Salem State University ACC202 – Managerial Accounting – Practice Test Chapters 14‚ 1‚ 2 Professor Paul F McGee‚ CPA Name___________________________________________ Please indicate the best/correct answer by circling the appropriate letter. 1. Managerial accounting helps managers perform three vital activities. These activities include all of the following except: a. Planning b. Controlling c. Decision making d. Hiring Controllers 2. The act that was intended to protect the interests
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POSI 3328 Financial Administration Chapter 9 Summation / Review DWN Sunday‚ April 13‚ 2014 The objective of the chapter is to delineate and differentiate between the three major taxes in the United States through analyzing their differences‚ applicability‚ and issues associated with each. As the chapter begins‚ Mikesell explains the beginnings of the income tax and how it evolved from an unstable and unenforced law to a steady revenue to aid in the cost of the Civil War. Throughout our early
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Answer Key for Test Your Skills 1. Tutti’s Sandwich Shop has the following information regarding costs at various levels of monthly sales. Help Tutti separate her costs into fixed costs and variable costs so that she can predict and evaluate costs at varying levels of guests served. January February March Monthly Sales in Guests Served 10‚000 16‚000 20‚000 Cost of Sales (Food Cost ) 10‚500 16‚800 21‚000 Salaries‚ Wages‚ and Benefits 15‚000 15‚600 16‚000 Telephone 12‚750 16‚350 18‚750 Rent on
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CHAPTER EIGHT INTERVAL ESTIMATION MULTIPLE CHOICE QUESTIONS In the following multiple choice questions‚ circle the correct answer. 1. When s is used to estimate (‚ the margin of error is computed by using a. normal distribution b. t distribution c. the mean of the sample d. the mean of the population Answer: b 2. As the number of degrees of freedom for a t distribution increases‚ the difference between the t distribution and the standard
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Chapter 9 GDP is the market value of all the final goods and services produced by all firms located in the United States in a given time period Marginal external cost The cost of producing an additional unit of a good or service that falls on people other than the producer. Efficiency Efficiency is achieved when the marginal social benefit equals the marginal social cost. Which of the following best describes an externality? An effect of a transaction felt by someone other than the
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It seems that Odysseus and his men in chapter 9 are still wanting to wage war‚ or they want more treasure‚ and they sack a city‚ until the Cicones are able to rally and drive back Odysseus and his men. They flee and arrive at an island‚ where a cyclops named Polyphemus‚ son of Poseidon lives. The men get tricked by the cyclops because he first acts nice‚ and then he turns and eats two of Odysseus’s men. Trapped behind a wall with no way out‚ Odysseus comes up with the
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Vocabulary Quiz Name _______________ Chapter 1 1. An accounting principle that states that assets should be recorded at their cost. 2. Debts and obligations of a business. 3. Resources owned by a business. 4. The amount by which expenses exceed revenues. 5. An association of two or more persons to carry on as co-owners of a business for
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A: so‚ tell me about you new house. How is it different to your old one? B: well‚ first of all‚ it’s much bigger. It has the same number of rooms‚ but each room is larger. We also have a larger garden‚ which our dog loves‚ of course! A: so‚ it’s a three-bedrooms detached house? B: yes. One bedroom is for my wife and i. there’s another for our daughter. My wife wants to use the third one as a guest room‚ but I’d like to make it into a study. Our daughter is also keen on making it a study‚ so that’s
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Chapter 9 Developing new products and managing product life cycle New product Development strategy New product can be obtained in two ways. One is through acquisition- by buying a whole company‚ a patent or a license to produce someone else’s product; other is through New product Development process. It means the development of original products‚ product improvements‚ product modifications‚ and a new brands that a firm develops through its own R&D efforts. New product brings new solutions and variety
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Chapter Nine Finance: Acquiring and Using Funds to Maximize Value Review Questions 1. What is the key goal that guides the decisions of financial managers? What challenges do financial managers face when they try to find the best sources and uses of funds to meet this goal? The financial mangers goal is acquisition‚ financing‚ and management of assets. The challenges are investment‚ financing‚ and asset management decisions. 2. List the four basic types of financial ratios used to measure
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