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23) A small stock dividend is recorded at: A) Book value. B) Par value. C) Market value. D) No amount, just a memorandum entry is required 24) To receive the next cash dividend, an investor must purchase the stock before the: A) Date of record. B) Payment date announced by the board of directors. C) Ex-dividend date. D) Dividend declaration date. 25) A fixed cost may include all of the following excep A) Annual salary of the CEO. C) Depreciation. B) Rent for the warehouse. D) Sales commission expense 26) When volume increases, fixed cost per unit A) Stays the same B) Increases. C) Decreases. D) Increases or decreases, depending upor the situation. 27) A semi-variable cost: A) Changes inversely in response to a change in volume B) Increases if volume increases, but remains constant if volume decreases C) Increases and decreases directly and proportionately with changes in volume. D) Changes in response to a change in volume, but not proportionately. 28) The break-even point in a cost-volume-profit graph is always found: A) At the sales volume resulting in the lowest average unit cost. B) At 50% of full capacity. C) At the volume at which total revenue equals total variable costs. D) At the volume at which total revenue equals total fixed costs plus total variable costs. 29) A 45% contribution margin ratio means that: A) 55% of the company's revenue is consumed by fixed and variable costs. B) The company should contribute 45% of its operating income to qualified charities for maximum tax benefits. C) The company's revenue has increased by 45% during the current accounting period. D) 45% ofthe company's revenue is available to cover fixed costs and to contribute toward operating income. 30) A company with monthly revenue of S120,000, variable costs of s50,000, and fixed costs of S40,000 has a contribution margin of: A) $80,000. B) $90,000 C) $70,000 D) S30,000

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