Question : 51.A reversing entry should not be made for an adjusting : 1220493

Accounting

51.A reversing entry should not be made for an adjusting entry to record

A.the accrued salaries.

B.an accrued expense item that will involve future cash payments.

C.an accrued income item that will involve future cash receipts.

D.depreciation.

52.The entry to reverse the adjustment for accrued interest income consists of a debit to

A.Interest Income and a credit to Income Summary.

B.Interest Income and a credit to Interest Receivable.

C.Interest Income and a credit to Interest Expense.

D.Interest Receivable and a credit to Interest Income.

53.In the general journal, reversing entries are dated as of

A.the last day of the old fiscal period.

B.the first day of the new fiscal period.

C.any day during the month of the new fiscal period.

D.any time before the end of the fiscal period.

54.The entry to reverse the adjusting entry for accrued payroll taxes expense includes

A.a debit to Payroll Taxes Expense.

B.a debit to Employee Income Tax Payable.

C.a credit to Social Security Tax Payable and a credit to Medicare Tax Payable.

D.a debit to Social Security Tax Payable and a debit to Medicare Tax Payable.

55.A company reported gross profit of $85,000, total operating expenses of $40,000 and interest income of $2,500. What is the income from operations?

A.$47,500

B.$42,500

C.$40,000

D.$45,000

56.For the current fiscal year, Purchases were $166,000, Purchase Returns and Allowances were $3,000 and Freight In was $12,000. If the beginning merchandise inventory was $110,000 and the ending merchandise inventory was $75,000, the Cost of Goods Sold is:

A.$186,000

B.$116,000

C.$210,000

D.$216,000

57.Which of the following is not a selling expense:

A.Advertising Expense

B.Rent Expense

C.Sales Salaries Expense

D.Delivery Expense

58.Which of the following would not be classified as a Current Asset:

A.Equipment

B.Supplies

C.Accounts Receivable

D.Cash

59.Interest Expense is classified as a(n):

A.Administrative Expense

B.Selling Expense

C.Other Income

D.Other Expense

60.Which of the following is not a section on a Classified Balance Sheet:

A.Current Assets

B.Long-Term Liabilities

C.Selling Expenses

D.Plant and Equipment

61.Which of the following should be classified as a General and Administrative Expense on a Multi-Step Income Statement:

A.Delivery Expense

B.Sales Salaries Expense

C.Insurance Expense

D.Advertising Expense

62.Cost of Goods Sold is classified as a(n):

A.Revenue account

B.Asset account

C.Expense account

D.Owner’s Equity account

63.At the end of the year Stan Still Stationery Store had the following balances: Sales $580,000; Sales Discounts $2,540; Sales Returns and Allowances $14,280; Sales Salaries Expense $60,000. The Net Sales for the year are:

A.$565,720

B.$577,460

C.$563,180

D.$503,180

64.For the current fiscal year, Purchases were $245,000, Purchase Returns and Allowances were $8,600, Purchase Discounts were $2,200 and Freight In was $32,000. If the beginning merchandise inventory was $60,000 and the ending merchandise inventory was $75,000, the Cost of Goods Sold is:

A.$266,200

B.$281,200

C.$272,800

D.$251,200

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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?