151. Based on the following information, what is Company A’s price-earnings ratio? Company A Company B Market price per share $70.00 $85.00 Earnings per share 12.00 11.00 Dividends per share 0.05 0.10 Investor’s cost per share 40.00 50.00 A. 9.35B. 7.73C. 5.00D. 0.13 152. The balance sheets at the end of each of the first two years of operations indicate the following: 2008 2007 Total […]
Multiple Choice Questions 66.A merchandiser: A.Earns net income by buying and selling merchandise. B.Receives fees only in exchange for services. C.Earns profit from commissions only. D.Earns profit from fares only. E.Buys products from consumers. 67.Cost of goods sold: A.Is another term for merchandise sales. B.Is the term used for the expense of buying and preparing merchandise for sale. C.Is another term for revenue. D.Is […]
11) When an investor owns between 20% and 50% of the outstanding stock of another company, the ________ method is used to account for stock investments. A) market value B) equity C) consolidated D) historical cost. 12) An investor who owns 25% of the outstanding stock of another company should report the investment using the: A) market value method. B) consolidated method. […]
51. Most publicly traded firms operate as corporations. Which of the following is/are not true? A. The corporate form facilitates the transfer of ownership interests because owners can sell their shares without affecting the ongoing operations of the firm. B. The transfer of ownership interests is a transaction between the shareholder and the firm whose shares change hands. C. Investors make capital contributions under a contract between themselves […]
91. A corporation is: A. A business legally separate from its owners. B. Controlled by the FASB. C. Not responsible for its own acts and own debts. D. The same as a limited liability partnership. E. Not subject to double taxation. 92. The independent group that is attempting to harmonize accounting practices of different countries is the: A. AICPA. B. IASB. C. CAP. D. SEC. E. FASB. 93. The private-sector group that currently has the authority to […]
90.The balance sheet of Ernie’s Restaurant showed total assets of $300,000, liabilities of $80,000 and equity of $270,000. An appraiser estimated the market value of the restaurant assets at $340,000. If Bert Company pays $385,000 cash for the restaurant the amount of goodwill purchased would be: A. $45,000. B. $85,000. C. $115,000. D. $125,000. 91.On January 1, 2013, Sanchez Company paid $160,000 to obtain a patent. Sanchez expected […]
32.For which of the following categories is it not important to know the number of units? A. The number of units completed during the period. B. The number of units transferred to the next department during the period. C. Beginning work in process. D. The number of units started during the period. Duffy Brothers manufactures a single product using a […]
101. Each year there is a ceiling for the amount that is subject to all of the following except A. Social security taxB. Federal income taxC. federal unemployment taxD. state unemployment tax 102. Moore Company has the following information for the pay period of December 15 – 31, 20xx. Gross payroll $18,000 Federal income tax withheld $4,000 Social security rate 6% Federal unemployment tax rate .8% Medicare […]
11) TrueValue Company makes all types of office desks. The General Desk Division is currently producing 10,000 desks per year with a capacity of 15,000. The variable costs assigned to each desk are $300 and annual fixed costs of the division are $900,000. The General desk sells for $400. The Executive Division wants to buy 5,000 desks at $270 for its custom office […]
11.Which of the following costs generally can be traced directly to units of product? A. Indirect materials B. Overhead costs C. Assembly labor D. Indirect materials and assembly labor 12.Some costs that possibly could be traced directly to cost objects are nonetheless classified as indirect costs because: A. Such costs cannot be traced to objects in a cost-effective manner. B. Such practice results […]
1. Culture was a lot like air. It is all around us, but we really don't pay attention to it unless it is absent or smells odd. The same is true about our culture. We don't think much about it, and we go through our lives feeling that things are the way they are because that's the way they ought to be. This week, start sniffing the cultural air around you. What do you learn about our culture? Identify some things that are distinctively "American." Don't just use material culture (objects and physical symbols), but include non-material culture such as language, values, ideology, ethics, behaviors, and the like. What is it that makes us distinctive in the world?
2. A cellphone company recently ran a television ad touting its call reliability, in which a young man is talking to his future father-in-law, who is telling him to address him by his first name and consider him a friend. The young man launches into a series of variations of the first name. Unknown to either party, the call is dropped and the young man does not hear any response from the father. He becomes very nervous and disconcertedly reverts to "Mr." and "Sir." The ad's message is clear: Use our service and this sort of thing won't happen.
Why do you think the ad agency chose this power relationship for its commercial, and is it one to which you can relate? Have you had any kind of similar experience (not necessarily on a cellphone)?
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