Archives: Quiz

On January 1, 2012, Shrimp Corporation purchased a delivery truck with an expected useful life of five years, and a salvage value of $8,000. On January 1, 2014, Shrimp sold the truck to Pacet Corporation. Pacet assumed the same salvage […]

In a business combination, which of the following will occur? A) All identifiable assets and liabilities are recorded at fair value at the date of acquisition. B) All identifiable assets and liabilities are recorded at book value at the date […]

Assume that Pansy Incorporated used the cost method of accounting for its investment in Sunflower. The balance in the Investment in Sunflower account at December 31, 2015 was A) $76,700. B) $80,000. C) $83,300. D) $95,000. A business merger differs […]

Assuming a present value factor of 1 for simplicity, what is the fair value of this forward contract on December 31? A) $160 asset B) $160 liability C) $140 asset D) $140 liability On December 31, 2014, Pinne Corporation sold […]

Yummy-Tummy Foods has the following information about its standards and production activity for November: How much are the standard overhead costs allocated to actual production? A) $170,400 B) $142,000 C) $85,000 D) $57,500 The following information relates to Woolf Unlimited […]

The following information relates to Woolf Unlimited for the past two years. What is the inventory turnover for the current year? A) 2.30 times B) 0.78 times C) 13.00 times D) 2.20 times Which of the following roles in an […]

Which of the following is the operating income an investment center generates before subtracting common fixed costs that are allocated to the center? A) Sales volume variance B) Segment margin C) Return on investment (ROI) D) Return on assets (ROA) […]

Use the following information to do a horizontal analysis of Marcus Corporation’s income statement for the current year and prior year: What is the percentage change in net income? A) 78.00% B) -22.00% C) 16.73% D) 35.59% The Nichols Corporation […]

The balance sheet for Bostick Corporation follows: Operating income during the period was $13,650, while cash dividends paid were $3,770. The total sources of cash at Bostick Corporation during the year was A) $39,070. B) $32,320. C) $13,800. D) $46,120. […]

Mr. Lite is an entrepreneur that builds and manages organic vegetables in the United States. Mr. Lite recently developed a sustainability strategy to build a large greenhouse and warehouse in a recessed area in North Carolina. The greenhouse is expected […]

The manager at East Coast Manufacturing organizes costs to prepare the Costs of Quality report. The manger compiled the following data: What of the following cost is the total cost of quality the manager should use to report the costs […]

The managerial accountant at the Holiday Musical Academy is required to complete the statement of cash flows. The managerial accountant is required to determine the amount of money the company used to purchase property, plant, and equipment (PP&E) during the […]

Sophia’s Delivery Service charges a $55 service fee. The variable cost per service run is $22. The company’s fixed expenses amount to $6,200. If the operating income equals fixed expenses, what is the breakeven point in sales revenue for Sophia’s […]

The Stemple Corporation data for the current year: What would a horizontal analysis report with respect to current assets show? A) Inventory turnover of 7.11 times B) Current ratio of 1.24 C) A 22% increase in current assets D) Current […]

In a company that uses the direct method to prepare the statement of cash flows, the amount of cash it pays to employees is computed as A) salary expense plus the ending balance salaries payable. B) salary expense plus the […]

A company uses the direct method to prepare the statement of cash flows. It presents the following amounts on its financial statements: *Relates solely to the acquisition of inventory Which of the following is correct about the accounts receivable in […]

Smithson Corporation had the following selected balance sheet changes for the past year: The company’s operating income during the year was $35,000. What is the net cash provided by operating activities during last year on the statement of cash flows […]

An internal request to transfer raw materials requires personnel to complete a A) materials requisition document. B) bill of materials document. C) purchase order document. D) labor time record document. Steeplechase Building Specialties manufactures metal stud to accommodate commercial framing […]

In a company that uses the direct method to prepare the statement of cash flows, the amount of cash it pays in interest expense is computed as A) the change in interest payable plus interest expense. B) the change in […]

The Nichols Corporation data for the current year: What would a horizontal analysis report with respect to net sales revenue? A) There is a sales return of $10.23. B) There was an increase of 18.00% in net sales revenue. C) […]

Selected information about The Staccato Company for the current year and prior year is given below. The current year’s selling and general expenses percentage (as would be found on a vertical analysis of the income statement for the current year) […]

Revenue center performance reports are reports that list the variances between actual sales and budgeted sales. Because the number of units produced was greater than anticipated, production capacity was used less efficiently than anticipated, resulting in an unfavorable volume variance. […]

The manager at a service company does not prepare a cash budget. Total assets is the denominator in the formula managers use to compute ROI. Answer: TRUE Decentralized companies often struggle to achieve goal congruence in an organization. Answer: TRUE […]

1) Specific learning disabilities are _____ and examples are _____ (impaired ability in reading or spelling), _____ (impaired ability in handwriting), and _____ (impaired ability in arithmetic). A.common; dyslexia; dysgraphia; dyscalculia B.common; dysgraphia; dyslexia; dyscalculia C.rare; dyslexia; dysgraphia; dyscalculia D.rare; […]

1) Which of the following research findings supports the hypothesis that, “under conditions of low collective efficacy, social problems are contagious”? A.Adolescents who associate with delinquent peers are more likely to be drawn into criminal and delinquent activity. B.Adolescents who […]

1) According to research presented in the textbook, who is more likely to be sexually active: Ingrid, who lives in a single-parent home, or Leanne, who lives in a two-parent home? A.Ingrid B.Leanne C.Ingrid, but only immediately following her parents’ […]

1) Renee, a -year-old, is unable to answer the question, “How are a motorcycle and a bicycle alike?” Mohammed, a -year-old, answers the same question by saying, “They are both types of transportation.” What statement about Renee and Mohammed is […]

1) Why is it hard to know whether exposure to messages about drinking and smoking actually change adolescents’ behaviors? A.Adolescents are not exposed to the mass media as blank slates. B.When adolescents are exposed to the mass media, they bring […]

1) Tony and Jeff, both Black adolescents, attend different schools. Tony attends a school where his ethnic group is in the majority and Jeff attends a predominately White school. What do studies predict about Tony and/or Jeff’s self-perception? A.Tony will […]

1) Which of the following statements about abortion and teen pregnancy is not true? A.There are no long-term differences between pregnant teenagers who do and do not seek abortion. B.Unplanned pregnancies are much more likely to be terminated by abortion […]

1) Performance motivation is most similar to: A.intrinsic motivation. B.mastery motivation. C.evaluation anxiety. D.extrinsic motivation. 2) Scientists now believe that the transition from concrete operational thought to formal operational thought occurs: A.very suddenly and evenly across all domains of functioning. […]

1) What is the most striking aspect of the transition into adulthood for contemporary adolescents? A.The extended amount of time between pubertal onset and the achievement of adult work and family roles. B.The discontinuity in the transition into adulthood. C.The […]

1) Which set of research findings was used in the Supreme Court case of Brown v. Entertainment Merchants (2010), which was a case that debated whether banning the sale of violent video games to minors was unconstitutional? A.Careful studies have […]

1) Margie sees herself as competent and genuinely enjoys learning. Manny experiences a great deal of anxiety and hesitation when facing a challenge because he doubts his abilities. All he wants to do is receive high grades so his parents […]

1) Who of the following is likely to gain excess weight during adolescence? A.Mary, who gets inadequate sleep on school nights but sleeps in on the weekends B.Kevin, who gets insufficient physical inactivity, but lives near recreational facilities C.Tony whose […]

1) Janelle is told that, no matter how hard she tries, she will likely not pass the exam. As a result, she believes that failure is inevitable and stops “wasting” her time studying. What has Janelle developed? A.scapegoating B.inflated self-efficacy […]

1) Which of the following is the best indicator of when an adolescent will begin dating? A.chronological age B.biological development C.the school/community norms D.whether he or she has older siblings 2) Rosy believes that “fat is beautiful” and has a […]

1) Common treatments for ADHD include: A.stimulant medication. B.antidepressants. C.psychological therapies. D.All of these are treatment options. 2) Why is parental divorce during early adolescence particularly stressful for the adolescent? A.Early adolescence is a time during which individuals are particularly […]

1) Which one of the following is not a reason that the cognitive changes of adolescence affect achievement? A.The cognitive changes of adolescence allow individuals to engage in longer-term, hypothetical thinking that affects many decisions that high school students will […]

1) Among American adolescents, the most frequently mentioned criterion for being an adult is ________; among Inuit adolescents in the Canadian Arctic, the most important is ________: A.getting married; accepting responsibility for oneself. B.moving in with a prospective mate; supporting […]

1) According to the textbook, approximately _____ of American children will experience their parents’ divorce. A.10% B.50% C.40% D.60% 2) Robert Sellers and colleagues have presented a model to help make sense of the complicated relations among perceived discrimination, ethnic […]

1) Which of the following statements about secondary schools is not true? A.Around the world, rates of enrollment in secondary schools are vastly different for males and females. B.Around the world, rates of enrollment in secondary schools are comparable for […]

1) Peter’s parents caught him drinking alcohol with a couple of his friends and now they’re worried. They think his alcohol use might turn into a long-term problem. Which of the following best illustrates the nature of adolescent drug use? […]

1) Jesse has just married a woman who has two adolescent daughters. These children will adjust best if Jesse establishes all of the following types of discipline, except: A.consistent. B.supportive. C.controlling. D.authoritative. 2) Which of the following individuals is most […]

1) Which of the following individuals would be considered to be in an identity diffusion state? A.Alexandra, who has not made firm commitments and is not currently trying to make them B.Denise, who has made identity commitments without needing a […]

1) In recent years, studies of adolescents’ consumer behavior have noted the strong influence teens have over one another when it comes to spending money. Advertisers have taken advantage of Internet sites such as YouTube, MySpace, and Facebook to utilize […]

1) Compared to when adults are interrogated by the police, juveniles are: A.more likely to understand their rights. B.less likely to confess to a crime than remain silent. C.more likely to discuss disagreements with their attorney. D.None of the above […]

1) Which of the following brain systems is responsible for processing emotions, social information, and rewards? A.functional connectivity system B.response inhibition system C.limbic system D.prefrontal cortex system 2) Graduated driver-licensing programs were designed to: A.place restrictions on when teenagers can […]

1) The largest asset on the typical securities firms’ balance sheet in 2012 was A.securities purchased under agreements to resell. B.long positions in securities and commodities. C.reverse repurchase agreements. D.repurchase agreements. E.cash. 2) For a nine-month maturity bucket, the bank […]

1) After conducting a rate-sensitive analysis, a bank finds itself with the following amounts of rate-sensitive assets and liabilities (RSAs and RSL) and fixed-rate assets and liabilities (FRAs and FRLs); the rate of return and cost rates on the accounts […]