Learning Objective 4-2 1) Cash is found on the ________. A) Income statement B) Balance sheet C) Statement of changes in shareholders’ equity D) Statement of operations 2) Cash equivalents are ________. A) the amounts paid to acquire assets B) highly liquid investments with maturities of three months or less C) the total market value of a corporation’s stock D) current assets […]
61. Long-term investments include: A. Investments in bonds and stocks that are not readily convertible to cash. B. Investments in marketable stocks that are intended to be converted into cash in the short-term. C. Investments in marketable bonds that are intended to be converted into cash in the short-term. D. Only investments readily convertible to cash. E. Investments intended to be converted to cash within one year. 62. NSC Corporation has […]
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 22) The first step in the decision process should be 22) ______ A) gathering information. B) obtaining feedback on the decision. C) choosing alternatives. D) quantitative analysis. E) making predictions. 23) The feedback obtained in the five-step decision process can affect all of the following EXCEPT: 23) ______ A) […]
81.When compared to transformational labor relations, traditional approach is likely to be associated with _____. A.higher productivity B.greater worker autonomy C.more shop-floor cooperation D.higher costs E.better product quality 82.Which of the following is true of transformational labor relations? A.It results in lower productivity than the traditional approach. B.Workers have greater autonomy than in the traditional approach. […]
84. Inferex CorporationThe following transactions were incurred by the Inferex Corporation during June 2012. June 1 Inferex purchased a vehicle for $19,400, paying $1,400 now and issuing a note payable for the balance; the note is due in monthly installments of $500 plus 10% interest on the unpaid principal balance. June 8 Inferex recorded service revenue earned; $25,000 cash from customers and $45,000 […]
71. The Aleutian Company produces two products, Rings and Dings. They are manufactured in two departments, Fabrication and assembly. Data for the products and departments are listed below. ProductNumber of unitsLabor hrs per unitMachine hours per unit Rings1,00046 Dings2,00039 All of the machine hours take place in the Fabrication department, which has an estimated overhead of $90,000. All of the labor hours take […]
1) Unearned revenue recorded initially as revenue is adjusted by debiting a liability account. 2) An asset account is debited when unearned revenue is recorded initially as a revenue. 3) When an unearned revenue is initially recorded as a revenue, the adjusting entry: A) transfers the earned portion to a liability account. B) transfers the earned portion to a revenue account. C) transfers […]
Objective 10.6 1) Which of the following is a nonlinear cost function? A) increase in revenues with increase in sales in units B) total fixed cost of $25,000 C) variable cost of $5 per unit D) learning curve function 2) Which of the following is an example of nonlinear cost function? A) variable-cost functions B) fixed-cost functions C) learning curves D) mixed cost […]
61. Sky King Airlines discloses the funded status of pension plans and the health and life insurance plans for two recent years. Both the pension plan and other benefit plans are underfunded. The underfunded amounts for these plans appear in A. current assets and noncurrent assets on the balance sheet. B. current liabilities and noncurrent liabilities on the balance sheet. C. shareholders’ equity on the balance sheet. […]
219. Calculate the following: (a) Determine the cash receipts for April based on the following data: Cash payments during April $45,500 Cash account balance, April 1 6,750 Cash account balance, April 30 10,000 (b) Determine the cash received from customers on account during April based on the following data: Accounts receivable account balance, […]
61.When there is a shortage in a market, prices are likely to:
A. Fall because buyers do not wish to buy as much as sellers want to sell.
B. Rise because some buyers will offer to pay a higher price.
C. Fall because sellers are likely to reduce their production if prices rise.
D. Rise because the government will put a price ceiling in place.
62.If a market shortage exists:
A. The invisible hand will work to reduce the price.
B. The only solution is for the government to raise the price.
C. Producers will compete for customers by reducing prices.
D. Consumers will compete for the product by offering to pay more.
63.A market surplus occurs when:
A. People cannot buy the amount of goods and services that they are willing and able to buy.
B. The price is less than the equilibrium price.
C. The quantity supplied exceeds the quantity demanded at a given price.
D. There is a price ceiling.
64.When there is a surplus in a market, prices are likely to fall because:
A. Buyers do not wish to buy as much as sellers want to sell.
B. Some buyers will offer to pay a higher price, initiating a move up the supply curve.
C. Sellers are likely to increase their production.
D. Buyers will wait for the government to establish a price floor.
65.If a market surplus exists:
A. The only resolution is for the government to set the price.
B. Consumers will compete for the product buy offering to pay more.
C. Producers will compete for customers by reducing prices.
D. The equilibrium price is equal to the price ceiling.
66.If demand is constant, a decrease in the supply of gasoline will cause the equilibrium price:
A. To rise and quantity to fall.
B. And quantity both to rise.
C. To fall and quantity to rise.
D. And quantity both to fall.
67.If demand is constant, a leftward shift in the supply curve will result in:
A. A decrease in equilibrium quantity and a lower equilibrium price.
B. An increase in equilibrium quantity and a lower equilibrium price.
C. A decrease in equilibrium quantity and a higher equilibrium price.
D. An increase in equilibrium quantity and a higher equilibrium price.
68.The price of chocolate candy bars rises. This could be due to:
A. A decrease in the wage rate paid to workers in the candy bar factories.
B. A decrease in the cost of chocolate, which is used to produce candy bars.
C. A subsidy by the federal government for the producers of chocolate candy bars.
D. A decrease in the number of chocolate candy bar producers.
69.If demand is unchanged, a rightward shift in the supply curve for plasma TVs will cause:
A. A decrease in equilibrium quantity and a higher equilibrium price.
B. An increase in equilibrium quantity and a higher equilibrium price.
C. An increase in equilibrium quantity and a lower equilibrium price.
D. A decrease in equilibrium quantity and a lower equilibrium price.
70.Which of the following would cause a decrease in the price of automobiles?
A. A technological advance in automobile manufacturing.
B. An increase in the wages paid to automobile assembly line workers.
C. A decrease in the cost of gasoline.
D. An increase in the number of buyers.
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