ACCT5001 Sem 2‚ 2012 Solutions to Mid-Semester Quiz Practice Questions 1 SOLUTIONS TO MID-SEMESTER QUIZ SAMPLE QUESTIONS Multiple-Choice 1. b is not a primary objective of financial reporting. It may be part of an objective of internal controls instead. none will cause the trial balance not to balance‚ even though mistakes have occurred this is an internal allocation transaction that does not involve an external party (all the other transactions involve an external party) both accounts
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Chapter 1. 5. What does the statement “costs can be assets or expenses” mean? 6. Why are the salaries of production workers accumulated in an inventory account instead of being expensed on the income statement? 7. How do product costs affect the financial statements? How does the classification of product cost (as an asset vs. an expense) affect net income? ATC 1-1 | Business Applications Case | Financial versus managerial accounting | The following information was taken from the 2008
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Homework Assignment: Week 1 Keller School of Management ACCT 573 Accounting Fraud Criminology and Ethics How can corporations ensure that their employees behave ethically? There are many things that a corporation can do to make sure that their associates are behaving in an ethic manner. Management must be ambitious and give enticements to work hard in the interests of stockholders and shareholders. Their behavior must also be analyzed to safeguard they do
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Chem. 6C Midterm 1 Version A October 19‚ 2007 Name__________________________________________ Student Number _________________________________ All work must be shown on the exam for partial credit. Points will be taken off for incorrect or no units. Non graphing calculators and one hand written 3” × 5” note card are allowed. Problem 1 (of 15 possible) Problem 2 (of 26 possible) Problem 3 (of 20 possible) Problem 4 (of 15 possible) Problem 5 (of 6 possible) Problem 6
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Starbucks advertising campaign entitled "DRINK COFFEE.SUPPORT SAME-SEX MARRIAGE‚" is meant to inspire and nurture the human spirit – one person‚ one cup and one neighborhood at a time. The attraction of this ad is due to its relevance and how it relates to the normality of members of the LGBT. Being in a committed relationship for twelve years with someone of the same sex has been terrifying due to society’s view on my life. Seeing this ad and being able to see any ad that depicts my life as
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Cheryl Trump‚ of New York City‚ is the daughter of a well-known financier. She is currently in her first year of college but has decided that she definitely wants to earn an MBA as soon as possible after earning her four-year college degree. Outline the five steps in effective planning. Use these planning guidelines to develop an appropriate plan for Cheryl. The first thing to do when making an effective plan is to set goals. According to Williams (2013)‚
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Question 2 1 / 1 pts The Good Society is what is needed to break the human predicament cycle The Good Society is what is needed to break the human predicament cycle Correct! True False Question 3 1 / 1 pts John Winthrop was an influential Puritan John Winthrop was an influential Puritan Correct! True False Question 4 1 / 1 pts Reason is closely tied to education Reason is closely tied to education Correct! True False Question 5 1 / 1 pts The minutemen
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Econ 1 Midterm 1 Practice Problems 1. The overriding reason why households and societies face many decisions is that a. resources are scarce. b. goods and services are not scarce. c. incomes fluctuate with business cycles. d. people‚ by nature‚ tend to disagree. 2. Sophia is
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IFRS questions are available at the end of this chapter. TRUE-FALSE—Conceptual Answer No. Description F 1. Zero-interest-bearing note payable. F 2. Dividends in arrears. T 3. Examples of unearned revenues. T 4. Reporting discount on Notes Payable. F 5. Currently maturing long-term debt. F 6. Excluding short-term debt refinanced. T 7. Accounting for sales tax collected. F 8. Accounting for sick pay. T 9. Social security taxes as liabilities. F 10. Definition of accumulation
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Name _________________________________________ Last 4 digits of your A# _______________ 1. Use the abridged article about McDonald’s on p. 7 to answer the following questions: a. Explain the cost issues that McDonald’s is facing. (4 points) b. Explain the demand issues that McDonald’s is facing. (4 points) c. Explain the roles played by the price elasticity of demand and the income elasticity of demand in the menu decisions McDonald’s
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