91. When a bond sells at a premium: A. The contract rate is above the market rate. B. The contract rate is equal to the market rate. C. The contract rate is below the market rate. D. It means that the bond is a zero coupon bond. E. The bond pays no interest. 92. A bond sells at a discount when the: A. Contract rate is above the market rate. B. Contract rate […]
41. In Year 2, ABC Corp. acquired a 15% interest in XYZ, Inc., for $50,000. During the year, XYZ paid dividends of $10,000 and had net income of $30,000. ABC sold the shares of XYZ for $65,000 cash. What entry will ABC make to record the sale? A. Cash 65,000 Gain on Sale 12,000 Investment in XYZ 53,000 B. Cash 65,000 Gain on Sale 9,000 Investment […]
101. Below is budgeted production and sales information for Starlink Company for the month of December: Product XXX Product ZZZ Estimated beginning inventory 30,000 units 18,000 units Desired ending inventory 32,000 units 15,000 units Anticipated sales 520,000 units 460,000 units The unit selling price for product XXX is $5 and for product ZZZ is $14. Budgeted production for product ZZZ during […]
151. Under the perpetual inventory system, all purchases of merchandise are debited to the account entitled A. Merchandise Inventory B. Cost of Merchandise Sold C. Cost of Merchandise Available for Sale D. Purchases 152. When the perpetual inventory system is used, the inventory sold is debited to A. supplies expense B. cost of merchandise sold C. merchandise inventory D. sales 153. Under a perpetual inventory system A. accounting records continuously […]
61.Which one of the following statements is true? a.Accruals are adjustments that are recorded prior to the associated cash flow taking place. b.Cash is used in the accrual process. c.Accrual accounting recognizes revenues and expenses based on current period cash flows. d.Accrual accounting may use either two asset or two liability accounts. 62.Which one of the following is a required characteristic of accruals and […]
61.Executive order 11246 allows the government to: A.deny payments to individual contractors based on the government’s availability of money. B.eliminate affirmative action to prevent reverse discrimination in governmental jobs. C.form and implement laws that are not specified in the constitution. D.suspend all business with a contractor while an investigation is being conducted. E.undertake affirmative action to ensure representation of […]
64) The Flying Pigs rugby team went bankrupt and owed Team Shirts $364. Using the accounting equation format, prepare the entry to record the write-off. Include the account titles and amounts. Shareholders’ equity Assets Liab. CC Retained earnings 65) Team Instructions: Divide the class into teams of three or four people. Each team member should work […]
11) The lower-of-cost-or-market rule is based on the accounting principle of: A) disclosure. B) materiality. C) conservatism. D) revenue. 12) The lower-of-cost-or-market rule requires a company to report inventories at the lower of: A) historical cost or current sales price. B) historical cost or current replacement cost. C) current replacement cost or sales invoice price. D) FIFO cost or LIFO cost. 13) When […]
5.1 Learning Objective 5-1 1) Adjusting journal entries: A) need not be journalized since they appear on the worksheet. B) need not be posted if the financial statements are prepared from the worksheet. C) are not needed if closing entries are prepared. D) must be journalized and posted. 2) Journal entries that are needed in order to update account balances for internal business transactions […]
111. The debits to Work in Process–Assembly Department for April, together with data concerning production, are as follows: April 1, work in process: Materials cost, 3,000 units $ 7,500 Conversion costs, 3,000 units, 80% completed 6,000 Materials added during April, 10,000 units 29,000 Conversion costs during April 35,000 Goods finished during April, 11,500 units — April 30 work in process, […]
61.The rapidness with which a person can execute a mental function and provide a specific response is called ________ speed.
a.visuographicc.working
b.psychomotord.cognitive
62.The universal finding with regard to changes in our reaction time as we age is that
a.cognitive speed on crystallized tasks gets faster but cognitive speed on fluid tasks gets slower as people get older.
b.cognitive speed on fluid tasks gets faster but cognitive speed on crystallized tasks gets slower as people get older.
c.people slow down as people get older.
d.people get cognitively faster as they get older.
63.What is the primary reason why people’s reaction times slow down as they get older?
a.Because older adults necessarily have more neurofibrillary tangles in their brains, and these tangles interfere with the cognitive processing of various tasks.
b.Because older adults have a decreased ability to distinguish important from unimportant information, and thus they need more time to process a given situation.
c.Because older adults have fewer “healthy” neurons, and thus neural messages take longer to process in the brain.
d.Because older adults take longer to decide that they need to respond to a given situation.
64.Jonathan is a 72-year-old man who is generally in good health. As he has aged his reaction times have gotten predictably slower. For which of the following activities would this post the greatest concern?
a.remembering to take his prescription medications on a daily basis
b.continuing his work as an architect
c.caretaking for his grandchildren while their parents go out for an evening
d.driving an automobile
65.The Useful Field of View measure does an excellent job of assessing
a.an individual’s IQ.c.working memory.
b.one’s risk for Alzheimer’s disease.d.the type of skills necessary to drive.
66.How is the AAA Roadwise Review tool administered to help senior drivers determine how fit they are to be behind the wheel of an automobile?
a.It is a battery of neuroimaging tests.
b.It is a pencil and paper test.
c.It is an “on the road” adaptation of a driver’s test.
d.It is an online inventory.
67.Once information is taken in, it is held in a memory facility where it can either be both stored or actively used to help solve problems. This facility is called ________ memory.
a.eideticc.iconic
b.workingd.echoic
68.Why is it that older adults seem to have declines in their psychomotor speed and their working memories when compared to younger adults?
a.Because they experience a reduction in neurofibrillary tangles, which inhibits the ability of neurons to send messages at a maximally efficient speed.
b.Because they experience a reduction in the ability of the corpus callosum to send messages from one cerebral hemisphere to the other.
c.Because they experience more neuronal death in the diencephalon (the thalamus and hypothalamus), which hinders these cognitive skills.
d.Because they show greater activation of the prefrontal cortex on easier tasks, thus “using up” their brain power before they ascend to more difficult tasks.
69.Explicit memory is to implicit memory as
a.visual is to auditory.c.conscious is to unconscious.
b.auditory is to visual.d.unconscious is to conscious.
70.While you are studying for your psychology exam, you are using a form of memory that is intentional, conscious, and remembered at a specific time. In other words, you are using ________ memory.
a.autonomicc.didactic
b.implicitd.explicit
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