Archives: Quiz
Business Development Chapter 6 Given a scenario, determine if it is an example of
Price floors KEYWORDS: BLOOM’S: Comprehension CUSTOM ID: 066.06.1 – MC – MANK08 67. If a binding price floor is imposed on the video game market, then a. the quantity of video games demanded will decrease. b. the quantity of video […]
Accounting Chapter 18 Line Operators And Other Plant Personnel Generally
Copyright © 2015 Pearson Education Cost Accounting, 15e Global Edition (Horngren/Datar/Rajan) Chapter 18 Spoilage, Rework, and Scrap Objective 18.1 1) Spoilage refers to ________. A) units of production that do not meet the specifications required by customers but that are […]
Business Development Chapter 6 Analyze The Effects Price Controls
Rent control KEYWORDS: BLOOM’S: Comprehension CUSTOM ID: 177.06.1 – MC – MANK08 178. One economist has argued that rent control is “the best way to destroy a city, other than bombing.” Why would an economist say this? a. He fears […]
Accounting Chapter 17 Materials Variances direct Materials Control Work Process At
Copyright © 2015 Pearson Education 55 Answer: Production Cost Worksheet Finishing Department Weighted-Average Method Flow of production Physical Units Conversion Trans-In Work in process, beginning 4,000 Transferred in during period 16,000 To account for 20,000 Units transferred out 18,000 18,000 […]
Business Development Chapter 6 FICA is an example of a payroll tax
CUSTOM ID: 130.06 – TF – MANK08 131. Buyers and sellers always share the burden of a tax equally. a. True b. False ANSWER: False DIFFICULTY: Moderate LEARNING OBJECTIVES: ECON.MANK.025 – Compare the distribution of the tax burden among buyers […]
Accounting Chapter 17 These Costs Are Incurred Transferring Raw Materials
41 59) Pet Products Company uses an automated process to manufacture its pet replica products. For June, the company had the following activities: Beginning work in process inventory 4,500 items, 1/4 complete Units placed in production 15,000 units Units completed […]
Business Development Chapter 6 Most economists are in favor of price controls as
LEARNING OBJECTIVES: ECON.MANK.005 – Analyze the effects of price controls on market outcomes. TOPICS: Supply and demand Minimum wage KEYWORDS: BLOOM’S: Comprehension CUSTOM ID: 083.06 – TF – MANK08 84. A binding minimum wage may not help all workers, but […]
Accounting Chapter 17 February 73000 Chairs Units Started Inproduction
Copyright © 2015 Pearson Education 4) What is the total equivalent units in ending inventory for assignment of direct materials cost? A) 25 units B) 50 units C) 150 units D) 200 units Answer: D Explanation: D) As direct materials […]
Business Development Chapter 6 A price ceiling set above the equilibrium price is not binding
True / False 1. Economic policies often have effects that their architects did not intend or anticipate. a. True b. False ANSWER: True DIFFICULTY: Easy LEARNING OBJECTIVES: ECON.MANK.042 – Contrast when an economist acts as a policy adviser and when […]
Accounting Chapter 17 Finishing Department During Marcha 1000 Units 1200
Copyright © 2015 Pearson Education Cost Accounting, 15e Global Edition (Horngren/Datar/Rajan) Chapter 17 Process Costing Objective 17.1 1) Costing systems that are used for the costing of like or similar units of products in mass production are called ________. A) […]
Business Development Chapter 5 Given Data Demand For Two
Subjective Short Answer 1. The measure of how willing consumers are to buy less of a good as its price rises is called ANSWER: price elasticity of demand. DIFFICULTY: Easy LEARNING OBJECTIVES: ECON.MANK.091 – Evaluate various demand elasticities. TOPICS: Elasticity […]
Accounting Chapter 16 Measures Methods of These Methods The
Copyright © 2015 Pearson Education 70) Berkel Company processes sugar cane into three products. During May, the joint costs of processing were $600,000. Production and sales value information for the month were as follows: Product Units Produced Sales Value at […]
Business Development Chapter 5 Suppose That When The Price Good
as either normal or inferior. TOPICS: Elasticity Income elasticity of demand KEYWORDS: BLOOM’S: Application CUSTOM ID: 291.05.1 – MC – MANK08 292. Assume that a 4 percent decrease in income results in a 6 percent increase in the quantity demanded […]
Accounting Chapter 16 Method Allocate The Joint Costs Ofproduction
Copyright © 2015 Pearson Education 28) What is the estimated net realizable value of the skim goat ice cream at the splitoff point? A) $271,000 B) $287,400 C) $672,000 D) $712,600 Answer: A Explanation: A) Xyla Ice Cream Total Sales […]
Business Development Chapter 5 Given data on the price elasticity of demand
250. Refer to Figure 5-11. If price increases from $10 to $20, total revenue will a. increase by $120, so demand must be inelastic in this price range. b. increase by $320, so demand must be inelastic in this price […]
Accounting Chapter 16 The Costs Will Reimbursed Under Contracts Using
Copyright © 2015 Pearson Education Cost Accounting, 15e Global Edition (Horngren/Datar/Rajan) Chapter 16 Cost Allocation: Joint Products and Byproducts Objective 16.1 1) What type of cost is the result of an event that results in more than one product or […]
Business Development Chapter 5 Evaluate Various Demand Elasticities topics elasticity price Elasticity
b. decrease total revenue of textbook sellers. c. not change total revenue of textbook sellers. d. There is not enough information to answer this question. ANSWER: a DIFFICULTY: Moderate LEARNING OBJECTIVES: ECON.MANK.272 – Given data on the price elasticity of […]
Accounting Chapter 15 Cost Operating Facility Department Activity
Copyright © 2015 Pearson Education Objective 15.4 1) A cost of operating a facility, department, activity area, or like cost object that is shared by two or more users is called a ________. A) combined cost B) distinct cost C) […]
Business Development Chapter 5 Demand Unit Elastic And Decrease Price Causes
KEYWORDS: BLOOM’S: Application CUSTOM ID: 130.05.1 – MC – MANK08 131. In the case of perfectly inelastic demand, a. the change in quantity demanded equals the change in price. b. the percentage change in quantity demanded equals the percentage change […]
Accounting Chapter 15 The reciprocal allocation method
Copyright © 2015 Pearson Education 5) Under which allocation method are one-way reciprocal support services recognized? A) direct method B) artificial cost method C) reciprocal method D) step-down method Answer: D Diff: 1 Objective: 3 AACSB: Analytical thinking 6) The […]
Business Development Chapter 5 Using the midpoint approach to calculate the
67. When the price of a good is $5, the quantity demanded is 120 units per month; when the price is $7, the quantity demanded is 100 units per month. Using the midpoint method, the price elasticity of demand is […]
Accounting Chapter 15 Division Each Month For The Flashlight Division
Copyright © 2015 Pearson Education Cost Accounting, 15e Global Edition (Horngren/Datar/Rajan) Chapter 15 Allocation of Support-Department Costs, Common Costs, and Revenues Objective 15.1 1) The method that allocates costs in each cost pool using the same rate per unit is […]
Business Development Chapter 5 Determine Whether Good More Elastic
1. The price elasticity of demand measures how much a. quantity demanded responds to a change in price. b. quantity demanded responds to a change in income. c. price responds to a change in demand. d. demand responds to a […]
Accounting Chapter 14 The Sales Quantity Variance The Difference Between
Copyright © 2015 Pearson Education Answer the following questions using the information below: The Corata Appliance Manufacturing Corporation manufactures two vacuum cleaners, the Standard and the Super. The following information was gathered about the two products: Standard Super Budgeted sales […]
Business Development Chapter 5 Determine whether a good is more elastic
True / False 1. Measures of elasticity enhance our ability to study the magnitudes of changes in quantities in response to changes in prices or income. a. True b. False ANSWER: True DIFFICULTY: Easy LEARNING OBJECTIVES: ECON.MANK.091 – Evaluate various […]
Accounting Chapter 14 Companies that want to calculate the full cost of
Copyright © 2015 Pearson Education 8) Homogeneous cost pool leads to ________. A) more accurate costs of a given cost object B) more resources being assigned to that cost object C) the need for more cost drivers D) the need […]
Business Development Chapter 4 What Are The Values The
Subjective Short Answer 1. A group of buyers and sellers of a particular good or service is called a ANSWER: market. DIFFICULTY: Easy LEARNING OBJECTIVES: ECON.MANK.092 – Examine firms in competitive markets. TOPICS: Supply and demand KEYWORDS: BLOOM’S: Knowledge CUSTOM […]
Accounting Chapter 14 Price discounts are influenced by
Copyright © 2015 Pearson Education Cost Accounting, 15e Global Edition (Horngren/Datar/Rajan) Chapter 14 Cost Allocation, Customer-Profitability Analysis, and Sales-Variance Analysis Objective 14.1 1) Costs which are NOT economically feasible to trace but which are related to a cost object are […]
Business Development Chapter 4 Which of these statements does not apply to market
1. In any economic system, scarce resources have to be allocated among competing uses. Market economies harness the forces of a. government to allocate scarce resources. b. supply and demand to allocate scarce resources. c. credit cards to allocate scarce […]
Accounting Chapter 13 Customer service expenses average
Copyright © 2015 Pearson Education 19) Life-cycle budgeting estimates the costs and revenues attributed to a product from its initial R&D through production of a prototype product. Answer: FALSE Explanation: Life-cycle budgeting estimates the costs and revenues attributed to a […]
Business Development Chapter 4 We could expect the current demand for
DIFFICULTY: Moderate LEARNING OBJECTIVES: ECON.MANK.306 – Indicate the effect of a change in a demand determinant on the demand curve for a good. TOPICS: Demand Supply and demand KEYWORDS: BLOOM’S: Application CUSTOM ID: 120.04.2 – MC – MANK08 121. When […]
Accounting Chapter 13 A company uses a markup percentage that estimates a product
Copyright © 2015 Pearson Education 5) Samuels Company is considering pricing its 10,000-gallon petroleum tanks using either variable manufacturing or full product costs as the base. The variable cost base provides a prospective price of $6,000 and the full cost […]
Business Development Chapter 4 Given Scenario Determine That Scenario
DIFFICULTY: Moderate LEARNING OBJECTIVES: ECON.MANK.076 – Determine the market demand curve for a good by summing two or more individual demand curves. TOPICS: Demand Supply and demand KEYWORDS: BLOOM’S: Application CUSTOM ID: 060.04.2 – MC – MANK08 61. Refer to […]
Accounting Chapter 13 What The Change Operating Income For The
Copyright © 2015 Pearson Education 4) Relevant costs for target pricing are ________. A) variable manufacturing costs B) variable manufacturing and variable nonmanufacturing costs C) all fixed costs D) all future costs, both variable and fixed Answer: D Diff: 2 […]
Business Development Chapter 4 The Quantity Demanded Good The Amount That
1. The quantity demanded of a good is the amount that buyers are a. willing to purchase. b. willing and able to purchase. c. willing, able, and need to purchase. d. able to purchase. ANSWER: b DIFFICULTY: Easy LEARNING OBJECTIVES: […]
Accounting Chapter 13 For a company operating in a perfectly competitive market
Copyright © 2015 Pearson Education Cost Accounting, 15e Global Edition (Horngren/Datar/Rajan) Chapter 13 Pricing Decisions and Cost Management Objective 13.1 1) Companies should only produce and sell units as long as ________. A) there is customer demand for the product […]
Business Development Chapter 4 In a competitive market, the price of a product
1. Which of the following statements is correct? a. Buyers determine supply, and sellers determine demand. b. Buyers determine demand, and sellers determine supply. c. Buyers determine both demand and supply. d. Sellers determine both demand and supply. ANSWER: b […]
Accounting Chapter 12 In this case, the increase in operating income from
Copyright © 2015 Pearson Education 52) Following a strategy of product differentiation, Sting Corporation makes a high-end computer monitor, CM7. Sting Corporation presents the following data for the years 2012 and 2013: 2012 2013 Units of CM7 produced and sold […]
Business Development Chapter 4 If a company making frozen orange juice expects
b. False ANSWER: True DIFFICULTY: Easy LEARNING OBJECTIVES: ECON.MANK.208 – Given a scenario, determine if that scenario will cause a movement along or a shift of a good’s supply curve. TOPICS: Supply Supply and demand KEYWORDS: BLOOM’S: Knowledge CUSTOM ID: […]
Accounting Chapter 12 Management accountants compare actual and budgeted operating
Copyright © 2015 Pearson Education 11) Successful implementation of a product differentiation strategy will result in ________. A) a large favorable growth and price-recovery components B) a large favorable price-recovery and productivity components C) a large favorable productivity and growth […]
Business Development Chapter 4 The law of demand states that, other things equal
True / False 1. Prices allocate a market economy’s scarce resources. a. True b. False ANSWER: True DIFFICULTY: Easy LEARNING OBJECTIVES: ECON.MANK.110 – Explain how prices allocate resources. TOPICS: Economic thinking Economic systems KEYWORDS: BLOOM’S: Knowledge CUSTOM ID: 001.04 – […]
Accounting Chapter 12 External Auditors Should Design And Implement The
Copyright © 2015 Pearson Education Cost Accounting, 15e Global Edition (Horngren/Datar/Rajan) Chapter 12 Strategy, Balanced Scorecard, and Strategic Profitability Analysis Objective 12.1 1) Which of the following statements best define strategy? A) It describes how an organization can create value […]
Business Development Chapter 3 What is Catherine’s opportunity cost of producing ice
Subjective Short Answer 1. Suppose that Venezuela produces beef and oil and it can switch production between each at a constant rate. If the most beef it can produce is 300 million pounds and the most oil it can produce […]
Accounting Chapter 11 Sunk Costs Include A The Accumulated Depreciation
Copyright © 2015 Pearson Education 8) Camera Corner is considering eliminating Model AE2 from its camera line because of losses over the past quarter. The past three months of information for Model AE2 are summarized below: Sales (1,000 units) $300,000 […]
Business Development Chapter 3 All The Above Are Examples The Principle
1. Which of the following is not an example of the principle that trade can make everyone better off? a. Americans buy tube socks from China. b. Residents of Maine drink orange juice from Florida. c. A homeowner hires the […]
Accounting Chapter 11 Company Has Offered Sell Lewis Auto Company
Copyright © 2015 Pearson Education 44) Kirkland Company manufactures a part for use in its production of hats. When 10,000 items are produced, the costs per unit are: Direct materials $0.60 Direct manufacturing labor 3.00 Variable manufacturing overhead 1.20 Fixed […]
Business Development Chapter 3 Cropitia’s opportunity cost of producing a pound
d. an absolute advantage in the production of both meat and potatoes. ANSWER: c DIFFICULTY: Challenging LEARNING OBJECTIVES: ECON.MANK.082 – Determine whether a producer has an absolute advantage, a comparative advantage, or both, by comparing two producers’ production advantages. TOPICS: […]
Accounting Chapter 11 Which costs are relevant for making the decision
Copyright © 2015 Pearson Education 62) For one-time-only special orders, fixed costs may be relevant but NOT variable costs. Answer: FALSE Explanation: For one-time-only special orders, variable costs may be relevant but not fixed costs. Diff: 1 Objective: 2 AACSB: […]
Business Development Chapter 3 relative to the rancher, the farmer has
178. Refer to Figure 3-18. The opportunity cost of 1 bowl for Bintu is a. 1/4 cup. b. 1/2 cup. c. 2 cups. d. 4 cups. ANSWER: d DIFFICULTY: Moderate LEARNING OBJECTIVES: ECON.MANK.278 – Given information on production possibilities, determine […]
Accounting Chapter 11 What The Contribution Margin Per
Copyright © 2015 Pearson Education Cost Accounting, 15e Global Edition (Horngren/Datar/Rajan) Chapter 11 Decision Making and Relevant Information Objective 11.1 1) A decision model involves a(n) ________. A) informal method of making a choice at the lower level management using […]