56.On a worksheet, the adjusted balance of the Supplies Expense account is extended to: A. the Income Statement Debit column. B. the Income Statement Credit column. C. the Balance Sheet Debit column. D. the Balance Sheet Credit column. 57.Which of the following statements is correct? A. The cost of supplies used is reported on the statement of owner’s equity. B. The […]
73. Another name for a temporary account is a(n): A. Real account. B. Contra account. C. Accrued account. D. Balance column account. E. Nominal account. 74. Which of the following accounts are permanent (real) accounts? A. Fees earned. B. Office supplies expense. C. Interest revenue. D.Accounts payable. E.Salaries expense. 75. When closing entries are made: A. All ledger accounts are closed to start the new accounting period. B. All temporary accounts are closed […]
7) Eliminating non-value added activities by reducing their cost drivers, is referred to as A) value-added pricing. B) value-added activity base pricing. C) cost incurrence costing. D) price engineering. E) value engineering. 8) When are a product’s direct materials cost most likely to be locked in? A) when the product is designed B) when purchasing commits to buying the materials C) when the […]
71. Which of the following is the most serious limitation of internal controls? A. Computer error B. Human fraud or human error C. Cost-benefit principle D. Cybercrime E. Management fraud 72. Which of the following are risks of e-commerce? A. Firewalls, fraud, and computer viruses. B. Encryption, stolen credit card numbers, and fraud. C. Stolen credit card numbers, computer viruses, and impersonation. D. Computer viruses, encryption, and stolen credit card numbers. E. Impersonation, […]
21. Large, highly-rated firms sometimes sell commercial paper A. To borrow funds at a lower rate than through a bank. B. To borrow funds when they cannot obtain a loan from a bank. C. Because they can’t borrow anywhere else. D. To improve their credit rating. 22. Which of the following is not an employer payroll cost? A. FICA taxes. B. Federal and state unemployment taxes. C. Federal and state income taxes. D. Employer […]
46) Purchases budgeted for February total: A) $69,120 B) $60,480 C) $115,200 D) $64,800 47) Shamokin Manufacturing produces two products, Big and Bigger. Shamokin expects to sell 10,000 units of product Bigger and to have an inventory of 2,000 units of Bigger on hand at the end of the period. Currently, Shamokin has 800 units of Bigger on hand. Bigger requires two labor operations, […]
41. Which of the following best describes the term “retained earnings” of a company? A. The amount of total profits earned by a company since it began operations. B. The amount of claim that the owners have on the assets of the company. C. The future economic resources of a company. D. The accumulated net income of a company that has not been distributed to owners in the […]
11) One possible reason for unfavorable variable overhead efficiency variance for materials handling is ________. A) inefficient layout of product distribution channels B) loosely budgeted standard hours C) very low wait time at work centers D) experienced but unmotivated employees 12) The fixed setup overhead flexible-budget variance is calculated as actual costs – flexible-budget variance. 13) An unfavorable price variance for materials-handling […]
Learning Objective 9-7 1) Negative cash flow from investing activities on the statement of cash flows means that a company has ________. A) paid a large cash dividend to shareholders B) paid more for operating expenses than it collected from customers C) sold additional shares of common stock D) bought additional property, plant and equipment 2) Positive cash flow from investing activities […]
7) The practical capacity method of allocating costs is: A) based on the budgeted capacity demanded. B) based on actual capacity used. C) based on the practical capacity supplied. D) based on the using departments negotiating the charges they will accept. 8) When budgeted cost-allocation rates are used, user-division managers face uncertainty about the allocation rates for that budget period. 9) When […]
9.5 Chapter Figures
The figure above shows the U.S. market for T-shirts, where SUS is the domestic supply curve and DUS is the domestic demand curve. The United States trades freely with the rest of the world. The world price of a T-shirt is $5.
1) In the figure above, with international trade U.S. consumers buy ________ million T-shirts per year at ________ per T-shirt.
A) 60; $5
B) 40; $8
C) 20; $5
D) 40; $5
E) 60; $11
2) Based on the figure above, as a result of international trade, U.S. domestic production ________ million T-shirts per year.
A) decreases by 20
B) increases by 20
C) decreases by 10
D) increases by 40
E) increases by 10
3) In the figure above, with international trade the United States ________ million T-shirts per year.
A) imports 40
B) exports 40
C) exports 20
D) imports 20
E) imports 60
4) Based on the figure above, as a result of international trade, consumer surplus
A) increases by $150 million.
B) decreases by $150 million.
C) increases by $90 million.
D) decreases by $90 million.
E) remains unchanged.
5) Based on the figure above, as a result of international trade, producer surplus
A) increases by $150 million.
B) decreases by $150 million.
C) increases by $90 million.
D) decreases by $90 million.
E) remains unchanged.
6) Based on the figure above, international trade leads to
A) a net gain of surplus of $60 million.
B) a net loss of surplus of $60 million.
C) a net gain of surplus of $90 million.
D) a net loss of surplus of $90 million.
E) no net gain or loss of surplus.
The figure above shows the U.S. market for airplanes, where SUS is the domestic supply curve and DUS is the domestic demand curve. The United States trades freely with the rest of the world. The world price of an airplane is $150 million.
7) Based on the figure above, as a result of international trade, U.S. domestic production ________ airplanes per year.
A) decreases by 200
B) increases by 300
C) decreases by 100
D) increases by 500
E) increases by 200
8) In the figure above, U.S. consumers buy ________ airplanes per year at ________ million per airplane.
A) 200; $150
B) 400; $100
C) 700; $150
D) 400; $150
E) 200; $100
9) In the figure above, the United States ________ airplanes per year.
A) imports 500
B) exports 500
C) exports 400
D) imports 400
E) exports 200
10) Based on the figure above, as a result of international trade, consumer surplus
A) increases by $15 billion.
B) decreases by $15 billion.
C) increases by $27.5 billion.
D) decreases by $12.5 billion.
E) remains unchanged.
11) Based on the figure above, as a result of international trade, producer surplus
A) increases by $15 billion.
B) decreases by $15 billion.
C) increases by $27.5 billion.
D) decreases by $12.5 billion.
E) remains unchanged.
12) Based on the figure above, international trade leads to
A) a net gain in surplus of $12.5 billion.
B) a net loss of surplus of $12.5 billion.
C) a net gain in surplus of $27.5 billion.
D) a net loss of surplus of $15 billion.
E) no net gain or loss of surplus.
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