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Mock$-$Exam.pdf

$8.$ A net loss will result during a time period when

a$.$ liabilities exceed assets.

b$.$ drawings exceed investments.

c$.$ expenses exceed revenues.

d$.$ revenues exceed expenses.

$9.$ CVP analysis does not consider the

a$.$ level of activity.

b$.$ fixed cost per unit.

c$.$ unit variable cost.

d$.$ sales mix.

$10.$ Capital is

a$.$ an owner's investment in the business.

b$.$ equal to liabilities minus owner's equity.

c$.$ equal to assets minus owner's equity.

d$.$ equal to liabilities plus drawings.

$11.$ E&A Company reported the following on its income statement:

$\backslash$table$[[$Income before income taxes,$$420,000$