151. U.S. GAAP and IFRS provide criteria for distinguishing operating leases from capital leases. Which of the following is not true?  A. The criteria attempt to identify the entity, whether lessor or lessee, that enjoys the benefits and incurs the risk of the leased asset. B. When the lessor enjoys the benefits and bears the risk, the lease is an operating lease. C. When the lessee enjoys […]

    64. A business received an offer from an exporter for 10,000 units of product at $17 per unit. The acceptance of the offer will not affect normal production or domestic sales prices. The following data are available:  Domestic unit sales price $20 Unit manufacturing costs:     Variable 11   Fixed 1     What is the amount of gain or loss from acceptance […]

  195. On the basis of the following information taken from the Adjusted Trial Balance columns of the work sheet for the month ended September 30th, journalize the closing entries for Perez Roofing Company. Cash $22,500   Accounts Receivable 3,575   Office Supplies 2,850   Repair Parts 3,785   Machinery 17,750   Accumulated Depreciation   3,250 Accounts Payable   1,150 Notes Payable   6,500 Capital Stock […]

    101. The employee earnings record would contain which column that the payroll register would probably not contain? A. deductionsB. paymentC. earningsD. cumulative earnings   102. The detailed record indicating the data for each employee for each payroll period and the cumulative total earnings for each employee is called the  A. payroll registerB. payroll checkC. employee’s earnings recordD. employer’s earnings record   103. An employee receives an hourly rate of $15, with time and a half […]

  71. Hou Company applies factory overhead to its production departments on the basis of 90% of direct labor costs. In the Assembly Department, Hou had $125,000 of direct labor cost, and in the Finishing Department, Hou had $35,000 of direct labor cost. The entry to apply overhead to these production departments is:  A. Debit Factory Overhead – Assembly $112,500; debit Factory Overhead – Finishing $31,500; credit […]

    141. Firms often acquire derivative instruments to hedge interest rate, exchange rate, commodity price, and other risks. U.S. GAAP and IFRS classify derivatives into which of the following categories? A. Fair value hedges of a recognized asset or liability or of an unrecognized firm commitment, only. B. Cash flow hedges of an existing asset or liability or of a forecasted transaction, only. C. Nonhedging derivative, only.D. Fair value hedges […]

    81.With regard to supervision, employee satisfaction is likely to be highest when:    A.they share different values and personalities.   B.employees are micromanaged.   C.managers focus more on supervising than their own work.   D.employees take up supervision as an informal responsibility.   E.employees get the support needed to achieve their goal.     82._____ is the degree to which a person is surrounded […]

127.A bond with a face value of $10,000 has a current price quote of 102.62. The price in dollars and cents is   a. $10,002.62. b. $10,262.00. c. $10,200.62. d. $10,026.20.       128.Serial bonds are bonds that   a. are also called term bonds. b. all have the same maturity date. c. mature on several different dates. d. must be secured.     […]

    91. Which of the following ratios provides a solvency measure that shows the margin of safety of noteholders or bondholders and also gives an indication of the potential ability of the business to borrow additional funds on a long-term basis? A. ratio of fixed assets to long-term liabilitiesB. ratio of net sales to assetsC. number of days’ sales in receivablesD. rate earned on stockholders’ equity   92. The number of […]

    41. Which HR strategy begins by identifying the major business needs and issues, considers how people fit in and what people outcomes are necessary, and builds HR systems focused on meeting those needs?  A. HR-focused B. People-linked C. Business-linked D. Business-driven Business-driven functions have fully developed HR strategies which begin by identifying the major business needs and issues, consider how people fit in and what people outcomes are […]