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1. Managerial accounting
A. Focuses primarily on reporting to regulatory agencies
B .Is governed by generally accepted accounting principles
C.I s highly discretionary and varies greatly from business to business
D. Should be considered as a substitute for financial accounting
2. Which cost are not affected by the level of production?
A. Total fixed costs
B. Direct materials
C. Direct labor
D. Total variable costs
3. Given the following information how much was transferred to work in process on January 31? Inventory on January 1 is 100,000, raw materials purchased in Jan are 500,000 and and raw materials inventory on Jan. 31 200,000
A. 200,000
B. 400,000
C. 600,000
D. 700,000
Propose a minimal classification scheme that can be used to protect any business and provide examples of the type of information that would fall into each category.
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On January 1, 2014, Norma Smith and Grant Wood formed a computer sales and service company in Soapsville, Arkansas, by investing $90,000 cash. The new company, Arkansas Sales and Service, has the following transactions during January.
income statement itemsgain on sale of marketablesecurities.........................42000loss on sales of
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