs associated with each desk are as follows:
Direct materials $195
Direct labor 126
Variable factory overhead 51
Total fixed costs for the period are $456,840. The break-even volume in dollars is _____.
A. $1,573,560
B. $2,030,400
C. $456,840
D. none of these answers is correct
25) _____ of approximating cost functions does not involve the analysis of past costs.
A. Visual fit analysis
B. Engineering analysis
C. High low analysis
D. least-squares regression
26) Managers should apply two principles to obtain accurate and useful cost functions. These principles
are ____.
A. plausibility and reliability
B. reliability and validity
C. plausibility and believability
D. believability and validity
27) In relation to a cost function, the term reliability means_____.
A. whether the cost function conforms to a given mathematical model
B. how well the cost function predicts future costs
C. whether the costs and activities can be easily observed
D. how well the cost function explains past cost behavior
28) _____ is a name for a system that first accumulates overhead costs for each of the activities of an
organization, and then assigns the costs of activities to the products, services, or other cost objects that
caused that activity.
6. A. Cost driver accounting
B. Activity based costing
C. Transaction costing
D. Transaction based accounting
29) _____ need cost accounting systems.
A. Service organizations and nonprofit organizations
B. Manufacturing firms and service organizations
C. Manufacturing firms, service organizations, and nonprofit organizations
D. Manufacturing firms and nonprofit organizations
30) _____ is an example of the external financial reporting purpose of the cost management systems.
A. The product mix to optimize profitability
B. The cost of a manufacturing process
C. Budget reporting
D. The amount of inventory that should appear on the balance sheet
31) A sales forecast is _____.
A. the result of decisions to create conditions
B. a prediction of sales under a given set of conditions
C. all of these answers are correct
D. the same as a sales budget that will generate a desired level of sales
32) _____ budgeting is when budgets are formulated with the active participation of all affected
employees
A. Team
B. Financial
C. Shared
D. Participative
33) A _____ gives the expected sales under a given set of conditions.
A. sales budget
B. sales prediction
C. sales forecast
D. budget forecast
34) Unit sales of Product A are currently 10,000, while unit sales of Product B are double those of
Product A. The com¬pany's sales forecast will be _____, assuming sales of Product A increase by 10%
and those of Product B increase by 4,000 units.
A. 11,000 and 22,000 units, respectively
B. none of these answers is correct
7. C. 11,000 and 24,000 units, respectively
D. 10,000 and 20,000 units, respectively
35) The master budget includes forecasts for all of the following except _____.
A. number of employees
B. cash disbursements
C. balance sheets
D. sales
36) A sales forecast is _____.
A. the result of decisions to create conditions
B. all of these answers are correct
C. the same as a sales budget that will generate a desired level of sales
D. a prediction of sales under a given set of conditions
37) _____ are components of a master budget.
A. An operating budget and a financial budget
B. A cash budget and an activity budget
C. A continuous budget and a static budget
D. A strategic plan and an operating budget
38) Which of the following statements is false?
A. Flexible budgets are not based on the same revenue and cost behavior assumptions as the static
budget.
B. Flexible budgets are automatically matched to changes in activity levels
C. Flexible budgets are prepared for a range of activity.
D. Flexible budgets help provide a basis for management by exception.
39) The master budget quantifies targets for all of the following except _____.
A. production
B. cost driver activity
C. markets
D. sales
40) Cost allocation base refers to the _____.
A. total costs to be allocated
B. total allocated costs
C. cost objectives
D. cost driver
8. 41) The preferred guidelines for allocating service department costs include _____.
A. evaluating performance using allocated costs for each service department
B. establishing part or all of the details regarding cost allocation in advance of rendering the service
C. allocating variable- and fixed-cost pools simultaneously
D. identifying the direct and indirect costs
42) _____ is not a type of cost allocation.
A. Reallocation of costs from service departments to production departments
B. Allocation of costs of a particular organizational unit to products or services
C. Reallocation of costs from production departments to service departments
D. Allocation of costs to the appropriate organizational unit
43) Kevin Company has two service departments, Maintenance and Personnel, as well as two
production departments, Mixing and Finishing. Maintenance costs are allocated based on square
footage while personnel costs are allocated based on number of employees. The following information
has been gathered for the current year:
Maintenance Personnel Mixing Finishing
Direct dept. costs $126,000 $84,000 $105,000 $175,000
Square footage 800 400 1,600 1,200
Number of employees 8 12 24 32
If the step-down method of allocating costs is used and the Personnel Department is allocated first, then
the amount of overhead that would be allocated from Personnel to Finishing is _____.
A. $72,000
B. $31,500
C. $105,000
D. $42,000
44) Murphy Company has two service departments, Maintenance and Personnel, as well as two
production departments, Mixing and Finishing. Maintenance costs are allocated based on square
footage while personnel costs are allocated based on number of employees. The following information
has been gathered for the current year:
Maintenance Personnel Mixing Finishing
Direct dept. costs $126,000 $84,000 $105,000 $175,000
Square footage 800 400 1,600 1,200
Number of employees 8 12 24 32
If the step-down method of allocating costs is used and the Personnel Department is allocated first, then
the amount of overhead that would be allocated from Personnel to Mixing is _____.
A. $58,500
B. $63,000
C. $78,000
D. $31,500
45) Serena Company has two service departments, Maintenance and Personnel, as well as two
9. production departments, Mixing and Finishing. Maintenance costs are allocated based on square
footage while personnel costs are allocated based on number of employees. The following information
has been gathered for the current year:
Maintenance Personnel Mixing Finishing
Direct dept. costs $126,000 $84,000 $105,000 $175,000
Square footage 800 400 1,600 1,200
Number of employees 8 12 24 32
If the step-down method is used to allocate costs and the Maintenance Department is allocated first,
then the amount of overhead that would be allocated from Maintenance to Finishing is _____.
A. $31,500
B. $57,000
C. $47,250
D. $42,750
46) When the variable costing method is used, fixed factory overhead appears on the income statement
as a_____.
A. fixed expense
B. production-volume variance
C. component of cost of goods sold and as a production-volume variance
D. component of cost of goods sold
47) _____ is (are) used for external reporting.
A. Absorption costing
B. Variable costing
C. Absorption costing and variable costing
D. Direct costing
48) In absorption costing, costs are separated into the major categories of_____.
A. manufacturing and nonmanufacturing
B. manufacturing and fixed
C. variable and nonmanufacturing
D. fixed and variable
49) _____ is the first step in designing a management control system.
A. Evaluating management's performance
B. Establishing organizational goals
C. Distinguishing between profit centers and cost centers
D. Preparing financial statements
50) _____ is (are) the most basic component of a management control system.
A.The organization's long-range budget
B.The organization's goals
C.Top management's preferences
10. D.The stockholder's preferences
51) Identify which of the following is not a characteristic of a management control system.
A.A management control system aids and coordinates the process of making decisions.
B.A management control system encourages short term profitability.
C.A management control system coordinates forecasting sales and cost driver activities, budgeting,
and measuring and evaluating performance.
D.A management control system motivates individuals throughout the organization to act in concert.
52) Jewel Company's revenues are $300 and invested capital is $240. Expenses are currently 60% of
sales. Jewel Company's current return on investment is _____.
A. 50%
B. 100%
C. none of these answers are correct
D. 80%
53) The following information is available for the Peter Company:
Sales $500,000
Invested Capital 312,500
ROI 10%
The return on sales is _____.
A. 10.000%
B. none of these answers is correct
C. 6.250%
D. 1.000%
54) The following information is available for the Peter Company:
Sales $150,000
Invested Capital 156,250
ROI 10%
The return on sales is _____.
A. 10.00%
B. none of these answers is correct
C. 10.42%
D. 62.50%