51.Phoenix Corp. paid rent of $12,000 per month for 3 months in advance on November 1, 2010. Phoenix accounting period ends on December 31, 2010. Which amount will be reported at December 31, 2010? a.Prepaid Rent of $4,000 on its December 31, 2010 balance sheet b.Rent Payable of $12,000 on its December 31, 2010 balance sheet c.Rent Expense of $12,000 on its income statement […]
11) If the sales value at splitoff method is used, what are the approximate joint costs assigned to ending inventory for paper? A) $28.58 B) $100.00 C) $870.00 D) $1,500.00 12) If the sales value at splitoff method is used, what is the approximate production cost for each pencil casing? A) $0.0250 B) $0.0255 C) $0.0335 D) $0.0357 13) Yakima Manufacturing purchases trees […]
81. Notes Receivable due in 350 days appear on the A. balance sheet in the current assets sectionB. balance sheet in the fixed assets sectionC. balance sheet in the current liabilities sectionD. income statement as an expense 82. Unearned Fees appear on the A. balance sheet in the current assets sectionB. balance sheet as a current liabilityC. balance sheet in the stockholders’ equity sectionD. income statement as revenue 83. Which one of the fixed asset accounts listed […]
11.Connor has $300,000 to invest in a 5 year annuity. Assuming the time value of money is 10%, what amount will Connor receive in cash each year? (Do not round your PV factors. Round your answer to the nearest dollar.) A. $79,139 B. $60,000 C. $96,631 D. None of these answers is correct. 12.A cash flow that only occurs in equal amounts […]
79. Adjusting entries made at the end of an accounting period accomplish all of the following except: A. Updating liability and asset accounts to their proper balances. B. Assigning revenues to the periods in which they are earned. C. Assigning expenses to the periods in which they are incurred. D. Assuring that financial statements reflect the revenues earned and the expenses incurred. E. Assuring that external transaction amounts remain unchanged. […]
Multiple Choice Questions 22. The products or services of HRM include all of the following EXCEPT: A) organizational restructuring B) job design C) personnel planning D) evaluating E) manufacturing 23. Which of the following does not offer sources of uniqueness? A) Financial or economic capability B) Product capability C) Technical capability D) Equal employment capability E) Organizational capability 24. __________ involves the arrangement of […]
121. U.S. GAAP and IFRS on accounting for repurchases and reissuances of treasury shares follow the principle that A. a corporation does not report a gain or loss on transactions involving its own shares. B. the economic gain, or economic loss, are a component of accounting income. C. that views treasury stock purchases and sales as operating transactions and therefore debits Cash (for economic gains) or […]
7) Cost of goods sold refers to the products brought to completion, whether they were started before or during the current accounting period. 8) Springfield Manufacturing produces electronic storage devices, and uses the following three-part classification for its manufacturing costs: direct materials, direct manufacturing labor, and indirect manufacturing costs. Total indirect manufacturing costs for January were $300 million, and were allocated to each […]
Objective 5.1 1) Which of the following statements is true of a peanut-butter costing system? A) A peanut-butter costing system typically has more-homogeneous indirect cost pools. B) A peanut-butter costing system broadly averages or spreads the cost of resources uniformly to cost objects. C) A peanut-butter costing system assumes that all costs are variable. D) In a peanut-butter costing system, costs of […]
Multiple Choice Questions 21.Gross profit on sales is calculated by subtracting A.sales returns and allowances from sales. B.cost of goods sold from net sales. C.ending inventory from the total merchandise available for sale. D.total expenses from sales. 22.An income statement that has one total for all revenues and one total for all expenses is known as a A.classified income statement. B.multiple-step income statement. C.single-step […]
61) Economists consider a product such as a university education to be ________, whereas a product such as your local library is generally considered to be ________.
A) non-rivalrous and non-excludable; rivalrous and non-excludable
B) rivalrous and non-excludable; rivalrous and excludable
C) rivalrous and excludable; non-rivalrous and excludable
D) rivalrous and excludable; rivalrous and non-excludable
E) non-rivalrous and excludable; non-rivalrous and excludable
62) Common-property fishing grounds are
A) often underexploited because non-excludability means there is little investment in the resource.
B) always efficiently exploited because fishermen now understand the dangers of over-fishing.
C) often overexploited because individual fishermen have no incentive to leave fish for the "next" fisherman.
D) often overexploited because fishing grounds are rivalrous and excludable.
E) often overexploited because fishermen are concerned with preserving fish stocks for future fishermen.
63) Consider a remote village with a limited, freely available water supply and no government intervention in the allocation of water. In this case, each individual has an incentive to use water until their
A) private marginal benefit is zero.
B) private marginal cost is zero.
C) social marginal benefit is maximized.
D) social marginal cost is minimized.
E) private and social marginal costs are equal.
64) Consider a remote village with a limited, freely available water supply and no government intervention in the allocation of water. Economic theory predicts that the water will be
A) allocated efficiently because users will tend to use the water until marginal cost and marginal benefit are both equal to zero.
B) overexploited because users will tend to use the water until the marginal cost of providing the water is zero.
C) allocated efficiently because users will tend to use the water until the supply and demand are in equilibrium.
D) overexploited because users will tend to use the water until their marginal benefit is zero.
E) allocated efficiently because users will tend to use the water as though it were a public good.
65) Consider a remote village with a limited, freely available water supply and no government intervention in the allocation of water. In economics, the resulting outcome of a situation such as this is often referred to as
A) the Coase theorem.
B) the tragedy of the commons.
C) moral hazard.
D) adverse selection.
E) asymmetric information.
66) A common-property resource is one that is
A) rivalrous and excludable.
B) non-rivalrous and non-excludable.
C) non-rivalrous and excludable.
D) rivalrous and non-excludable.
67) If you consume some good, and by doing so you diminish other people's possible use of that good, we say that the good is
A) rivalrous.
B) excludable.
C) a common resource.
D) not productively efficient.
E) a public good.
68) In economics, the term "public good" refers to a product
A) that only private producers will provide.
B) which consumers cannot be excluded from using.
C) that is produced by a publicly owned corporation.
D) that is widely advertised.
E) that has a very low marginal cost of production.
69) A public good is a product that is
A) produced by the government.
B) excludable but nonrivalrous
C) nonexcludable and nonrivalrous.
D) rivalrous but nonexcludable.
E) excludable and rivalrous.
70) A good example of a product that is both nonexcludable and nonrivalrous is
A) grazing land.
B) public information.
C) electricity.
D) food.
E) natural gas.
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