Archives: Quiz

A U.S. company has many foreign subsidiaries and wants to convert its consolidated financial statements from U.S. GAAP to IFRS. Which of the following items is not one of the likely accounting issues to resolve for the opening IFRS balance […]

Norris Company experienced the following transactions during 2013, its first year in operation. 1) Issued $6,000 of common stock to stockholders. 2) Provided $2,300 of services on account. 3) Paid $1,600 cash for operating expenses. 4) Collected $1,900 of cash […]

On January 1, 2013, Baird Company had beginning balances as lows: Assets = $2,250 Liabilities = $620 Common Stock = $800 During 2013, Baird paid dividends to its stockholders of $900. Given that ending retained earnings was $600, what was […]

Mary needs to have $20,000 one year from today. The formula to compute the amount of money that must be invested today is future value/(1 – interest rate). Equity represents the future obligations of a business entity. Answer: FALSE This […]

The cost of capital is sometimes referred to as the hurdle or discount rate. A payment to an employee in settlement of salaries payable decreases an asset and decreases a liability. Answer: TRUE The event decreases assets (cash) and decreases […]

Indicate whether each of the following statements is true or false. 1> Some forms of financial statement analysis involve identifying changes in the same item for the same company over a period of time. 2> Some forms of financial statement […]

Matt needs to compute the present value of $5,000 to be received four years from now. He should multiple $5,000 by the appropriate present value interest factor obtained from the present value of $1 table. After closing, only balance sheet […]

A company that incurred $1,000 in production costs reported cost of goods sold of $800 and selling costs of $100. Its ending finished goods inventory was $300. The assumption regarding ordinary annuities is that cash flows occur at the end […]

Indicate whether each of the following statements is true or false. 1) Deposits in transit appear on the bank statement as credit memos 2) Service fees charged by a bank appear on bank statements as debit memos 3) Credit memos […]

A business’s temporary accounts include revenues, expenses, and retained earnings. A company may recognize a revenue or expense without a corresponding cash collection or payment in the same accounting period. Answer: TRUE Accrual basis companies recognize revenue when earned and […]

During the early period of American history the state governments issued special charters that created corporations. Intent to monopolize is necessary to create violation under the Sherman Act. Answer: TRUE The defendant’s intent to monopolize must be shown to prove […]

If a state offers a granted privilege, like accountant-client privilege then the federal courts in that jurisdiction will also allow that privilege. A majority of the members of an LLC must agree for a plan to merger. Answer: FALSE All […]

A promoter is not an agent of the future corporation. A principal is liable on a contract made by his agent if the agent had actual authority to make the contract. Answer: TRUE The principal in an agency relationship is […]

When both the bank and the customer failed to use ordinary care to prevent alteration or forgery of checks then a comparative negligence is used to determine liability for damages. Under the FTC section 5, in proving deception of a […]

Owners of an LLC are called members. A bank will be liable if it charges a customer for a check that is postdated and the bank was given prior notice of the postdate. Answer: TRUE If the bank charges the […]

An organizer is the individual that incorporates a business. There is no limit on the number of members in a Nonprofit Corporation. Answer: TRUE A nonprofit corporation may admit members whether they pay or not and there is no statutory […]

Under the Revised Uniform Partnership Act partners owe each other loyalty. Informal rulemaking consists of publishing notice of a new rule in the Federal Registrar and allowing interested parties an opportunity to comment on the rule. Answer: TRUE Informal rulemaking […]

Officers of a corporation, like a vice president, are also agents of the corporation. The main federal body concerned with the safety of consumer products is the Consumer Product Safety Commission (CPSC). Answer: TRUE The CPSC, an independent regulatory agency, […]

A heated disagreement is grounds for dissociation of a partner with the business. The purpose of security regulation is to make issuers and sellers of security have a duty to disclose important information. Answer: TRUE The crux of the securities […]

The equity of a partnership is called partnership capital. Competitors making an agreement to split up a geographical area and not to directly compete against each other is per se illegal. Answer: TRUE Agreements among competing firms to divide up […]

SuperMart Inc. operates a franchise operation. Mr. Jones purchased a right to open a SuperMart but the agreement has a vertical restraint, Mr. Jones is not allowed to market or seek customers beyond 25 miles of his franchise store. This […]

Collecting crops from fields that either have already been harvested or are not profitable to harvest is called ____________________. Of the world’s 7 billion people, ____________________ percent have no land and no possessions at all. Answer: 25; twenty-five; twenty five […]

The hormone that responds to food in the stomach and is secreted by the stomach walls is ____________________. List the strengths and weaknesses of epidemiological studies and experimental studies. Answer: Epidemiological studies research the incidence, distribution, and control of disease […]

In the late 1970s, women in Taiwan Women who had eaten the rice oil tainted with ____________________ gave birth to children with developmental problems. An individual with a BMI of ____________________ or more is said to be obese. Answer: 30, […]

Compare and contrast the quality of protein foods derived from animals versus plants. What are the criteria for selecting surgery for treatment of obesity in adolescents? Answer: The use of surgery to treat severe obesity in adults has created interest […]

Explain the roles of protein and fat as nutrients for gluconeogenesis. What are the circumstances that favor low and high rates of gluconeogenesis? Because the body can derive vitamin A from both retinoids and carotenoids, its content in foods and […]

What is meant by the term “nutrient-dense food”? Give three examples each of foods with high nutrient density and low nutrient density. Monoglycerides and long-chain fatty acids are emulsified by bile, forming spherical complexes known as ____________________. Answer: Nutrient density […]

How are omega-3 fats thought to protect against heart disease? The three energy-yielding nutrients are ____________________, ____________________, and ____________________. Answer: carbohydrate; fat; protein carbohydrate; protein; fat fat; protein; carbohydrate fat; carbohydrate; protein protein; carbohydrate; fat protein; fat; carbohydrate Of all […]

Discuss the composition and function of the major circulating lipoproteins. Discuss the relationship of dietary fats to atherosclerosis. What dietary changes bring about the greatest reductions in blood lipids? Answer: As mentioned earlier, elevated LDL cholesterol is a major risk […]

Individuals who have limited or uncertain access to foods of sufficient quality or quantity to sustain a healthy and activelife with reduced quality of life with little or no indication of reduced food intake have ____________________. Discuss factors that affect […]

Triglycerides are composed of three fatty acids attached to a(n) ____________________. The component of breast milk that inhibits the development of inflammatory bowel disease and supports a healthy epithelial barrier is ____________________. Answer: transforming growth factor-beta In the United States, […]

Describe interactions among the energy nutrients when each is consumed in excess. List five guidelines each for identifying a fad diet. Answer: Sounds too good to be true. Recommends using a single food consistently as the key to the program€s […]

During ____________________, some or all of the points of unsaturation are saturated by adding hydrogen molecules. . Provide several examples of beneficial and adverse consequences of activating or silencing gene expression. Answer: Many nutrients and phytochemicals regulate gene expression and […]

Miners who inhale large quantities of ____________________ dust on the job over prolonged periods show symptoms of a brain disease, along with abnormalities in appearance and behavior. Describe six behavioral or social motives governing people’s food choices. Answer: Preferences: As […]

One of the major causes of ulcers is infection with ____________________. Malnutrition caused by recent severe food restriction; characterized in children by underweight for height (wasting) is called ____________________ malnutrition. Answer: acute ____________________ is a genetic disorder characterized by excessive […]

How is fiber thought to exert beneficial effects on cardiovascular health? What type of testing is done by the U.S. Pharmacopeia to assure the quality and safety of certain vitamin and mineral supplements? Answer: Supplements with a USP verification logo […]

Why do cattle ranchers and dairy farmers use bovine growth hormone? What are the effects in people who ingest the meat and milk from cows treated with BGH? The recommended gain for a woman who begins pregnancy at a healthy […]

What is the Healthy Eating Index and how does it work? The organism spread by person-to-person contact as well as raw foods, salads and sandwiches, causing vomiting in 1 to 2 days that can last 1 to 2 days, is […]

Discuss the validity of the art of “food combining” to enhance digestion/absorption. ____________________ responds to fat or protein in the small intestine and stimulates both the pancreas and gallbladder. Answer: Cholecystokinin List and define 5 major roles of proteins in […]

The combination of an inefficient and overactive response in aging-known as “____________________”-results in a chronic inflammation that accompanies frailty, illness, and death . The nerve signals and chemical messengers associated with hunger originate and act primarily in the brain structure […]

____________________ is found not only in bones and teeth, but also in all body cells as part of a major buffer system, and is found in almost all foods, making deficiency rare. ____________________ is the process of messenger RNA directing […]

The three different forms of vitamin A that are active in the body are ____________________. Individuals who have access to enough food to sustain a healthy and active life with one or two indications of food-access problems but with little […]

How does consumption of fiber and protein induce satiation and satiety? A(n) ____________________ includes all of the circumstances that we encounter daily that push us toward fatness. Answer: obesogenic environment ____________________ sugar is produced using the same refining process as […]

Which of the following is true of carbohydrate cravings and addictions? a. People seek carbohydrates to restore brain glucagon levels. b. The addiction does not appear to be physiological or pharmacological. c. They are regarded as an important public health […]

Lipids differ in their degree of saturation or unsaturation due to their number of ____. a. amino acids b. double bonds c. saccharide units d. peptide linkages e. oxygen atoms As little as ____ minutes of moderate-intensity activity per day […]

A person’s customary intake of foods and beverages over time defines her or his ____. a.body weight b.eating pattern c.genetic predisposition d.risk for inherited diseases e.preference pattern Which of the following is true of the relationship between poverty and hunger? […]

Which of the following is an example of a resistance training activity? a. Yoga b. Swimming c. Power walking d. Lifting free weights e. Ballistic stretching What is the general composition of lymph? a. A light-red fluid that stores fat-soluble […]

Which of the following is a characteristic of fuel use by muscles? a. At rest, about 90% of the fuel is derived from glucose. b. At rest, about 90% of the fuel is derived from fat. c. Muscles always use […]

Which item is an essential amino acid? a. Cysteine b. Leucine c. Glutamine d. Serine e. Alanine Lipids that are liquid at room temperature are known as ____. a. oils b. fats c. omegas d. glycerols e. phospholipids Answer: A […]

Normally, what is the relationship of the amount of sodium excreted to the amount ingested that day? a. Intake is higher. b. Excretion is higher. c. Intake and excretion are equal. d. Excretion is unrelated to intake. e. At extremes […]