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External link to Question : 7) The manufacturing overhead control account and the manufacturing overhead : 1186269
Accounting

Question : 7) The manufacturing overhead control account and the manufacturing overhead : 1186269

  7) The manufacturing overhead control account and the manufacturing overhead allocated account both have zero balances at the end of each year after all adjustments are recorded.   8) Manufacturing Overhead Control and Manufacturing Overhead Allocated in the General Ledger respectively, refer to A) the record of actual overhead costs, and the record of overhead allocated to specific jobs using budgeted rates × actual […]

External link to Question : 42) Cruits, Inc. prepared the following income statement before adjustments: Cruits, : 1253180
Accounting

Question : 42) Cruits, Inc. prepared the following income statement before adjustments: Cruits, : 1253180

  42) Cruits, Inc. prepared the following income statement before adjustments:   Cruits, Inc. Income Statement For the Month Ended September 30, 2011 Sales revenue$30,000 Expenses Rent              $5,000 Utilities2,000 Salaries8,000 Depreciation3,000 Total expenses$18,000 Net income (loss)$12,000   Required: Determine the net income or loss after adjustment given the following additional information for the month of September: a. Salaries earned but unrecorded and unpaid equals $1,000. […]

External link to Question : SHORT ANSWER. Write the word or phrase that best completes each : 1196110
Accounting

Question : SHORT ANSWER. Write the word or phrase that best completes each : 1196110

  SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. 71) Identify each item on the following list as a joint cost or a separable cost.   a.Cost of processing crude oil in a gasoline refinery. b.Cost of processing timber (trees) at a sawmill. c.Cost of processing lumber into different lengths and sizes at a sawmill. d.Cost of […]

External link to Question : 70.Solid waste landfills required to estimate the cost of closure : 1255483
Accounting

Question : 70.Solid waste landfills required to estimate the cost of closure : 1255483

  70.Solid waste landfills are required to estimate the cost of closure which include: A)Cost of equipment used. B)Cost of landfill cover. C)Cost of caring for the site for 30 years. D)all of the above. 71.The estimated costs of closure of solid waste landfills are measured using: A)Estimated future costs. B)Actual closure costs. C)Historical costs. D)Current costs. 72.For landfills accounted for as enterprise funds, a […]

External link to Question : 61.The following income statements provided for Li Company’s last two : 1257104
Accounting

Question : 61.The following income statements provided for Li Company’s last two : 1257104

  61.The following income statements are provided for Li Company’s last two years of operation:  Assuming that cost behavior did not change over the two year period, what is the annual amount of the company’s fixed manufacturing overhead?    A. $12,000   B. $24,000   C. $26,000   D. None of these     62.The following income statements are provided for Li Company’s last two years of operation:  Assuming that cost behavior […]

External link to Question : 56.If a company has advance ticket sales totaling $2,000,000 for : 1258987
Accounting

Question : 56.If a company has advance ticket sales totaling $2,000,000 for : 1258987

    56.If a company has advance ticket sales totaling $2,000,000 for the upcoming football season, the receipt of cash would be journalized as:    A. Debit Sales, credit Unearned Revenue.   B. Debit Unearned Revenue, credit Sales.   C. Debit Cash, credit Unearned Revenue.   D. Debit Unearned Revenue, credit Cash.   E. Debit Cash, credit Revenue.         57.A contingent liability is:    A. Always of a specific amount. […]

External link to Question : 138.A business accepts a 9 percent, $25,000 note due in : 1244458
Accounting

Question : 138.A business accepts a 9 percent, $25,000 note due in : 1244458

138.A business accepts a 9 percent, $25,000 note due in 120 days. Assuming simple interest, how much (amount rounded) will the business receive when the note falls due?   a. $25,000 b. $25,075 c. $27,260 d. $25,740       139.Which of the following statements is true regarding the time value of money?   a. Compound interest will produce equal amounts of interest each period […]

External link to Question : 71) ABC Corporation issued $600,000, 10%, 5-year bonds January 1, : 1230254
Accounting

Question : 71) ABC Corporation issued $600,000, 10%, 5-year bonds January 1, : 1230254

  71) ABC Corporation issued $600,000, 10%, 5-year bonds on January 1, 2012 for $612,000 when the market interest rate was 8%. Interest is paid semiannually on January 1 and July 1. The corporation uses the effective-interest method to amortize bond premium. The amount of bond interest expense recognized on July 1, 2012 is: A) $30,000. B) $24,000. C) $24,480. D) $30,600. 72) Under the […]

External link to Question : 145.Which of the following has an effect total stockholders’ equity? a. Cash : 1244201
Accounting

Question : 145.Which of the following has an effect total stockholders’ equity? a. Cash : 1244201

145.Which of the following has an effect on total stockholders’ equity?   a. Cash dividend b. Conversion of preferred stock into common stock c. Stock split d. Stock dividend         146.On which of the following dates involving stock dividends does a liability arise?   a. Date of distribution b. On no date c. Date of record d. Date of declaration     […]

External link to Question : 111. Henson Manufacturing Company signed a 3-year contract for the use : 1245675
Accounting

Question : 111. Henson Manufacturing Company signed a 3-year contract for the use : 1245675

    111. Henson Manufacturing Company signed a 3-year contract for the use of certain manufacturing equipment with an estimated life of three years. Henson Manufacturing Company cannot cancel the contract. What entry is made to record the contract? A. Rent Expense                                                 XX     Cash                                                                         XXB. Manufacturing Equipment                               XX     Cash                                                                         XXC. Leased Asset–Manufacturing Equipment          XX     Lease Liability                                                           XXD. Lease Liability                                                XX     Leased Asset–Manufacturing Equipment                     XX E. Rent Expense                                                  XX     Leased Asset–Manufacturing Equipment                     XX […]

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July 1, 2023
    

1. Opportunity costs are (Points : 1) 
only dollar expenditures.
costs that never include dollar expenditures.
dollar expenditures plus time costs and other forgone activities.
not important.
only relevant for individuals and not for government.

Question 2. 2. When economists make the assumption that wants are unlimited, they mean that most people (Points : 1) 
want more of everything.
are satisfied with what they have.
want more of some goods, even if they don't want more of everything.
don't care what they have.
are greedy.

Question 3. 3. Self-interested behavior and incentives are (Points : 1) 
not operational in socialistic economic systems.
the organizing principles in a market economy.
not present in markets for goods and services.
available in third-world economies.
the basis for the Canadian currency.

Question 4. 4. Along with the other social sciences, economics is concerned with (Points : 1) 
the behavior of human beings as individuals.
the behavior of human beings in groups.
the activities of international agencies.
the laws of mathematics as they apply to decision making.
the behavior of human beings both as individuals and in groups.

Question 5. 5. In economics, scarcity means that (Points : 1) 
there are not sufficient resources to produce everything that people want.
poverty will always exist.
a country can never feed all of its citizens.
the price of a good may increase more rapidly than the general price level.
there is not enough of a particular good for people to buy all they want at the prevailing price.

Question 6. 6. In Collegia, a small college town, the market for parking spaces is in equilibrium at a going price of $5 a day. There are 1,500 spaces and they are all sold every day with no unsatisfied buyers. Now the college takes in 200 more students, each of whom also wants a parking space at $5 a day. If there is a normal, upward-sloping supply curve, what will happen when the market has time to adjust? (Points : 1) 
There will be 1,700 parking spaces at $5 a day.
There will be 1,500 parking spaces at some price greater than $5 a day.
There will be more than 1,500 but less than 1,700 parking spaces at $5 a day.
There will be more than 1,500 but less than 1,700 parking spaces and the price will be more than $5 a day.

Question 7. 7. In what type of economic system are the basic economic questions answered in the same way as in the past? (Points : 1) 
A planned economy
A traditional economy
A command economy
A market economy

Question 8. 8. The measure of the cost of a particular good in terms of what is given up to produce that good is called (Points : 1) 
a fixed cost.
a dollar cost.
a necessary cost.
an opportunity cost.
an explicit cost.

Question 9. 9. The interactions of producers and consumers in individual markets are part of the study of (Points : 1) 
consumer economics.
macroeconomics.
monetary economics.
normative economics.
microeconomics.

Question 10. 10. If beans are inferior goods, a decrease in income will (Points : 1) 
cause beans to sell at a lower price.
increase the production of beans.
shift the demand curve for beans to the left.
shift the demand curve for beans to the right.
rotate the supply curve in a clockwise manner.

default image
July 1, 2023
    

1. Opportunity costs are (Points : 1) 
only dollar expenditures.
costs that never include dollar expenditures.
dollar expenditures plus time costs and other forgone activities.
not important.
only relevant for individuals and not for government.

Question 2. 2. When economists make the assumption that wants are unlimited, they mean that most people (Points : 1) 
want more of everything.
are satisfied with what they have.
want more of some goods, even if they don't want more of everything.
don't care what they have.
are greedy.

Question 3. 3. Self-interested behavior and incentives are (Points : 1) 
not operational in socialistic economic systems.
the organizing principles in a market economy.
not present in markets for goods and services.
available in third-world economies.
the basis for the Canadian currency.

Question 4. 4. Along with the other social sciences, economics is concerned with (Points : 1) 
the behavior of human beings as individuals.
the behavior of human beings in groups.
the activities of international agencies.
the laws of mathematics as they apply to decision making.
the behavior of human beings both as individuals and in groups.

Question 5. 5. In economics, scarcity means that (Points : 1) 
there are not sufficient resources to produce everything that people want.
poverty will always exist.
a country can never feed all of its citizens.
the price of a good may increase more rapidly than the general price level.
there is not enough of a particular good for people to buy all they want at the prevailing price.

Question 6. 6. In Collegia, a small college town, the market for parking spaces is in equilibrium at a going price of $5 a day. There are 1,500 spaces and they are all sold every day with no unsatisfied buyers. Now the college takes in 200 more students, each of whom also wants a parking space at $5 a day. If there is a normal, upward-sloping supply curve, what will happen when the market has time to adjust? (Points : 1) 
There will be 1,700 parking spaces at $5 a day.
There will be 1,500 parking spaces at some price greater than $5 a day.
There will be more than 1,500 but less than 1,700 parking spaces at $5 a day.
There will be more than 1,500 but less than 1,700 parking spaces and the price will be more than $5 a day.

Question 7. 7. In what type of economic system are the basic economic questions answered in the same way as in the past? (Points : 1) 
A planned economy
A traditional economy
A command economy
A market economy

Question 8. 8. The measure of the cost of a particular good in terms of what is given up to produce that good is called (Points : 1) 
a fixed cost.
a dollar cost.
a necessary cost.
an opportunity cost.
an explicit cost.

Question 9. 9. The interactions of producers and consumers in individual markets are part of the study of (Points : 1) 
consumer economics.
macroeconomics.
monetary economics.
normative economics.
microeconomics.

Question 10. 10. If beans are inferior goods, a decrease in income will (Points : 1) 
cause beans to sell at a lower price.
increase the production of beans.
shift the demand curve for beans to the left.
shift the demand curve for beans to the right.
rotate the supply curve in a clockwise manner.

default image
July 1, 2023
    

1. Opportunity costs are (Points : 1) 
only dollar expenditures.
costs that never include dollar expenditures.
dollar expenditures plus time costs and other forgone activities.
not important.
only relevant for individuals and not for government.

Question 2. 2. When economists make the assumption that wants are unlimited, they mean that most people (Points : 1) 
want more of everything.
are satisfied with what they have.
want more of some goods, even if they don't want more of everything.
don't care what they have.
are greedy.

Question 3. 3. Self-interested behavior and incentives are (Points : 1) 
not operational in socialistic economic systems.
the organizing principles in a market economy.
not present in markets for goods and services.
available in third-world economies.
the basis for the Canadian currency.

Question 4. 4. Along with the other social sciences, economics is concerned with (Points : 1) 
the behavior of human beings as individuals.
the behavior of human beings in groups.
the activities of international agencies.
the laws of mathematics as they apply to decision making.
the behavior of human beings both as individuals and in groups.

Question 5. 5. In economics, scarcity means that (Points : 1) 
there are not sufficient resources to produce everything that people want.
poverty will always exist.
a country can never feed all of its citizens.
the price of a good may increase more rapidly than the general price level.
there is not enough of a particular good for people to buy all they want at the prevailing price.

Question 6. 6. In Collegia, a small college town, the market for parking spaces is in equilibrium at a going price of $5 a day. There are 1,500 spaces and they are all sold every day with no unsatisfied buyers. Now the college takes in 200 more students, each of whom also wants a parking space at $5 a day. If there is a normal, upward-sloping supply curve, what will happen when the market has time to adjust? (Points : 1) 
There will be 1,700 parking spaces at $5 a day.
There will be 1,500 parking spaces at some price greater than $5 a day.
There will be more than 1,500 but less than 1,700 parking spaces at $5 a day.
There will be more than 1,500 but less than 1,700 parking spaces and the price will be more than $5 a day.

Question 7. 7. In what type of economic system are the basic economic questions answered in the same way as in the past? (Points : 1) 
A planned economy
A traditional economy
A command economy
A market economy

Question 8. 8. The measure of the cost of a particular good in terms of what is given up to produce that good is called (Points : 1) 
a fixed cost.
a dollar cost.
a necessary cost.
an opportunity cost.
an explicit cost.

Question 9. 9. The interactions of producers and consumers in individual markets are part of the study of (Points : 1) 
consumer economics.
macroeconomics.
monetary economics.
normative economics.
microeconomics.

Question 10. 10. If beans are inferior goods, a decrease in income will (Points : 1) 
cause beans to sell at a lower price.
increase the production of beans.
shift the demand curve for beans to the left.
shift the demand curve for beans to the right.
rotate the supply curve in a clockwise manner.

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