21) Which of the following represents a qualitative factor? A) any nonfinancial factor B) historical costs C) relevant costs D) the timing of variable costs E) an outcome that cannot be measured in numerical terms 22) When making decisions, it is best to use A) average costs. B) fixed costs that would be incurred. C) unit cost, rather than total cost. D) variable […]
31) When a stock dividend is received, the stockholder would: A) own more shares of stock. B) anticipate the par value of the stock to increase. C) expect the market price per share to increase. D) expect retained earnings to decrease. 32) A stock dividend is considered small when it is a dividend of: A) less than 30% bur greater than 25% of […]
1) The accounting cycle is the process by which companies produce their financial statements for a specific period of time. 2) The accounting cycle as well as financial statement presentation is different for companies reporting under international financial reporting standards (IFRS) and those reporting under accounting standards for private enterprises (ASPE). 3) Under international financial reporting standards (IFRS), a Balance Sheet may […]
111. Keegan Company manufactures a single product and has a JIT policy that ending inventory must equal 10% of the next month’s sales. It estimates that May’s ending inventory will consist of 20,000 units. June and July sales are estimated to be 280,000 and 290,000 units, respectively. Compute the number of units to be produced that would appear on the company’s production budget for the […]
61. The _____ account accumulates the amounts of the undistributed earnings over time. A. Treasury Stock B. Cash C. Additional Paid-in-Capital D. Retained Earnings E. Common Stock 62. When a firm has accumulated losses, rather than profits, the Retained Earnings account is typically called: A. Negative cash balance B. Ordinary Loss C. Accumulated Excess D. Accumulated Deficit E. Insolvency 63. Retained earnings are A. a source of financing for assets. B. cash. C. other non-cash […]
104.At the end of October, Flagship Marina received a bill for fuel used in October. Payment is not due until November 30. This transaction: A. Should not be recorded in the accounting records until November. B. Causes a decrease in assets and in owners’ equity in November, when the bill is paid. C. Should be recorded as an expense of October, regardless of the […]
51. The amount of income that would result from an alternative use of cash is called: A. differential income B. sunk cost C. differential revenue D. opportunity cost 52. Pheasant Co. can further process Product B to produce Product C. Product B is currently selling for $30 per pound and costs $28 per pound to produce. Product C would sell for $60 per pound and would require an […]
138.On January 1, a company issues bonds dated January 1 with a par value of $300,000. The bonds mature in 5 years. The contract rate is 9%, and interest is paid semiannually on June 30 and December 31. The market rate is 8% and the bonds are sold for $312,177. The journal entry to record the first interest payment using straight-line amortization is: […]
Multiple Choice Questions 96. Which of the following would be least relevant in deciding whether to further process a joint product past the split-off point? A. Incremental revenue earned from additional processing. B. Incremental costs incurred as a result of additional processing. C. Joint costs allocated to the joint product at the split-off point. D. Customer demand for the product that emerges from additional processing. […]
51. HRM is primarily responsible for three of the following variables in the strategy implementation process. Identify the exception. A. Selection, training, and development of people B. Task design C. Reward systems D. Customer awareness HRM has primary responsibility for three of the five implementation variables: task, people, and reward systems. 52. Which of the following statements is TRUE regarding strategy implementation? A. HR has an influence over […]
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