61.Which of the following describes the ways an organization will attempt to fulfill its mission and achieve its long-term goals?    A.Internal analysis   B.External analysis   C.Vision statement   D.Strategic choice   E.Code of conduct     62.The basic premise behind strategy implementation is that:    A.boosting employee productivity is more important than effectiveness in production.   B.short-term orientation is detrimental to an organization’s […]

  61.With respect to the preparation of fund basis financial statements, governmental funds other than the General Fund are considered to be major when which of the following conditions exist? A)With respect to fund basis financial statements, governmental funds are considered to be a major fund when total assets, liabilities, revenues, or expenditures of that individual governmental fund constitutes 10% of the total for the […]

  31) Chem Manufacturing Company processes direct materials up to the split off point, where two products (X and Y) are obtained and sold. The following information was collected for the month of November.   Direct materials processed: 10,000 litres (10,000 litres yield 9,500 litres of good product and 500 litres of shrinkage)   Production: X 5,000 litresY 4,500 litres Sales:X 4,750 at $150 per […]

    61. In preparing the statement of cash flows for Year 4, internal records indicate that depreciation on manufacturing facilities totaled $800. The firm included this amount in cost of goods sold in the income statement for Year 4. None of the of depreciation required an operating cash flow during Year 4. The T-account work sheet entry adds back the $800 of depreciation on manufacturing […]

    62. The journal entry to record a particular business transaction includes a credit to the Cash account. This transaction is most likely also to include:  A. Issuance of new capital stock. B. The purchase of an asset on account. C. Payment of an outstanding note payable. D. A credit to Accounts Receivable.     63. The collection of an account receivable is recorded by a debit to Cash and […]

    141. Finished goods inventory is reported on the: A. income statement as a period costB. balance sheet as a long-term assetC. balance sheet as a current assetD. income statement as revenue   142. Beginning work in process is equal to: A. cost of goods manufactured plus ending work in process minus manufacturing costs incurred during the current periodB. cost of goods manufactured minus ending work in process plus manufacturing costs incurred during the […]

    51.Which manager is usually held responsible for materials price variances?    A. Plant manager   B. Purchasing agent   C. Production supervisor   D. Marketing manager     52.Which manager is usually held responsible for labor price variances?    A. Sales manager   B. Purchasing agent   C. Marketing manager   D. Production supervisor     53.Which manager is normally held responsible for fixed cost volume variances?    A. Production supervisor   B. Upper level marketing […]

    132. When a job is completed in a service organization, the job costs are transferred to the A. work in process account.B. cost of services account.C. finished goods account.D. cost of goods sold account.   133. The following budget data are available for Happy Company:  Estimated direct labor hours 12,000 Estimated direct dollars $90,000 Estimated factory overhead costs $179,000 Actual direct labor hours 11,500 Actual direct dollars $92,000 Actual factory […]

  11) A product may be passed from one subunit to another subunit in the same organization. The product is known as A) an interdepartmental product. B) an intermediate product. C) a subunit product. D) a transfer product. E) a secondary product. 12) The price one subunit of an organization charges for a product or service supplied to another subunit of the same organization is […]

  Answer the following questions using the information below:   Goldfarb’s Book and Music Store has two service departments, Warehouse and Data Center. Warehouse Department costs of $350,000 are allocated on the basis of budgeted warehouse-hours. Data Center Department costs of $150,000 are allocated based on the number of computer log-on hours. The costs of operating departments Music and Books are $250,000 and $300,000, respectively. […]