Archives: Quiz
Chapter 6 Merchandise sold FOB shipping point on December 31 was picked
Chapter 6 – Inventories 4. LIFO periodic: Ending inventory: 500 @ $25.00 = $12,500.00 275 @ $24.00 = 6,600.00 Ending inventory $19,100.00 Cost of goods sold: Total goods available $56,412.50 Less ending inventory 19,100.00 Cost of goods sold $37,312.50 Gross […]
Chapter 6 A business using the retail method of inventory costing determines
Chapter 6 – Inventories DIFFICULTY: Challenging Bloom’s: Applying LEARNING OBJECTIVES: FNMN.WARD.17.06-APP – LO: 06-APP ACCREDITING STANDARDS: ACCT.ACBSP.APC.17 – Inventories Reporting ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic 154. A business using the retail method of inventory costing determines that inventory at retail […]
Chapter 6 If a company values inventory at the lower of cost or market
Chapter 6 – Inventories 122. If a company values inventory at the lower of cost or market, which of the following is the value of inventory on the balance sheet? Apply the lower-of-cost-or-market method to inventory as a whole. Item […]
Chapter 6 What is the amount of cost of goods sold for the year
Chapter 6 – Inventories DIFFICULTY: Moderate Bloom’s: Applying LEARNING OBJECTIVES: FNMN.WARD.17.06-03 – LO: 06–03 ACCREDITING STANDARDS: ACCT.ACBSP.APC.17 – Inventories Reporting ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic 70. Assuming that the company uses the perpetual inventory system, determine the ending inventory value […]
Chapter 6 One of the two internal control procedures over inventory
Chapter 6 – Inventories 1. One of the two internal control procedures over inventory is to properly report inventory on the financial statements. a. True b. False ANSWER: True DIFFICULTY: Easy Bloom’s: Remembering LEARNING OBJECTIVES: FNMN.WARD.17.06-01 – LO: 06–01 ACCREDITING […]
Chapter 5 Calculate the gross profit for Jonas Company based
Chapter 5 – Accounting for Merchandising Businesses 200. Calculate the gross profit for Jonas Company based on the following data: Sales $764,000 Selling expenses 52,500 Cost of goods sold 538,000 ANSWER: Sales, $764,000 – Cost of goods sold, $538,000 = […]
Chapter 5 Journalize the entries for the seller and the buyer
Chapter 5 – Accounting for Merchandising Businesses ANSWER: (a) Accounts Receivable 4,116 Sales 4,116 Cost of Goods Sold 2,300 Inventory 2,300 (b) Delivery Expense 85 Cash 85 (c) Sales 735 Accounts Receivable 735 Inventory 425 Cost of Goods Sold 425 […]
Chapter 5 Abbey Co. sold merchandise to Gomez Co. on account
Chapter 5 – Accounting for Merchandising Businesses 133. Abbey Co. sold merchandise to Gomez Co. on account, $35,000, terms 2/15, net 45. The cost of the goods sold was $24,500. Abbey Co. issued a credit memo for $3,600 for merchandise […]
Chapter 5 The Selling Price The Merchandise 6000 And
Chapter 5 – Accounting for Merchandising Businesses 75. The inventory system employing accounting records that continuously disclose the amount of inventory is called a. retail b. periodic c. physical d. perpetual ANSWER: d DIFFICULTY: Bloom’s: Remembering Easy LEARNING OBJECTIVES: FNMN.WARD.17.05-02 […]
Chapter 5 The most important differences between a service business
Chapter 5 – Accounting for Merchandising Businesses 1. The most important differences between a service business and a retail business are reflected in their operating cycles and financial statements. a. True b. False ANSWER: True DIFFICULTY: Easy Bloom’s: Remembering LEARNING […]
Chapter 4 Closing entries are journalized and posted to the ledger
Chapter 4 – Completing the Accounting Cycle ANSWER: Journal Date Description Post. Ref. Debit Credit Dec. 31 Fees Earned 59,500 Income Summary 59,500 31 Income Summary 29,500 Wages Expense 19,000 Rent Expense 7,000 Depreciation Expense 3,500 31 Income Summary 30,000 […]
Chapter 4 Indicate whether each of the following would be reported
Chapter 4 – Completing the Accounting Cycle 170. Indicate whether each of the following would be reported in the financial statements as a (a) current asset, (b) property, plant, and equipment, (c) current liability, (d) revenue, or (e) expense: (1) […]
Chapter 4 The Balances For The Accounts Listed
Chapter 4 – Completing the Accounting Cycle DIFFICULTY: Moderate Bloom’s: Remembering LEARNING OBJECTIVES: FNMN.WARD.17.04-04 – LO: 04–04 ACCREDITING STANDARDS: ACCT.ACBSP.APC.05 – Accounting Cycle ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic 126. Of the following steps of the accounting cycle, which step should […]
Chapter 4 The income statement is prepared from
Chapter 4 – Completing the Accounting Cycle 77. Unearned Fees appear on the a. balance sheet in the current assets section b. balance sheet as a current liability c. balance sheet in the stockholders’ equity section d. income statement as […]
Chapter 4 Cross-referencing is useful in assuring that the debits
Chapter 4 – Completing the Accounting Cycle 1. Cross-referencing is useful in assuring that the debits and credits are in balance. a. True b. False ANSWER: False DIFFICULTY: Moderate Bloom’s: Remembering LEARNING OBJECTIVES: FNMN.WARD.17.04-01 – LO: 04–01 ACCREDITING STANDARDS: ACCT.ACBSP.APC.05 […]
Chapter 3 Safe Motorcycling Monthly received a check for $72
Chapter 3 – The Adjusting Process 166. On January 2, Safe Motorcycling Monthly received a check for $72 from a subscriber for a 12-month subscription. The January issue was mailed on January 15. Prepare the necessary entries for the month […]
Chapter 3 Listed Below Are Accounts Use For
Chapter 3 – The Adjusting Process DIFFICULTY: Bloom’s: Remembering Challenging LEARNING OBJECTIVES: FNMN.WARD.17.03-05 – LO: 03–05 ACCREDITING STANDARDS: ACCT.ACBSP.APC.07 – Adjusting Entries ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic 126. The adjusting entry to adjust supplies was omitted at the end of […]
Chapter 3 Which of the following is an example of accrued revenue
Chapter 3 – The Adjusting Process 71. Which of the following is an example of accrued revenue? a. snow removal services that have been paid for three months in advance b. snow removal services that have been provided but have […]
Chapter 3 Even though GAAP requires the accrual basis of accounting
Chapter 3 – The Adjusting Process 1. Even though GAAP requires the accrual basis of accounting, some businesses prefer using the cash basis of accounting. a. True b. False ANSWER: True DIFFICULTY: Moderate Bloom’s: Remembering LEARNING OBJECTIVES: FNMN.WARD.17.03-01 – LO: […]
Chapter 2 The bookkeeper for Brockton Industries prepared
Chapter 2 – Analyzing Transactions ANSWER: Date Description Post. Ref. Debit Credit Jan. 1 Cash 14,000 Common Stock 14,000 2 Cash 9,500 Revenues 9,500 3 Accounts Receivable 4,200 Revenues 4,200 4 Advertising Expense 700 Cash 700 5 Cash 2,500 Accounts […]
Chapter 2 Provide The Journal Entry For This Transaction oct
Chapter 2 – Analyzing Transactions Present your answers in the following form: Account Debited Account Credited Transaction Type Effect Type Effect ANSWER: Account Debited Account Credited Transaction Type Effect Type Effect (1) asset + equity + (2) asset + liability […]
Chapter 2 Verify That The Total The Debit Column
Chapter 2 – Analyzing Transactions DIFFICULTY: Moderate Bloom’s: Remembering LEARNING OBJECTIVES: FNMN.WARD.17.02-02 – LO: 02–02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 – Recording Transactions ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic 135. May 24 Land 105,000 Cash 105,000 Purchased land for business. What effects does […]
Chapter 2 The increases in stockholders’ equity attributable to selling
Chapter 2 – Analyzing Transactions 76. The increases in stockholders’ equity attributable to selling services or products to customers are called a. assets b. liabilities c. revenues d. expenses ANSWER: c DIFFICULTY: Easy Bloom’s: Remembering LEARNING OBJECTIVES: FNMN.WARD.17.02-01 – LO: […]
Chapter 2 Consuming goods and services in the process of generating
Chapter 2 – Analyzing Transactions 1. Accounts are records of increases and decreases in individual accounting equation elements. a. True b. False ANSWER: True DIFFICULTY: Easy Bloom’s: Remembering LEARNING OBJECTIVES: FNMN.WARD.17.02-01 – LO: 02–01 ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 – Purpose ACCT.ACBSP.APC.02 […]
Chapter 1 Bright Futures Company for The Month Ended August
Chapter 1 – Introduction to Accounting and Business ANSWER: Rocky’s Day Spa Balance Sheet December 31 Assets Cash $13,980 Accounts receivable 8,490 Spa supplies 9,230 Computers 2,130 Spa furniture & equipment 56,000 Total assets $89,830 Liabilities Accounts payable $ 4,375 […]
Chapter 1 Match The Following Items The Financial
Chapter 1 – Introduction to Accounting and Business DIFFICULTY: Easy Bloom’s: Applying LEARNING OBJECTIVES: FNMN.WARD.17.01-02 – LO: 01–02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 – GAAP ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic 129. Donner Company is selling a piece of land adjacent to its […]
Chapter 1 Which of the following is not a characteristic of a corporation
Chapter 1 – Introduction to Accounting and Business DIFFICULTY: Moderate Bloom’s: Applying LEARNING OBJECTIVES: FNMN.WARD.17.01-02 – LO: 01–02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 – GAAP ACCT.ACBSP.APC.13 – Long–term Assets Reporting ACCT.AICPA.BB.01 – Industry ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic 71. Select the type […]
Chapter 1 A corporation is a business that is legally separate
Chapter 1 – Introduction to Accounting and Business 1. A corporation is a business that is legally separate and distinct from its owners. a. True b. False ANSWER: True DIFFICULTY: Easy Bloom’s: Remembering LEARNING OBJECTIVES: FNMN.WARD.17.01-01 – LO: 01–01 ACCREDITING […]
Marketing Supplement L Because Costs For Small Shipments Under 500
219. Franchising is typical of the administered vertical marketing system. a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Moderate LEARNING OBJECTIVES: MARK.PRID.16.14.04 – LO: 14–04 NATIONAL STANDARDS: United States – BUSPROG: Reflective Thinking STATE STANDARDS: United States – AK […]
Marketing Supplement L Star Supplies distributes its products in two ways
b. Retailers c. Merchants d. Industrial distributors e. Manufacturers’ agents 172. Scenario 14.2 Use the following to answer the questions. Star Supplies, Inc. manufactures commercial-grade floor cleaners, such as vacuums and floor polishers. The firm has recently begun manufacturing other […]
Marketing Supplement L A commonly used computerized means of integrating
e. Order receipt, order checking, order delivery 117. Walgreen’s drug stores prefer to receive refills of prescriptions through a phone-based system where customers can directly key in the information about the drug. By receiving orders in this manner rather than […]
Marketing Supplement L What Are The Three Primary Tasks
57. A producer is not likely to receive ____ from an industrial distributor. a. selling activities in local markets b. market information about consumers c. aggressive promotion of its brand d. reduced capital requirements e. a reduced financial burden from […]
Marketing Supplement L For Nearly Century courts Have Held That Producers
1. How do marketing channel decisions influence the rest of the marketing mix? 2. What is a marketing intermediary, and what are the activities that marketing intermediaries perform? ANSWER: Marketing intermediaries link producers to other intermediaries or to ultimate consumers […]
Marketing Chapter 20 Glenwood’s objective is to generate more income per customer
112. Scenario 20.2 Use the following to answer the questions. Glenwood Pet Hospital is considering implementing a new pricing strategy for its veterinarian services. After reviewing the previous three years’ revenue, Glenwood finds that most of its customers bring their […]
Marketing Chapter 20 If General Motors determines that it wants to sell
56. If General Motors determines that it wants to sell 200,000 Chevrolet Acadias and sets the price at $29,500 because it knows that at that price it will reach that goal, the firm would be using a ____ pricing method. […]
Marketing Chapter 20 Describe the six steps of the process that marketers
1. Describe the six steps of the process that marketers can use to establish prices. 2. What are some of the objectives a firm might hope to achieve when setting prices? ANSWER: The first step in setting prices is developing […]
Marketing Chapter 19 The Demand For The Companys Products Inelastic
160. Fixed costs vary with the number of units produced or sold. a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Easy LEARNING OBJECTIVES: MARK.PRID.16.19.04 – LO: 19–04 NATIONAL STANDARDS: United States – BUSPROG: Analytic STATE STANDARDS: United States – […]
Marketing Chapter 19 The finished watch department is charged the price it would
suggests that refineries are using which of the following pricing methods? a. Price differentiation b. Base-point pricing c. Freight absorption pricing d. Transfer pricing e. Zone pricing 115. Suppose that the frozen foods division of Swanson purchases food trays and […]
Marketing Chapter 19 At what point does a firm maximize profit
55. At what point does a firm maximize profit? a. The point at which marginal cost equals marginal revenue b. The point at which the firm sells its product at the highest price c. The breakeven point plus the adjusted […]
Marketing Chapter 19 Since Has Signed Up for Online Banking Pays
1. Compare and contrast price and nonprice competition. Give examples of firms that compete on a price basis and on a nonprice basis. 2. What are the implications of a downward-sloping demand curve? ANSWER: Most firms face downward-sloping demand curves […]
Marketing Chapter 18 The missionary salesperson’s primary purpose is to sell
157. The missionary salesperson’s primary purpose is to sell to the producer’s customers. a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Moderate LEARNING OBJECTIVES: MARK.PRID.16.18.03 – LO: 18–03 NATIONAL STANDARDS: United States – BUSPROG: Analytic STATE STANDARDS: United States […]
Marketing Chapter 18 Jafrum Does Not Manufacture These Items But
109. Although Maybelline would like to use ____ as a consumer sales promotion method, this method has extremely high labor costs that are more affordable for higher-end make-up companies such as Clinique and Estée Lauder. a. frequent-user incentives b. demonstrations […]
Marketing Chapter 18 However The Stages The Process Should Sequenced
51. A salesperson should try to close the sale a. at the end of the sales presentation. b. during the preapproach. c. about halfway through the sales presentation. d. after overcoming the biggest objection. e. several times during the sales […]
Marketing Chapter 18 Rebates Are Generally Given More Expensive Products
1. Identify and discuss the general steps in the personal selling process. 2. List the three major types of salespeople and indicate how they differ. ANSWER: The three major types of salespeople are order getters, order takers and support personnel. […]
Marketing Chapter 17 The statement of advertising objectives should include a benchmark
154. The statement of advertising objectives should include a benchmark—such as the current sales level—and indicate how much improvement is sought. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy LEARNING OBJECTIVES: MARK.PRID.16.17.02 – LO: 17–02 NATIONAL STANDARDS: United […]
Marketing Chapter 17 Toyota Will Likely Advertise Its Vehicle The
112. Monroe works for NASCAR where his responsibilities include maintaining favorable relationships between the organization and its stakeholders. Monroe is most likely employed in ________. a. sales. b. advertising. c. human resources. d. public relations. e. digital media marketing. ANSWER: […]
Marketing Chapter 17 Broad Set Communication Activities Used
a. Competitive parity b. Percent of sales c. Arbitrary d. Affordability e. Objective-and-task 55. To determine how much money to spend on advertising, marketers for a new brand of caffeinated energy drink decided that they wanted the advertising to create […]
Marketing Chapter 17 For Example Critics Reviews Films Can Affect the
1. Describe the major types of advertising, and discuss how they differ. 2. What are the important issues to consider when developing advertising objectives? ANSWER: Advertising objectives guide campaign development, and therefore advertisers should define objectives carefully. Advertising objectives should […]
Marketing Chapter 16 The absolute dollar outlay for advertising is usually
167. Advertising is a paid form of nonpersonal communication. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy LEARNING OBJECTIVES: MARK.PRID.16.16.04 – LO: 16–04 NATIONAL STANDARDS: United States – BUSPROG: Communication STATE STANDARDS: United States – AK – DISC: […]
Marketing Chapter 16 Promotion Mix Blend Four Possible Ingredients
d. promotes the product to retailers only. e. will be assured of having an effective promotional mix. 112. If a manufacturer decides to use a push policy to promote its products, it is most likely to focus its efforts on […]