81. Which of the following is/are true? A. Subsequent to the acquisition of a derivative, the firm may report changes in fair value of derivatives in Other Comprehensive Income.B. Subsequent to the acquisition of a derivative, the firm may report changes in fair value of derivatives but they have no effect on any lines of the statement of cash flows. C. As the derivative transaction settles, some of […]

  Multiple Choice Questions   35. An unincorporated association of two or more persons to pursue a business for profit as co-owners is a:  A. Partnership. B. Proprietorship. C. Contractual company. D. Mutual agency. E. Voluntary organization. 36. Advantages of a partnership include:  A. Limited life. B. Mutual agency. C. Unlimited liability. D. Co-ownership of property. E. Voluntary association. 37. A partnership agreement:  A. Is not binding unless it is in writing. B. Is the same as a limited liability […]

    41.Michael & Co. expects overhead costs of $60,000 per month and direct production costs of $24 per unit. The estimated production activity for the 2013 accounting period is as follows:  The predetermined overhead rate based on units produced is (rounded to the nearest penny) is:    A. $1.50 per unit.   B. $2.67 per unit.   C. $18.00 per unit.   D. $42.00 per unit.     42.Jiminez Company […]

    93.Which of the following errors would cause the Balance Sheet columns of a work sheet to be out of balance?     A.Entering an asset amount in the Income Statement Debit column.   B.Entering a liability amount in the Income Statement Credit column.   C.Entering an expense amount in the Balance Sheet Debit column.   Entering a revenue amount in the Balance Sheet Debit column.   […]

    85. A person authorized to write checks drawn on a checking account at a bank must sign and have on file with the bank a   A. signature card B. deposit ticket C. checkbook D. bank card   86. A check drawn by a company for $270 in payment of a liability was recorded in the journal as $720.  This item would be included on the bank reconciliation as […]

    191. If 10,000 stock warrants are issued to the general public for $10,000, and later those warrants and $150,000 are exchanged for 10,000 shares of no-par stock, the entry to record the exercise of the warrants would be:  A. Cash                                                    150,000 Common Stock Warrants                     10,000       Common Stock                                                       160,000 B. Cash                                                    150,000  Common Stock                                                       140,000       Common Stock Warrants                                         10,000 C. Cash                                                    150,000 Common Stock Warrants                     10,000  Common […]

    61. Negative affectivity is related to dissatisfaction caused by:  A. social environment. B. characteristics of individuals. C. organizational roles. D. political environment. Negative affectivity is a dispositional dimension that reflects pervasive individual differences in satisfaction with any and all aspects of life.     62. Research on the impact of negative affectivity suggests that:  A. HRM can do little to impact overall levels of job satisfaction. B. personnel selection may be […]

  21) On January 1, 2011, Ace Electronics borrowed $40,000 on a five-year, 7% note. The loan will be repaid in 5 equal installments of $9,756 each year, beginning on December 31, 2011. With each successive payment on the note, ________ of the payment will be applied to the loan principal. A) more B) the same amount C) less D) The answer cannot be determined […]

    21. U.S. GAAP requires which of the following disclosures about marketable securities each period?   A. The aggregate fair value, gross unrealized holding gains, gross unrealized holding losses, and amortized cost for debt securities held to maturity and for debt and equity securities available-for-sale. B. The proceeds from sales of securities available-for-sale, and the gross realized gains and gross realized losses on those sales. The statement […]

    115. Roberto Designers was organized on January 1, 2015. The firm was authorized to issue 100,000 shares of $5 par value common stock. During 2015, Roberto had the following transactions relating to stockholders’ equity: Issued 10,000 shares of common stock at $7 per share. Issued 20,000 shares of common stock at $8 per share. Reported a net income of $100,000. Paid dividends of […]