Archives: Quiz
Business Development Chapter 3 Determine whether a producer has an absolute advantage
CUSTOM ID: 122.03.2 – MC – MANK08 123. Refer to Table 3-27. Assume that Huang and Min each has 36 labor hours available. Originally, each person divided his/her time equally between the production of parasols and plates. Now, each person […]
Accounting Chapter 10 As a result of learning curve
Copyright © 2015 Pearson Education Objective 10.6 1) Which of the following is a nonlinear cost function? A) increase in revenues with increase in sales in units B) total fixed cost of $25,000 C) variable cost of $5 per unit […]
Business Development Chapter 3 Spain Has Comparative Advantage The Production Both
TOPICS: Production possibilities model Opportunity cost KEYWORDS: BLOOM’S: Application CUSTOM ID: 062.03.2 – MC – MANK08 63. Refer to Table 3-21. Jamaica has an absolute advantage in the production of a. coolers and Norway has an absolute advantage in the […]
Accounting Chapter 10 What is the estimated cost function for the above data?
Copyright © 2015 Pearson Education 15) Regression analysis ________. A) calculates the slope coefficient using only two observed values within the relevant range and their respective costs B) measures the average amount of change in the dependent variable associated with […]
Business Development Chapter 3 Suppose That The Country Xenophobia Chose
1. Assume for the United States that the opportunity cost of each airplane is 50 cars. Which of these pairs of points could be on the United States’ production possibilities frontier? a. (200 airplanes, 5,000 cars) and (150 airplanes, 4,000 […]
Accounting Chapter 10 Auric Company The Simple Regression Method The
Copyright © 2015 Pearson Education Cost Accounting, 15e Global Edition (Horngren/Datar/Rajan) Chapter 10 Determining How Costs Behave Objective 10.1 1) A cost function is a ________. A) process of calculating present value of projected cash flows B) process of allocating […]
Business Development Chapter 3 If Maxine and Daisy each divides her time equally
d. 5 sweaters and 7 jackets ANSWER: a DIFFICULTY: Challenging LEARNING OBJECTIVES: ECON.MANK.163 – Given a graph of a production possibilities frontier, identify a bundle as inefficient, efficient, feasible, or infeasible. TOPICS: Production possibilities model KEYWORDS: BLOOM’S: Analysis CUSTOM ID: […]
Accounting Chapter 9 Practical capacity rather than master-budget
Copyright © 2015 Pearson Education 11) Using ________ as the denominator level also gives the manager a more accurate idea of the resources needed and used to produce a unit by excluding the cost of unused capacity. A) practical capacity […]
Business Development Chapter 3 The Production Possibilities
Labor Hours Needed to Make 1 Quantity Produced in 36 Hours Mittens Hats Mittens Hats Max 2 6 18 6 Min 2 4 18 9 51. Refer to Table 3-11. Assume that Max and Min each has 36 labor hours […]
Accounting Chapter 9 But The Demand Unlikely Affected Future And will
Copyright © 2015 Pearson Education 4) Throughput contribution equals ________. A) variable costs minus fixed costs B) revenues minus all direct labor costs C) revenues minus all direct material cost of goods sold D) revenues minus manufacturing overhead Answer: C […]
Business Development Chapter 3 Given Graph Production Possibilities Frontier
1. Which of the following is not a reason people choose to depend on others for goods and services? a. to improve their lives b. to allow them to enjoy a greater variety of goods and services c. to consume […]
Accounting Chapter 9 The 10000 Units Inventory Being Assigned Fixed
Copyright © 2015 Pearson Education 35) At the end of the accounting period, Armstrong Corporation reports operating income of $30,000. Which of the following statements is true, if Armstrong’s inventory levels decrease during the accounting period? A) Variable costing will […]
Business Development Chapter 3 When an economist points out that you and
1. People who provide you with goods and services a. are acting out of generosity. b. do so because they get something in return. c. have chosen not to become interdependent. d. are required to do so by the government. […]
Accounting Chapter 9 Application Knowledge 10 What The Operating Income Using
Copyright © 2015 Pearson Education Cost Accounting, 15e Global Edition (Horngren/Datar/Rajan) Chapter 9 Inventory Costing and Capacity Analysis Objective 9.1 1) Which of the following costs is inventoried when using variable costing? A) rent on factory building B) electricity consumed […]
Business Development Chapter 3 Ellie And Brendan Both Produce Apple
True / False 1. In most countries today, many goods and services consumed are imported from abroad, and many goods and services produced are exported to foreign customers. a. True b. False ANSWER: True DIFFICULTY: Easy LEARNING OBJECTIVES: ECON.MANK.089 – […]
Accounting Chapter 8 At the end of the fiscal year, the fixed overhead
Copyright © 2015 Pearson Education Objective 8.5 1) Which of the following statements is true of variable overhead costs? A) Variable overhead costs always have unused capacity. B) Variable overhead costs have no production-volume variance. C) Variable overhead costs have […]
Business Development Chapter 2 The Following Positive Normative Statement
Subjective Short Answer 1. Like biologists and physicists, economists use the dispassionate development and testing of how the world works known as the ANSWER: scientific method. DIFFICULTY: Easy LEARNING OBJECTIVES: ECON.MANK.024 – Classify the different functions an economist may serve. […]
Accounting Chapter 8 Pearson Education14 What The Amount Fixed Overhead
Copyright © 2015 Pearson Education 35) The variable overhead efficiency variance is computed ________ and interpreted ________ the direct- cost efficiency variance. A) the same as; the same as B) the same as; differently than C) differently than; the same […]
Business Development Chapter 2 Change The Price Restaurant Meal Change
TOPICS: Demand Supply and demand KEYWORDS: BLOOM’S: Application CUSTOM ID: 040.02.5 – MC – MANK08 41. The slope of a line is equal to a. the change in the value of x divided by the change in the value of […]
Accounting Chapter 8 The planning of fixed overhead costs differs from
Copyright © 2015 Pearson Education Cost Accounting, 15e Global Edition (Horngren/Datar/Rajan) Chapter 8 Flexible Budgets, Overhead Cost Variances, and Management Control Objective 8.1 1) Compared to variable overhead costs planning, fixed overhead costs planning have an additional strategic issue of […]
Business Development Chapter 2 Apply Basic Economic Principles Individual
1. Which of the following is not correct? a. When developing economic theories, graphs offer a way to visually express ideas that might be less clear if described with equations or words. b. Graphs are one way of expressing the […]
Accounting Chapter 7 What is the standard cost allowed for all units
Copyright © 2015 Pearson Education 44) Madzinga’s Draperies manufactures curtains. A certain window requires the following: Direct materials standard 10 square yards at $5 per yard Direct manufacturing labor standard 5 hours at $10 During the second quarter, the company […]
Accounting Chapter 7 Industries Inc Aii Developed Standard Costs For
Copyright © 2015 Pearson Education 8) The actual information pertains to the third quarter. As part of the budgeting process, the Duck Decoy Department of Paralith Incorporated had developed the following static budget for the third quarter. Duck Decoy is […]
Business Development Chapter 2 One economist believes the North American
1. “If all economists were laid end to end, they would not reach a conclusion.” Who made this whimsical observation? a. Harry Truman b. George Bernard Shaw c. John Maynard Keynes d. Ronald Reagan ANSWER: b DIFFICULTY: Easy LEARNING OBJECTIVES: […]
Accounting Chapter 7 The company sells items for $21 each
Copyright © 2015 Pearson Education Cost Accounting, 15e Global Edition (Horngren/Datar/Rajan) Chapter 7 Flexible Budgets, Direct-Cost Variances, and Management Control Objective 7.1 1) A master budget is ________. A) a budget which starts from a zero base B) developed for […]
Business Development Chapter 2 Duty Economists The Department
normative. TOPICS: Economic thinking KEYWORDS: BLOOM’S: Application CUSTOM ID: 039.02.2 – MC – MANK08 40. Which of the following is an example of a normative, as opposed to positive, statement? a. Gasoline prices ought to be lower than they are […]
Accounting Chapter 6 Analytical Thinking answer The Following
Copyright © 2015 Pearson Education 27) Steve Corporation is using the kaizen approach to budgeting for 2015. The budgeted income statement for January 2015 is as follows: Sales (240,000 units) $360,000 Less: Cost of goods sold 240,000 Gross margin 120,000 […]
Business Development Chapter 2 Contrast When Economist Acts Policy
1. When economists are trying to explain the world, they are a. scientists. b. policy advisers. c. in the realm of microeconomics rather than macroeconomics. d. in the realm of normative economics rather than positive economics. ANSWER: a DIFFICULTY: Easy […]
Accounting Chapter 6 Performance Reports For Responsibility Centers
Copyright © 2015 Pearson Education 7) What is budgeted cost of goods sold for 2016? A) $720,000 B) $582,400 C) $691,200 D) $640,000 Answer: B Explanation: B) Cost of goods sold in 2015 per unit: $640,000/160,000 units = $4 per […]
Business Development Chapter 2 Given no further information, which of the
DIFFICULTY: Moderate LEARNING OBJECTIVES: ECON.MANK.162 – Given a graph of a production possibilities frontier, determine the opportunity cost for producing each commodity. TOPICS: Production possibilities model Opportunity cost KEYWORDS: BLOOM’S: Analysis CUSTOM ID: 237.02.1 – MC – MANK08 238. Refer […]
Accounting Chapter 6 The Production Cost Budget Identifies
Copyright © 2015 Pearson Education 38) Tiger Pride produces two product lines: T-shirts and Sweatshirts. Product profitability is analyzed as follows: T-SHIRTS SWEATSHIRTS Production and sales volume 60,000 units 35,000 units Selling price $16.00 $29.00 Direct material $ 2.00 $ […]
Business Development Chapter 2 Possible Points And But Efficient Only
LEARNING OBJECTIVES: ECON.MANK.162 – Given a graph of a production possibilities frontier, determine the opportunity cost for producing each commodity. TOPICS: Production possibilities model Opportunity cost KEYWORDS: BLOOM’S: Application CUSTOM ID: 201.02.1 – MC – MANK08 202. Refer to Figure […]
Accounting Chapter 6 When Administered Wisely Budgets Promote
Copyright © 2015 Pearson Education Cost Accounting, 15e Global Edition (Horngren/Datar/Rajan) Chapter 6 Master Budget and Responsibility Accounting Objective 6.1 1) Which of the following is true of a budget? A) Budgets are used to express only the operational plans […]
Business Development Chapter 2 It is possible for an economy to increase its
TOPICS: Production possibilities model Efficiency KEYWORDS: BLOOM’S: Comprehension CUSTOM ID: 138.02.1 – MC – MANK08 139. Efficiency is illustrated by a. both the production possibilities frontier and the circular-flow diagram. b. neither the production possibilities frontier nor the circular-flow diagram. […]
Accounting Chapter 5 Because Vast Majority Their Cost structure Composed
Copyright © 2015 Pearson Education 4) Which of the following statements is true of costing systems? A) Single-indirect cost pool systems always result in overcosting of products. B) Single-indirect cost pool systems classify some direct costs as indirect costs. C) […]
Accounting Chapter 5 System For Each Style Faucet1 Compute
41 14) ABC system is likely to provide high benefits to a company whose products that the company is well- suited to make and show small profits. Answer: TRUE Diff: 1 Objective: 6 AACSB: Analytical thinking 15) Implementing ABC system […]
Accounting Chapter 5 Nichols Management Considering Implement System Because
Copyright © 2015 Pearson Education 11) According to an ABC system, S5 uses a disproportionately ________. A) smaller amount of unit-level costs B) larger amount of unit-level costs C) smaller amount of batch-level costs D) larger amount of batch-level costs […]
Business Development Chapter 2 Classify The Different Functions Economist
1. John Maynard Keynes referred to economics as an easy subject, a. at which very few excel. b. but not as easy as philosophy or the pure sciences. c. which very few can enjoy. d. which deals primarily with common […]
Accounting Chapter 5 Alpha is using a single cost pool to allocate
Copyright © 2015 Pearson Education Cost Accounting, 15e Global Edition (Horngren/Datar/Rajan) Chapter 5 Activity-Based Costing and Activity-Based Management Objective 5.1 1) Which of the following statements is true of a peanut-butter costing system? A) A peanut-butter costing system typically has […]
Accounting Chapter 4 Schulz Corporation applies overhead based upon
Copyright © 2015 Pearson Education 23) Moira Company has just finished its first year of operations and must decide which method to use for adjusting cost of goods sold. Because the company used a budgeted indirect-cost rate for its manufacturing […]
Accounting Chapter 4 The budgeted manufacturing overheads for the
Copyright © 2015 Pearson Education 45) Job-cost records for Boucher Company contained the following data: Total Cost Date Date Date of Job Job No. Started Finished Sold at June 30 220 May 18 June 12 June 20 $6,000 221 May […]
Accounting Chapter 4 Work in process Account Allocated Manufacturing Overhead Completed Goods
Copyright © 2015 Pearson Education Answer the following questions using the information below: Comfort Manufacturing is a small textile manufacturer using machine-hours as the single indirect-cost rate to allocate manufacturing overhead costs to the various jobs contracted during the year. […]
Accounting Chapter 4 Assigning direct costs to a cost object is called
Copyright © 2015 Pearson Education Cost Accounting, 15e Global Edition (Horngren/Datar/Rajan) Chapter 4 Job Costing Objective 4.1 1) Job costing information is used ________. A) to determine target customers B) to calculate the percentage of completion C) for internal financial […]
Accounting Chapter 3 Product Stella Faces Tax Rate 30 Stella desires
Copyright © 2015 Pearson Education 18) Karen Hefner, a florist, operates retail stores in several shopping malls. The average selling price of an arrangement is $30 and the average cost of each sale is $18. A new mall is opening […]
Accounting Chapter 3 The Variable costs Line Probably Turns Upward Increasing
Copyright © 2015 Pearson Education Objective 3.6 Answer the following questions using the information below: Southwestern College is planning to hold a fund raising banquet at one of the local country clubs. It has two options for the banquet: OPTION […]
Accounting Chapter 3 Some Decisions Might Not Result Large Operating Income
Copyright © 2015 Pearson Education 31) How many dresses are sold when operating income is zero? A) 225 dresses B) 150 dresses C) 100 dresses D) 90 dresses Answer: B Explanation: B) $1,000N – $400N – $90,000 = 0; $600N […]
Accounting Chapter 3 Plumbing Reported The Following revenues variable
Copyright © 2015 Pearson Education Cost Accounting, 15e Global Edition (Horngren/Datar/Rajan) Chapter 3 Cost-Volume-Profit Analysis Objective 3.1 1) Managers use cost-volume-profit (CVP) analysis to ________. A) forecast the cost of capital for a given period of time B) to study […]
Accounting Chapter 2 Analytical Thinking Product Costs
Copyright © 2015 Pearson Education 21) What is the gross margin for 2015? A) $163,000 B) $177,000 C) $170,000 D) $167,000 Answer: D Explanation: D) $450,000 − $283,000 = $167,000 Diff: 2 Objective: 6 AACSB: Application of knowledge 22) What […]
Accounting Chapter 2 What The Amount Direct Materials Used During
Copyright © 2015 Pearson Education 66) What are the three types of manufacturing cost? Answer: Direct materials costs are the acquisition costs of all materials that eventually become part of the cost object (work in process and then finished goods) […]
Accounting Chapter 2 Thinking Finished Goods
Copyright © 2015 Pearson Education 7) Grip Manufacturing currently produces 1,000 tires per month. The following per unit data for 1,000 tires apply for sales to regular customers: Direct materials $30 Direct manufacturing labor 5 Variable manufacturing overhead 8 Fixed […]