31. Which of the following is considered a measure of short-term liquidity? A. Gross profit percentageB. Quick ratioC. Dividend yield ratioD. Return on assets ratio   32. Which of the following is a measure of liquidity? A. Current ratioB. Earnings per shareC. Accounts receivable turnover ratioD. Return on common equity   33. Britt CompanySelected data from Britt Company’s financial statements are provided below.    2012 2011 2010 Cash $  22,000 $  14,000 $    7,000 Accounts receivable […]

  21) When deciding to accept a one-time-only special order from a wholesaler, management should do all of the following EXCEPT: A) analyze product costs B) consider the special order’s impact on future prices of their products C) determine whether excess capacity is available D) verify past design costs for the product   22) When there is excess capacity, it makes sense to accept a […]

  41) Fresh Bread Company sells a special mix of wheat bread. If the expected output equals the actual output, the sales-volume variance 41) ______ A) will be favourable. B) will be negative. C) will be zero. D) will be positive. E) will be unfavourable. 42) The difference between (the budgeted amount for the budgeted sales mix) and (the budgeted amount for the actual sales […]

    58.The journal entry to record the purchase of merchandise on account for $2,750 with freight of $125 prepaid by their supplier and added to the invoice is:    A. debit Purchases $2,750; credit Accounts Payable $2,750   B. debit Accounts Payable $2,875, debit Freight in $125; credit Purchases $2,750   C. debit Purchases $2,750, debit Freight In $125; credit Accounts Payable $2,875   D. debit Accounts Receivable $2,875; […]

  77) Idaho Company made the following purchases during the month of October.   October 6 Purchased $15,000 of merchandise, terms 2/10, n/30, FOB destination, freight cost $100 October 14 Purchased $12,000 of merchandise, terms 2/15, n/60, FOB shipping point, freight cost $100 October 22 Purchased $18,000 of merchandise, terms 3/10, n/20, FOB destination, freight cost $100 October 31 Purchased $20,000 of merchandise, terms 1/15, […]

    131. IFRS uses the idea of a disposal group, a group of assets and directly associated liabilities that a firm will dispose of as a group in a single transaction. The disposal group notion of IFRS envisions a larger unit than the component notion of U.S. GAAP. In the year that a firm decides to sell or otherwise dispose of a unit that qualifies […]

  218. All nine transactions for Dalton Survey Company for September, the first month of operations, are recorded in the following T accounts:  Cash   Capital Stock (1) 20,000  (3) 7,500       (1) 20,000 (7) 6,900  (5) 2,600           (9) 4,700  (6) 5,500               (8) 2,000                 […]

  5) The total project approach to capital budgeting A) calculates the present value of all cash inflows and outflows under each alternative separately. B) calculates the net present value for the incremental cash flows. C) calculates the net present value of cash flows which differ between alternatives. D) uses gross cash flows to determine net present values. E) produces the same answer as the […]

    101. The Flapjack Corporation had 8,200 actual direct labor hours at an actual rate of $12.40 per hour. Original production had been budgeted for 1,100 units, but only 1,000 units were actually produced. Labor standards were 7.6 hours per completed unit at a standard rate of $13 per hour. Compute the labor rate variance. A. 4,920UB. 4,920FC. 4,560UD. 4,560U   102. The Flapjack Corporation had 8,200 actual direct labor hours […]

  11) In what way do managers benefit from the use of a database, or “data warehouse”? A) Data can be entered at numerous input terminals within the organization. B) The managers would not be completely responsible for the information that is entered into the database system. C) The managers could combine or adjust these data to answer the questions from particular internal and external […]