Figure 14-2 31) Refer to Figure 14-2. Which of the following is consistent with the graph depicted above? A) An expected expansion increases the profitability of new investment. B) The government runs a budget surplus. C) There is a shift from an income tax to a consumption tax. D) New government regulations decrease the profitability of new investment. Figure 14-3 […]
61. (p. 565) The single most important activity of negotiations is ____. A. oration B. listening C. presentation D. etiquette E. self-disclosure 62. (p. 565) The negotiator’s primary job is collecting information with the goal of enhancing creativity. In a business negotiation, this may mean: A. appointing different members of the team to provide self-disclosures and appropriate replies to queries. B. bringing along junior executives for the purpose of training through observation and participation. C. providing additional information […]
111.If the Real GDP increases from one year to the next, we could conclude the country experienced: A. inflation and no change in output. B. an increase in output and no change in prices. C. a definite increase in output and may have experienced an increase in prices. D. definite inflation and may have experienced an increase in output. 112.Is it possible for a country’s nominal GDP […]
71.In April, Walston Enterprises had the following results: Beginning finished goods inventory $17,400 Ending finished goods inventory $25,400 Sales $965,000 Gross Margin $450,000 How much is cost of goods sold for April? A.$458,000 B.$515,000 C.$507,000 D.$423,000 72.Title Audio manufactures industrial sound systemsand employs a job-order costing system. During June, Title Audio’stransactions and accounts included the following: Raw materials purchased […]
109.Ernst & Gray, CPAs has three divisions: audit, tax, and business consulting. When the specifications for the new computer system were established, the audit division needed 50% of the capacity, the tax division required 30%, and business consulting required 20%. The fixed computer department costs are allocated based on computer needs. The variable costs of the computer department are allocated based on the […]
31.Carmelo Inc. has an inventory turnover ratio of 25. Carmelo’s average number of day’s inventory is: a.Less than 10. b.Between 10 and 12. c.More than 12. d.Unable to be determined based on this limited information. Solution:365 / 25 = 14.6 days 32.Under generally accepted accounting principles, a company can choose a cost flow assumption for valuing cost of goods […]
15.5 Integrative Questions 1) Moving along a short-run Phillips curve, a reduction in the unemployment rate is achieved by A) shifting the aggregate supply curve leftward. B) running a federal budget deficit. C) reducing the size of the labor force. D) increasing the inflation rate. E) increasing potential GDP. 2) Along a short-run Phillips curve when the inflation rate rises, A) the real wage […]
11. Cash received from the issuance of capital stock is classified in which section of the statement of cash flows? A. OperatingB. InvestingC. FinancingD. Noncash 12. Cash received from the borrowing on a note payable is classified in which section of the statement of cash flows? A. OperatingB. InvestingC. FinancingD. Noncash 13. Cash paid to stockholders as a dividend is classified in which section of the statement of cash flows? A. OperatingB. InvestingC. FinancingD. Noncash 14. Which of the following […]
31) Refer to Figure 23-1. Assume the economy is initially in equilibrium with desired aggregate expenditure equal to real GDP at point V. The price level is . Now, suppose the AE curve shifts to and we move to a new equilibrium level of GDP at and point A on . A possible cause of this change in equilibrium is A) an exogenous […]
61) Before Ben & Jerry’s launched their ice cream in the United Kingdom, the company conducted extensive research to determine whether the package design was appropriate. The research indicated that British consumers perceived the colors differently than U.S. consumers. The package design was changed accordingly. This type of strategy can be defined as: A) product-communications extension. B) product extension-communications adaptation. C) product adaptation-communications extension. […]
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 credit to Income Summary.
B. Interest Income and a credit to Interest Receivable.
C. Interest Income and a credit to Interest Expense.
D. Interest Receivable and a credit to Interest Income.
53.In the general journal, reversing entries are dated as of
A. the last day of the old fiscal period.
B. the first day of the new fiscal period.
C. any day during the month of the new fiscal period.
D. any time before the end of the fiscal period.
54.The entry to reverse the adjusting entry for accrued payroll taxes expense includes
A. a debit to Payroll Taxes Expense.
B. a debit to Employee Income Tax Payable.
C. a credit to Social Security Tax Payable and a credit to Medicare Tax Payable.
D. a debit to Social Security Tax Payable and a debit to Medicare Tax Payable.
55.A company reported gross profit of $85,000, total operating expenses of $40,000 and interest income of $2,500. What is the income from operations?
A. $47,500
B. $42,500
C. $40,000
D. $45,000
56.For the current fiscal year, Purchases were $166,000, Purchase Returns and Allowances were $3,000 and Freight In was $12,000. If the beginning merchandise inventory was $110,000 and the ending merchandise inventory was $75,000, the Cost of Goods Sold is:
A. $186,000
B. $116,000
C. $210,000
D. $216,000
57.Which of the following is not a selling expense:
A. Advertising Expense
B. Rent Expense
C. Sales Salaries Expense
D. Delivery Expense
58.Which of the following would not be classified as a Current Asset:
A. Equipment
B. Supplies
C. Accounts Receivable
D. Cash
59.Interest Expense is classified as a(n):
A. Administrative Expense
B. Selling Expense
C. Other Income
D. Other Expense
60.Which of the following is not a section on a Classified Balance Sheet:
A. Current Assets
B. Long-Term Liabilities
C. Selling Expenses
D. Plant and Equipment
61.Which of the following should be classified as a General and Administrative Expense on a Multi-Step Income Statement:
A. Delivery Expense
B. Sales Salaries Expense
C. Insurance Expense
D. Advertising Expense
62.Cost of Goods Sold is classified as a(n):
A. Revenue account
B. Asset account
C. Expense account
D. Owner's Equity account
63.At the end of the year Stan Still Stationery Store had the following balances: Sales $580,000; Sales Discounts $2,540; Sales Returns and Allowances $14,280; Sales Salaries Expense $60,000. The Net Sales for the year are:
A. $565,720
B. $577,460
C. $563,180
D. $503,180
64.For the current fiscal year, Purchases were $245,000, Purchase Returns and Allowances were $8,600, Purchase Discounts were $2,200 and Freight In was $32,000. If the beginning merchandise inventory was $60,000 and the ending merchandise inventory was $75,000, the Cost of Goods Sold is:
A. $266,200
B. $281,200
C. $272,800
D. $251,200
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