Archives: Quiz
Business Law Chapter 11 Proximate Cause Exists Both The Plaintiff And
Copyright © 2015 Pearson Education, Inc. 51) Which of the following is true about conversion and trespass to personalty? A) Intentionally entering the land of another without permission constitutes conversion. B) A person who takes another’s personal property without permission […]
Business Law Chapter 11 The amount of compensatory damages awarded is sufficient to cover
Copyright © 2015 Pearson Education, Inc. The Legal Environment of Business, 8e (Kubasek) Chapter 11 The Law of Torts 1) Which of the following is true of tort law? A) It is considered a national law. B) It is considered […]
Accounting Chapter 21 The Statement Cash Flows salaries Payable notes
Chapter 21 The Statement of Cash Flows Level of Learning: 3 Hard Learning Objective: 21-03 Learning Objective: 21-08 Topic Area: Cash paid for expenses – Direct method Topic Area: Reconstruct events and transactions Blooms: Apply AACSB: Knowledge application AICPA: FN […]
Business Law Chapter 10 Pattern, Inc. enters into a contract to deliver
Copyright © 2015 Pearson Education, Inc. 51) Blue Scales, Inc. entered into a contract to purchase 20,000 units of raw materials from Scorpio, Inc. If Scorpio fails to deliver on its obligations, which of the following statements is true? A) […]
Accounting Chapter 21 Financing cash outflow Interest received on cash savings
Chapter 21 The Statement of Cash Flows Answer: a Level of Learning: 2 Medium Learning Objective: 21-09 Topic Area: IFRS ‒ Statement of cash flows Blooms: Remember AACSB: Reflective thinking AACSB: Diversity AICPA: FN Measurement AICPA: BB Global 104. Companies […]
Business Law Chapter 10 Congress Pass Legislation Deliberately Targeting Its Existing
Copyright © 2015 Pearson Education, Inc. The Legal Environment of Business, 8e (Kubasek) Chapter 10 The Law of Contracts and Sales – II 1) Which of the following was the standard used by the traditional common law to determine whether […]
Business Law Chapter 9 A liquidated debt exists when there is a dispute
Copyright © 2015 Pearson Education, Inc. 53) Morgan entered into a long-term contract at age 17. In the state in which the contract was executed, the majority age was 18. She is now 19 and would like to disaffirm the […]
Accounting Chapter 21 December 31 2015 And 10000 At December 31
Chapter 21 The Statement of Cash Flows True/False Questions 1. Amounts held in cash equivalent investments must be reported separately from amounts held as cash in the statement of cash flows. Answer: False Level of Learning: 2 Medium Learning Objective: […]
Business Law Chapter 9 The Offer Must Communicated The Party Intended
Copyright © 2015 Pearson Education, Inc. The Legal Environment of Business, 8e (Kubasek) Chapter 9 The Law of Contracts and Sales – I 1) A contract is defined as ________. A) a formal writing that is signed and notarized as […]
Business Law Chapter 8 World trade Organization Promotes The Practice Requiring
Copyright © 2015 Pearson Education, Inc. 53) Which of the following is true of the sovereign immunity doctrine? A) A host government expropriates the property of a foreign corporation. B) A host government refuses to permit a company to use […]
Accounting Chapter 20 Instead The Company Simply Employs The Straightline Method
Chapter 20 Accounting Changes 103 Listed below are five terms followed by a list of phrases that describe or characterize each of the terms. Match each phrase with the number for the correct term. TERM PHRASE NUMBER 1. Prospective approach […]
Business Law Chapter 8 Irana Failure Understand That Some Cultures Are
Copyright © 2015 Pearson Education, Inc. The Legal Environment of Business, 8e (Kubasek) Chapter 8 The International Legal Environment of Business 1) The five major families of law include all but which of the following? A) common B) Romano-Germanic C) […]
Accounting Chapter 20 Goosen Company bought a copyright for $90,000 on January 1
Chapter 20 Accounting Changes b. A patent balance of $102 million. c. Patent amortization expense of $15 million. d. Patent amortization expense of $7.5 million. Answer: b Level of Learning: 3 Hard Learning Objective: 20-04 Topic Area: Change in accounting […]
Business Law Chapter 7 These Organizations Are Also Required Provide Annual report
Copyright © 2015 Pearson Education, Inc. 56) How did the Sarbanes-Oxley Act result in “internal housecleaning” within firms? Answer: Following several financial scandals involving companies such as Enron, Martha Stewart Living, Inc., ImClone Systems, WorldCom, Inc. (now MCI), and Tyco […]
Accounting Chapter 20 Lifo Fifo Inventory Costing Change From Average
Chapter 20 Accounting Changes True/False Questions 1. Most, but not all, changes in accounting principle are reported using the retrospective approach. Answer: True Level of Learning: 1 Easy Learning Objective: 20-01 Topic Area: Types of accounting changes Topic Area: Distinguish […]
Business Law Chapter 7 Business ethics is a subset of the study of ethics and is defined
Copyright © 2015 Pearson Education, Inc. The Legal Environment of Business, 8e (Kubasek) Chapter 7 Ethics, Social Responsibility, and the Business Manager 1) Since the late 1960s, an outcry has arisen for business to be more socially responsible. This expression […]
Business Law Chapter 6 Imposing fines on corporations is a waste of time and effort
16 59) The Sarbanes-Oxley Act of 2002 holds high-ranking corporate officials responsible for the validity and accuracy of their companies’ financial statements. Answer: TRUE LO: 6.2: Distinguishing Features of White-Collar Crime Diff: Easy Class: Concept AACSB: Analytical thinking 60) Under […]
Accounting Chapter 19 On June 1, 2016, the company’s common stock split 2 for 1
Chapter 019 Share-Based Compensation and Earnings per Share Intermediate Accounting, Eighth Edition, © The McGraw-Hill Companies, Inc., 2016 19–81 Topic Area: Basic EPS—Earnings after preferred dividends Blooms: Apply AACSB: Knowledge application AICPA: FN Measurement 153. Sugarland Industries reported a net […]
Business Law Chapter 6 If the defendant declines a jury trial, the case is heard
Copyright © 2015 Pearson Education, Inc. The Legal Environment of Business, 8e (Kubasek) Chapter 6 White-Collar Crime and the Business Community 1) ________ law is designed to punish an offender for causing harm to the public health, safety, or morals. […]
Business Law Chapter 5 The Impact The Amendments Business diff
Copyright © 2015 Pearson Education, Inc. 55) Abridgment of the right to assemble peacefully is prohibited by the ________ Amendment to the U.S. Constitution. A) First B) Fourth C) Sixth D) Thirteenth Answer: A LO: 5.6: The Impact of the […]
Business Law Chapter 5 Under the U.S. Constitution, all powers that
Copyright © 2015 Pearson Education, Inc. The Legal Environment of Business, 8e (Kubasek) Chapter 5 Constitutional Principles 1) ________ provides the legal framework for our nation. A) Capitalism B) The U.S. Constitution C) The Declaration of Independence D) The free […]
Accounting Chapter 19 Under U.S. GAAP, for stock options, a deferred tax asset (DTA)
Chapter 019 Share-Based Compensation and Earnings per Share Intermediate Accounting, Eighth Edition, © The McGraw-Hill Companies, Inc., 2016 19–21 46. What is the entry to record the expiration of 10% of the options on December 31, 2020? a. Paid-in capital—stock […]
Business Law Chapter 4 Which The Following Methods Dispute Resolution Should
Copyright © 2015 Pearson Education, Inc. 58) List what should be included in a drafter’s “checklist” for ensuring that a mandatory arbitration clause is not unconscionable. Answer: A drafter’s checklist for ensuring that a mandatory arbitration clause is not unconscionable […]
Accounting Chapter 19 Except for tax considerations the potentially
Chapter 019 Share-Based Compensation and Earnings per Share Intermediate Accounting, Eighth Edition, © The McGraw-Hill Companies, Inc., 2016 19-1 True/False Questions 1. GAAP requires using intrinsic value accounting for employee stock options. Answer: False Level of Learning: 1 Easy Learning […]
Business Law Chapter 4 They generally consume more time than litigations
Copyright © 2015 Pearson Education, Inc. The Legal Environment of Business, 8e (Kubasek) Chapter 4 Alternative Tools of Dispute Resolution 1) Which of the following statements is true of alternative dispute resolution? A) Parties using alternative dispute resolution are likely […]
Accounting Chapter 18 What Does this Mean answer Preferred Shares Are Noncumulative
Chapter 18 Shareholders’ Equity 128. Fowler Co.’s balance sheet showed the following at December 31, 2016: Common stock, $10 par $100,000 Paid-in capital—excess of par 50,000 Retained earnings 20,000 A cash dividend is declared on December 31, 2016, and is […]
Business Law Chapter 3 Steps Civil Litigation And The
Copyright © 2015 Pearson Education, Inc. 56) A trial court judge ________. A) cannot rule on whether certain evidence is admissible B) generally presides over a case as a part of a panel C) reviews lower-court cases to determine whether […]
Accounting Chapter 18 A stock split in which the par per share is reduced
Chapter 18 Shareholders’ Equity TERM PHRASE NUMBER 1. Reverse stock split Designed to increase the market value of stock. ____ 2. Retained earnings Reduces the net proceeds from selling shares. ____ 3. Cumulative A feature of most preferred stock. ____ […]
Business Law Chapter 3 One Problem That This Homogeneity May Present The
Copyright © 2015 Pearson Education, Inc. The Legal Environment of Business, 8e (Kubasek) Chapter 3 The American Legal System 1) ________ is the power of the courts to hear a case and render a decision that is binding on the […]
Accounting Chapter 18 The firm was authorized to issue100,000 shares of
Chapter 18 Shareholders’ Equity 56. The shareholders’ equity of Red Corporation includes $200,000 of $1 par common stock and $400,000 par value of 6% cumulative preferred stock. The board of directors of Red declared cash dividends of $50,000 in 2016 […]
Business Law Chapter 2 House Energy And Commerce Committee Which Accepts The
Copyright © 2015 Pearson Education, Inc. 54) State the steps in determining law based on the sociological school of law. Answer: Followers of the sociological school propose three steps in determining law: 1. A legislator or a judge should make […]
Business Law Chapter 2 Adherents The Sociological School Seek Change The
Copyright © 2015 Pearson Education, Inc. The Legal Environment of Business, 8e (Kubasek) Chapter 2 Introduction to Law and the Legal Environment of Business 1) The purpose of the North American Free Trade Agreement (NAFTA) is to ________. A) codify […]
Accounting Chapter 18 What Was Shareholders Equity December 31 2016a
Chapter 18 Shareholders’ Equity True/False Questions 1. Mandatorily redeemable preferred stock is reported as a liability. Answer: True Level of Learning: 1 Easy Learning Objective: 18-03 Topic Area: Stock—Classes of shares Blooms: Remember AACSB: Reflective thinking AICPA: FN Measurement 2. […]
Business Law Chapter 1 Ambiguity Important Goal Critical Thinking Judges Choose
Copyright © 2015 Pearson Education, Inc. 53) A court ruled that a town government can condemn private homes so that the homes can be torn down and the land can be used by local developers to build offices, restaurants and […]
Business Law Chapter 1 A lawyer raises a courtroom objection when her opponent
Copyright © 2015 Pearson Education, Inc. The Legal Environment of Business, 8e (Kubasek) Chapter 1 Critical Thinking and Legal Reasoning 1) Critical thinking ________. A) is the ability to understand the structure of an argument and apply a set of […]
Accounting Chapter 17 Pensions And Other Postretirement Benefits level Learning Medium learning
Chapter 17 Pensions and Other Postretirement Benefits Intermediate Accounting, Eighth Edition, Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. 17–81 168. The following is an incomplete pension spreadsheet […]
Accounting Chapter 17 Using the service method, calculate the amount of prior
Chapter 17 Pensions and Other Postretirement Benefits Level of Learning: 2 Medium Learning Objective: 17-06 Topic Area: Pension expense – Net loss or net gain Blooms: Apply AACSB: Knowledge application AICPA: FN Measurement 149. Waddle Company amended its defined benefit […]
Accounting Chapter 17 Assume the actuary estimates the net cost of providing health
Chapter 17 Pensions and Other Postretirement Benefits Answer: c Level of Learning: 3 Hard Learning Objective: 17-10 Topic Area: Other postretirement plans – EPBO and APBO Blooms: Apply AACSB: Knowledge application AICPA: FN Measurement Feedback: APBO (12/31/2016) = EPBO (12/31/2016) […]
Accounting Chapter 17 With Respect Ralph What Oregon’s Accumulated
Chapter 17 Pensions and Other Postretirement Benefits Long-term expected return on plan assets 9% Assuming no other relevant data exist, what is the pension expense for the year? a. $190,000. b. $ 92,400. c. $ 60,000. d. $170,000. Answer: b […]
Accounting Chapter 16 The enacted tax rate for 2015 and 2016 is 40%, and it is 35% for years
Chapter 16 Accounting for Income Taxes current year, the temporary difference is $45,000,000, and Doubtful determines that the balance in the valuation account should now be $5,000,000. Taxable income is $15,000,000 and the tax rate is 40% for all years. […]
Accounting Chapter 16 Income Taxes And The Tax Basis Was
Chapter 16 Accounting for Income Taxes Probability table: Amount of the tax benefit that management expects to sustain $60 $36 $12 Percentage likelihood that the tax position will be sustained at this level 25% 30% 45% Cumulative probability that the […]
Accounting Chapter 16 In 2016, Magic Table Inc. decides to add a 36-month warranty
Chapter 16 Accounting for Income Taxes a. An increase in a deferred tax asset. b. A decrease in a deferred tax asset. c. An increase in a deferred tax liability. d. A decrease in a deferred tax liability. Answer: b […]
Accounting Chapter 16 A temporary difference originates in one period and reverses
Chapter 16 Accounting for Income Taxes True/False Questions 1. A temporary difference originates in one period and reverses, or turns around, in one or more later periods. Answer: True Level of Learning: 1 Easy Learning Objective: 16-01 Topic Area: Temporary […]
Accounting Chapter 15 Blooms Remember Reflective Thinking Measurement
Chapter 15 Leases 148. Peridot Leasing entered into an agreement to lease warehouses to AMC Foods. a. The agreement calls for ownership of the aircraft to be transferred to AMC Foods at the end of the lease term. b. The […]
Accounting Chapter 15 Scape Leased Equipment User Inc January 2016
Chapter 15 Leases Intermediate Accounting, Eighth Edition, Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. 15–61 130. On June 30, 2016, Blue, Inc., leased equipment from Big Leasing […]
Accounting Chapter 15 In a Type B lease, the lessee amortizes its right
Chapter 15 Leases AACSB: Knowledge application AICPA: FN Measurement Feedback: Lease receivable (PV of lease payments [“selling price”]) 80,000 Profit on ROU asset sold (difference) …… 14,000 Asset (lessor’s cost: book value) ……… 66,000 Interest revenue = (10% x ½ […]
Accounting Chapter 15 Answer Level Learning Hard Learning Objective 1509
Chapter 15 Leases Intermediate Accounting, Eighth Edition, Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. 15–21 59. What would be the amount of interest expense recorded with payment […]
Accounting Chapter 14 January 2016 Comet Products Issued 80 Million
Chapter 14 Bonds and Long-Term Notes AICPA: FN Measurement 165. Required: Determine the gain or loss that Health Foods would have reported in its 2016 income statement if it had redeemed (and retired) the debentures at fair value at the […]
Accounting Chapter 14 Wolfs Fiscal year The Calendar Year Wolf Uses
Chapter 14 Bonds and Long-Term Notes 141. On January 1, 2016, Cool Universe issued 10% bonds dated January 1, 2016, with a face amount of $20 million. The bonds mature in 2025 (10 years). For bonds of similar risk and […]
Accounting Chapter 14 Include a debit to cash that has been increased by interest
Chapter 14 Bonds and Long-Term Notes Comprehensive income includes both net income and OCI. 108. On March 1, 2016, Doll Co. issued 10-year convertible bonds at 106. During 2019, the bonds were converted into common stock when the market price […]