Question 4: Activities that involve Income Statement items are classified as:

1. Investing activities
2. Operating activities
3. Financing activities
4. Significant noncash activities

Question 8: When using the indirect method to determine net cash provided by operating activities, depreciation expenses and amortization expense are

1. Added back to net income
2. Deducted from net income
3. Not adjusted in the indirect method
4. None of the above

Question 9: When using the indirect method to determine net cash provided by operating activities, losses that resulted from investing and financing activities are

1. Added back to net income
2. Deducted from net income
3. Treated the same as gains
4. Not adjusted in the indirect method

Question 15: The salary of the supervisor in the factory would be classified as

a. a period cost.

b. direct labor.

c. indirect labor.

d. compliance costs.

Question 22: Maine Manufacturing accounting records show the following:

Direct materials used is $90,000

Direct labor is $100,000

Manufacturing Overhead is $110,000

What are the total manufacturing costs?

1. $190,000
2. $300,000
3. $200,000
4. 210,000

Question 31: Total sales for March 2022 is $$400,000 and the total variable costs are $240,000. The contribution margin is

1. $640,000
2. $160,000
3. $120,000
4. $320,000

Question 32: Piedmont Company sells one cell phone for $500. The contribution margin is $300.

What is the contribution margin ratio?

1. 40%
2. 80%
3. 60%
4. 20%

Question 33: Piedmonts monthly total fixed costs $200,000. The unit contribution margin is $250. What is the break-even point in units?

1. 1,000 units
2. 800 units
3. 500 units
4. 1,200 units

Question 36: What are five differences between Financial Accounting and Managerial Accounting? (10 points)