11.An activity that would be expensed currently as research and development costs is the a.Testing in search for or evaluation of product or process alternatives b.Adaptation of an existing capability to a particular requirement or customer’s need as a part of continuing commercial activity c.Legal work in connection with patent applications or litigation, and the sale or licensing of patents d.Engineering follow-through in an […]

  52.Hailey Medical Supply Co., which had no beginning balance in its Accounts Receivable and Allowance for Doubtful Accounts, earned $80,000 of revenue on account during 2013. During 2013, Hailey collected $64,000 of cash from its receivables accounts. The company estimates that it will be unable to collect 1% of revenue on account. The amount of net realizable value of receivables on the December 31, […]

  31. Which of the following uses questions and exercises to guide individuals in determining their strengths and weaknesses, job and career opportunities, and necessary steps for achieving their goals? A) Succession planning B) Realistic recruitment C) Career workbooks D) Skills inventory E) Career center 32. All of the following are benefits of a career development system EXCEPT: A) evaluation of career tools and practices. […]

  51.Which of the following is an objective of capital budgeting?    A. To eliminate all risk. B. To discount all future and past cash flows. C. To earn a satisfactory return on investment. D. To reverse past decisions. E. To reduce the number of investment activities. 52.The time value of money concept:    A. Means that a dollar today is worth less than a dollar tomorrow. B. Means that a dollar tomorrow is […]

    61.Century Corporation issued 400,000 shares of $4 par value common stock at the time of its incorporation. The stock was issued for cash at a price of $16 per share. During the first year of operations, the company sustained a net loss of $100,000. The year-end balance sheet would show the balance of the Common Stock account to be:    A. $1,600,000.   B. $1,500,000.   […]

    141. Use the following information to answer questions 65-70.  1. $7,000 of merchandise inventory was ordered on September 2, 2009 2. $3,000 of this merchandise was received on September 5, 2009 3. On September 6, 2009, an invoice dated September 4, 2009, with terms of 3/10, net 30 for $3,250 which included a $250 prepaid freight cost, was received. 4. On September 10, 2009, […]

  Objective 5.6   Answer the following questions using the information below:   Gregory Enterprises has identified three cost pools to allocate overhead costs. The following estimates are provided for the coming year:   Cost PoolOverhead CostsCost driverActivity level Supervision of direct labor$320,000Direct labor-hours800,000 Machine maintenance$120,000Machine-hours960,000 Facility rent$200,000Square feet of area100,000 Total overhead costs$640,000   The accounting records show the Mossman Job consumed the following […]

    81. When compared to traditional approaches to labor-management relations, transformational approaches  A. have more grievances that go to the third or fourth steps. B. engage in less problem-solving activities. C. have more frequent conflicts. D. have lower costs. Compared with the traditional approach, transformational labor relations were found to be associated with lower costs, better product quality, and higher productivity.     82. Which of the following statements is […]

  6) How much cash will be paid to suppliers in March? A) $46,400 B) $56,000 C) $88,000 D) None of these answers are correct. 7) How much cash will be disbursed in total in March? A) $42,000 B) $50,000 C) $88,400 D) $96,400   8) What is the ending cash balance for March? A) ($50,000) B) $6,000 C) $5,600 D) $6,600 Answer the following […]

  61.During March a firm purchased $22,650 of merchandise and paid freight charges of $1,720. If the net delivered cost of purchases for the March is $21,900, what is the total purchase returns for March?   A.$0 B.$970 C.$2,470 D.$3,440 62.During the year, a firm purchased $256,200 of merchandise and paid freight charges of $41,720. If the total purchases returns and allowances were $15,790 and purchase […]