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Question : 81.Refer to the information above. Assume that the replacement cost : 1237663

Accounting

 

 

81.Refer to the information above. Assume that the replacement cost of this monitor at year-end is $210 per unit. Using LIFO flow assumption and the lower-of-cost-or-market rule, the ending inventory amounts to:   

A. $46,000.

 

B. $42,000.

 

C. $37,000.

 

D. $83,000.

200 × $185 = $37,000

 

 

 

Venus Wholesale Co. started carrying a new product in December. Purchases and sales of this product during the month were: 

 

82.Refer to the information above. Assuming the LIFO flow assumption is in use, the perpetual inventory records will indicate an ending inventory of this product of:   

A. $9,800.

 

B. $10,600.

 

C. $10,800.

 

D. $8,000.

(20 × $80) + (100 × $90) = $10,600

 

 

 

83.Refer to the information above. At year-end, Venus restates the carrying value of its inventory using periodic LIFO costing procedures. Under periodic costing procedures, the LIFO cost of the inventory is:   

A. $9,800.

 

B. $10,600.

 

C. $10,800.

 

D. $8,000.

(100 × $80) + (20 × $90) = $9,800

 

 

 

84.The primary reason a physical inventory is taken is to:   

A. Adjust the perpetual inventory record for unrecorded shrinkage losses.

 

B. Ensure the periodic inventory record is valued correctly.

 

C. Both ensure the periodic inventory record is being stored securely and that it is valued correctly.

 

D. Ensure the perpetual inventory record is being stored in a secure manner.

 

 

 

 

85.As a result of taking an annual physical inventory, it usually is necessary in a perpetual inventory system to make an entry:   

A. Reducing assets and increasing the cost of goods sold.

 

B. Reducing assets and increasing liabilities.

 

C. Reducing the cost of goods sold.

 

D. Increasing assets and increasing the cost of goods sold.

 

 

 

 

86.The write-down of inventory:   

A. Only affects the balance sheet and not the income statement.

 

B. Only affects the income statement and not the balance sheet.

 

C. Affects both the income statement and the balance sheet.

 

D. Affects neither the income statement nor the balance sheet.

 

 

 

 

87.Green Leaf Company had the following information available on December 31:  Management applies the LCM rule on the basis of inventory category and includes wheelbarrows and hoses in the large implement category and shovels and gloves in the small implement category. What is the write-down required?   

A. $864.

 

B. $556.

 

C. $576.

 

D. $710.

($3,210 + $1,540) = total cost of large implement = $4,750($3,300 + $1,470) = total MV of large implement = $4,770($4,480 + $688) = total cost of small implement = $5,168($3,840 + $752) = total MV of small implement = $4,592$9,918 – ($4,750 + $4,592) = $576

 

 

 

88.Green Leaf Company had the following information available on December 31:  Management applies the LCM rule on the basis of individual inventory items. What is the write-down required?   

A. $864.

 

B. $556.

 

C. $576.

 

D. $710.

($4,480 – $3,840) + ($1,540 – $1,470) = $710

 

 

 

89.Green Leaf Company had the following information available on December 31:  Management applies the LCM rule on the basis of the total inventory. What is the write-down required?   

A. $864.

 

B. $556.

 

C. $576.

 

D. $710.

$9,918 – $9,362 = $556

 

 

 

90.The lower-of-cost-or-market rule may be applied by comparing the market value of the inventory to the cost of the inventory based on:   

A. Individual inventory items.

 

B. Major inventory categories.

 

C. The entire inventory.

 

D. Any of the three: individual inventory items, major inventory categories, or the entire inventory.

 

 

 

 

 

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July 1, 2023
    

 

71) Suppose the change in the government's debt-to-GDP ratio in a given year is 0.026. This figure tells us that the government's debt-to-GDP ratio has

A) fallen by 0.026%.

B) risen by 0.026%.

C) risen by 2.6 percentage points.

D) fallen by 2.6 percentage points.

E) risen by 0.026 percentage points.

72) Suppose the government's debt-to-GDP ratio on January 1 of Year 1 is 32%. The change in the debt-to-GDP ratio during Year 1 is -0.037. On January 1 of Year 2 the government's debt-to-GDP ratio is

A) 31.963%.

B) 32. 037%.

C) 28.3%.

D) 35.7%.

E) Not enough information to determine.

73) Consider the following data about government debt and deficit in a given year:

A) remained unchanged.

B) risen by 50%.

C) fallen by 50%.

D) risen by 0.5 percentage points.

E) fallen by 0.5 percentage points.

74) Consider the following data about government debt and deficit in a given year:

A) 82 percentage points.

B) 8.2 percentage points.

C) 0.82 percentage points.

D) 2.8 percentage points.

E) 0.28 percentage points.

75) Consider the following data about government debt and deficit in a given year:

A) remained unchanged.

B) risen by 0.2 percentage points.

C) fallen by 0.2 percentage points.

D) risen by 2 percentage points.

E) fallen by 2 percentage points.

76) Suppose that the real rate of interest on government bonds is 4% and the growth rate of real GDP is 2%. If the government has a positive stock of outstanding debt and its policy objective is to hold the debt-to-GDP ratio constant at its current level, it must

A) eliminate the overall deficit.

B) run an annually balanced budget.

C) run a cyclically balanced budget.

D) run a primary budget deficit.

E) run a primary budget surplus.

77) Suppose the government's objective is to hold its debt-to-GDP ratio constant at its current level of 30%. If the real interest rate on government bonds is 4% and the growth rate of real GDP is 2%, the government must

A) run a primary budget deficit of 0.6% of GDP.

B) run an overall budget deficit of 6.0% of GDP.

C) run an overall budget surplus of 6.0% of GDP.

D) run a primary budget surplus of 0.6% of GDP.

E) balance the overall budget.

78) Suppose that the real rate of interest is 3% and the growth rate of real GDP is 1%. If the government has a positive stock of outstanding debt and its goal is to hold the debt-to-GDP ratio constant at its current level, then it

A) must run a cyclically balanced budget.

B) must run an annually balanced budget.

C) must run a primary budget deficit.

D) must run a primary budget surplus.

E) must eliminate the overall deficit.

79) Consider a government with an outstanding stock of public debt. If, in any given year, the government has a primary budget surplus and the real interest rate on government bonds is less than the growth rate of real GDP, then

A) debt-service payments will be eliminated.

B) the debt-to-GDP ratio is certainly negative.

C) the debt-to-GDP ratio will certainly rise.

D) the debt-to-GDP ratio will certainly fall.

E) real GDP will certainly rise.

80) Consider a government with an outstanding stock of public debt. If, in any given year, the government has a primary budget surplus and the real interest rate on government bonds is more than the growth rate of real GDP, then

A) the debt-to-GDP ratio will certainly fall.

B) debt-service payments will be eliminated.

C) the debt-to-GDP ratio is certainly negative.

D) the debt-to-GDP ratio will certainly rise.

E) the effect on the debt-to-GDP ratio is uncertain.

 

 

default image
July 1, 2023
    

 

71) Suppose the change in the government's debt-to-GDP ratio in a given year is 0.026. This figure tells us that the government's debt-to-GDP ratio has

A) fallen by 0.026%.

B) risen by 0.026%.

C) risen by 2.6 percentage points.

D) fallen by 2.6 percentage points.

E) risen by 0.026 percentage points.

72) Suppose the government's debt-to-GDP ratio on January 1 of Year 1 is 32%. The change in the debt-to-GDP ratio during Year 1 is -0.037. On January 1 of Year 2 the government's debt-to-GDP ratio is

A) 31.963%.

B) 32. 037%.

C) 28.3%.

D) 35.7%.

E) Not enough information to determine.

73) Consider the following data about government debt and deficit in a given year:

A) remained unchanged.

B) risen by 50%.

C) fallen by 50%.

D) risen by 0.5 percentage points.

E) fallen by 0.5 percentage points.

74) Consider the following data about government debt and deficit in a given year:

A) 82 percentage points.

B) 8.2 percentage points.

C) 0.82 percentage points.

D) 2.8 percentage points.

E) 0.28 percentage points.

75) Consider the following data about government debt and deficit in a given year:

A) remained unchanged.

B) risen by 0.2 percentage points.

C) fallen by 0.2 percentage points.

D) risen by 2 percentage points.

E) fallen by 2 percentage points.

76) Suppose that the real rate of interest on government bonds is 4% and the growth rate of real GDP is 2%. If the government has a positive stock of outstanding debt and its policy objective is to hold the debt-to-GDP ratio constant at its current level, it must

A) eliminate the overall deficit.

B) run an annually balanced budget.

C) run a cyclically balanced budget.

D) run a primary budget deficit.

E) run a primary budget surplus.

77) Suppose the government's objective is to hold its debt-to-GDP ratio constant at its current level of 30%. If the real interest rate on government bonds is 4% and the growth rate of real GDP is 2%, the government must

A) run a primary budget deficit of 0.6% of GDP.

B) run an overall budget deficit of 6.0% of GDP.

C) run an overall budget surplus of 6.0% of GDP.

D) run a primary budget surplus of 0.6% of GDP.

E) balance the overall budget.

78) Suppose that the real rate of interest is 3% and the growth rate of real GDP is 1%. If the government has a positive stock of outstanding debt and its goal is to hold the debt-to-GDP ratio constant at its current level, then it

A) must run a cyclically balanced budget.

B) must run an annually balanced budget.

C) must run a primary budget deficit.

D) must run a primary budget surplus.

E) must eliminate the overall deficit.

79) Consider a government with an outstanding stock of public debt. If, in any given year, the government has a primary budget surplus and the real interest rate on government bonds is less than the growth rate of real GDP, then

A) debt-service payments will be eliminated.

B) the debt-to-GDP ratio is certainly negative.

C) the debt-to-GDP ratio will certainly rise.

D) the debt-to-GDP ratio will certainly fall.

E) real GDP will certainly rise.

80) Consider a government with an outstanding stock of public debt. If, in any given year, the government has a primary budget surplus and the real interest rate on government bonds is more than the growth rate of real GDP, then

A) the debt-to-GDP ratio will certainly fall.

B) debt-service payments will be eliminated.

C) the debt-to-GDP ratio is certainly negative.

D) the debt-to-GDP ratio will certainly rise.

E) the effect on the debt-to-GDP ratio is uncertain.

 

 

default image
July 1, 2023
    

 

71) Suppose the change in the government's debt-to-GDP ratio in a given year is 0.026. This figure tells us that the government's debt-to-GDP ratio has

A) fallen by 0.026%.

B) risen by 0.026%.

C) risen by 2.6 percentage points.

D) fallen by 2.6 percentage points.

E) risen by 0.026 percentage points.

72) Suppose the government's debt-to-GDP ratio on January 1 of Year 1 is 32%. The change in the debt-to-GDP ratio during Year 1 is -0.037. On January 1 of Year 2 the government's debt-to-GDP ratio is

A) 31.963%.

B) 32. 037%.

C) 28.3%.

D) 35.7%.

E) Not enough information to determine.

73) Consider the following data about government debt and deficit in a given year:

A) remained unchanged.

B) risen by 50%.

C) fallen by 50%.

D) risen by 0.5 percentage points.

E) fallen by 0.5 percentage points.

74) Consider the following data about government debt and deficit in a given year:

A) 82 percentage points.

B) 8.2 percentage points.

C) 0.82 percentage points.

D) 2.8 percentage points.

E) 0.28 percentage points.

75) Consider the following data about government debt and deficit in a given year:

A) remained unchanged.

B) risen by 0.2 percentage points.

C) fallen by 0.2 percentage points.

D) risen by 2 percentage points.

E) fallen by 2 percentage points.

76) Suppose that the real rate of interest on government bonds is 4% and the growth rate of real GDP is 2%. If the government has a positive stock of outstanding debt and its policy objective is to hold the debt-to-GDP ratio constant at its current level, it must

A) eliminate the overall deficit.

B) run an annually balanced budget.

C) run a cyclically balanced budget.

D) run a primary budget deficit.

E) run a primary budget surplus.

77) Suppose the government's objective is to hold its debt-to-GDP ratio constant at its current level of 30%. If the real interest rate on government bonds is 4% and the growth rate of real GDP is 2%, the government must

A) run a primary budget deficit of 0.6% of GDP.

B) run an overall budget deficit of 6.0% of GDP.

C) run an overall budget surplus of 6.0% of GDP.

D) run a primary budget surplus of 0.6% of GDP.

E) balance the overall budget.

78) Suppose that the real rate of interest is 3% and the growth rate of real GDP is 1%. If the government has a positive stock of outstanding debt and its goal is to hold the debt-to-GDP ratio constant at its current level, then it

A) must run a cyclically balanced budget.

B) must run an annually balanced budget.

C) must run a primary budget deficit.

D) must run a primary budget surplus.

E) must eliminate the overall deficit.

79) Consider a government with an outstanding stock of public debt. If, in any given year, the government has a primary budget surplus and the real interest rate on government bonds is less than the growth rate of real GDP, then

A) debt-service payments will be eliminated.

B) the debt-to-GDP ratio is certainly negative.

C) the debt-to-GDP ratio will certainly rise.

D) the debt-to-GDP ratio will certainly fall.

E) real GDP will certainly rise.

80) Consider a government with an outstanding stock of public debt. If, in any given year, the government has a primary budget surplus and the real interest rate on government bonds is more than the growth rate of real GDP, then

A) the debt-to-GDP ratio will certainly fall.

B) debt-service payments will be eliminated.

C) the debt-to-GDP ratio is certainly negative.

D) the debt-to-GDP ratio will certainly rise.

E) the effect on the debt-to-GDP ratio is uncertain.

 

 

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