MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 21) ________ is a package of two or more products or services, sold for a single price, where the individual components of the package may also be sold as separate items, each with their own stand-alone price. 21) ______ A) A bundled product B) A product package C) Revenue […]
92. The recording of the jobs shipped and customers billed would include a debit to: A. Accounts Payable B. Cash C. Finished Goods D. Cost of Goods Sold 93. The recording of the jobs shipped and customers billed would include a credit to: A. Accounts Payable B. Cash C. Finished Goods D. Cost of Goods Sold 94. The finished goods account is the controlling account for the: A. cost ledger B. materials ledger C. work […]
56. The selection of an appropriate discount rate for determining net present value of a particular investment proposal does not depend upon: A. The present value of the proposal’s future cash flows. B. Alternative investment opportunities available. C. The nature of the investment proposal. D. The investor’s cost of capital. 57. Joseph Company is considering replacing an existing piece of machinery with newer technology. In deciding whether […]
25. The ability of a corporation to obtain capital is: A. less than a partnership.B. about the same as a partnership.C. restricted because of the limited life of the corporation.D. enhanced because of the limited liability and the ease of share transferability. 26. Which of the following statements is true with regard to equity capital? A. The number of shares actually in the hands of stockholders are called outstanding shares.B. It is unusual […]
84.Rockmont Corporation decides to issue a 15% stock dividend on 20,000 outstanding shares of $10 stated value common stock. The distribution is made at the time the market value of the stock is $50 a share. How will the entry to record this transaction affect the company’s equity accounts? A. Option A B. Option B C. Option C D. Option D 85.Chad Associates retained $825,000 of net income […]
101. Teller purchased merchandise from TechCom on October 17 of the current year and TechCom accepted Teller’s $4,800, 90-day, 10% note. If the note is dishonored, what entry should TechCom make on January 15 of the next year? A. Debit Notes Receivable $4,800; debit Interest Receivable $120; credit Sales $4,920. B. Debit Cash $4,920; credit Notes Receivable $4,920. C. Debit Cash $4,920; credit Interest Revenue $100; credit Interest […]
64. Pawn Shops Unlimited recorded the following four transactions during April. Which of these transactions would have the same income statement impact in April regardless of whether the company used accrual-basis or cash-basis accounting? a. Received $600 from customers for services to be provided in May. b. Paid $1,800 for a six-month insurance policy covering the period July 1—December 31. c. Paid $700 […]
111. The debits to Work in Process–Assembly Department for April, together with data concerning production, are as follows: April 1, work in process: Materials cost, 3,000 units $ 7,500 Conversion costs, 3,000 units, 2/3 completed 6,000 Materials added during April, 10,000 units 26,000 Conversion costs during April 31,000 Goods finished during April, 11,500 units — April 30 work in process, 1,500 […]
90.At the beginning of the recent period, there were 900 units of product in a department, 35% completed. These units were finished and an additional 5,000 units were started and completed during the period. 800 units were still in process at the end of the period, 25% completed. Using the weighted average method, the equivalent units produced by the department were: A.5,000 units. […]
134. The purpose of closing entries is to transfer: a. Accounts Receivable to Retained Earnings when an account is fully paid. b. Balances in temporary accounts to a permanent account. c. Inventory to Cost of Goods Sold when merchandise is sold. d. Assets and liabilities when operations are discontinued. 135. Which of the following is a possible closing entry? a. Debit […]
44) The figure above shows the production possibilities frontiers for the United Kingdom and France. What is the opportunity cost of one bushel of wheat in France?
A) 1/4 of a pound of fish
B) 4 pounds of fish
C) 1 pound of fish
D) 100 pounds of fish
E) 2 pounds of fish
45) The figure above shows the production possibilities frontiers for the United Kingdom and France. What is the opportunity cost of one bushel of wheat for the United Kingdom?
A) 1/4 of a pound of fish
B) 1/2 of a pound of fish
C) 1 pound of fish
D) 200 pounds of fish
E) 2 pounds of fish
46) The figure above shows the production possibilities frontiers for the United Kingdom and France. If the United Kingdom and France specialize and engage in trade, the United Kingdom will produce ________ and France will produce ________.
A) wheat; wheat
B) wheat; fish
C) fish; wheat
D) fish; fish
E) both wheat and fish; both wheat and fish
47) The figure above shows the production possibilities frontiers for the United Kingdom and France. If the United Kingdom and France specialize and engage in trade, the United Kingdom will export ________ and France will export ________.
A) wheat; wheat
B) wheat; fish
C) fish; wheat
D) fish; fish
E) nothing; nothing
48) What is gained when people engage in specialization and trade?
A) Specialization and trade allow people to consume outside their individual production possibilities frontiers.
B) Specialization and trade allow people to consume inside their production possibilities frontiers.
C) Specialization and trade allow people to consume at a point on their production possibilities frontiers.
D) Specialization and trade allow people to produce outside their individual production possibilities frontiers.
E) There are no gains from specialization and trade.
49) Gains from trade
A) occur when one party to the trade has an absolute advantage in both goods.
B) result in being able to consume beyond the trading individuals' production possibilities frontiers.
C) occur when people do not specialize.
D) occur when opportunity costs are equal.
E) always benefit one party but not the other party of any trade.
50) Consider the United States' production of soy beans and running shoes. If the United States has an absolute advantage in the production of both goods compared to China,
A) both countries can gain from trade.
B) only the United States can gain from trade.
C) only China can gain from trade.
D) each country will be able to produce at a point beyond its PPF.
E) only the United States will be able to operate beyond its PPF.
51) To achieve gains from trade, a country
A) needs to have an absolute advantage in the production of all goods.
B) specializes in the producing a good in which it has a lower opportunity cost.
C) must produce at a point beyond its PPF.
D) should produce at the midpoint of its PPF.
E) needs to have an absolute advantage in the production of at least one good.
52) Specialization and trade
A) does not benefit anyone.
B) allows nations to produce inside their individual production possibilities frontier.
C) allows nations to consume combinations of products that are outside their individual production possibilities frontier.
D) shifts the production possibilities frontier inward.
E) shifts the production possibilities frontier outward.
53) The United States is one of the richest nations in the world,
A) so it does not need to trade with poor nations in order to achieve any gains from trade.
B) so it might not have a comparative advantage in producing any goods.
C) but it can still benefit from specialization and trade.
D) so it must have a comparative advantage in the production of all goods.
E) so it must have an absolute advantage in the production of all goods.
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