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Question : 41) Division A sells soybean paste internally to Division B, which, : 1196206

Accounting

 

41)

Division A sells soybean paste internally to Division B, which, in turn, produces soybean burgers that sell for $5 per kilogram. Division A incurs costs of $0.75 per kilogram, while Division B incurs additional costs of $2.50 per kilogram.

Which of the following formulas correctly reflects the company’s operating income? 41)

______ A)

$5.00 – ($0.25 +$1.25 +$1.50) =$2.00 B)

$5.00 – ($0.25 +$1.25 +$3.50) = 0 C)

$5.00 – ($1.25 +$2.50) =$1.25 D)

$5.00 – ($0.75 +$3.75) =$0.50 E)

$5.00 – ($0.75 +$2.50) =$1.75

42)

A market is said to be perfectly-competitive when 42)

______ A)

there are any number of products, equivalent buying and selling prices, and individual buyers or sellers can affect those prices by their own actions. B)

there is no opportunity costs incurred by the vendor nor by the buyer. C)

there are any number of products, equivalent buying and selling prices, and individual buyers or sellers can affect those prices by their own actions, but there are no opportunity costs for buyers or sellers. D)

the market may be dominated by one or two major companies, but there are many smaller companies also in the market. E)

there is a homogeneous product, equivalent buying and selling prices, and no individual buyers or sellers can affect those prices by their own actions.

43)

Under what conditions would transferring products or services at market prices lead to optimal decisions within the organization? 43)

______ A)

when the immediate market is only somewhat competitive and there is excess capacity B)

when there is minimal interdependence between subunit divisions C)

when the immediate market is a monopoly D)

when the immediate market is not a monopoly, and there is minimal interdependence between subunit divisions E)

when there is excess capacity

44)

In a time of distress prices, which of the following is TRUE? 44)

______ A)

in the short-term, the transfer price should be the distress price as long as this exceeds the incremental costs B)

the distress price should be ignored as it is a function of the market, not of the internal capacities of the overall company C)

the purchasing division should pay normal prices D)

the vendor division should set the transfer price at the distress price on a long-term basis for stability within the overall company E)

the vendor division should cease production

45)

When industry has excess capacity, market prices may drop sizably below their historical average. If this drop is temporary, it is called 45)

______ A)

fire sale. B)

low-average prices. C)

distress prices. D)

dropped prices. E)

substitute prices.

46)

Many companies do not want to use market prices, or find it too costly, and they use ________ prices, even though sub optimal decisions may occur. 46)

______ A)

long-run cost B)

short-run average cost C)

average-cost D)

variable cost E)

full-cost

47)

Crush Company makes internal transfers at 180% of full cost. The Soda Refining division purchases 30,000 containers of carbonated water per day, on average, from a local supplier, who delivers the water for$30 per container via an external shipper. In order to reduce costs the company located an independent producer in Manitoba who is willing to sell 30,000 containers at$20 each, delivered to Crush Company’s shipping division in Manitoba. The company’s Shipping Division in Manitoba has excess capacity and can ship the 30,000 containers at a variable cost of$2.50 per container.

What is the total cost to Crush Company if the carbonated water is purchased from the local supplier? 47)

______ A)

$1,620,000 B)

$900,000 C)

$1,501,000 D)

$1,200,000 E)

$1,721,150

48)

Crush Company makes internal transfers at 180% of full cost. The Soda Refining division purchases 30,000 containers of carbonated water per day, on average, from a local supplier, who delivers the water for$30 per container via an external shipper. In order to reduce costs the company located an independent producer in Manitoba who is willing to sell 30,000 containers at$20 each, delivered to Crush Company’s shipping division in Manitoba. The company’s Shipping Division in Manitoba has excess capacity and can ship the 30,000 containers at a variable cost of$2.50 per container.

What is the total cost of purchasing the water from the Manitoba supplier and shipping it to the Soda Division? 48)

______ A)

$1,080,000 B)

$1,215,000 C)

$600,000 D)

$675,000 E)

$1,815,000

49)

One reason companies use full-cost transfer pricing is that it provides 49)

______ A)

relevant costs for long-run decisions and for employee staffing decisions. B)

relevant costs for long-run decisions even though poor short-run decisions may result. C)

relevant costs for short-run decisions and poor for long-run decisions. D)

relevant costs for long-run decisions and for short-run decisions. E)

relevant costs for short-run decisions at the expense of the company.

50)

When companies are unable to choose a transfer-pricing method which meets their requirements, they may use 50)

______ A)

pro-rating pricing. B)

cost pricing. C)

market pricing. D)

situational pricing. E)

dual pricing.

51)

When the vendor division receives full cost plus a mark-up, and the buying division pays the market price, this is referred to as  

 

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July 1, 2023
    

 

3.4   The Effect of Demand and Supply Shifts on Equilibrium

 

1) Let D = demand, S = supply, P = equilibrium price, Q= equilibrium quantity. What happens in the market for tropical hardwood trees if the governments restrict the amount of forest lands that can be logged?

A) D decreases, S no change, P and Q decrease

B) S decreases, D no change, P increases, Q decreases

C) D and S decrease, P and Q increase

D) D no change, S decreases, P increases, Q increases

 

 

2) Let D = demand, S = supply, P = equilibrium price, Q= equilibrium quantity. What happens in the market for walnuts if the Centers for Disease Control and Prevention announces that consuming a half cup of walnuts each week helps to lower bad levels of cholesterol?

A) D increases, S no change, P and Q increase

B) S increases, D no change, P decreases, Q increases

C) D and S increase, P and Q decrease

D) D no change, S increases, P decreases, Q decreases

 

 

3) In 2004, hurricanes destroyed a large portion of Florida's orange and grapefruit crops. In the market for citrus fruit,

A) the supply curve shifted to the right resulting in an increase in the equilibrium price.

B) the supply curve shifted to the left resulting in an increase in the equilibrium price.

C) the demand curve shifted to the right resulting in an increase in the equilibrium price.

D) the demand curve shifted to the left resulting in a decrease in the equilibrium price.

 

4) Olive oil producers want to sell more olive oil at a higher price. Which of the following events would have this effect?

A) an increase in the price of olive oil presses

B) a decrease in the cost of transporting olive oil to markets

C) an increase in the price of land used to plant olives

D) Research finds that consumption of olive oil reduces the risk of heart disease.

 

 

5) Orange juice drinkers want to consume more orange juice at a lower price. Which of the following events would have this effect?

A) a decrease in the price of orange juice processing

B) an increase in the cost of fertilizer used for orange groves

C) a decrease in income, assuming orange juice is a normal good

D) a decrease in the population

 

 

6) Which of the following would cause both the equilibrium price and equilibrium quantity of cotton (assume that cotton is a normal good) to increase?

A) an increase in consumer income

B) a drought that sharply reduces cotton output

C) a decrease in consumer income

D) unusually good weather that results in a bumper crop of cotton

 

 

7) Which of the following would cause both the equilibrium price and equilibrium quantity of potatoes (assume that potatoes are an inferior good) to decrease?

A) an increase in consumer income

B) a freeze that sharply reduces potato output

C) a decrease in consumer income

D) a technological advancement that results in a bumper crop of potatoes

 

8) Which of the following would cause the equilibrium price of white bread to decrease and the equilibrium quantity of white bread to increase?

A) a decrease in the price of flour

B) an increase in the price of flour

C) an increase in the price of rye bread, a substitute for white bread

D) an increase in the price of butter, a complement for white bread

 

 

9) Assume that the hourly price for the services of tarot card readers has risen and sales of these services have also risen. One can conclude that

A) the law of demand has been violated.

B) the number of tarot card readers has increased.

C) the demand for tarot card readers has increased.

D) tarot card readers are deliberately charging high prices because they provide services for superstitious clients.

 

 

10) Assume that the price for swimming pool maintenance services has risen and sales of these services have fallen. One can conclude that

A) the law of supply has been violated.

B) the demand for swimming pool maintenance services has increased.

C) the supply of swimming pool maintenance services has decreased.

D) swimming pool maintenance services are becoming more technologically advanced.

 

 

 

default image
July 1, 2023
    

 

3.4   The Effect of Demand and Supply Shifts on Equilibrium

 

1) Let D = demand, S = supply, P = equilibrium price, Q= equilibrium quantity. What happens in the market for tropical hardwood trees if the governments restrict the amount of forest lands that can be logged?

A) D decreases, S no change, P and Q decrease

B) S decreases, D no change, P increases, Q decreases

C) D and S decrease, P and Q increase

D) D no change, S decreases, P increases, Q increases

 

 

2) Let D = demand, S = supply, P = equilibrium price, Q= equilibrium quantity. What happens in the market for walnuts if the Centers for Disease Control and Prevention announces that consuming a half cup of walnuts each week helps to lower bad levels of cholesterol?

A) D increases, S no change, P and Q increase

B) S increases, D no change, P decreases, Q increases

C) D and S increase, P and Q decrease

D) D no change, S increases, P decreases, Q decreases

 

 

3) In 2004, hurricanes destroyed a large portion of Florida's orange and grapefruit crops. In the market for citrus fruit,

A) the supply curve shifted to the right resulting in an increase in the equilibrium price.

B) the supply curve shifted to the left resulting in an increase in the equilibrium price.

C) the demand curve shifted to the right resulting in an increase in the equilibrium price.

D) the demand curve shifted to the left resulting in a decrease in the equilibrium price.

 

4) Olive oil producers want to sell more olive oil at a higher price. Which of the following events would have this effect?

A) an increase in the price of olive oil presses

B) a decrease in the cost of transporting olive oil to markets

C) an increase in the price of land used to plant olives

D) Research finds that consumption of olive oil reduces the risk of heart disease.

 

 

5) Orange juice drinkers want to consume more orange juice at a lower price. Which of the following events would have this effect?

A) a decrease in the price of orange juice processing

B) an increase in the cost of fertilizer used for orange groves

C) a decrease in income, assuming orange juice is a normal good

D) a decrease in the population

 

 

6) Which of the following would cause both the equilibrium price and equilibrium quantity of cotton (assume that cotton is a normal good) to increase?

A) an increase in consumer income

B) a drought that sharply reduces cotton output

C) a decrease in consumer income

D) unusually good weather that results in a bumper crop of cotton

 

 

7) Which of the following would cause both the equilibrium price and equilibrium quantity of potatoes (assume that potatoes are an inferior good) to decrease?

A) an increase in consumer income

B) a freeze that sharply reduces potato output

C) a decrease in consumer income

D) a technological advancement that results in a bumper crop of potatoes

 

8) Which of the following would cause the equilibrium price of white bread to decrease and the equilibrium quantity of white bread to increase?

A) a decrease in the price of flour

B) an increase in the price of flour

C) an increase in the price of rye bread, a substitute for white bread

D) an increase in the price of butter, a complement for white bread

 

 

9) Assume that the hourly price for the services of tarot card readers has risen and sales of these services have also risen. One can conclude that

A) the law of demand has been violated.

B) the number of tarot card readers has increased.

C) the demand for tarot card readers has increased.

D) tarot card readers are deliberately charging high prices because they provide services for superstitious clients.

 

 

10) Assume that the price for swimming pool maintenance services has risen and sales of these services have fallen. One can conclude that

A) the law of supply has been violated.

B) the demand for swimming pool maintenance services has increased.

C) the supply of swimming pool maintenance services has decreased.

D) swimming pool maintenance services are becoming more technologically advanced.

 

 

 

default image
July 1, 2023
    

 

3.4   The Effect of Demand and Supply Shifts on Equilibrium

 

1) Let D = demand, S = supply, P = equilibrium price, Q= equilibrium quantity. What happens in the market for tropical hardwood trees if the governments restrict the amount of forest lands that can be logged?

A) D decreases, S no change, P and Q decrease

B) S decreases, D no change, P increases, Q decreases

C) D and S decrease, P and Q increase

D) D no change, S decreases, P increases, Q increases

 

 

2) Let D = demand, S = supply, P = equilibrium price, Q= equilibrium quantity. What happens in the market for walnuts if the Centers for Disease Control and Prevention announces that consuming a half cup of walnuts each week helps to lower bad levels of cholesterol?

A) D increases, S no change, P and Q increase

B) S increases, D no change, P decreases, Q increases

C) D and S increase, P and Q decrease

D) D no change, S increases, P decreases, Q decreases

 

 

3) In 2004, hurricanes destroyed a large portion of Florida's orange and grapefruit crops. In the market for citrus fruit,

A) the supply curve shifted to the right resulting in an increase in the equilibrium price.

B) the supply curve shifted to the left resulting in an increase in the equilibrium price.

C) the demand curve shifted to the right resulting in an increase in the equilibrium price.

D) the demand curve shifted to the left resulting in a decrease in the equilibrium price.

 

4) Olive oil producers want to sell more olive oil at a higher price. Which of the following events would have this effect?

A) an increase in the price of olive oil presses

B) a decrease in the cost of transporting olive oil to markets

C) an increase in the price of land used to plant olives

D) Research finds that consumption of olive oil reduces the risk of heart disease.

 

 

5) Orange juice drinkers want to consume more orange juice at a lower price. Which of the following events would have this effect?

A) a decrease in the price of orange juice processing

B) an increase in the cost of fertilizer used for orange groves

C) a decrease in income, assuming orange juice is a normal good

D) a decrease in the population

 

 

6) Which of the following would cause both the equilibrium price and equilibrium quantity of cotton (assume that cotton is a normal good) to increase?

A) an increase in consumer income

B) a drought that sharply reduces cotton output

C) a decrease in consumer income

D) unusually good weather that results in a bumper crop of cotton

 

 

7) Which of the following would cause both the equilibrium price and equilibrium quantity of potatoes (assume that potatoes are an inferior good) to decrease?

A) an increase in consumer income

B) a freeze that sharply reduces potato output

C) a decrease in consumer income

D) a technological advancement that results in a bumper crop of potatoes

 

8) Which of the following would cause the equilibrium price of white bread to decrease and the equilibrium quantity of white bread to increase?

A) a decrease in the price of flour

B) an increase in the price of flour

C) an increase in the price of rye bread, a substitute for white bread

D) an increase in the price of butter, a complement for white bread

 

 

9) Assume that the hourly price for the services of tarot card readers has risen and sales of these services have also risen. One can conclude that

A) the law of demand has been violated.

B) the number of tarot card readers has increased.

C) the demand for tarot card readers has increased.

D) tarot card readers are deliberately charging high prices because they provide services for superstitious clients.

 

 

10) Assume that the price for swimming pool maintenance services has risen and sales of these services have fallen. One can conclude that

A) the law of supply has been violated.

B) the demand for swimming pool maintenance services has increased.

C) the supply of swimming pool maintenance services has decreased.

D) swimming pool maintenance services are becoming more technologically advanced.

 

 

 

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