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Question : 111.As per the U.S. law and OECD convention, which of : 1299210

Economics

 

111.As per the U.S. law and OECD convention, which of the following will most likely to be considered as a grease payment? 

A. Gold Fire Inc. paid a fine of $2500 for violating the labor laws in a foreign country.

B. Gold Fire Inc. made a small payment of $20 to speed up some paper work related to tax returns in a less developed country.

C. The proprietor of Gold Fire Inc. made payments to the Mafia as a protection against violent retribution.

D. Gold Fire Inc. gave gift vouchers to all its product wholesalers in order to promote the product.

E. Gold Fire. Inc made an unrecorded payment to one of its accountants in return for window dressing the company’s accounts.

112.Grease payments are technically _____.  

A. tax payments

B. bribes

C. company assets

D. penalties

E. selling costs

113.Which of the following best exemplifies facilitating or expediting payments in business?  

A. Making payments to government officials not to cancel the business license after violating local laws

B. Paying a lump sum amount in order to win a government tender for road construction in a foreign country

C. Making unsolicited payments to the concerned officers in return for employing child labor

D. Making payments to customs officials in order to ship pirated merchandise

E. Making small payments to government officials in order to speed up the work they are already obligated to perform

114.Which of the following is true about grease payments?  

A. Grease payments are more offensive than bribes.

B. Grease payments facilitate performance of duties that the recipients are not obligated to perform.

C. A grease payment is a form of penalty.

D. Both the U.S. law and OECD convention include language that opposes grease payments.

E. Grease payments are technically bribes, however they are distinguishable from bribes.

115.Products of the mind, such as computer software, a screenplay, a music score, or the chemical formula for a new drug, constitute:  

A. assets which receive no protection under law.

B. non-performing assets.

C. tangible assets.  

D. an intellectual property.

E. a real property.

116.Initech Incorporated, a multinational giant, runs a number of diversified businesses. Which of the following can be considered as an intellectual property of the firm?  

A. Income arising from renting lands and buildings

B. Profits arising from the sale of agricultural crops

C. Interest earned by lending capital to other firms

D. Innovations and capabilities, and skills of the employees

E. Investments made in raw materials and machinery

117.A _____ grants the inventor of a new product or process exclusive rights for a defined period to the manufacture, use, or sale of that invention.  

A. copyright

B. trademark

C. patent

D. warranty

E. service mark

118.Silver Tape Corporation has developed a new type of adhesive tape. Which of the following types of legal protections can grant the company exclusive rights for a defined period to the manufacture, use, or sale of the new adhesive tape?  

A. Warrant

B. Patent

C. Copyright

D. Trademark

E. Writ

119.A composer can protect an original musical score from being copied and sold by someone else by acquiring a(n) _____ for the score.  

A. patent

B. warrant

C. trademark

D. copyright

E. affidavit

120.Which of the following is most likely to be protected by a copyright?  

A. A new manufacturing process invented in a company

B. A newly invented telecommunication device

C. Tangible property like land and building

D. Movies produced and directed by a person

E. A new type of car invented by an automobile company

 

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July 1, 2023
    

 

 

106. An estimated liability: 
A. Is an unknown liability of a certain amount.
B. Is a known obligation of an uncertain amount that can be reasonably estimated.
C. Is a liability that may occur if a future event occurs.
D. Can be the result of a lawsuit.
E. Is not recorded until the amount is known for certain.

107. Estimated liabilities commonly arise from all of the following except: 
A. Warranties.
B. Vacation benefits.
C. Income taxes.
D. Employee benefits.
E. Unearned revenues.

 

 

108. Employees earn vacation pay at the rate of one day per month. During the month of July, 25 employees qualify for one vacation day each. Their average daily wage is $100 per day. What is the amount of vacation benefit expense to be recorded for the month of July? 
A. $25
B. $100
C. $250
D. $2,500
E. $25,000

 

 

109. Employees earn vacation pay at the rate of one day per month. During the month of June, 10 employees qualify for one vacation day each. Their average daily wage is $150 per day. Which of the following is the necessary adjusting journal entry to record the June vacation benefits? 
A. Debit Vacation Benefits Expense $1,500; credit Prepaid Vacation Benefits $1,500.
B. Debit Vacation Benefits Expense $1,500; credit Vacation Benefits Payable $1,500.
C. Debit Payroll Tax Expense $1,500; credit Payroll Taxes Payable $1,500.
D. Debit Prepaid Vacation Benefits $1,500; credit Vacation Benefits Payable $1,500.
E. Debit Vacation Benefits Payable; credit Vacation Benefits Expense $1,500.

 

 

110. Employee vacation benefits: 
A. Are estimated liabilities.
B. Are contingent liabilities.
C. Are recorded as an expense when the employee takes a vacation.
D. Are recorded as an expense when the employee retires.
E. Increase net income.

 

 

111. A company sold $12,000 worth of bicycles with an extended warranty. It estimates that 2% of these sales will result in warranty work. The company should: 
A. Consider the warranty expense a remote liability since the rate is only 2%.
B. Recognize warranty expense at the time the warranty work is performed.
C. Recognize warranty expense and liability in the year of the sale.
D. Consider the warranty expense a contingent liability.
E. Recognize warranty liability when the company purchases the bicycles.

 

112. A company sold $12,000 worth of bicycles with an extended warranty. It estimates that 2% of these sales will result in warranty work. The current period’s entry to record the warranty expense is: 
A. Debit Warranty Expense $240; credit Cash $240.
B. Debit Prepaid Warranties $240; credit Warranty Expense $240.
C. Debit Estimated Warranty Liability $240; credit Cash $240.
D. Debit Sales Allowances $240; credit Estimated Warranty Liability $240.
E. Debit Warranty Expense $240; credit Estimated Warranty Liability $240.

 

113. The deferred income tax liability: 
A. Results from the income tax expense reported on the income statement differing from the amount of income taxes payable to the government.
B. Is a contingent liability.
C. Can result in a deferred income tax asset.
D. Is never recorded.
E. Is recorded whether or not the difference between taxable income and financial accounting income is permanent or temporary.

 

114. A company estimates that warranty expense will be 4% of sales. The company’s sales for the current period are $185,000. The current period’s entry to record the warranty expense is: 
A. Debit Warranty Expense $7,400; credit Sales $7,400.
B. Debit Warranty Expense $7,400; credit Estimated Warranty Liability $7,400.
C. Debit Estimated Warranty Liability $7,400; credit Warranty Expense $7,400
D. Debit Estimated Warranty Liability $7,400; credit Cash $7,400.
E. No entry is recorded until the items are returned for warranty repairs.

 

 

115. A company has a selling price of $1,800 each for its printers. Each printer has a 2 year warranty that covers replacement of defective parts. It is estimated that 2% of all printers sold will be returned under the warranty at an average cost of $150 each. During November, the company sold 30,000 printers, and 400 printers were serviced under the warranty at a total cost of $55,000. The balance in the Estimated Warranty Liability account at November 1 was $29,000. What is the company’s warranty expense for the month of November? 
A. $26,000
B. $45,000
C. $55,000
D. $60,000
E. $90,000

 

 

 

default image
July 1, 2023
    

 

 

106. An estimated liability: 
A. Is an unknown liability of a certain amount.
B. Is a known obligation of an uncertain amount that can be reasonably estimated.
C. Is a liability that may occur if a future event occurs.
D. Can be the result of a lawsuit.
E. Is not recorded until the amount is known for certain.

107. Estimated liabilities commonly arise from all of the following except: 
A. Warranties.
B. Vacation benefits.
C. Income taxes.
D. Employee benefits.
E. Unearned revenues.

 

 

108. Employees earn vacation pay at the rate of one day per month. During the month of July, 25 employees qualify for one vacation day each. Their average daily wage is $100 per day. What is the amount of vacation benefit expense to be recorded for the month of July? 
A. $25
B. $100
C. $250
D. $2,500
E. $25,000

 

 

109. Employees earn vacation pay at the rate of one day per month. During the month of June, 10 employees qualify for one vacation day each. Their average daily wage is $150 per day. Which of the following is the necessary adjusting journal entry to record the June vacation benefits? 
A. Debit Vacation Benefits Expense $1,500; credit Prepaid Vacation Benefits $1,500.
B. Debit Vacation Benefits Expense $1,500; credit Vacation Benefits Payable $1,500.
C. Debit Payroll Tax Expense $1,500; credit Payroll Taxes Payable $1,500.
D. Debit Prepaid Vacation Benefits $1,500; credit Vacation Benefits Payable $1,500.
E. Debit Vacation Benefits Payable; credit Vacation Benefits Expense $1,500.

 

 

110. Employee vacation benefits: 
A. Are estimated liabilities.
B. Are contingent liabilities.
C. Are recorded as an expense when the employee takes a vacation.
D. Are recorded as an expense when the employee retires.
E. Increase net income.

 

 

111. A company sold $12,000 worth of bicycles with an extended warranty. It estimates that 2% of these sales will result in warranty work. The company should: 
A. Consider the warranty expense a remote liability since the rate is only 2%.
B. Recognize warranty expense at the time the warranty work is performed.
C. Recognize warranty expense and liability in the year of the sale.
D. Consider the warranty expense a contingent liability.
E. Recognize warranty liability when the company purchases the bicycles.

 

112. A company sold $12,000 worth of bicycles with an extended warranty. It estimates that 2% of these sales will result in warranty work. The current period’s entry to record the warranty expense is: 
A. Debit Warranty Expense $240; credit Cash $240.
B. Debit Prepaid Warranties $240; credit Warranty Expense $240.
C. Debit Estimated Warranty Liability $240; credit Cash $240.
D. Debit Sales Allowances $240; credit Estimated Warranty Liability $240.
E. Debit Warranty Expense $240; credit Estimated Warranty Liability $240.

 

113. The deferred income tax liability: 
A. Results from the income tax expense reported on the income statement differing from the amount of income taxes payable to the government.
B. Is a contingent liability.
C. Can result in a deferred income tax asset.
D. Is never recorded.
E. Is recorded whether or not the difference between taxable income and financial accounting income is permanent or temporary.

 

114. A company estimates that warranty expense will be 4% of sales. The company’s sales for the current period are $185,000. The current period’s entry to record the warranty expense is: 
A. Debit Warranty Expense $7,400; credit Sales $7,400.
B. Debit Warranty Expense $7,400; credit Estimated Warranty Liability $7,400.
C. Debit Estimated Warranty Liability $7,400; credit Warranty Expense $7,400
D. Debit Estimated Warranty Liability $7,400; credit Cash $7,400.
E. No entry is recorded until the items are returned for warranty repairs.

 

 

115. A company has a selling price of $1,800 each for its printers. Each printer has a 2 year warranty that covers replacement of defective parts. It is estimated that 2% of all printers sold will be returned under the warranty at an average cost of $150 each. During November, the company sold 30,000 printers, and 400 printers were serviced under the warranty at a total cost of $55,000. The balance in the Estimated Warranty Liability account at November 1 was $29,000. What is the company’s warranty expense for the month of November? 
A. $26,000
B. $45,000
C. $55,000
D. $60,000
E. $90,000

 

 

 

default image
July 1, 2023
    

 

 

106. An estimated liability: 
A. Is an unknown liability of a certain amount.
B. Is a known obligation of an uncertain amount that can be reasonably estimated.
C. Is a liability that may occur if a future event occurs.
D. Can be the result of a lawsuit.
E. Is not recorded until the amount is known for certain.

107. Estimated liabilities commonly arise from all of the following except: 
A. Warranties.
B. Vacation benefits.
C. Income taxes.
D. Employee benefits.
E. Unearned revenues.

 

 

108. Employees earn vacation pay at the rate of one day per month. During the month of July, 25 employees qualify for one vacation day each. Their average daily wage is $100 per day. What is the amount of vacation benefit expense to be recorded for the month of July? 
A. $25
B. $100
C. $250
D. $2,500
E. $25,000

 

 

109. Employees earn vacation pay at the rate of one day per month. During the month of June, 10 employees qualify for one vacation day each. Their average daily wage is $150 per day. Which of the following is the necessary adjusting journal entry to record the June vacation benefits? 
A. Debit Vacation Benefits Expense $1,500; credit Prepaid Vacation Benefits $1,500.
B. Debit Vacation Benefits Expense $1,500; credit Vacation Benefits Payable $1,500.
C. Debit Payroll Tax Expense $1,500; credit Payroll Taxes Payable $1,500.
D. Debit Prepaid Vacation Benefits $1,500; credit Vacation Benefits Payable $1,500.
E. Debit Vacation Benefits Payable; credit Vacation Benefits Expense $1,500.

 

 

110. Employee vacation benefits: 
A. Are estimated liabilities.
B. Are contingent liabilities.
C. Are recorded as an expense when the employee takes a vacation.
D. Are recorded as an expense when the employee retires.
E. Increase net income.

 

 

111. A company sold $12,000 worth of bicycles with an extended warranty. It estimates that 2% of these sales will result in warranty work. The company should: 
A. Consider the warranty expense a remote liability since the rate is only 2%.
B. Recognize warranty expense at the time the warranty work is performed.
C. Recognize warranty expense and liability in the year of the sale.
D. Consider the warranty expense a contingent liability.
E. Recognize warranty liability when the company purchases the bicycles.

 

112. A company sold $12,000 worth of bicycles with an extended warranty. It estimates that 2% of these sales will result in warranty work. The current period’s entry to record the warranty expense is: 
A. Debit Warranty Expense $240; credit Cash $240.
B. Debit Prepaid Warranties $240; credit Warranty Expense $240.
C. Debit Estimated Warranty Liability $240; credit Cash $240.
D. Debit Sales Allowances $240; credit Estimated Warranty Liability $240.
E. Debit Warranty Expense $240; credit Estimated Warranty Liability $240.

 

113. The deferred income tax liability: 
A. Results from the income tax expense reported on the income statement differing from the amount of income taxes payable to the government.
B. Is a contingent liability.
C. Can result in a deferred income tax asset.
D. Is never recorded.
E. Is recorded whether or not the difference between taxable income and financial accounting income is permanent or temporary.

 

114. A company estimates that warranty expense will be 4% of sales. The company’s sales for the current period are $185,000. The current period’s entry to record the warranty expense is: 
A. Debit Warranty Expense $7,400; credit Sales $7,400.
B. Debit Warranty Expense $7,400; credit Estimated Warranty Liability $7,400.
C. Debit Estimated Warranty Liability $7,400; credit Warranty Expense $7,400
D. Debit Estimated Warranty Liability $7,400; credit Cash $7,400.
E. No entry is recorded until the items are returned for warranty repairs.

 

 

115. A company has a selling price of $1,800 each for its printers. Each printer has a 2 year warranty that covers replacement of defective parts. It is estimated that 2% of all printers sold will be returned under the warranty at an average cost of $150 each. During November, the company sold 30,000 printers, and 400 printers were serviced under the warranty at a total cost of $55,000. The balance in the Estimated Warranty Liability account at November 1 was $29,000. What is the company’s warranty expense for the month of November? 
A. $26,000
B. $45,000
C. $55,000
D. $60,000
E. $90,000

 

 

 

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