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External link to Question : 133. The Woodview Company uses a sales journal, purchases journal, cash : 1256302
Accounting

Question : 133. The Woodview Company uses a sales journal, purchases journal, cash : 1256302

  133. The Woodview Company uses a sales journal, purchases journal, cash receipts journal, cash disbursements journal, and general journal. They use the periodic inventory method. The following transactions occurred during the month of December:  Dec. 4 Sold merchandise on credit for $3,300 to the A&B Co., invoice no. 313.   8 Purchased merchandise on credit for $1,800 from the Dexter Co., terms 2/10, n/30. Invoice […]

External link to Question : 85.Chandler Company purchased merchandise credit from Lighting Supply for $5,600. : 1236962
Accounting

Question : 85.Chandler Company purchased merchandise credit from Lighting Supply for $5,600. : 1236962

  85.Chandler Company purchased merchandise on credit from Lighting Supply for $5,600. Chandler would record this sale in the:     A.General journal. B.Cash receipts journal. C.Cash disbursements journal. D.Purchases journal. E.Accounts Payable controlling account. 86.Doughton Furniture Company purchased merchandise on credit from Furniture Supply for $8,000. Two days later Doughton returned $2,000 of the merchandise due to damage. Doughton would record the return of merchandise […]

External link to Question : 11. Barr Company makes steel and titanium handle bars for bicycles. : 1208216
Accounting

Question : 11. Barr Company makes steel and titanium handle bars for bicycles. : 1208216

  11. Barr Company makes steel and titanium handle bars for bicycles. It requires approximately 1 hour of labor to make one handle bar of either type. During the most recent accounting period, Barr Company made 7,000 steel bars and 3,000 titanium bars. Setup costs amounted to $42,000. One batch of each type of bar was run each month. If a single company-wide overhead rate based […]

External link to Question : 119.All of the following advantages of an increasing cash flow : 1259497
Accounting

Question : 119.All of the following advantages of an increasing cash flow : 1259497

    119.All of the following are advantages of an increasing cash flow from operations except:    A. A company is likely to pay its current bills with cash from operations not earnings.   B. A company with cash is in a better position to fund growth.   C. Large cash flows eliminate the need for borrowing.   D. Earnings are viewed better if cash flows from operations closely match […]

External link to Question : 51) ______ A) standard costs B) FIFO C) FIFO and weighted average and standard : 1196139
Accounting

Question : 51) ______ A) standard costs B) FIFO C) FIFO and weighted average and standard : 1196139

  51) ______ A) standard costs B) FIFO C) FIFO and weighted average and standard costs D) Weighted average E) FIFO and weighted average but not standard costs 52) The Hawg Manufacturing Shop produces motorcycle parts. Typically, 20 pieces out of a job lot of 2,000 parts are normally spoiled. Costs are assigned at the inspection point, $100.00 per unit. Spoiled pieces may be disposed […]

External link to Question : 7) What the change in the daily contribution margin if : 1217051
Accounting

Question : 7) What the change in the daily contribution margin if : 1217051

  7) What is the change in the daily contribution margin if the change is made? A) $(608) B) $(634) C) $(672) D) $800 Answer the following questions using the information below:   Captain Carl’s Seascapes produces sea pictures for sale through catalogs. The company has two workstations, photo production and framing. The photo production station is limited by the speed of operating the photo […]

External link to Question : 117.Which of the following not a subtotal or bottom-line figure? a. Cost : 1244344
Accounting

Question : 117.Which of the following not a subtotal or bottom-line figure? a. Cost : 1244344

117.Which of the following is not a subtotal or bottom-line figure?   a. Cost of goods sold b. Gross margin c. Net income d. Income from operations       118.Earnings per share is found on which financial statement?   a. Statement of retained earnings b. Income statement c. Balance sheet d. Statement of cash flows       119.In which category would office salaries […]

External link to Question : 51.The shareholders’ equity section of Manning Company as of December : 1253534
Accounting

Question : 51.The shareholders’ equity section of Manning Company as of December : 1253534

  51.The shareholders’ equity section of Manning Company as of December 31, 2010 follows: Common stock (11,000 shares issued @ $6 par) $66,000 Additional paid-in capital (Common stock) 100,000 Retained earnings 60,000 Less: Treasury stock (1,000 share @ $12) (12,000) Total shareholders’ equity $214,000   The company declares and distributes a 3 percent stock dividend on the outstanding shares.  The market price of the stock […]

External link to Question : 71. Pledging receivables: A. Allows firms to raise cash. B. Allows a firm to retain : 1225976
Accounting

Question : 71. Pledging receivables: A. Allows firms to raise cash. B. Allows a firm to retain : 1225976

  71. Pledging receivables:  A. Allows firms to raise cash. B. Allows a firm to retain ownership of its receivables. C. Does not transfer risk of bad debts to the lender. D. Should be disclosed in the financial statements. E. All of these. 72. A company factored $45,000 of its accounts receivable and was charged a 3% factoring fee. The journal entry to record this transaction would include a:  A. Debit to Cash […]

External link to Question : Multiple Choice Questions 47. U. S. GAAP requires that convertible bonds be : 1229368
Accounting

Question : Multiple Choice Questions 47. U. S. GAAP requires that convertible bonds be : 1229368

            Multiple Choice Questions   47. U. S. GAAP requires that convertible bonds be classified on the balance sheet as:  A. Part liability, part equity. B. A liability. C. Either a liability or equity. D. As an asset.     48. Off balance sheet financing may involve either:  A. An operating lease. B. A special purpose entity. C. Both an operating lease and a special purpose entity. D. Neither an […]

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July 1, 2023
    

 

 

 

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.

 

 

 

default image
July 1, 2023
    

 

 

 

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.

 

 

 

default image
July 1, 2023
    

 

 

 

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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