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BUS 475 Final Exam 1

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BUS 475 Final Exam 1;1) The cost principle requires that when assets are acquired, they be recorded at __________.;2) ?Generally accepted? in the phrase generally accepted accounting principles means that the principles __________.;3) The standards and rules that are recognized as a general guide for financial reporting are called __________.;4) Sam?s Used Cars uses the specific identification method of costing inventory. During March, Sam purchased three cars for $6,000, $7,500, and $9,750, respectively. During March, two cars are sold for $9,000 each. Sam determines that at March 31, the $9,750 car is still on hand. What is Sam?s gross profit for March?;5) 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?;6) As Plant Controller, you are trying to determine which costs over which you have

 

Paper#22709 | Written in 18-Jul-2015

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