Chapter 2: National Income Accounting Difficulty: Easy 1. In calculating this year’s GDP‚ national income accountants A) include any increase in stock values B) include an estimate for income from illegal activities C) exclude Social Security payments to retirees D) exclude the value of any repairs made on existing property E) exclude the value of new pollution control equipment that is being installed Ans: C Difficulty: Medium 2. Assume you built a new house‚ bought a used
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Solutions to Review Questions Accounting assigns costs and revenues to “responsibility centers” that correspond to the decision authority of managers. This allows the firm to measure performance based on the results of decisions by the manager. An effective corporate cost allocation system separates the results of decisions by corporate managers from those of business unit managers. Although there are well-developed standards for many accounting transactions‚ accounting decisions still depend on the
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Chapter 38: Nursing Management: Vascular Disorders Test Bank MULTIPLE CHOICE 1. When discussing risk factor modification for a 63-year-old patient who has a 5-cm abdominal aortic aneurysm‚ the nurse will focus discharge teaching on which patient risk factor? a. Male gender b. Turner syndrome c. Abdominal trauma history d. Uncontrolled hypertension ANS: D All of the factors contribute to the patient’s risk‚ but only hypertension can potentially be modified to decrease the patient’s risk for further
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lower than that of large companies. T 6) Transaction costs are the costs associated with negotiating‚ monitoring‚ and governing exchanges between people. T 7) The environment in which an organization operates is a major source of uncertainty. T 8) One reason that organizations exist is so that they can exert power and control. T 9) One reason for starting an organization is to create jobs for individuals. F 10) Economies of scope are cost savings achieved when an organization manufactures products
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ACCY111 / SAMPLE TEST PAPER Q & A MULTIPLE CHOICE QUESTIONS (Answers are on page no 16 onwards) Q. What is the primary objective of most businesses? a. To maximize profits b. To pay dividends to stockholders c. To provide a benefit to society d. To manufacture a quality product ANS: Q. When a business borrows money‚ it incurs a(n) a. tax. b. liability. c. receivable. d. addtional equity. ANS: Q. When a product is sold‚ this cost is often called a. cost of goods sold. b. revenue. c. products. d.
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Test 1 Review Use the following information to answer questions 1-3. Tee Times‚ Inc. produces and sells the finest quality golf clubs in all of Clay County. The company expects the following revenues and costs in 2004 for its Elite Quality golf club sets: Revenues (400 sets sold @ $600 per set) $240‚000 Variable costs 160‚000 Fixed costs 50‚000 1. How many sets of clubs must be sold for Tee Times‚ Inc. to reach their breakeven point? a. 400 b. 250 c. 200 d. 150 2. How many sets
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Chapter 6. Master Budget and Responsibility Accounting 6-16 1. Total revenues $5‚623‚500 2. Total revenues $5‚631‚100 6-17 210‚000 6-18 2‚530‚000 6-19 Prod budget–FG 47‚000 units Pur budget–DM 131‚000 gallons 6-20 1. $3‚000‚000 2. 4‚500‚000 units 3. 100‚000 4-gallon units 6-21 1. Wool: 3‚000‚000 skeins; $6‚017‚450 Dye: 50‚000 gal; $249‚850 2. Weaving: $3.3664/DMLH Dyeing: $28.4644/MH 3. $1‚219.11 4a. $200‚000‚000 4b. $190‚000‚000 5a. $121‚928‚300
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_______________________________________________________________________________________ 1. To have a strong internal control system‚ a business must have good administrative controls. Administrative controls include: A. B. C. D. the reconciliation of the bank statement. the accuracy of the recording procedures. assessing compliance with company policies. maintenance of accurate inventory records. 2. Which of the following statements concerning internal controls is true? A. Internal administrative controls
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Chapter 12 Managing and Pricing Deposit Services Fill in the Blank Questions 1. A(n) _________________________ requires the bank to honor withdrawals immediately upon request. Answer: demand deposit 2. A(n) _________________________ is an interest bearing checking account and gives the bank the right to insist on prior notice before customer withdrawals can be honored. Answer: Negotiable order of withdrawal (NOW) 3. A(n) _________________________ is a short-maturity
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information above was taken from the records of BlobeKom Ltd.:Historical Cost $12‚000Replacement Cost $ 9‚000Expected selling price $10‚000Expected selling cost $ 500Normal profit margin 10% of selling priceUnder U.S. GAPP‚ what should the Balance Sheet report for Inventory?Answer | | | | | Selected Answer: | $9‚000 | | | | | * Question 2 2.5 out of 2.5 points | | | How should the cost of borrowing funds to acquire or construct property‚ plant‚ and
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