Archives: Quiz
Chapter 12 Eric Realized That The Company’s Previous Owner
1. Would a new car equipped with a bumper jack, jack handle, spare tire, and warranty be the same product as the same car without these features? Explain. 2. Give the characteristics of shopping products, specialty products, and convenience products. […]
Accounting Chapter 6 Following Are Seven Items Through That
AICPA: FN Risk Analysis Blooms: Understand Difficulty: 2 Medium Learning Objective: 06-A1 Compute the days’ sales uncollected ratio and use it to assess liquidity. Topic: Days’ Sales Uncollected 164. A voucher system is a set of procedures and approvals designed […]
Chapter 11 If you have always been committed and loyal to Hewlett
154. If you have always been committed and loyal to Hewlett-Packard technology products, your customer lifetime value to Hewlett-Packard would likely be quite high. a. True b. False 155. CRM technology allows companies to make an investment in building long-term […]
Accounting Chapter 6 Haver mill Co Establishes 250 Petty Cash
6-81 144. Clayborn Company deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of business on May 31, its Cash account shows a debit balance of $17,025. Clayborn’s May […]
Chapter 11 Consumer Reports And Has Visited selected Dealerships Gather
122. All of the following are ways to collect useful marketing research information except a. sending questionnaires by mail. b. conducting telephone polls. c. conducting personal interviews. d. buying from commercial or governmental data sources. e. impulsively stopping persons on […]
Accounting Chapter 6 Rosemond Company Establishes 300 Petty Cash
119. Rosemond Company establishes a $300 petty cash fund on September 9. On September 30, the fund shows $54 in cash along with receipts for the following expenditures: office supplies, $40; postage expenses, $123; and miscellaneous expenses, $80. The petty […]
Chapter 11 Which of the following is the most likely basis on
82. Which of the following is the most likely basis on which a market for boats can be segmented? a. The end use of the product b. The size of the product c. The product’s proximity to a retail outlet […]
Accounting Chapter 6 Company Had Net Sales 21500 And
Topic: Days’ Sales Uncollected 92. A company had net sales of $21,500 and ending accounts receivable of $2,700 for the current period. Its days’ sales uncollected equals: A. 8.0 days. B. 58.9 days. C. 45.8 days. D. 7.4 days. E. […]
Chapter 11 Burlington Coat Factory manufactures its winter jackets
42. Burlington Coat Factory manufactures its winter jackets in April but does not display them in its stores until early September. Burlington recognizes the importance of utility. a. form b. time c. production d. space e. possession 43. When John […]
Accounting Chapter 6 Internal Control System Consists The Policies
Blooms: Understand Difficulty: 2 Medium Learning Objective: 06-P3 Prepare a bank reconciliation. Topic: Bank Reconciliation 54. TRUE Proper internal control would require that a department manager inform the purchasing department of its needs for additional merchandise by preparing and signing […]
Chapter 11 Sarah Now Looks Her Boss And Very
1. Identify and describe the four major types of utility. Which one is influenced indirectly by marketing efforts? 2. What does it mean for a firm to have a strong production orientation? How does this differ from the marketing concept? […]
Accounting Chapter 6 A properly designed internal control system is a key part
6-1 Chapter 06 Reporting and Analyzing Cash, Fraud, and Internal Controls Answer Key True / False Questions 1. A properly designed internal control system is a key part of systems design, analysis, and performance. 2. FALSE AACSB: Communication AICPA: BB […]
Chapter 10 According to the hierarchy of needs concept
157. According to the hierarchy of needs concept, people satisfy their needs in order of importance. a. True b. False 158. According to Maslow’s hierarchy of needs, the most basic needs are physiological needs. a. True b. False ANSWER: True […]
Accounting Chapter 5 A company had inventory of 14 units at a cost of $18 each
199. Cost of goods sold = (15 × $20) + (19 × $19) + (2 × $18) = $697 A company had inventory of 14 units at a cost of $18 each on November 1. On November 2, they purchased […]
Chapter 10 Debbie Keep Her Job And Work From
124. At Jack’s Automotive Repair, the mechanics rarely interacted directly with customers. Work orders were processed by the customer service department and passed on to the mechanics. After experiencing excessive customer complaints about the poor quality of work, Jack realized […]
Accounting Chapter 5 Company Uses The Retail Inventory Method
188. A company uses the retail inventory method and has the following information available concerning its most recent accounting period: At Cost At Retail Beginning-of-period inventory $148,600 $245,200 Net purchases 677,400 1,229,800 Sales 1,200,000 (a) Beginning inventory $148,600 $245,200 Net […]
Chapter 10 The theory stating that rewarded behavior is likely
84. The theory stating that rewarded behavior is likely to be repeated and that punished behavior is less likely to recur is called a. expectancy theory. b. Theory Y. c. equity theory. d. reinforcement theory. e. Theory X. 85. The […]
Accounting Chapter 5 Company Reported The Following Data Related
169. A company reported the following data: Year 1 Year 2 Year 3 Cost of goods sold $238,000 $375,000 $495,000 Ending inventory 120,000 150,000 180,000 1. Year 1 Year 2 Year 3 $120,000 × 365 = 184 days $150,000 × […]
Chapter 10 In providing health insurance for its employees
44. In providing health insurance for its employees, IBM is probably satisfying which level of need? a. Physiological b. Esteem c. Self-realization d. Safety e. Social 45. Which of the following is not a level in Maslow‘s hierarchy of needs? […]
Accounting Chapter 5 Company Had 260 Units Inventory Cost
148. A company had 260 units of inventory at a cost of $152 each on January 1. On June 5, the company purchased 460 units for $172 each. On November 10, the company purchased 160 units for $212 each. On […]
Chapter 10 How does motivation differ from morale
1. How does motivation differ from morale? 2. Under Taylor’s scientific management system, what did management have the responsibility to determine about an employee’s work, and what did the employee have the responsibility to decide? ANSWER: Under the scientific management […]
Accounting Chapter 5 Company Has Inventory Units Cost 12
5-81 128. Given the following information, determine the cost of goods sold at December 31 using the weighted average periodic inventory method: December 2: 5 units were purchased at $7 per unit. December 9: 10 units were purchased at $9.40 […]
Chapter 9 The president of the United States established the requirements
161. The president of the United States established the requirements for affirmative action in human resources practices among a. all employers. b. employers on a voluntary basis. c. small employers with at least fifteen employees. d. all employers with fifty […]
Accounting Chapter 5 Given The Following Information Determine The
110. Given the following information, determine the cost of ending inventory at December 31 using the FIFO perpetual inventory method. December 2: 5 units were purchased at $7 per unit. December 9: 10 units were purchased at $9.40 per unit. […]
Chapter 9 This When The Superior Has Only Negative
125. Bob White was assigned to a senior employee responsible for instructing new computer programmers. Because of this senior employee‘s instruction, White gained hands-on experience under normal working conditions. Bob experienced training. a. simulation b. classroom c. seminar d. on–the-job […]
Accounting Chapter 5 Direct Sales Inc Had Cost Goods
89. Direct Sales, Inc. had cost of goods sold of $420,000, beginning inventory of $67,000, and ending inventory of $81,000. The inventory turnover equals: A. 5.16 B. 58.2 days C. 6.27 D. 70.4 days E. 5.68 $420,000/[($67,000 + 81,000)/2] = […]
Chapter 9 Senior management in your organization wants you to explain
85. Senior management in your organization wants you to explain to the board of directors the key concept that makes compensation systems work. It would be correct to tell them that the ideal compensation system must a. keep labor costs […]
Accounting Chapter 5 Damaged And Obsolete Goods Are Never
Blooms: Understand Difficulty: 2 Medium Learning Objective: 05-P1 Compute inventory in a periodic system using the methods of specific identification, FIFO, LIFO, and weighted average. Topic: Inventory Costing under a Periodic System 52. TRUE In applying the lower of cost […]
Chapter 9 The reduction in the workforce that normally occurs
45. The reduction in the workforce that normally occurs when employees leave a company is called a. attrition. b. retirement. c. layoff. d. termination. e. reduction. 46. The most humane form of workforce reduction is a. attrition. b. layoff. c. […]
Accounting Chapter 5 Goods in transit are automatically included in a company’s
5-1 Chapter 05 Reporting and Analyzing Inventories Answer Key True / False Questions 1. Goods in transit are automatically included in a company’s inventory account. 2. TRUE AACSB: Communication AICPA: BB Industry AICPA: FN Measurement Accessibility: Keyboard Navigation Blooms: Remember […]
Chapter 9 Compensation Another Important area Must Also Improved That
1. Define human resources management (HRM), and discuss the overall activities involved in each of its three main phases. 2. How does a replacement chart differ from a skills inventory? What is the purpose of each? ANSWER: A replacement chart […]
Accounting Chapter 4 Following is the adjusted trial balance for Mercer Grocery
4-154 236. Following is the adjusted trial balance for Mercer Grocery, Inc. for the current year. Mercer uses a periodic inventory system. A physical count of the inventory indicates that $60,000 of merchandise is on hand. Prepare the December 31 […]
Chapter 8 many American firms have lowered quality standards
158. To regain market share, many American firms have lowered quality standards. a. True b. False 159. An analytical process breaks raw materials into different component parts. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy REFERENCES: p. 210 […]
Accounting Chapter 4 Prepare Entries That Vincent Should Record For
4-141 225. Prepare journal entries to record the following merchandising transactions of Prosser Company, Inc., which uses the net method of accounting for sales and a perpetual inventory system. Prosser offers all of its credit customers credit terms of 2/10, […]
Chapter 8 Iso 9000 Accepted More Japan Than The
124. A computerized system that integrates production planning and inventory control is called a. computerized inventory management. b. just-in–time record keeping. c. materials requirements planning. d. support inventory control. e. inventory control management. 125. The just–in–time inventory system focuses on […]
Accounting Chapter 4 Serene Spa Sales, Inc. uses the gross method for recording
4-121 212. Serene Spa Sales, Inc. uses the gross method for recording purchases and sales and a perpetual inventory system and had the following transactions during August. Aug. 1 Sold merchandise on credit for $5,000, terms 3/10, n/30. The items […]
Chapter 8 When Company Tech decides to produce a new product line
84. When Company Tech decides to produce a new product line and determines the desired capacity and use of technology, the next step is to a. decide how big to build the new factory. b. hire new workers for the […]
Accounting Chapter 4Fill The Blanks A Through G
191. Closing entries are similar for service and merchandising companies using a perpetual inventory system, but merchandising companies have some temporary accounts that must be closed that service companies do not. Generally, revenue for merchandising companies is called Sales rather […]
Chapter 8 The American economy is now characterized as a
44. The American economy is now characterized as a(n) economy. a. industrial b. centralized c. service d. stagnant e. bureaucratic 45. Today approximately percent of American workers are employed in service industries. a. 28 b. 47 c. 87 d. 90 […]
Accounting Chapter 4 March 12 Masterson Company Inc Sold
165. A. Cash 9,800 Accounts receivable 9,800 B. Accounts Receivable 9,800 Cash 9,800 C. Cash 9,800 Interest revenue 98 Accounts receivable 9,702 D. Cash 9,702 Accounts receivable 9,702 E. Cash 9,702 Accounts receivable 9,702 Cost of goods sold 5,500 Merchandise […]
Chapter 8 What activities does operations management involve
1. What activities does operations management involve? 2. Briefly assess the good and bad news of the current U.S. manufacturing environment. ANSWER: The bad news is that many manufacturing jobs have been outsourced to low-wage workers in overseas countries, the […]
Accounting Chapter 4 Prentice Company Inc Had Cash Sales
137. Prentice Company, Inc. had cash sales of $94,275, credit sales of $83,450, sales returns and allowances of $1,700, and sales discounts of $3,475. Prentice’s net sales for this period equal: A. $94,275. B. $172,550. C. $174,250. D. $176,025. E. […]
Chapter 7 Executives from several departments at Ford Motor Company
126. Executives from several departments at Ford Motor Company were brought together recently to discuss the advantages and disadvantages of acquiring Jaguar. This type of committee is known as a(n) a. task force. b. standing committee. c. liaison committee. d. […]
Accounting Chapter 4 Debit Memorandum Is Required Whenever Journal
103. A debit memorandum is: A. Required whenever a journal entry is recorded. B. The source document for the purchase of merchandise inventory. C. Required when a purchase discount is granted. D. The document a buyer issues to inform the […]
Chapter 7 A manager with few subordinates is said to have a
86. A manager with few subordinates is said to have a a. narrow span of control. b. flat organizational structure. c. managerial hierarchy. d. matrix structure. e. wide span of control. 87. A span of control may be wide when […]
Accounting Chapter 4 Merchandiser Earns Net Income Buying And
63. FALSE In a periodic inventory system, cost of goods sold is recorded as each sale of merchandise occurs. AACSB: Communication AICPA: BB Industry AICPA: FN Measurement Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 04-P5 Appendix 4A […]
Chapter 7 Ford and Xerox are two companies that have begun
46. Ford and Xerox are two companies that have begun moving away from strict job specialization to alleviate employee motivation problems. Each company has adopted a job design alternative that involves workers in a wider variety of tasks. The method […]
Accounting Chapter 4 Accounting For Merchandise Purchases 34 sellers Always
Chapter 04 Reporting and Analyzing Merchandising Operations Answer Key True / False Questions 1. TRUE AACSB: Communication AICPA: BB Industry AICPA: FN Measurement Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 04-C1 Describe merchandising activities and identify income […]
Chapter 7 Refer Dramatic Expressions What Type Departmentalization Does
1. Define an organization. Relate that definition to a local eating establishment by showing how this organization fits the definition. 2. Identify and briefly describe the decisions involved that management must make in organizing a business. ANSWER: Hiring people, deciding […]
Accounting Chapter 3 Presented Below Are The Yearend Balances
254. Presented below are the year-end balances at December 31 of Becca’s Dry Cleaning Service, Inc. (All accounts have normal balances.) Accounts receivable $12,000 Accounts payable 25,000 Accumulated depreciation—equipment 30,000 Cash 42,000 Depreciation expense—equipment 12,000 Insurance expense 7,000 Equipment 125,000 […]