Grand Valley State University

ACC 511: Practice Exam

1. The date of the income statement
a. covers a period of time.
b. covers one day in time.
c. is not dated.
d. may cover a period of time or only one day in time.
2. Purchasing supplies for cash would
a. increase total assets.
b. decrease total assets.
c. increase total liabilities and stockholders' equity.
d. have no effect on total assets
3. !!P requires businesses to use
a. either the cash basis or the accrual basis of accounting.
b. the cash basis of accounting.
c. the accrual basis of accounting.
d. the deferred basis of accounting.
". ! company has a discount policy which states that# if a customer pays
within ten days of the sale# the customer can take a 2$ discount%
otherwise# the full amount is due in 3& days from the date of the sale.
'hich of the following abbreviated discount formulas reflects this
policy(
a. 1&)2# 3&)n
b. 2)3&# 1&)n
c. 2)1&# n)3&
d. 2)n# 1&)3&
*. 'hich of the following is not an acceptable cost method for valuation of
year+end inventory(
a. ,ust+in# last+out
b. first+in# first+out
c. last+in# first+out
d. specific unit cost
-. .f the bank mistakenly recorded a /23& disbursement as /32&# the error
would be shown on the bank reconciliation statement as
a. /0& deduction from the book balance.
b. /0& deduction from the bank balance.
c. /0& addition to the book balance.
d. /0& addition to the bank balance.
1. ! perpetual inventory system offers all the following advantages e2cept3
a. inventory balances are always current
b. it is less e2pensive than a periodic system
c. it enhances internal control
d. it helps salespeople determine whether there is a sufficient supply of
inventory on hand to fill customer orders
1
4. 5sing the aging of accounts receivable method# you estimate that total
uncollectible accounts is /"#1&&. The allowance for uncollectible
accounts prior to ad,ustment has a credit balance of /2#&&&. The amount
of the ad,usting entry should be
a. /2#&&&.
b. /2#1&&.
c. /-#1&&.
d. /"#1&&.
0. iven the following data# what is the gross profit as determined under
the 6.78 method(
9ales revenue 2&& units at /1* per unit
:eginning inventory 4& units at /1& per unit
Purchases 1-& units at /11 per unit
a. /1#1-&
b. /44&
c. /4"&
d. /4&&
1&. ;ata for ;uane's olf 9hop for the year+ended ;ecember 31# 2&&3 are as
follows3
9ales revenue /13&#&&&
<ost of goods sold 0&#&&&
:eginning inventory 3*#&&&
=nding inventory *&#&&&
.nventory turnover for 2&&3 is
a. 2.12
b. 2.*1
c. 1.4&
d. 3.&-
11. 9umner <orporation's net income before depreciation and ta2es is
/2&&#&&&. 5sing straight+line depreciation# the current year's
depreciation e2pense would be /2&#&&&. 5sing double+declining+balance
depreciation# the current year's depreciation e2pense would be /22#&&&.
!ssuming a ta2 rate of "&$# what is 9umner <orporation's net income if
the straight+line depreciation method is used(
a. /11#2&&
b. /12#&&&
c. /1&-#4&&
d. /1&4#&&&
12. =quipment acquired on >anuary 1# 2&&1 is sold on >une 3&# 2&&"# for
/"#*&&. The equipment cost /1&#&&&# had an estimated residual value of
/1#&&&# and an estimated useful life of * years. The equipment has been
depreciated using the straight+line method. The ,ournal entry to record
the sale of the equipment involves a3
a. credit to accumulated depreciation for /-#3&&
b. credit to gain on sale of asset for /4&&
c. debit to accumulated depreciation for /1#&&&
d. credit to equipment for /3#&&&
2
13. 8n ;ecember 1-# 2&&1# :ruder <orporation purchases /2&#&&& of equipment
by issuing a 3&+day# 1&$ note payable. The amount of accrued interest on
;ecember 31# 2&&1# is ?rounded to nearest dollar@3
a. /43
b. /1-1
c. /1#&&&
d. /2#&&&
1". ! /1&#&&& bond quoted at 1&2 is selling for3
a. /0#4&&
b. /0#401
c. /1&#2&&
d. /12#&&&
1*. 'hen 1#&&& shares of /2 par value common stock are sold at /3 per share#
paid+in capital in e2cess of par valuecommon will3
a. not be affected
b. increase /1#&&&
c. increase /2#&&&
d. increase /3#&&&
1-. !pple <ompany owns 3&$ of :erry <ompany. Aet income for :erry <ompany for
the year ending ;ecember 31# 2&&1# is /"&&#&&&. The ,ournal entry
prepared by !pple <ompany on ;ecember 31# 2&&1# includes a3
a. debit to cash for /12&#&&&
b. debit to long+term investment for /12&#&&&
c. debit to long+term investment for /"&&#&&&
d. credit to long+term investment for /12&#&&&
11. .f a parent company and its subsidiary have accounts receivable from
e2ternal sources in the amounts of /3*#&&& and /2*#&&&# respectively# the
consolidated balance sheet for the parent and its subsidiary will show3
a. both amounts# but it will list them in two separate accounts
b. only the parent's accounts receivable balance
c. net accounts receivable of /1&#&&&
d. one accounts receivable balance of /-&#&&&
14. Pete's Tractor# .nc.# a 59 company# sold merchandise on account to ;>'s
.mplement <orporation# a :ritish company# for *&&#&&& :ritish pounds. The
relevant e2change rates for the :ritish pound were as follows3
;ate of sale /1."4
;ate of cash receipt /1."0

The e2change rate gain or loss for Pete's Tractor on this transaction
was3
a. /*#&&& loss
b. /1&#&&& gain
c. /1&#&&& loss
d. /*#&&& gain
3
10. ! pension plan is said to be overfunded when3
a. the accumulated benefit obligation e2ceeds the fair market value of
the pension plan assets
b. the fair market value of the pension plan assets e2ceeds the
accumulated benefit obligation
c. the accumulated benefit obligation e2ceeds the historical cost of the
pension plan assets
d. the historical cost of the pension plan assets e2ceeds the accumulated
benefit obligation
2&. Buartermaster <orporation sold some of its used equipment for /-*#&&&.
The indirect method statement of cash flows shows an addition to net
income of /1&#&&&. The accumulated depreciation on the equipment to date
of sale was /-3#&&&. The original cost of the equipment was3
a. /13#&&&
b. /1*#&&&
c. /12-#&&&
d. /134#&&&
21. 8n >anuary 1# 2&&1# total assets for 6ansing <ompany were /12*#&&&% on
;ecember 31# 2&&1# total assets were /11*#&&&. 8n >anuary 1# 2&&1# total
liabilities were /11&#&&&% on ;ecember 31# 2&&1# total liabilities were
/11*#&&&. 'hat is the amount of the change and the direction of the
change in 6ansing <ompany's stockholders' equity for 2&&1(
a. increase of /1&#&&&
b. decrease of /1&#&&&
c. increase of /"*#&&&
d. decrease of /"*#&&&
22. Proceeds from the issuance of stock appear in which# if any# section of
the statement of cash flows(
a. financing activities section
b. investing activities section
c. operating activities section
d. proceeds from the issuance of stock do not appear in the statement of
cash flows
23. The purchase of land by the issuance of common stock would be reported on
a statement of cash flows under the3
a. investing activities
b. financing activities
c. operating activities
d. in the schedule of noncash investing and financing activities
2". 'hen a company purchases inventory on account ?on credit@# which type of
account is credited(
a. asset
b. e2pense
c. owners' equity
d. liability
4
2*. ! credit increases the balance of
a. revenue and assets.
b. liabilities and assets.
c. stockholders' equity and liabilities.
d. liabilities and e2penses.
2-. Trapathi <ompany accepted an eighteen+month# /1*#&&&# 4$ note from
9wenson <orporation on !ugust 1# 2&&2. The amount of interest to be
accrued on ;ecember 31# 2&&2 is
a. /333.
b. /*&&.
c. /1#2&&.
d. /1#-&&.
21. ! company has /*&#&&& in cash# /4*#&&& in short+term investments#
/12&#&&& in net current receivables# and /1"*#&&& in inventory. The total
current liabilities of the firm are /3&&#&&&. The acid+test ratio of the
company is3
a. 1.1-
b. 1.33
c. &.4*
d. &.-"
24. !d,usting ,ournal entries do not affect
a. cash.
b. revenues.
c. e2penses.
d. liabilities.
20. .f a bank reconciliation included deposits in transit amounting to
/1#*&&# the ,ournal entry to record this reconciling item would include a
a. debit to cash for /1#*&&.
b. credit to accounts receivable for /1#*&&.
c. credit to cash for /1#*&&.
d. no entry is required.
3&. iven the following data# what is the cost of goods sold(
9ales revenue /1#04&#&&&
:eginning inventory 34&#&&&
=nding inventory 3"&#&&&
Purchases 1#3&&#&&&
a. /42&#&&&
b. /1#2-&#&&&
c. /1#3"&#&&&
d. /1#-"&#&&&
31. !gosto <orporation purchased land and a building for /14&#&&&. !n
appraisal indicates that the land's value is /"&&#&&& and the building's
value is /3*&#&&&. The amount that !gosto should debit to the building
account is3
a. /3*&#&&&
b. /3-"#&&&
c. /34&#&&&
d. /14&#&&&
5
32. 'hen an account is written off using the direct write+off method# total
assets will3
a. increase
b. decrease
c. remain the same
d. cannot be determined
33. .f a company uses 6.78 and prices are rising# large purchases of
inventory near the end of the year will3
a. reduce the gross profit
b. reduce cost of goods sold
c. increase income ta2es paid
d. have no effect on the amount of cost of goods sold
3". The cash proceeds received from issuing a bond are less than the face
value of the bond. .t is apparent that the bond was issued at3
a. par value
b. face value
c. a premium
d. a discount
3*. Treasury stock is subtracted from3
a. total assets
b. total stockholders' equity
c. paid+in capital and retained earnings
d. total liabilities
3-. 'hich of the following activities create revenues and e2penses in a
company's ma,or line of business(
a. financing activities
b. investing activities
c. operating activities
d. warehousing activities
31. 8n an indirect method statement of cash flows# dividends paid during the
year are3
a. added to net income
b. deducted from net income
c. reflected in the investing activities section
d. reflected in the financing activities section
34. Canagerial accounting3
is more future oriented than financial accounting.
tends to summariDe information more than financial accounting
is primarily concerned with providing information to e2ternal
users.
is more concerned with precision than timeliness.
6
30. The delegation of decision making to lower levels in an organiDation is
known as3
the planning and control cycle.
controlling.
decentraliDation.
none of these.
"&. 6arge work in process inventories3
are essential for efficient operations.
reduce defect rates.
increase throughput time.
are a key part of >ust+.n+Time systems.
"1. .ndirect labor is a part of3
Prime cost.
<onversion cost.
Period cost.
Aonmanufacturing cost.
"2. 7i2ed costs e2pressed on a per unit basis3
will increase with increases in activity.
will decrease with increases in activity.
are not affected by activity.
should be ignored in making decisions since they cannot change.
"3. !able <ompany's manufacturing overhead is 2&$ of its total conversion
costs. .f direct labor is /"*#&&& and if direct materials are
/*3#&&&# the manufacturing overhead is3
/11#2*&
/13#2*&
/14&#&&&
/2"#*&&
"". Eaag .nc. is a merchandising company. 6ast month the company's cost of
goods sold was /4-#&&&. The company's beginning merchandise
inventory was /2&#&&& and its ending merchandise inventory was
/21#&&&. 'hat was the total amount of the company's merchandise
purchases for the month(
/4-#&&&
/121#&&&
/41#&&&
/4*#&&&
7
"*. 'hen manufacturing overhead is applied to production# it is added to3
the <ost of oods 9old account.
the Faw Caterials account.
the 'ork in Process account.
the 7inished oods inventory account.
"-. <rich <orporation uses direct labor+hours in its predetermined overhead
rate. !t the beginning of the year# the estimated direct labor+
hours were 21#4&& hours and the total estimated manufacturing
overhead was /"01#&"&. !t the end of the year# actual direct
labor+hours for the year were 21#*&& hours and the actual
manufacturing overhead for the year was /"02#&"&. 8verhead at the
end of the year was3
/-#4"& overapplied
/-#4"& underapplied
/1#4"& underapplied
/1#4"& overapplied
"1. iven the cost formula G H /12#*&& I /*.&&J# total cost for an activity
level of "#&&& units would be3
/2&#&&&
/12#*&&
/1-#&&&
/32#*&&
"4. The following data relate to two levels of activity at an out+patient
clinic in a hospital3
N u m b e r o f p a t i e n t - v i s i t s . . . . . . . . . . . . . 4 , 5 0 0 5 , 7 5 0
G e n e r a l o v e r h e a d . . . . . . . . . . . . . . . . . . . . . . . 2 6 ! , 7 5 0 2 " ! , 1 2 5
The best estimate of the variable general overhead cost per patient+
visit is closest to3
/1*.*&
/"".""
/*0.0"
/*&.24
"0. ! product sells for /1& per unit and has variable e2penses of /- per
unit. 7i2ed e2penses total /"*#&&& per month. Eow many units of
the product must be sold each month to yield a monthly profit of
/1*#&&&(
-#&&& units
3#1*& units
1*#&&& units
1&#&&& units
*&. !lpha <ompany reported the following data for its most recent year3
sales# /*&&#&&&% variable e2penses# /3&&#&&&% and fi2ed e2penses#
/1*&#&&&. The company's degree of operating leverage is3
1&
2
"
2.*
"
*1. Production order processing is an e2ample of a3
!@ 5nit+level activity.
:@ :atch+level activity.
<@ Product+level activity.
;@ 8rganiDation+sustaining activity.
*2. Thirty percent of 9harp <ompany's sales are for cash and 1&$ are on
account. 9i2ty percent of the account sales are collected in the month
of sale# 2*$ in the month following sale# and 12$ in the second month
following sale. The remainder is uncollectible. The following are
budgeted sales data for the company3
J a n u a r y F e b r u a r y M a r c h A p r i l
# o t a l s a l e s . . . . . . . . . . . . 5 0 , 0 0 0 6 0 , 0 0 0 4 0 , 0 0 0 3 0 , 0 0 0
Total cash receipts in !pril are e2pected to be3
!@ /2"#-"&
:@ /3*#2&&
<@ /31#*-&
;@ /33#-"&
*3. Killi Canufacturing <orporation's most recent sales budget indicates
the following e2pected sales ?in units@3
J u l y A u g u s t S e p t e m b e r
$ % p e & t e d u n i t s a l e s . . . . . . . . . . . . 2 3 0 , 0 0 0 2 7 5 , 0 0 0 3 1 0 , 0 0 0
Killi wants to maintain a finished goods inventory of 2&$ of the ne2t
month's e2pected sales. Eow many units should Killi plan on producing
for the month of !ugust(
!@ 2-4#&&& units
:@ 242#&&& units
<@ 201#&&& units
;@ 331#&&& units
*". 9parks <ompany has a cash balance of /1#*&& on !pril 1. The company
must maintain a minimum cash balance of /-#&&&. ;uring !pril# cash
receipts of /"4#&&& are planned. <ash disbursements during the month
are e2pected to total /*2#&&&. .gnoring interest payments# during !pril
the company will need to borrow3
!@ /3#*&&
:@ /2#*&&
<@ /-#&&&
;@ /"#&&&
!
5se the following to answer questions **+*-3
Carty's Cerchandise has budgeted sales as follows for the second quarter of
the year3
' p r i l . . . . . . . . . . . . . . . . 3 0 , 0 0 0
( a ) . . . . . . . . . . . . . . . . . 6 0 , 0 0 0
* u n e . . . . . . . . . . . . . . . . . 5 0 , 0 0 0
<ost of goods sold is equal to 1&$ of sales. The company wants to maintain a
monthly ending inventory equal to 12&$ of the cost of goods sold for the
following month. The inventory on Carch 31 was below this target and was only
/22#&&&. The company is now preparing a Cerchandise Purchases :udget for
!pril# Cay# and >une.
**. The desired beginning inventory for >une is3
!@ /"2#&&&
:@ /3*#&&&
<@ /*&#&&&
;@ /34#&&&
*-. The budgeted purchases for Cay are3
!@ /"0#"&&
:@ /*&#"&&
<@ /-&#&&&
;@ /33#-&&
*1. 'hen the actual price paid on credit for a raw material e2ceeds its
standard price# the ,ournal entry would include3
!@ ;ebit to Faw Caterials% <redit to Caterials Price Kariance
:@ ;ebit to !ccounts Payable% <redit to Caterials Price Kariance
<@ ;ebit to Faw Caterials% ;ebit to Caterials Price Kariance
;@ ;ebit to !ccounts Payable% ;ebit to Caterials Price Kariance
10
*4. ! labor efficiency debit balance indicates that3
!@ The wage rate paid to production workers was less the standard.
:@ The wage rate paid to production workers was above the standard.
<@ 6ess labor time was spent on production than was called for by the
standard.
;@ Core labor time was spent on production than was called for by the
standard.
*0. ! static budget is3
!@ a budget for a single level of activity.
:@ a budget that ignores inflation.
<@ used only for fi2ed costs.
;@ used when the mi2 of products does not change.
-&. .f the price a company paid for overhead items# such as utilities#
decreased during the year# the company would probably report a?n@3
!@ favorable efficiency variance.
:@ favorable spending variance.
<@ unfavorable efficiency variance.
;@ unfavorable spending variance.
-1. .n a standard cost system# overhead is applied to production on the
basis of3
!@ the denominator hours chosen for the period.
:@ the actual hours required to complete the output of the period.
<@ the standard hours allowed to complete the output of the period.
;@ none of these.
-2. oldberg Cedical <linic measures its activity in terms of patient+
visits. 6ast month# the budgeted level of activity was 1#&4& patient+
visits and the actual level of activity was 00& patient+visits. The
clinic's director budgets for variable overhead costs of /3.3& per
patient+visit and fi2ed overhead costs of /1&#-&& per month. The actual
variable overhead cost last month was /3#34& and the actual fi2ed
overhead cost was /4#14&. .n the clinic's fle2ible budget performance
report for last month# what would have been the variance for the total
overhead cost(
!@ /113 5
:@ /201 7
<@ /1#1&1 7
;@ /2#&&" 7
11
-3. .n a make+or+buy decision# relevant costs include3
!@ unavoidable fi2ed costs
:@ avoidable fi2ed costs
<@ fi2ed factory overhead costs applied to products
;@ fi2ed selling and administrative e2penses
5se the following to answer questions -"+-*3
The <arter <ompany makes products ! and : in a ,oint process from a single
input# F. ;uring a typical production run# *&#&&& units of F yield 2&#&&&
units of ! and 3&#&&& units of : at the split+off point. >oint production
costs total /0&#&&& per production run. The unit selling price for ! is /" and
for : is /3.4& at the split+off point. Eowever# : can be processed further at
a total cost of /-&#&&& and then sold for /1.&& per unit.
-". .n a decision between selling : at the split+off point or processing :
further# which of the following items is not relevant3
!@ the /-&#&&& cost to process : beyond the split+off point
:@ the /3.4& unit sales price of : at the split+off point
<@ the portion of the /0&#&&& ,oint production cost allocated to :
;@ the /1 unit selling price for : after further processing
-*. .f product : is processed beyond the split+off point# the change in
operating income from a production run ?as compared to selling : at the
split+off point@ would be3
!@ /3-#&&& increase
:@ /0-#&&& increase
<@ /"2#&&& decrease
;@ /1&#&&& decrease
--. 'hich of the following would be considered a LsourceL of cash for
purposes of constructing a statement of cash flows(
!@ a decrease in accounts receivable.
:@ an increase in prepaid e2penses.
<@ an increase in accrued liabilities.
;@ an increase in plant and equipment.
12
5se the following to answer questions -1+-03
9tovall <ompany's net income last year was /42#&&&. <hanges in the company's
balance sheet accounts for the year appear below3
I n c r e a s e s
( D e c r e a s e s )
+ e b i t b a l a n & e s ,
- a s h . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 , 0 0 0
' & & o u n t s r e & e i v a b l e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 , 0 0 0
. n v e n t o r ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 , 0 0 0
/ r e p a i d e % p e n s e s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 " , 0 0 0 1
2 o n 3 - t e r m i n v e s t m e n t s . . . . . . . . . . . . . . . . . . . . . . . . . . " 0 , 0 0 0
/ l a n t a n d e 4 u i p m e n t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 5 , 0 0 0
- r e d i t b a l a n & e s ,
' & & u m u l a t e d d e p r e & i a t i o n . . . . . . . . . . . . . . . . . . . . . 6 6 , 0 0 0
' & & o u n t s p a ) a b l e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 7 , 0 0 0 1
' & & r u e d l i a b i l i t i e s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 2 , 0 0 0 1
# a % e s p a ) a b l e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0
5 o n d s p a ) a b l e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 4 0 , 0 0 0 1
+ e f e r r e d t a % e s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 5 , 0 0 0
- o m m o n s t o & 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 0 , 0 0 0
7 e t a i n e d e a r n i n 3 s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 4 , 0 0 0
The company declared and paid cash dividends of /24#&&& last year. The
following questions pertain to the company's statement of cash flows.
-1. The net cash provided by ?used in@ operating activities last year was3
!@ /0&#&&&
:@ /1*-#&&&
<@ /42#&&&
;@ /1"4#&&&
-4. The net cash provided by ?used in@ investing activities last year was3
!@ /4*#&&&
:@ /?4*#&&&@
<@ /1&*#&&&
;@ /?1&*#&&&@
-0. The net cash provided by ?used in@ financing activities last year was3
!@ /"4#&&&@
:@ /?"4#&&&@
<@ /2&#&&&
;@ /?2&#&&&@
1&. The gross margin percentage is equal to3
!@ ?Aet operating income I 8perating e2penses@)9ales
:@ Aet operating income)9ales
<@ <ost of goods sold)9ales
;@ <ost of goods sold)Aet income
13
11. =arnings per share of common stock is computed by3
!@ dividing net income by the average number of common and preferred
shares outstanding.
:@ dividing net income by the average number of common shares
outstanding.
<@ dividing net income minus preferred dividends by the average number
of common and preferred shares outstanding.
;@ dividing net income minus preferred dividends by the average number
of common shares outstanding.
12. ! company's current ratio is greater than 1. Purchasing raw materials
on credit would3
!@ increase the current ratio.
:@ decrease the current ratio.
<@ increase net working capital.
;@ decrease net working capital.
13. Aybo <ompany's current liabilities are /-&#&&&# its long+term
liabilities are /14&#&&&# and its working capital is /0&#&&&. .f Aybo
<ompany's debt to equity ratio is &."# its total long+term assets must
equal3
!@ /"0&#&&&
:@ /4"&#&&&
<@ /-&&#&&&
;@ /-0&#&&&
5se the following to answer questions 1"+1*3
9elected financial data from Earmon <ompany from the most recent year appear
below3
8 a l e s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 5 0 , 0 0 0
- o s t o f 3 o o d s s o l d . . . . . . . . . . . . . . . . . . . . . . . . . 7 5 , 0 0 0
+ i v i d e n d d e & l a r e d a n d p a i d . . . . . . . . . . . 5 , 0 0 0
. n t e r e s t e % p e n s e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0 , 0 0 0
9 p e r a t i n 3 e % p e n s e s . . . . . . . . . . . . . . . . . . . . . . . 2 5 , 0 0 0
The income ta2 rate is 3&$.
1". Aet income as a percentage of sales is closest to3
!@ 10$
:@ 21$
<@ 33$
;@ *&$
1*. ross margin as a percentage of sales is closest to3
!@ 21$
:@ *&$
<@ 33$
;@ 10$
14
Answer Key: 511 Practice Exam
1 A 39 C
2 D 40 C
3 C 41 B
4 C 42 B
5 A 43 A
6 D 44 C
7 B 45 C
8 B 46 C
9 C 47 D
10 A 48 A
11 D 49 C
12 B 50 C
13 A 51 B
14 C 52 D
15 B 53 B
16 B 54 B
17 D 55 A
18 D 56 D
19 B 57 C
20 D 58 D
21 C 59 A
22 A 60 B
23 D 61 C
24 D 62 C
25 C 63 B
26 B 64 C
27 C 65 A
28 A 66 A
29 D 67 B
30 C 68 D
31 B 69 B
32 B 70 A
33 A 71 D
34 D 72 B
35 C 73 D
36 C 74 A
37 D 75 B
38 A
15