1. |Each of the following is an example of an economic resource except | | |A) |land. | |B) |money. | |C) |capital. | |D) |labor.
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allocation of accumulated costs to a cost object is: a. cost accumulation b. cost assignment c. cost tracing d. conversion costing 1 Quick Check 2 (Topic 1) 2. The determination of a cost as either direct or indirect depends upon the: a. accounting system b. allocation system c. cost tracing system d. cost object chosen 2 Quick Check 3 (Topic 1) 3. Which one of the following items is a direct cost? a. Customer-service costs of a multiproduct firm; Product A Customeris the cost object
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The Financial Accounting Standards Board employs a "due process" system which (Points: 5) has all CPAs in the United States vote on a new Statement. enables interested parties to express their views on issues under consideration. identifies the accounting issues that are the most important. requires that all accountants receive a copy of financial standards. 2. (TCO A) The IASB: (Points: 5) governs accounting standards in the U.S. is working on a convergence project with the FASB. sets the
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Chapter 1: Environment and Theoretical Structure of Financial Accounting Accounting Principles Board (APB) The Accounting Principles Board (APB) followed the CAP. Asset/liability approach With the asset/liability approach‚ recognition and measurement of assets and liabilities drives revenue and expense recognition. Auditors Auditors express an opinion on the compliance of financial statements with GAAP. Capital markets The capital markets provide a mechanism to help our economy allocate
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allowed to deduct the $40‚000 loss this year if he is a material participant in the business Correct Answer: False Judy owns a 20% interest in a partnership in which her at-risk amount was $35‚000 at the beginning of the year. The partnership borrowed $50‚000 on a recourse note and made a $40‚000 profit during the year. Her at-risk amount at the end of the year is $53‚000 Correct Answer: True Kelly‚ who earns a yearly salary of $120‚000‚ sold an activity with a suspended passive
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account is a source document.| C)|An account consists of three parts.| D)|An account has a title.| 2.|Which statement about an account is true?| A)|In its simplest form‚ an account consists of two parts.| B)|An account is an individual accounting record of increases and decreases in specific asset‚ liability‚ and stockholders’ equity items.| C)|There are separate account for specific assets and liabilities but only one account for stockholders’ equity items.| D)|The left side of an account
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e. accumulation of capital 1 points Question 2 1. According to the text‚ __________ involve constructing abstract interpretations that can be used to explain a wide variety of situations. a. beliefs b. theories c. empirical answers d. views e. ideologies 1 points Question 3 1. According to __________‚ to become a science‚ sociology must study social facts‚ aspects of social life that shape our actions as individuals. a. Émile Durkheim b. Auguste Comte
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Introduction to Financial Accounting 1. A _____ year ends on a date that is determined by the firm‚ perhaps based on its business model (for example‚ many retailers choose the end of January). physical natural fiscal business cycle Normal ANS: C 2. An income statement connects two successive _____ through its effect on retained earnings. a. balance sheets b. cash flow statements c. cash receipts and disbursement statements d. funds flow statements e. financing statements
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dividend payout ratio 2. Constant dollars are dollars adjusted for inflation to make them comparable over various years. True 3. According to Schilit‚ the search for hidden weaknesses in a company’s performance is known as forensic accounting. 4. Which of the following is NOT one of the categories of important financial ratios that is mentioned in the text to help assess an organization’s overall financial situation? asset management ratios 5. Which financial ratio shows
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change in government spending and the change in taxes_________________________ iii. Consumption __________decreases_______________________ iv. Investment ______________decreases_____________________ 2. Use the following information to answer this set of questions. An economy can be described by the following equations: C = 200 + 0.75(Y – T) I = 200 – 25r G = 100 and is constant and exogenously determined T = 100 and is constant and exogenously determined
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