31.Statistical planning models almost always have to be complemented by _____.    A. competitor information   B. subjective judgments   C. transitional matrices   D. unstable history   E. labor forecasts     32.A(n) _____ shows the proportion of employees in different job categories at different times.    A. invertible matrix   B. transitional matrix   C. definite matrix   D. task role matrix   E. orthogonal matrix     Refer to the following hypothetical […]

  91. Journal entries based on the bank reconciliation are required in the company’s accounts for   A. outstanding checks B. deposits in transit C. bank errors D. book errors 92. Accompanying the bank statement was a debit memo for bank service charges.  On the bank reconciliation, the item is   A. a deduction from the balance per company’s records B. an addition to the balance per bank statement C. a deduction from the […]

    51. Which of the following countries has the greatest commitment to equal employment opportunities for women and minorities as characterized by their political/legal system?  A. Germany B. Japan C. United States D. China The United States has led the world in eliminating discrimination in the workplace. Because of the importance this has in our culture, we also have legal safeguards such as equal employment opportunity laws that strongly […]

    41. Tangible long-lived assets include  A. land. B. buildings. C. equipment. D. factories. E. all of the above   42. Tangible long-lived assets include all of the following except  A. land. B. buildings. C. equipment. D. factories. E. franchise rights.   43. Intangible long-lived assets include:  A. patents. B. brand names. C. trademarks. D. customer lists. E. all of the above   44. Firms treat expenditures as assets when they:  A. have acquired rights to the future use of a resource as a […]

    41. The FASB’s conceptual framework includes which of the following as financial reporting objectives.   Provide information  A. useful for making rational investment and credit decisions. B. to help current and potential investors and creditors assess the amount, timing, and uncertainty of future cash flows. C. about the economic resources of a firm and the claims on those resources. D. about a firm’s operating performance during a period. E. all […]

  21.Which one of the following changes describes the payment of $800 for utilities for the current month? a. Assets and shareholders’ equity decrease by $800. b. Assets and shareholders’ equity don’t change. c. Assets and liabilities increase by $800. d. Assets and liabilities decrease by $800. 22.Which of the following changes describes the payment of $20,000 for a new bulldozer? a. Assets and shareholders’ […]

107.Under a defined contribution pension plan,   a. the annual contribution is based on estimated future benefits. b. accounting for annual pension expense is simple. c. the pension expense account must be determined by actuarial calculations. d. the employer guarantees the employee certain benefits upon retirement.       108.Under an operating lease, the lessee   a. credits Capital Lease Obligations. b. debits Rent Expense. […]

  111. Baines Brothers manufactures and sells two products, A and Z in the ratio of 4:2. Product A sells for $75; Z sells for $95. Variable costs for product A are $35; for Z $40. Fixed costs are $418,500. Compute the break-even point in composite units.  A. 1,748. B. 1,468. C. 1,550. D. 1,395. E. 1,270. 112. Baines Brothers manufactures and sells two products, A and Z in the ratio of […]

  Objective 21.4   1) Which of the following methods of capital budgeting divides the average annual accrual accounting income of a project by a measure of the investment in it? A) net present value B) internal rate of return C) payback method D) accrual accounting rate of return 2) Accrual accounting rate of return is calculated by dividing ________. A) net initial investment by […]

    11. Which inventory cost flow method assigns the cost of the most recent items purchased to ending inventory? A. Specific identificationB. Weighted averageC. FIFOD. LIFO   12. Which inventory cost flow method assigns the cost of the most recent items purchased to cost of goods sold? A. Specific identificationB. Weighted averageC. FIFOD. LIFO   13. Which inventory cost flow method assigns the average unit cost to all units whether sold or left in ending inventory? A. Specific identificationB. Weighted […]