Question : 11) For the past twenty years, Ace Electronics has had : 1253082

Accounting

11) For the past twenty years, Ace Electronics has had a policy of expensing all assets that cost less than $50, even if they are expected to last for more than a year, because it is simpler and easier than depreciating low-cost assets over their useful lives. This year Ace Electronics decided that because of inflation it would begin expensing all assets that cost less than $100. This accounting choice would be considered ________.

A) conservative

B) fundamental

C) basic

D) aggressive

12) For the past twenty years, Bijou Company has had a policy of expensing all assets that cost less than $50, even if they are expected to last for more than a year, because it is simpler and easier than depreciating low-cost assets over their useful lives. This year, Bijou bought a new computerized accounting system and decided to depreciate all assets over their useful lives, even low-cost assets like wastebaskets and pencil sharpeners. This accounting choice would be considered ________.

A) conservative

B) fundamental

C) basic

D) aggressive

13) This year Ace Electronics tried calculating its bad debts expense two different ways. Using a percentage of credit sales, bad debts expense would be $1,500. Based on an aging of accounts receivable, however, bad debts expense would be only $1,200. If Ace decides to report $1,500 of bad debts expense, this accounting choice would be considered ________.

A) conservative

B) fundamental

C) basic

D) aggressive

14) This year Ace Electronics tried calculating its bad debts expense two different ways. Using a percentage of credit sales, bad debts expense would be $1,500. Based on an aging of accounts receivable, however, bad debts expense would be only $1,200. If Ace decides to report $1,200 of bad debts expense, this accounting choice would be considered ________.

A) conservative

B) fundamental

C) basic

D) aggressive

15) This year Beta Business tried calculating its bad debts expense two different ways. Using a percentage of credit sales, bad debts expense would be $2,500. Based on an aging of accounts receivable, however, bad debts expense would be $2,750. If Beta Business decides to report $2,500 of bad debts expense, this accounting choice would be considered ________.

A) conservative

B) fundamental

C) basic

D) aggressive

16) This year Beta Business tried calculating its bad debts expense two different ways. Using a percentage of credit sales, bad debts expense would be $2,500. Based on an aging of accounts receivable, however, bad debts expense would be $2,750. If Beta Business decides to report $2,750 of bad debts expense, this accounting choice would be considered ________.

A) conservative

B) fundamental

C) basic

D) aggressive

17) Tim’s Tams has been using LIFO to value its inventory because it gives a higher cost of goods sold, lower income, and lower taxes. This year Tim’s Tams has decided to make a permanent switch to FIFO, even though it will then have to pay more taxes on its higher reported income. This accounting choice would be considered ________.

A) conservative

B) fundamental

C) basic

D) aggressive

18) Alpha, Inc. bought land and a new warehouse for $100,000. Because Alpha needs to separate the cost of the land (which will not be depreciated) from the cost of the building (which will be depreciated), Alpha got two independent appraisals. The first appraiser said the land was worth $10,000. The second appraiser said the land was worth $15,000. If Alpha records the land at $10,000 and the building at $90,000, this accounting choice would be considered ________.

A) conservative

B) fundamental

C) basic

D) aggressive

19) Alpha, Inc. bought land and a new warehouse for $100,000. Because Alpha needs to separate the cost of the land (which will not be depreciated) from the cost of the building (which will be depreciated), Alpha got two independent appraisals. The first appraiser said the land was worth $10,000. The second appraiser said the land was worth $15,000. If Alpha records the land at $15,000 and the building at $85,000, this accounting choice would be considered ________.

A) conservative

B) fundamental

C) basic

D) aggressive

20) Tim’s Tams donated 100 baseball caps to the local homeless shelter. The company will record the donation as an operating expense. The caps cost Tim’s Tams $2.00 each and the company usually sells them for $8.50. If Tim’s Tams reports a charity expense of $200, this accounting choice would be considered ________.

A) conservative

B) fundamental

C) basic

D) aggressive

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July 1, 2023

1) Members of OSHA's $100,000 club have:

A) invested more than $100,000 in health and safety equipment for employees.

B) purchased health and safety insurance coverage of at least $100,000.

C) received fines of $100,000 or more for safety or health violations.

D) paid more than $100,000 in workers' compensation claims.

2) Workplace safety is a significant issue because approximately ________ employees were injured on the job in 2009.

A) 3,000,000

B) 1,000,000

C) 500,000

D) 250,000

3) According to the doctrine of contributory negligence, employers were:

A) not responsible for an employees' injury when another employee's negligence caused the injury.

B) not liable for an employee's injuries when that employee's own negligence caused the injury.

C) responsible for compensating employees for all work-related illnesses and accidents.

D) not responsible for any employees' injuries under any circumstances.

4) Workers' compensation laws vary by state, but all are built on the theory that:

A) employees' personal health insurance should pay the medical costs of any injuries.

B) work-related accidents are costs of doing business and should be paid for by employers.

C) governments are responsible for paying the medical costs related to an employee's injuries.

D) employers are not responsible for employee injuries resulting from the employee's own negligence.

5) Which of the following is a true statement about workers' compensation?

A) Workers' compensation laws are federally mandated and enforced by OSHA.

B) Non-union firms are not required to carry workers' compensation insurance.

C) Workers' compensation is not mandatory in all U.S. states.

D) Most states had workers' compensation programs by 1911.

6) Workers' compensation:

A) pays only if the worker cannot.

B) is considered a no-fault system.

C) is mandatory in all fifty states.

D) covers employees' medical costs with Medicaid.

7) The primary goal of state workers' compensation laws is best described as:

A) providing a means for injured workers to receive care and income without having to sue.

B) determining the cause of work-related accidents and minimizing future accidents.

C) ensuring that employers are not held responsible for accidents caused by worker negligence.

D) spreading the cost of workplace accidents among all workers in the state.

8) The ________ holds that employers are not held liable for an employee's injuries when the negligence of another employee contributed to or caused the accident.

A) doctrine of contributory negligence

B) fellow-servant rule

C) general duty provision

D) "no-fault" rule

9) Which of the following is most likely true?

A) Workers' compensation is a federal program. OSHA is the organization that helps individual states meet workers' compensation standards.

B) Workers' compensation is a federal program that provides compensation to employees injured on the job. OSHA is a federal program that creates and enforces safety standards in the work place.

C) OSHA is a federal program that creates safety standards for work environments. Workers' compensation programs are created by the individual states to provide compensation for employees injured on the job.

D) OSHA is a federal program that provides compensation for employees injured on the job. Workers' compensation programs are state programs that provide compensation for employees injured on the job.

10) Workers' compensation:

A) replaces the worker's entire income until he/she is able to work again.

B) provides benefits for permanent, but not temporary, impairment.

C) gives survivors burial allowances and income benefits.

D) covers medical expenses up to $100,000.