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Category: Homework
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Experience:  MIT Graduate (Math, Programming, Science, and Music)
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1) The cost principle is the basis for preparing financial

Customer Question

1) The cost principle is the basis for preparing financial statements because it is __________.
A. relevant and objectively measured, and verifiable
B. the most accurate measure of purchasing power
C. a conservative value
D. an international accounting standard



2) Managerial accounting __________.
A. is governed by generally accepted accounting principles
B. places emphasis on special-purpose information
C. is concerned with costing products
D. pertains to the entity as a whole and is highly aggregated



3) One of Astro Company's activity cost pools is machine setups, with estimated overhead of $150,000. Astro produces sparklers (400 setups) and lighters (600 setups). How much of the machine setup cost pool should be assigned to sparklers?
A. $60,000
B. $90,000
C. $150,000
D. $75,000



4) The major reporting standard for management accounts is __________.
A. the Sarbanes-Oxley Act of 2002
B. generally accepted accounting principles
C. the Standards of Ethical Conduct for Practitioners of Management Accounting and Financial Management
D. relevance to decisions



5) These are selected account balances on December 31, 2008.
Land (location of the corporation’s office building) $150,000
Land (held for future use) 225,000
Corporate Office Building 900,000
Inventory 300,000
Equipment 675,000
Office Furniture 150,000
Accumulated Depreciation 450,000


What is the net amount of property, plant, and equipment that will appear on the balance sheet?
A. $1,650,000
B. $1,425,000
C. $1,950,000
D. $2,400,000



6) What effect do current technology changes have on managerial accounting?
A. Increase in product costs
B. Reduction of reporting costs of managerial accounting information
C. Creation of the middleman
D. Reduction of emphasis on the value chain



7) The income statement and balance sheet columns of Pine Company's worksheet reflects the following totals:

Income Statement   Balance Sheet
Dr. Cr. Dr. Cr.
Totals $58,000 $48,000 $34,000 $44,000


To enter the net income (or loss) for the period into the above worksheet requires an entry to the __________.
A. income statement credit column and the balance sheet debit column
B. balance sheet debit column and the balance sheet credit column
C. income statement debit column and the balance sheet credit column
D. income statement debit column and the income statement credit column



8) A company just starting in business purchased three merchandise inventory items at the following prices. First purchase $80; Second purchase $95; Third purchase $85. If the company sold two units for a total of $240 and used FIFO costing, the gross profit for the period would be _____.
A. $75
B. $50
C. $65
D. $60



9) Which one of the following items is not generally used in preparing a statement of cash flows?
A. Comparative balance sheets
B. Additional information
C. Adjusted trial balance
D. Current income statement



10) Sam's Used Cars uses the specific identification method of costing inventory. During March, Sam purchased three cars for $6,000, $7,500, and $9,750, respectively. During March, two cars are sold for $9,000 each. Sam determines that at March 31, the $9,750 car is still on hand. What is Sam’s gross profit for March?
A. $4,500
B. $8,250
C. $5,250
D. $750



11) Balance sheet accounts are considered to be __________.
A. permanent accounts
B. nominal accounts
C. temporary stockholders’ accounts
D. capital accounts



12) What is the preparation of reports for each level of responsibility in the company’s organization chart called?
A. Responsibility reporting
B. Master budgeting analysis
C. Static reporting
D. Exception reporting



13) In what situations will a static budget be most effective in evaluating a manager's effectiveness?
A. The company has substantial variable costs.
B. The company has no fixed costs.
C. The company has substantial fixed costs.
D. The planned activity levels match actual activity levels.



14) The income statement and balance sheet columns of Pine Company's worksheet reflects the following totals:

Income Statement   Balance Sheet
Dr. Cr. Dr. Cr.
Totals $58,000 $48,000 $34,000 $44,000


The net income (or loss) for the period is __________.
A. not determinable
B. $48,000 income
C. $10,000 loss
D. $10,000 income

15) Lucy starts her own psychiatric practice, but her expenditures to open the practice exceed her income. Lucy is a __________.
A. borrower who supplies money to the financial system
B. saver who demands money from the financial system
C. borrower who demands money from the financial system
D. saver who supplies money to the financial system



16) A rational decision maker __________.
A. takes an action only if the combined benefits of that action and previous actions exceed the combined costs of that action and previous actions
B. ignores marginal changes and focuses instead on “the big picture”
C. takes an action only if the marginal benefit of that action exceeds the marginal cost of that action
D. ignores the likely effects of government policies when he or she makes choices



17) In order to be successful, a cartel must __________.
A. agree on the prices charged by each member, but they need not agree on amounts produced
B. find a way to encourage members to produce more than they would otherwise produce
C. agree on the total level of production and on the amount produced by each member
D. agree on the total level of production for the cartel, but they need not agree on the amount produced by each member



18) One characteristic of an oligopoly market structure is:
A. the actions of one seller have no impact on the profitability of other sellers.
B. firms in the industry are typically characterized by very diverse product lines.
C. products typically sell at a price that reflects their marginal cost of production.
D. firms in the industry have some degree of market power.



19) A country's consumption possibilities frontier can be outside its production possibilities frontier if __________.
A. the country imports more than it exports
B. the country’s technology is superior to the technologies of other countries
C. the country engages in trade
D. the citizens of the country have a greater desire to consume goods and services than do the citizens of other countries



20) Lekeisha's income exceeds her expenditures. Lekeisha is a __________.
A. borrower who supplies money to the financial system
B. saver who demands money from the financial system
C. borrower who demands money from the financial system
D. saver who supplies money to the financial system



21) When, in a particular market, the law of demand and the law of supply both apply, the imposition of a binding price ceiling in that market causes quantity demanded to be __________.
A. double the quantity supplied
B. greater than quantity supplied
C. equal to quantity supplied
D. less than quantity supplied

22) In the open-economy macroeconomic model, other things the same, a decrease in the interest rate shifts __________.
A. the supply of dollars in the market for foreign-currency exchange to the left
B. the demand for dollars in the market for foreign-currency exchange to the right
C. the supply of dollars in the market for foreign-currency exchange to the right
D. the demand for dollars in the market for foreign-currency exchange to the left



23) The model of short-run economic fluctuations focuses on the price level and __________.
A. Net GDP
B. real GDP
C. the neutrality of money
D. economic growth



24) The Federal Open Market Committee __________.
A. is required by its charter to change the money supply using a complex formula that concerns the tradeoff between inflation and unemployment
B. operates with almost complete discretion over monetary policy
C. is required to keep the interest rate within a range set by Congress
D. is required to increase the money supply by a given growth rate each year



25) Which of the following is not correct?
A. In 2005, the U.S. government had a deficit.
B. A potential cost of deficits is that they reduce national saving, thereby reducing growth of the capital stock and output growth.
C. The U.S. debt per-person is large compared with average lifetime income.
D. Deficits give people the opportunity to consume at the expense of their children, but they do not require them to do so.



26) In general, the longest lag for __________.
A. fiscal policy is the time it takes to change policy, while for monetary policy the longest lag is the time it takes for policy to affect aggregate demand
B. both fiscal and monetary policy is the time it takes to change policy
C. monetary policy is the time it takes to change policy, while for fiscal policy the longest lag is the time it takes for policy to affect aggregate demand
D. both fiscal and monetary policy is the time it takes for policy to affect aggregate demand



27) The model of aggregate demand and aggregate supply explains the relationship between __________.
A. real GDP and the price level
B. the price and quantity of a particular good
C. wages and employment
D. unemployment and output

28) Which of these describes a vision, as it pertains to leadership?
A. The method through which leaders achieve goals
B. A long-term goal of an organization
C. A mental image of a future state of an organization
D. Likely to land you in a padded room
E. A short-term goal of an organization



29) The best way for an employer to find out if a potential employee can do a job is by __________.
A. having them spend a day in the office
B. using the interview process
C. using a written test
D. administering an IQ test
E. using a performance simulation test



30) The manager's first question for you is "What law do I need to look at to make sure I am in compliance on this issue?" The correct answer to that question is:
A. Americans with Disabilities Act
B. There is no law in the United States that covers this issue
C. American Civil Liberties Act
D. Pregnancy Discrimination Act
E. Sexual harassment policy



31) A leader is:
A. A strategic level manager
B. Someone with authority over others
C. The top level manager in a firm or business
D. Someone who influences others to attain goals
E. Someone well-respected by others



32) Which of these refers to the practices aimed at discovering and harnessing an organization's intellectual resources?
A. Innovation
B. Collaboration
C. Knowledge management
D. Competitiveness
E. Effectiveness



33) An invisible barrier that makes it difficult for certain groups, such as minorities and women, to move beyond a certain level in the organizational hierarchy is referred to as the:
A. Job enrichment theory
B. Black box theory
C. Glass ceiling
D. Job enlargement concept
E. Glass floor



34) The term used to refer to all kinds of differences including religious affiliation, age, disability status, economic class and lifestyle in addition to gender, race, ethnicity and nationality is:
A. Selection
B. Diversity
C. Employment
D. Recruiting
E. Managerial ethics



35) __________ is the process of working with people and resources to accomplish organizational goals.
A. Controlling
B. Planning
C. Management
D. Decision making
E. Supervising



36) The areas described in the text as the most dominant in the global economy include:
A. North America, South America and Western Europe
B. North America, Western Europe and Asia
C. North America, Mexico and Asia
D. North America, Asia and Africa
E. Western Europe, Asia and Africa



37) Which of the following has proven to be a particularly good predictor for jobs that require cognitive complexity?
A. work sampling
B. intelligence tests
C. integrity evaluations
D. aptitude tests
E. behavioral assessment



38) One study found that manufacturing labor costs about _____ an hour in China, compared to _____ dollars in the United States.
A. Less than $1; about 25
B. Less than $1; about 15
C. About $2; about 15
D. $2; about 25
E. Less than $1; about 40



39) An organization that is managed aggressively and has growth and high profits as primary objectives may be considered a(n):
A. Small business
B. Multinational corporation
C. Large corporation
D. Entrepreneurship venture
E. Online Business



40) A series of quality standards developed by a committee working under the International Organization for Standardization to improve total quality in all businesses for the benefit of both producers and consumers is:
A. ISO 9000
B. Total quality management
C. Just-in-time control (JIT)
D. Computer-integrated manufacturing (CIM)
E. Customer-based integration



41) One of the most important contributors to total quality management has been the introduction of statistical tools to analyze the causes of product defects in an approach called:
A. Organic
B. Six Sigma Quality
C. ISO 9000
D. Total quality integration
E. Mechanistic

42) Jolly Blue Giant Health Insurance (JBGHI) is concerned about rising lab test costs and would like to know what proportion of the positive lab tests for prostate cancer are actually proven correct through subsequent biopsy. JBGHI demands a sample large enough to ensure an error of ± 2% with 90% confidence. What is the necessary sample size?
A. 2,401
B. 609
C. 1,692
D. 1,604



43) Sampling error can be reduced by __________.
A. none of the these affect sampling error
B. increasing the sample size
C. utilizing simple random samples
D. decreasing the sample size



44) From its 32 regions, the Federal Aviation Administration selects 5 regions, and then randomly audits 20 departing commercial flights in each region for compliance with legal fuel and weight requirements. This is __________.
A. stratified random sampling
B. simple random sampling
C. cluster sampling
D. judgement sampling



45) William used a sample of 68 U.S. cities to estimate the relationship between Crime (annual property crimes per 100,000 persons) and Income (median income per capita). His estimated regression equation was Crime = 428 + .050 Income.

Assuming b1 is significant, if Income decreases by 1000 we would predict that Crime will __________.
A. increase by 428
B. none of these are correct
C. increase by 50
D. increase by 500



46) Two events are complementary when __________.
A. the sum of their probabilities is one
B. None of these
C. the joint probability of the two events is one
D. they are mutually exclusive



47) In a right-tail test, a statistician came up with a z test statistic of 1.469. What is the p-value?
A. .4292
B. .0301
C. .0708
D. .0874


48) A computer analysis reveals that the best-fitting trend model is Yt = 4.12 e 0.987 t. The trend was fitted using year-end common stock prices for Melodic Kortholt Outlet for the last six years. The R2 is 0.8571.

If we fit a linear trend to data that are growing exponentially __________.
A. the absolute annual growth (in dollars per share) is increasing
B. the stock's true intrinsic value is $4.12
C. few investments could match the astounding growth rate
D. at the end of year 3 the stock price would be nearly $80



49) While glancing over the sensitivity report, you note that the stitching labor has a shadow price of $10 and a lower limit of 24 hours with an upper limit of 36 hours. If your original right hand value for stitching labor was 30 hours, you know that:
A. you would lose $80 if one of your workers missed an entire 8 hour shift.
B. the next worker that offers to work an extra 8 hours should receive at least $80.
C. you would be willing pay up to $60 for someone to work another 6 hours.
D. you can send someone home 6 hours early and still pay them the $60 they would have earned while on the clock.



50) Which is not a tool of statistical quality control?
A. Deming chart
B. Fishbone diagram
C. Attribute control chart
D. Pareto chart



51) Suppose that the optimal values of the decision variables to a two-variable linear programming problem remain the same as long as the slope of the objective function lies between the slopes of the following two constraints:

   2X1 + 3X2 26
   2X1 + 2X2 20

The current objective function is:

   8X1 + 9X2 = Z

Which of the following statements about the range of optimality on c1 is TRUE?
A. 9 c1 12
B. 0 c1 2
C. 6 c1 9
D. 2 c1 6



52) A computer analysis reveals that the best-fitting trend model is Yt = 4.12 e 0.987 t. The trend was fitted using year-end common stock prices for Melodic Kortholt Outlet for the last six years. The R2 is 0.8571.

Which conclusion is not correct?
A. The absolute annual growth (in dollars per share) is increasing.
B. The stock's true intrinsic value is $4.12.
C. Few investments could match the astounding growth rate.
D. At the end of year 3 the stock price would be nearly $80.
Submitted: 4 years ago.
Category: Homework

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