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1) Multinational corporations __________. A. are U.S. companies
1) Multinational corporations __________.
A. are U.S. companies that trade their securities on the exchanges in other countries
B. are required to use international accounting standards
C. are firms that conduct their operations in more than one country through subsidiaries, divisions, or branches in foreign countries
D. are U.S. companies that sell goods and services in other countries
2) Managerial accounting __________.
A. places emphasis on special-purpose information
B. is concerned with costing products
C. pertains to the entity as a whole and is highly aggregated
D. is governed by generally accepted accounting principles
3) Which list below best describes the major services performed by public accountants?
A. Cost accounting, production scheduling, recruiting
B. Bookkeeping, mergers, budgets
C. Auditing, taxation, management consulting
D. Employee training, auditing, bookkeeping
4) The cost principle requires that when assets are acquired, they be recorded at __________. A. list price
B. appraisal value
C. selling price D. exchange price paid
5) The primary purpose of the statement of cash flows is to __________.
A. facilitate banking relationships
B. provide information about the investing and financing activities during a period
C. provide information about the cash receipts and cash payments during a period
D. prove that revenues exceed expenses if there is a net income
6) Hess, Inc. sells a single product with a contribution margin of $12 per unit and fixed costs of $74,400 and sales for the current year of $100,000. How much is Hess’s break even point?
A. 2,133 units
B. 4,600 units
C. 6,200 units
7) The major reporting standard for management accounts is __________.
A. generally accepted accounting principles
B. the Standards of Ethical Conduct for Practitioners of Management Accounting and Financial Management
C. relevance to decisions
D. the Sarbanes-Oxley Act of 2002
8) The conceptual framework developed by the Financial Accounting Standards Board __________.
A. is legally binding on all accountants
B. was approved by a vote of all accountants
C. is viewed as providing a constitution for setting accounting standards for financial reporting
D. are rules that all accountants must follow
9) 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. balance sheet debit column and the balance sheet credit column
B. income statement debit column and the balance sheet credit column
C. income statement debit column and the income statement credit column
D. income statement credit column and the balance sheet debit column
10) The cost principle is the basis for preparing financial statements because it is __________. A. the most accurate measure of purchasing power
B. a conservative value
C. an international accounting standard
D. relevant and objectively measured, and verifiable
11) 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?
12) What effect do current technology changes have on managerial accounting?
A. Reduction of reporting costs of managerial accounting information
B. Creation of the middleman
C. Reduction of emphasis on the value chain
D. Increase in product costs
13) These are selected account balances on December 31, 2008.
Land (location of the corporation's office building) $100,000
Land (held for future use) 150,000
Corporate Office Building 600,000
Office Furniture 100,000
Accumulated Depreciation 300,000
What is the net amount of property, plant, and equipment that will appear on the balance sheet? A. $950,000
14) If a company reports a net loss, it __________.
A. will not be able to make capital expenditures
B. will not be able to pay cash dividends
C. will not be able to get a loan
D. may still have a net increase in cash
15) A country's consumption possibilities frontier can be outside its production possibilities frontier if __________.
A. the country imports more than it exports
B. the citizens of the country have a greater desire to consume goods and services than do the citizens of other countries
C. the country engages in trade
D. the country’s technology is superior to the technologies of other countries
16) Assume oligopoly firms are profit maximizers, they do not form a cartel, and they take other firms' production levels as given. Then in equilibrium the output effect __________. A. can be larger or smaller than the price effect
B. must be smaller than the price effect
C. must balance with the price effect
D. must dominate the price effect
17) In economics, the cost of something is __________.
A. often impossible to quantify, even in principle
B. always measured in units of time given up to get it
C. what you give up to get it
D. the dollar amount of obtaining it
18) Lekeisha's income exceeds her expenditures. Lekeisha is a __________.
A. borrower who supplies money to the financial system
B. saver who supplies money to the financial system
C. borrower who demands money from the financial system
D. saver who demands money from the financial system
19) Without trade, __________.
A. interdependence is more extensive than it would be with trade
B. a country's production possibilities frontier is also its consumption possibilities frontier
C. a country can still benefit from international specialization
D. a country is better off because it will have to learn to be self-sufficient without trade
20) A tax on an imported good is called a __________.
A. trade tax
C. supply tax
21) There are two types of markets in which firms face some competition yet are still able to have some control over the prices of their products. The names given to these market structures are __________.
A. duopoly and imperfect competition
B. duopoly and triopoly
C. perfect competition and monopolistic competition
D. monopolistic competition and oligopoly
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