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External link to Question : 138.A record in which the effects of transactions first recorded : 1258612
Accounting

Question : 138.A record in which the effects of transactions first recorded : 1258612

    138.A record in which the effects of transactions are first recorded and from which transaction amounts are posted to the ledger is a(n):    A. Account.   B. Trial balance.   C. Journal.   D. T-account.   E. Balance column account.         139.Smiles Entertainment had the following accounts and balances at December 31:  AccountDebitCredit Cash$10,000 Accounts Receivable2,000 Prepaid Insurance2,400 Supplies1,000 Accounts Payable $5,000 Common Stock 4,900 Service Revenue 7,000 […]

External link to Question : 101. A business operated at 100% of capacity during its first : 1251631
Accounting

Question : 101. A business operated at 100% of capacity during its first : 1251631

    101. A business operated at 100% of capacity during its first month, with the following results:  Sales (90 units) $90,000 Production costs (100 units):     Direct materials$40,000    Direct labor20,000    Variable factory overhead2,000    Fixed factory overhead    5,00067,000     Operating expenses:     Variable operating expenses$ 8,000    Fixed operating expenses    1,0009,000 What is the amount of the contribution margin that would be reported on […]

External link to Question : 131. Risk is: A. Net income divided by average total assets. B. The reward for : 1256320
Accounting

Question : 131. Risk is: A. Net income divided by average total assets. B. The reward for : 1256320

    131. Risk is:  A. Net income divided by average total assets. B. The reward for investment. C. The uncertainty about the expected return that will be earned from an investment. D. Unrelated to expected return. E. Derived from the idea of getting something back from an investment.     132. Consider the risk of the following investments. Choose the answer that lists the investments in order from highest expected return […]

External link to Question : 71. IFRS specifies that, in the context of inventories, market means : 1246036
Accounting

Question : 71. IFRS specifies that, in the context of inventories, market means : 1246036

    71. IFRS specifies that, in the context of inventories, market means   A. replacement cost, only. B. net realizable value, only. C. replacement cost, except that market may not exceed net realizable value and may not be less than net realizable value reduced by a normal profit margin. D. replacement cost, except that market may not exceed net realizable value and may not be less than present value […]

External link to Question : 51.A reversing entry should not be made for an adjusting : 1168956
Accounting

Question : 51.A reversing entry should not be made for an adjusting : 1168956

    51.A reversing entry should not be made for an adjusting entry to record    A. the accrued salaries.   B. an accrued expense item that will involve future cash payments.   C. an accrued income item that will involve future cash receipts.   D. depreciation.         52.The entry to reverse the adjustment for accrued interest income consists of a debit to    A. Interest Income and a […]

External link to Question : 31) To record estimated bad debts under the direct write-off : 1230159
Accounting

Question : 31) To record estimated bad debts under the direct write-off : 1230159

  31) To record estimated bad debts under the direct write-off method: A) debit Allowance for Uncollectible Accounts and credit Accounts Receivable. B) debit Accounts Receivable and credit Allowance for Uncollectible Accounts. C) debit Uncollectible-Accounts Expense and credit Allowance for Uncollectible Accounts. D) no journal entry is needed.   32) Which of the following is NOT true regarding cash collections from customers? A) Most companies […]

External link to Question : Trintal Corporation manufactures two models of motorized go-carts, a standard : 1212083
Accounting

Question : Trintal Corporation manufactures two models of motorized go-carts, a standard : 1212083

  Trintal Corporation manufactures two models of motorized go-carts, a standard and a deluxe model. The following activity and cost information has been compiled:   Number ofNumber ofNumber of ProductSetupsComponentsDirect Labor Hours Standard1510750 Deluxe3515500   Overhead costs$16,500$23,500   11) Assume a traditional costing system applies the $40,000 of overhead costs based on direct labor hours. What is the total amount of overhead cost assigned to […]

External link to Question : Objective 22.1 1) Which of the following a characteristic of a : 1211997
Accounting

Question : Objective 22.1 1) Which of the following a characteristic of a : 1211997

    Objective 22.1   1) Which of the following is a characteristic of a management control system? A) It aids and coordinates the process of making decisions. B) It encourages short-term profitability and maximizing net income. C) It helps individuals throughout the organization to act independently and maximize the profitability of their departments. D) It deals with coordinating planning across the organization and is […]

External link to Question : 7) The approach often used when dealing with small amounts : 1217181
Accounting

Question : 7) The approach often used when dealing with small amounts : 1217181

  7) The approach often used when dealing with small amounts of underallocated or overallocated overhead is the ________ approach. A) adjusted allocation-rate B) proration C) write-off to cost of goods sold D) Both A and B are correct. 8) The ________ approach carries the underallocated or overallocated amounts to overhead accounts in the following year. A) adjusted allocation-rate B) proration C) write-off to cost […]

External link to Question : Multiple Choice Questions 21. Worker’s compensation based upon the principle that, : 1234365
Accounting

Question : Multiple Choice Questions 21. Worker’s compensation based upon the principle that, : 1234365

  Multiple Choice Questions 21. Worker’s compensation is based upon the principle that, victims of a work-related injury or illness: A) are granted benefits regardless of who is responsible for the accident, injury, or illness. B) must prove that the employer directly or indirectly caused the accident, injury, or illness in order to receive benefits. C) must sue the company in order to receive benefits. […]

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July 1, 2023
    

 

9.1   The United States in the International Economy

 

1) Following the tariff imposed on Chinese tires, some businesspeople correctly argued that the U.S. tariff would result in

A) China retaliating by raising tariffs on some U.S. exports.

B) China halting the sale of all products in the United States.

C) U.S. firms never being able to meet the demand for U.S.-produced tires.

D) the government demanding price cuts from U.S. tire manufacturers.

 

 

2) Workers in industries protected by tariffs and quotas are likely to support these trade restrictions because

A) they do not want to offend their employers who want them.

B) politicians lobby to convince workers the restrictions will make them better off.

C) they believe the restrictions will protect their jobs.

D) they don't understand that the restrictions will threaten their jobs.

 

 

3) The intention of the U.S. tariff on Chinese tires was to

A) protect jobs in the U. S. tire industry.

B) protect infant industries in tire U.S. tire market.

C) insure that Chinese tires meet U.S. quality and safety standards. 

D) save the government money by restricting the sale of more expensive Chinese-made tires.

 

4) In the 1930s, the United States charged an average tariff rate ________. Today, the rate is ________.

A) of 100 percent; 20 percent

B) above 50 percent; less than 1.5 percent

C) of less than 10 percent; over 40 percent

D) of 17 percent; 33 percent

 

 

5) A tariff is a tax imposed by a government on

A) exports.

B) services.

C) imports.

D) luxury items.

 

 

6) Goods and services bought domestically but produced in other countries are referred to as

A) exports.

B) imports.

C) transfer payments.

D) foreign consumption.

 

7) Exports are domestically produced goods and services

A) sold to other countries.

B) sold to the government.

C) sold at home.

D) which are used to produce other goods and services.

 

 

8) When Roxanne, a U.S. citizen, purchases a designer dress from Barneys of New York that was made in Milan, the purchase is

A) both a U.S. and an Italian import.

B) a U.S. import and an Italian export.

C) a U.S. export and an Italian import.

D) neither an export nor an import for either country.

 

 

9) When BMW, a German company, purchases a welding machine that was made in Toronto, the purchase is

A) both a German and a Canadian import.

B) a German import and a Canadian export.

C) a German export and a Canadian import.

D) neither an export nor an import for either country.

 

10) Which of the following statements about the importance of trade to the U.S. economy is true?

A) Since 1950, both exports and imports have steadily decreased as a fraction of U.S. gross domestic product.

B) Overall, about 80 percent of U.S. manufacturing jobs depend directly or indirectly on exports.

C) The United States is the second largest exporter in the world.

D) The U.S. economy is highly dependent on international trade for growth in its gross domestic product.

 

 

 

 

default image
July 1, 2023
    

 

9.1   The United States in the International Economy

 

1) Following the tariff imposed on Chinese tires, some businesspeople correctly argued that the U.S. tariff would result in

A) China retaliating by raising tariffs on some U.S. exports.

B) China halting the sale of all products in the United States.

C) U.S. firms never being able to meet the demand for U.S.-produced tires.

D) the government demanding price cuts from U.S. tire manufacturers.

 

 

2) Workers in industries protected by tariffs and quotas are likely to support these trade restrictions because

A) they do not want to offend their employers who want them.

B) politicians lobby to convince workers the restrictions will make them better off.

C) they believe the restrictions will protect their jobs.

D) they don't understand that the restrictions will threaten their jobs.

 

 

3) The intention of the U.S. tariff on Chinese tires was to

A) protect jobs in the U. S. tire industry.

B) protect infant industries in tire U.S. tire market.

C) insure that Chinese tires meet U.S. quality and safety standards. 

D) save the government money by restricting the sale of more expensive Chinese-made tires.

 

4) In the 1930s, the United States charged an average tariff rate ________. Today, the rate is ________.

A) of 100 percent; 20 percent

B) above 50 percent; less than 1.5 percent

C) of less than 10 percent; over 40 percent

D) of 17 percent; 33 percent

 

 

5) A tariff is a tax imposed by a government on

A) exports.

B) services.

C) imports.

D) luxury items.

 

 

6) Goods and services bought domestically but produced in other countries are referred to as

A) exports.

B) imports.

C) transfer payments.

D) foreign consumption.

 

7) Exports are domestically produced goods and services

A) sold to other countries.

B) sold to the government.

C) sold at home.

D) which are used to produce other goods and services.

 

 

8) When Roxanne, a U.S. citizen, purchases a designer dress from Barneys of New York that was made in Milan, the purchase is

A) both a U.S. and an Italian import.

B) a U.S. import and an Italian export.

C) a U.S. export and an Italian import.

D) neither an export nor an import for either country.

 

 

9) When BMW, a German company, purchases a welding machine that was made in Toronto, the purchase is

A) both a German and a Canadian import.

B) a German import and a Canadian export.

C) a German export and a Canadian import.

D) neither an export nor an import for either country.

 

10) Which of the following statements about the importance of trade to the U.S. economy is true?

A) Since 1950, both exports and imports have steadily decreased as a fraction of U.S. gross domestic product.

B) Overall, about 80 percent of U.S. manufacturing jobs depend directly or indirectly on exports.

C) The United States is the second largest exporter in the world.

D) The U.S. economy is highly dependent on international trade for growth in its gross domestic product.

 

 

 

 

default image
July 1, 2023
    

 

9.1   The United States in the International Economy

 

1) Following the tariff imposed on Chinese tires, some businesspeople correctly argued that the U.S. tariff would result in

A) China retaliating by raising tariffs on some U.S. exports.

B) China halting the sale of all products in the United States.

C) U.S. firms never being able to meet the demand for U.S.-produced tires.

D) the government demanding price cuts from U.S. tire manufacturers.

 

 

2) Workers in industries protected by tariffs and quotas are likely to support these trade restrictions because

A) they do not want to offend their employers who want them.

B) politicians lobby to convince workers the restrictions will make them better off.

C) they believe the restrictions will protect their jobs.

D) they don't understand that the restrictions will threaten their jobs.

 

 

3) The intention of the U.S. tariff on Chinese tires was to

A) protect jobs in the U. S. tire industry.

B) protect infant industries in tire U.S. tire market.

C) insure that Chinese tires meet U.S. quality and safety standards. 

D) save the government money by restricting the sale of more expensive Chinese-made tires.

 

4) In the 1930s, the United States charged an average tariff rate ________. Today, the rate is ________.

A) of 100 percent; 20 percent

B) above 50 percent; less than 1.5 percent

C) of less than 10 percent; over 40 percent

D) of 17 percent; 33 percent

 

 

5) A tariff is a tax imposed by a government on

A) exports.

B) services.

C) imports.

D) luxury items.

 

 

6) Goods and services bought domestically but produced in other countries are referred to as

A) exports.

B) imports.

C) transfer payments.

D) foreign consumption.

 

7) Exports are domestically produced goods and services

A) sold to other countries.

B) sold to the government.

C) sold at home.

D) which are used to produce other goods and services.

 

 

8) When Roxanne, a U.S. citizen, purchases a designer dress from Barneys of New York that was made in Milan, the purchase is

A) both a U.S. and an Italian import.

B) a U.S. import and an Italian export.

C) a U.S. export and an Italian import.

D) neither an export nor an import for either country.

 

 

9) When BMW, a German company, purchases a welding machine that was made in Toronto, the purchase is

A) both a German and a Canadian import.

B) a German import and a Canadian export.

C) a German export and a Canadian import.

D) neither an export nor an import for either country.

 

10) Which of the following statements about the importance of trade to the U.S. economy is true?

A) Since 1950, both exports and imports have steadily decreased as a fraction of U.S. gross domestic product.

B) Overall, about 80 percent of U.S. manufacturing jobs depend directly or indirectly on exports.

C) The United States is the second largest exporter in the world.

D) The U.S. economy is highly dependent on international trade for growth in its gross domestic product.

 

 

 

 

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