Accounting need help!!?

1.
To what does the term e-commerce refer?
A) the exchange of information with customers and suppliers
B) the conduct of business on the Internet
C) the quick delivery of goods and services
D) the production of superior products and services
2.
Case 18.3
The following information pertains to Bright Toy Company’s operating activities for 2009. The company sells light box toys and sold 10,000 units in 2009.

Purchases $ 126,000
Selling and Administrative Expenses 90,000
Merchandise inventory, 1/1/2009 14,000
Merchandise inventory, 12/31/2009 10,000
Sales Revenue 250,000

Refer to Case 18.3. What is the profit margin percentage?
A) 100%
B) 36%
C) 56%
D) 12%
3.
Case 18.7
Harrison Company reports the following cost information for August:

Cost of goods manufactured 5,800
Finished goods inventory, Aug. 1 30,200
Finished goods inventory, Aug. 31 35,300
Work in process inventory, Aug. 1 22,500
Work in process inventory, Aug. 31 18,500
Direct materials used 25,300

Direct labor incurred in August amounted to 150% of manufacturing overhead in August.

Refer to Case 18.7. What is the amount of direct labor incurred by Harrison Company in August?
A) ,900
B) ,556
C) 1,800
D) ,944
4.
Where is finished goods inventory reported?
A) balance sheet as a long-term asset
B) income statement as revenue
C) income statement as a period cost
D) balance sheet as a current asset
5.
Which of the following defines direct materials?
A) are not part of the finished product
B) used to determine total inventoriable product costs
C) used to determine total manufacturing overhead
D) cannot be separately and conveniently traced through the manufacturing process to finished goods
6.
Managerial accounting develops reports for internal parties.
A) True
B) False
7.
The costs of indirect materials cannot easily be traced to specific finished products.
A) True
B) False
8.
A philosophy of providing customers with superior products and services is called total quality management.
A) True
B) False
9.
Revenue from mowing lawns less the operating costs from mowing lawns equals net operating income.
A) True
B) False
10.
Merchandising companies typically have a single category of inventory.
A) True
B) False