Question : 67.The placing of direct materials into the production process recorded : 1259570

67.The placing of direct materials into the production process is recorded by an entry crediting:

A. Materials Expense.

B. Raw Materials Inventory.

C. Work in Process Inventory.

D. Finished Goods Inventory.

68.The accountant for Eric’s Plumbing Equipment Company recently made a journal entry consisting of a debit to Work in Process and a credit to Raw Materials Inventory. This entry recorded:

A. The use of raw materials in the production process.

B. Payment for raw materials.

C. The return of unused materials to inventory.

D. The receipt of raw materials from the company’s supplier.

69.When direct materials are used:

A. Manufacturing Overhead is debited.

B. Raw Materials Inventory is debited.

C. Cost of Goods Sold is debited.

D. Work in Process Inventory is debited.

70.The payment of raw materials previously purchased on account is recorded by an entry debiting:

A. Raw Materials Inventory.

B. Accounts Payable.

C. Work in Process Inventory.

D. Cash.

71.The payment of wages to factory employees who work directly on the goods being manufactured is recorded by an entry crediting:

A. Wages Expense.

B. Direct Labor.

C. Work in Process Inventory.

D. Cash.

72.When direct labor employees contribute to the production process, the cost of their labor is recorded by debiting:

A. Wages Expense.

B. Direct Labor.

C. Work in Process Inventory.

D. Manufacturing Overhead.

73.If the end of the fiscal year is not a payroll date, the Direct Labor account normally has:

A. A debit balance, representing prepaid labor costs.

B. A credit balance, representing accrued wages payable.

C. Either a debit or a credit balance, depending upon whether the end of the fiscal year falls before or after the end of the pay period.

D. A zero balance, because the Direct Labor account is closed along with the other expense accounts.

74.In the year-end financial statements, the Manufacturing Overhead account should have:

A. A debit balance, representing overhead on hand and available for use.

B. A credit balance, representing accumulated depreciation and amounts owed to suppliers of overhead items.

C. Either a debit or a credit balance, depending upon whether the overhead application rate used throughout the year was higher or lower than 100%.

D. A zero balance, since all overhead costs incurred during the period should have been assigned to the production of the period.

75.Since manufacturing costs (direct materials, direct labor, and overhead) are incurred in the process of manufacturing units of product, these costs are debited to:

A. The Direct Materials Inventory, Direct Labor, and Manufacturing Overhead accounts.

B. Expense accounts.

C. The Work in Process Inventory account.

D. The Cost of Goods Sold account.

76.Since manufacturing costs (direct materials, direct labor, and overhead) are incurred in the process of manufacturing units of product, these costs are credited to:

A. The Direct Materials Inventory, Direct Labor, and Manufacturing Overhead accounts respectively.

B. Liability accounts.

C. The Work in Process Inventory account.

D. The Cost of Goods Sold account.

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July 1, 2023

41) The above figure shows the production possibility frontier for an economy. The point or points that are attainable and production efficient are

A) points B and C.

B) points A, B, and C.

C) point E.

D) points A, B, C, and D.

E) points A and D.

42) The above figure shows the production possibility frontier for an economy. The point or points that are attainable are

A) points B and C.

B) points A, B, and C.

C) point E.

D) points A, B, C, and D.

E) points A and D.

43) The above figure shows the production possibility frontier for an economy. The point or points that are NOT attainable are

A) points B and C.

B) points A, B, and C.

C) point E.

D) points A, B, C, and D.

E) points A and D.

44) In order for Ireland to grow more potatoes, wool production must decrease. This situation is an example of

A) producing at a point that lies beyond the PPF.

B) zero opportunity cost.

C) opportunity benefit.

D) a free lunch.

E) a tradeoff.

45) As we move along the production possibilities frontier,

A) the production of one good increases as the production of the other good decreases.

B) the possibilities of tradeoffs diminish.

C) a tradeoff is not possible because nations need all goods.

D) more of both goods can be produced.

E) less of both goods can be produced.

46) Which of the following statements is correct?

A) If capital is idle, the economy is producing at its full potential.

B) The production possibilities frontier shows that there are no limits to production.

C) A tradeoff is a limit that forces an exchange or a substitution of one thing for something else.

D) Any point on or within the PPF is production efficient.

E) None of the above answers is correct.

47) When a nation is producing on its production possibilities frontier, if more resources are used to produce one good, then the production of other goods

A) must increase.

B) must decrease.

C) must remain the same.

D) must change, but they might increase or decrease.

E) might increase if the nation can produce more efficiently.

48) The negative slope of the production possibilities frontier represents the idea

A) that free lunches are possible.

B) of tradeoffs, that in order to produce more of one good, the nation must produce less of another.

C) of unemployment.

D) of inefficient production.

E) that prices rise as less is produced.

49) A movement from one point on a production possibilities frontier to another represents

A) a tradeoff.

B) a free lunch.

C) full employment of labor but not capital.

D) unemployment.

E) an advance in technology.

50) The saying "There's no such thing as a free lunch," applies

A) when there is some unemployment.

B) on the production possibilities frontier.

C) to unattainable combinations of goods and services.

D) when more of one good can be produced without decreasing production of another.

E) at all points inside the PPF.

July 1, 2023

31) Steve, an HR supervisor at APEX construction, has recently noticed a shortage of skilled workers due to a building boom in the area. He must find new workers quickly because it is uncertain how long the boom will last. He decides to hire nontraditional laborers. The most likely disadvantage of using nontraditional laborers is the:

A) high costs of making reasonable accommodations.

B) additional training that will be necessary.

C) extensive involvement of the EEOC.

D) high advertising costs.

32) Which of the following is primarily associated with hiring external candidates?

A) Lowers training costs

B) Provides new ideas and perspectives

C) Decreases recruitment time and expense

D) Motivates other workers to strive for advancement

33) One of the advantages of promoting internal candidates is:

A) rejuvenating work units.

B) reducing training costs.

C) fostering innovative ideas.

D) reducing employee turnover.

34) Tatiana needs to hire a line manager and has a very small recruiting budget. The firm's current employees don't feel they have many advancement opportunities. It would be best for Tatiana to recruit:

A) internally.

B) externally.

C) former military members.

D) nontraditional workers.

35) Which of the following is most likely a true statement about recruiting?

A) Internal recruiting enhances organizational communication.

B) External recruiting fills positions quickly and inexpensively.

C) External recruiting promotes innovation and new perspectives.

D) Internal recruiting requires developing new organizational policies.

36) Which of the following is most likely a true statement about recruiting employees in a protected class?

A) The recruiting message should be targeted to specific minority groups.

B) All private sector firms are legally required to have an affirmative action policy.

C) Using media that focuses on minorities is an effective way to recruit protected group members.

D) Intense minority competition for jobs ensures a large pool of qualified and motivated applicants.

37) Which of the following must have written affirmative action plans?

A) Non-profit groups

B) Government contractors

C) Privately-held corporations

D) Publicly-held corporations

38) In human resource planning the answer to the question, "How many candidates should we recruit?":

A) is based on the firm's affirmative action plan.

B) comes from the yield ratio calculated in the forecast.

C) is directed by EEO consideration and the size of the labor pool.

D) depends on the state of the labor pool and the current economy.

39) The offer-to-acceptance ratio at Central Manufacturing is 6:1. How many offers will the firm need to make in order to fill 80 positions?

A) 120

B) 240

C) 480

D) 540

40) After an extensive recruiting effort, your company has contacted 225 interested individuals. At the application deadline, you have received 75 applications. What is your contact-to-applicant ratio?