Name: Class: Date: ID: A

S A M P L E T E S T 2 - C I J 4 5 6 7 8

Multiple ChoiceIdentifu the choice that best completes the statement or answers the question.

l. Which one of the following is not a difference between a retail business and a service business?a. in what is soldb. the inclusion of gross profit in the income statementc. accounting equationd. merchandise inventory included in the balance sheet

2. A company using the periodic inventory system has the following account balances: Merchandise Inventoryat the beginning ofthe year, $3,600; Freight-In, $650; Purchases, $10,700; Purchases Returns andAllowances, $1,950; Purchases Discounts, $330. The cost of merchandise purchased is equal toa . $12.670b. $9.070c. $8,420d. $17,230

3. Expenses that are incurred directly or entirely in connection with the sale of merchandise are classified asa. selling expensesb. general expensesc. other expensesd. administrativeexpenses

4. Office salaries, depreciation of office equipment, and office supplies are examples of what type of expense?a. selling expenseb. miscel laneousexpensec. administrativeexpensed. other expense

5. The form of income statement that derives its name from the fact that the total of all expenses is deductedfrom the total ofall revenues is called aa. multiple-stepstatementb. revenue statementc. report-form statementd. single-stepstatement

6. The inventory system employing accounting records that continuously disclose the amount of inventory iscalleda. retailb. periodicc. physicald. perpetual

Name: ID: A

7. Usins the followins information- whatollowrng lnlormatton, what rsthe amount of'gross profit?Purchases $32.000 Purchases discounts $960Merchandise inventorySeptember 1

5,700 Merchandise inventorySepternber 30

6,370

Sales returns andallowances

9 1 0 Sales 63,000

Purchases returns andallowances

1,200 Freight In 1,040

a. 34,870b . 3 1 , 9 9 0c. 27,460d. 62,090

8. Using a perpetual inventory system, the entry to record the return from a customer of merchandise sold onaccount includes aa. credit to Sales Returns and Allowancesb. debit to Merchandise Inventoryc. credit to Merchandise Inventoryd. debit to Cost of Merchandise Sold

9. In credit terms of 3/15,n/45, the "3" represents thea. number of days in the discount periodb. full amount of the invoicec. number of days when the entire amount is dued. percent ofthe cash discount

10. The entry to record the return of merchandise from a customer would include aa. debit to Salesb. credit to Salesc. debit to Sales Returns and Allowancesd. credit to Sales returns and Allowances

I l. The amount of the total cash paid to the seller for merchandise purchased would normally includea. only the list priceb. only the sales taxc. the list price plus the sales taxd. the list price less the sales tax

12. If the buyer is to pay the freight costs of delivering merchandise, delivery terms are stated asa. FOB shipping pointb. FOB destinationc. FOB n/30d. FOB buyer

Name: ID: A

Discounts taken by a buyer because ofearly payment are recorded on the seller's accounting records asa. Purchases discountb. Sales discountc. Trade discountd. Early payment discount

Taking advantage of a2ll0, n/30 purchases discount is equal to a savings yearly rate of approximatelya. 2%b. 24%c. 20%d. 36%

$7,000 of merchandise inventory was ordered on Septemb er 2,2009$3,000 of this merchandise was received on September 5, 2009On September 6,2009, an invoice dated September 4,2009, with terms of 3/10, net 30for $3,250 which included a $250 prepaid freight cost, was received.On September 10, 2009, $800 of the merchandise was returned to the seller.

15. Based on the above information, what would be recorded as purchases discount if the invoice is paid withinthe discount period?a. $73.50b. $90.00c. $210.00d. $66.00

16. Based on the above information, what would be recorded as the cash payment if the invoice is paid within thediscount period?a. $2,200b. $2,t34c. $2,450d. $2,384

17. Based on the above information, what would be the cash payment if the company decides to pay the invoiceon September 30,2009?a. $2,450b. $2,394c. $3,250d. $3,000

18. If title to merchandise purchases passes to the buyer when the goods are delivered to the buyer, the terms area. consienedb. n/30c. FOB shipping pointd. FOB destination

1 3 .

14.

l .2.J .

4.

Name: ID: A

19. If title to merchandise purchases passes to the buyer when the goods are shipped from the seller, the terms area. n/30b. FOB shipping pointc. FOB destinationd. consigned

20 . The proper j ournal entry to record the receipt of inventory purchased on account in a perpetual inventorysystem would be:a. Jan I Inventory 540.00

Accounts Payable 540.00b. Jan I Office Supplies 540.00

Accounts Payable 540.00c. Jan I Purchases 540.00

Accounts Payable 540.00d. Jan I Purchases 540.00

AccountsReceivable 540.00

21. Which of the following items should p! be included in the cost of ending merchandise inventory?a. units on consignmentb. purchased units in transit, shipped FOB destinationc. units on hand in the warehoused. both (a) and (c)

22. Under the periodic inventory system, the journal entry to record the purchase of merchandise inventory willinclude a debit toa. Merchandise Inventoryb. Purchasesc. Accounts Payabled. Cost of Merchandise Purchased

23. Under the periodic inventory system, the journal entry to record the cost of merchandise sold at the point ofsale will include the following accounta. No entry is made.b. Cost of merchandise soldc. Inventoryd. Purchases sold

24. Under a periodic inventory system, closing entries will includea. Dr. Sales, Purchases Returns and Allowances, Purchases Discountsb. Cr. Purchases, Sales Discounts, Sales Returns and Allowancesc. Adjust Merchandise Inventory Account to match physical inventoryd. All are correct

Name: TD: A

25, Control of inventory should begin as soon as the inventory is received. Which of the following internalcontrol steps is not done to meet this goal?a. check the invoice to the receiving reportb. check the invoice to the purchase orderc. check the invoice with the person who specifically purchased the itemd. check the invoice extensions and totals

26. Which of the following is not an example for safeguarding inventory?a. Storing inventory in restricted areas.b. Physical devices such as two-way mirrors, cameras, and alarms.c. Matching receiving documents, purchase orders, and vendoros invoice.d. Returning inventory that is defective or broken.

27. Which of the following inventory cost methods is appropriate for a business who has inventory with arelatively small number of unique items and a high cost per item?a. FIFOb. LIFOc. averaged. specificidentification

28. Under which method of inventory cost flows is the cost flow assumed to be in the reverse order in which theexpenditures were made?a. weighted averageb. last-in, first-outc. first-in, first-outd. average cost

29. Which of the following companies would be more likely to use the specific identification inventory costingmethod?a. Gordon's Jewelersb. Lowe'sc. Best Buyd. Wal-Mart

Name: ID: A

The inventory data for an item for September are:

30.

3 1 .

32.

a aJ J .

Sep. 14

1 0t 730

Sep. I4

1 0l 730

InventorySoldPurchasedSoldPurchased

InventorySoldPurchasedSoldPurchased

Using the perpetual system, costing by the last-in, first-out method, what is the cost of the merchandiseinventory of 30 units on September 30?a. $800b. $650c. $750d. $700In recording the cost ofmerchandise sold for cash, based on data available from perpetual inventory records,the journal entry isa. debit Cost of Merchandise Sold; credit Salesb. debit Cost of Merchandise Sold; credit Merchandise Inventoryc. debit Merchandise Inventory; credit Cost of Merchandise Soldd. debit Accounts Receivable; credit Sales

The inventory system employing accounting records that continuously disclose the amount of inventory iscalleda. retailb. periodicc. physicald. perpetual

The inventory data for an item for September are:

20 units at $20l0 units30 units at $2520 units10 units at $30

20 units at $19l0 units30 units at $2020 units10 units at $21

Using the perpetual system, costing by the last-in, first-out method, what is the cost of the merchandise soldfor September?a. $610b. $600c. $590d. ss80

Name: ID: A

Use the following information to answer the following questions.

The Boxwood Company sells blankets for $60 each. The following was taken from the inventory recordsdurin

Date Product Z Units CostMav 3 Purchase 5 $30Mav 10 Sale JMav 17 Purchase 1 0 s34Mav 20 Sale 6Mav 23 Sale JMav 30 Purchase l 0 $40

Assuming that the company uses the perpetual inventory system, determine the gross profit for the sale ofMay 23 using the FIFO inventory cost method.a. $78b. $90c . $102d . $180Assuming that the company uses the perpetual inventory system, determine the ending inventory for themonth of May using the average inventory cost method.a, $502b. s452c. $500d. $450Damaged merchandise that can be sold only at prices below cost should be valued ata. net realizable valueb. LIFOc. FIFOd. average

If the cost of an item of inventory is $50 and the current replacement cost is $57, the amount included ininventory according to the lower of cost or market isa. $7b. $s0c. $57d. $107Kristin's Boutiques has identified the following items for possible inclusion in its December 31, 2010inventory. Which of the following would not be included in the year end inventory?a. Merchandise purchased FOB shipping point was picked up by the freight company but

had still not arrived at Kristin's Boutique as of December 31, 2010.b. Kristin has in its warehouse merchandise on consignment from Abby Co.c. Kristin has sent merchandise to various retailers on a consignment basisd. Kristin has merchandise on hand which has been returned bv customers because of

wrong size.

34.

37 .

35.

36.

38.

Name: ID: A

39. If a company mistakenly counts more items during a physical inventory than actually exist, how will theerror affect their bottom line?a. No change to net income.b. Net income will be overstatedc. Net income will be understated.d. Only gross profit will be affected.

40. Too much inventory on handa. reduces solvencyb. increases the cost to safeguard the assetsc. increases the losses due to price declinesd. all ofthe above

41. If the direct write-off method of accounting for uncollectible receivables is used, what general ledger accountis debited to write off a customer's account as uncollectible?a. Uncollectible Accounts Payableb. Accounts Receivablec. Allowance for Doubtful Accountsd. Bad Debt Expense

42. Allowance for Doubtful Accounts has a credit balance of $500 at the end of the year (before adjustment), anduncollectible accounts expense is estimated at3%o of net sales. lf net sales are $600,000, the amount of theadjusting entry to record the provision for doubtful accounts isa. $ I 8,500b. $ 17 ,500c. $ 1 8,000d. none ofthe above

43. Allowance for Doubtful Accounts has a debit balance of $500 at the end of tlie year (before adjustment), anduncollectible accounts expense is estimated at 4%o of net sales. If net sales are $600,000, the amount of theadjusting entry to record the provision for doubtful accounts isa. $24,500b. $23,500c. $24,000d. none ofthe above

44. Allowance for Doubtful Accounts is listed on the balance sheet under the captiona. owner's eqLrityb. investmentsc. fixed assetsd. current assets

45. On the balance sheet, the amount shown for the Allowance for Doubtful Accounts is equal to thea. Uncollectible accounts expense for the yearb. total of the accounts receivables written-off during the yearc. total estimated uncollectible accounts as of the end of the yeard. sum ofall accounts that are past due.

Name: ID: A

46. A company uses the estimate of sales method to account for uncollectible accounts. When the firm writes offa specific customer's account receivablea. total current assets are reducedb. total expenses for the period are increasedc. total current assets are reduced and total expenses are increasedd. there is no effect on total current assets or total expenses

47. Dalton Company uses the estimate based on analysis of receivables to account for uncollectible accounts.The company has determined that the Irish Company account is uncollectible. To write-off this account,Dalton should debita. Uncollectible Accounts Expense and credit Accounts Receivableb. Uncollectible Accounts Expense and credit Allowance for Doubtful Accountsc. Allowance for Doubtful Accounts and credit Accounts Receivabled. Accounts receivable and credit Allowance for Doubtful Accounts

48. Allowance for Doubtful Accounts has a debit balance of $1,100 at the end of the year (before adjustment),and an analysis of customers'accounts indicates doubtfulaccounts of $12,900. Which of the followingentries records the proper provision for doubtful accounts?a. debit Uncollectible Accounts Expense, $14,000; credit Allowance for Doubtful

Accounts, $14,000b. debit Allowance for Doubtful Accounts, $14,000; credit Uncollectible Accounts

Expense, $14,000c. debit Allowance for Doubtful Accounts, $1 1,800; credit Uncollectible Accounts

Expense, $l 1,800d. debit Uncollectible Accounts Expense, $1 1,800; credit Allowance for Doubtful

Accounts, $1 1,80049. An aging of a company's accounts receivable indicates that $5,000 are estimated to be uncollectible. If

Allowance for Doubtful Accounts has a $1,200 credit balance, the adjustment to record bad debts for theperiod will require aa. debit to Allowance for Doubtful Accounts for $3,800.b. debit to Bad Debts Expense for $3,800.c. debit to Allowance for Doubtful Accounts for $5.000.d. credit to Allowance for Doubtful for $5,000.

50. To record estimated uncollectible accounts using the allowance method, the adjusting entry would be aa. debit to Bad Debts Expense and a credit to Allowance for Doubtful Accounts.b. debit to Accounts Receivable and a credit to Allowance for Doubtful Accounts.c. debit to Allowance for Doubtful Accounts and a credit to Accounts Receivable.d. debit to Loss on Credit Sales and a credit to Accounts Receivable.

51. Interest on a note can be calculated without knowledge of thea. note's maturity dateb. rate ofinterestc. notes durationd. principal amount

Name: ID: A

52. The journal entry to record a note received from a customer to apply on account isa. debit Notes Receivable; credit Accounts Receivableb. debit Accounts Receivable; credit Notes Receivablec. debit Cash; credit Notes Receivabled. debit Notes Receivable; credit Notes Payable

53. Bright Co. holds Park Co.'s $40,000, 120 day,9o/o note. The entry made by Bright Co. when the note iscollected, assuming no interest has previously been accrued is:a. Cash 40,000

Notes Receivable 40,000

b. Accounts Receivable 41,200Notes Receivable 40,000lnterest Revenue 1.200

c. Cash 41,200Notes Receivable 40,000Interest Revenue 1,200

d. Accounts Receivable 41.200Notes Revenue 40,000Interest Revenue 1,200

54. When comparing the direct write-off method and the allowance method of accounting for uncollectibleaccounts, the entry to reinstate a previously written off accounts under the allowance rnethod would include:a. A credit to Bad Debt Expenseb. A debit to Bad Debt Expensec. A debit to Allowance for Doubtful Accountsd. A credit to Allowance for Doubtful Accounts

55. Abu i ld ingwi t l ianappra isa lva lueof$ l4T,000 ismadeava i lab lea tanof fe rpr iceo f$152,000. Thepurchaser acquires the property for $35,000 in cash, a90-day note payable for $45,000, and a mortgageamounting to $65,000. The cost basis recorded in the buyer's accounting records to recognize this purchaseisa . $147.000b. $1s2.000c . $145,000d. $l r 0.000

56. The journal entry for recording an operating lease payment woulda. be a memo entry onlyb. debit the fixed asset and credit Cashc. debit an expense and credit Cashd. debit a liability and credit Cash

57. When determining whether to record an asset as a fixed asset, what two criteria must be met?a. Must be an investment and must be long lived.b. Must be long lived and must use the asset in a productive manner.c. Must be long lived and must be a tangible asset.d. Must be a tansible asset and must be an investment.

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Name: ID: A

58. Equipment with a cost of $ 160,000, an estimated residual value of $40,000, and an estimated life of 15 yearswas depreciated by the straight-line method for 4 years. Due to obsolescence, it was determined that theuseful life should be shortened by 3 years and the residual value changed to zero. The depreciation expensefor the current and future years isa . $ 1 1 , 6 3 6b. $16,000c . $ l 1 , 0 0 0d. $8,000

59. The proper journal entry to purchase a computer on account to be utilized within the business would be:a. Jan2 Off ice Suppl ies 1,350

Accounts Payable 1,350b. Jan2 Off ice Equipment 1,350

Accounts Payable 1,350c. lan2 Off ice Suppl ies 1,350

Accounts Receivable 1.350d. Jan2 Off ice Equipment 1,350

Accounts Receivable 1,350

60. Computer equiprnent was acquired at the beginning of the year ata cost of $65,000 that has an estimatedresidual value of $3,000 and an estimated useful life of 5 years. Determine the 2nd year's depreciation usingstraight-line deprec iation.a. $26,000b. $24,800c. $ 12.400d. $13,000

61. When a company sells machinery at a price equal to its book value, this transactiori would be recorded withan entry that would include the following:a. debit Cash and Accumulated Depreciation; credit Machineryb. debit Machinery; credit Cash and Accumulated Depreciationc. debit Cash and Machinery; credit Accumulated Depreciationd. debit Cash and Depreciation Expense; credit Accumulated Depreciation

62. On December 31, Strike Company has decided to sell one of its batting cages. The initial cost of theequipment was $21 5,000 with an accumulated depreciation of $ 185,000. Depreciation has been taken up tothe end of the year. The company found a company that is willing to buy the eqLriprnent for $30,000. Whatis the amount of the gain or loss on this transaction?a. Gain of $30,000b. Loss of$30,000c. No gain or lossd. Cannot be determined

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Name: ID: A

63. The term applied to the amount of cost to transfer to expense resulting from a decline in the utility ofintangible assets isa. amortizationb. depletionc. depreciationd. allocation

64. The exclusive riglit to use a certain name or symbol is called aa. franchiseb. patentc. trademarkd. copyright

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TD: A

S A M P L E T E S T 2 - C } J 4 5 6 7 8Answer Section

MULTIPLE CHOICE

l. ANS: C PTS: I DIF: Moderate OBJ: 06-01NAT: AACSB Analytic I AICPA BB-Industry

2. ANS: B PTS: I DIF: Difficult OBJ: 06-02NAT: AACSB Analytic I AICPA FN-Measurement

3. ANS: A PTS: I DIF: Easy OBJ: 06-02NAT: AACSB Analytic IAICPA FN-Measurement

4. ANS: C PTS: I DIF: Easy OBJ: 06-02NAT: AACSB Analytic IAICPA FN-Measurement

5. ANS: D PTS: 1 DIF: Easv OBJ: 06-02NAT: AACSB Analytic I AICPA FN-Measurement

6. ANS: D PTS: I DIF: Easv OBJ: 06-02NAT: AACSB Analytic I AICPA FN-Measurement

7. ANS: B PTS: 1 DIF: Difficult OBJ: 06-02NAT: AACSB Analytic IAICPA FN-Measurement

8. ANS: B PTS: 1 DIF: Easy OBJ: 06-03NAT: AACSB Analytic IAICPA FN-Measurement

9. ANS: D PTS: 1 DIF: Easy OBJ: 06-03NAT: AACSB Analytic IAICPA FN-Measurement

10. ANS: C PTS: 1 DIF: Moderate OBJ: 06-03NAT: AACSB Analytic IAICPA FN-Measurement

11. ANS: C PTS: I DIF: Easy OBJ: 06-03NAT: AACSB Analytic IAICPA FN-Measurement

12. ANS: A PTS: I DIF: Easy OBJ: 06-03NAT: AACSB Analytic I AICPA FN-Measurement

13. ANS: B PTS: I DIF: Easy OBJ: 06-03NAT: AACSB Analytic IAICPA FN-Measurement

14. ANS: D PTS: I DIF: Easy OBJ: 06-03NAT: AACSB Analytic IAICPA FN-Measurement

15. ANS: D PTS: I DIF: Difficult OBJ: 06-03NAT: AACSB Analytic IAICPA FN-Measurement

16, ANS: D PTS: I DIF: Difficult OBJ: 06-03NAT: AACSB Analytic IAICPA FN-Measurement

17. ANS: A PTS: 1 DIF: Moderate OBJ: 06-03NAT: AACSB Analytic IAICPA FN-Measurement

18. ANS: D PTS: I DIF: Easy OBJ: 06-03NAT: AACSB Analytic IAICPA FN-Measurement

19. ANS: B PTS: 1 DIF: Easy OBJ: 06-03NAT: AACSB Analytic I AICPA FN-Measurement

20. ANS: A PTS: I DIF: Easy OBJ: 06-03NAT: AACSB Analvtic I AICPA FN-Measurement

ID: A

21. ANS: B PTS: 1 DIF: Easy OBJ: 06-03NAT: AACSB Analytic IAICPA FN-Measurement

22. ANS: B PTS: I DIF: Easy OBJ: 06-App2NAT: AACSB Analytic IAICPA FN-Measurement

23. ANS: A PTS: I DIF: Easy OBJ: 06-App2NAT: AACSB Analy'tic IAICPA FN-Measurement

24. ANS: D PTS: I DIF: Moderate OBJ: 06-App2NAT: AACSB Analytic IAICPA FN-Measurement

25. ANS: C PTS: I DIF: Moderate OBJ: 07-01NAT: AACSB Analytic IAICPA FN-Measurement

26. ANS: D PTS: I DIF: Easy OBJ: 07-01NAT: AACSB Analytic IAICPA FN-Measurement

27. ANS: D PTS: I DIF: Moderate OBJ: 07-02NAT: AACSB Analytic IAICPA FN-Measurement

28. ANS: B PTS: I DIF: Moderate OBJ: 07-02NAT: AACSB Analytic I AICPA FN-Measurement

29. ANS: A PTS: I DIF: Easy OBJ: 07-02NAT: AACSB Analytic IAICPA FN-Measurement

30. ANS: B PTS: I DIF: Difficult OBJ: 07-03NAT: AACSB Analytic I AICPA FN-Measurement

31. ANS: B PTS: I DIF: Diff icult OBJ: 07-03NAT: AACSB Analytic IAICPA FN-Measurement

32. ANS: D PTS: I DIF: Easy OBJ: 07-03NAT: AACSB Analytic IAICPA FN-Measurement

33. ANS: C PTS: I DIF: Moderate OBJ: 07-03NAT: AACSB Analytic IAICPA FN-Measurement

34. ANS: A PTS: I DIF: Moderate OBJ: 07-03NAT: AACSB Analytic I AICPA FN-Measurement

35. ANS: C PTS: I DIF: Difficult OBJ: 07-03NAT: AACSB Analytic IAICPA FN-Measurernent

36. ANS: A PTS: 1 DIF: Moderate OBJ: 01-06NAT: AACSB Analytic IAICPA FN-Measurement

37. ANS: B PTS: 1 DIF: Easy OBJ: 07-06NAT: AACSB Analytic IAICPA FN-Measurement

38. ANS: B PTS: I DIF: Moderate OBJ: 01-06NAT: AACSB Analytic IAICPA FN-Measurement

39. ANS: B PTS: 1 DIF: Moderate OBJ: 07-06NAT: AACSB Analytic IAICPA FN-Measurement

40. ANS: D PTS: I DIF: Moderate OBJ: 07-06NAT: AACSB Analytic IAICPA FN-Measurement

41. ANS: D PTS: I DIF: Easy OBJ: 09-03NAT: AACSB Analytic IAICPA FN-Measuremerrt

42. ANS: C PTS: I DIF: Moderate OBJ: 09-04NAT: AACSB Analytic IAICPA FN-Measurement

43. ANS: C PTS: I DIF: Moderate OBJ: 09-04NAT: AACSB Analvtic IAICPA FN-Measurement

ID: A

44. ANS: D PTS: I DIF: Easy OBJ: 09-04NAT: AACSB Analytic IAICPA FN-Measurement

45. ANS: C PTS: 1 DIF: Easy OBJ: 09-04NAT: AACSB Analytic I AICPA FN-Measurement

46. ANS: D PTS: I DIF: Moderate OBJ: 09-04NAT: AACSB Analytic IAICPA FN-Measurement

47. ANS: C PTS: I DIF: Easy OBJ: 09-04NAT: AACSB Analytic IAICPA FN-Measurement

48. ANS: A PTS: 1 DIF: Moderate OBJ: 09-04NAT: AACSB Analytic I AICPA FN-Measurement

49. ANS: B PTS: 1 DIF: Moderate OBJ: 09-04NAT: AACSB Analytic IAICPA FN-Measurement

50. ANS: A PTS: I DIF: Easy OBJ: 09-04NAT: AACSB Analytic IAICPA FN-Measurement

51. ANS: A PTS: 1 DIF: Easy OBJ: 09-06NAT: AACSB Analytic IAICPA FN-Measurement

52. ANS: A PTS: 1 DIF: Easy OBJ: 09-06NAT: AACSB Analytic IAICPA FN-Measurement

53. ANS: C PTS: I DIF: Moderate OBJ: 09-06NAT: AACSB Analytic IAICPA FN-Measurement

54. ANS: D PTS: 1 DIF: Moderate OBJ: 09-05NAT: AACSB Analytic I AICPA FN-Measurement

55. ANS: C PTS: I DIF: Moderate OBJ: 10-01NAT: AACSB Analytic I AICPA FN-Measurement

56. ANS: C PTS: 1 DIF: Easy OBJ: 10-01NAT: AACSB Analytic IAICPA FN-Measurement

57. ANS: B PTS: I DIF: Moderate OBJ: 10-01NAT: AACSB Analytic IAICPA FN-Measurement

58. ANS: B PTS: I DIF: Difficult OBJ: 10-02NAT: AACSB Analytic IAICPA FN-Measurement

59. ANS: B PTS: I DIF: Easy OBJ: 10-02NAT: AACSB Analytic I AICPA FN-Measurement

60. ANS: C PTS: I DIF: Easy OBJ: 10-02NAT: AACSB Analytic IAICPA FN-Measurement

61. ANS: A PTS: I DIF: Moderate OBJ: 10-03NAT: AACSB Analytic IAICPA FN-Measurement

62. ANS: C PTS: 1 DIF: Easy OBJ: 10-03NAT: AACSB Analytic IAICPA FN-Measurement

63. ANS: A PTS: I DIF: Easy OBJ: 10-05NAT: AACSB Analytic IAICPA FN-Measurement

64. ANS: C PTS: I DIF: Easy OBJ: 10-05NAT: AACSB Analytic IAICPA FN-Measurement