Archives: Quiz
Chapter 6 Common names for top-level managers are vice president,
154. Common names for top-level managers are vice president, chief executive officer, and chief operating officer. a. True b. False 155. Middle managers occupy the management level that falls between the operating employees and first-line managers. a. True b. False […]
Accounting Chapter 3 Appendix Prepare Work Sheet And Explain Its
247. Calculate the current ratio in each of the following separate cases and identify the company case with the strongest liquidity position. Current Assets Current Liabilities Case 1 $55,000 $30,000 Case 2 $141,500 $85,000 Case 3 $45,000 $59,000 AACSB: Analytical […]
Chapter 6 As Shelly Jones, manager of Sears, hands out customer
123. As Shelly Jones, manager of Sears, hands out customer questionnaires to get a better idea of customers’ needs as well as their concerns, she is exercising which facet of total quality management (TQM)? a. Employee participation in improving the […]
Accounting Chapter 3 Prepare Adjusting Entries For The Year
235. Using the information given below, prepare a balance sheet for Rapid Car Services, Inc. from the adjusted trial balance. The stockholders did not make any additional investments in the company during the year. Rapid Car Services, Inc. Adjusted Trial […]
Chapter 6 Although The Ultimate Responsibility His Has Difficulty
83. The manager who provides overall guidance and leadership for the entire corporation is known as the manager. a. human resources b. financial c. operations d. marketing e. administrative 84. The chief executive officer of Chrysler provides his organization with […]
Accounting Chapter 3 Record The December Adjusting Entries For
AACSB: Analytical Thinking AICPA: BB Industry AICPA: FN Measurement Blooms: Apply Difficulty: 3 Hard Learning Objective: 03-P1 Prepare and explain adjusting entries. Topic: Adjusting Accounts 225. Rogers Company’s employees are paid a total of $1,600 per day for a 5-day […]
Chapter 6 A SWOT analysis is an identification and evaluation
43. A SWOT analysis is an identification and evaluation of a firm’s strengths, weaknesses, , and threats. a. options b. occasions c. opinions d. occurrences e. opportunities 44. McDonalds prides itself on its efficiency and value in delivering a product […]
Accounting Chapter 3 Classified Balance Sheets Commonly Include The
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written onsent of McGraw-Hill Education. 304) All of the following statements regarding the Income Statement columns on the worksheet are true except: A) The balances […]
Chapter 6 Rosa lea Was Not Sure The Correct Layout
1. What is management and what resources does it involve? 2. How does the organization’s mission differ from its strategic planning? ANSWER: An organization’s mission is a statement of the basic purpose that makes the organization different from other organizations. […]
Accounting Chapter 3 April Santa Fe Inc Paid Griffith
175. On April 1, Santa Fe, Inc. paid Griffith Publishing Company $1,548 for 36-month subscriptions to several different magazines. Santa Fe debited the prepayment to a Prepaid Subscriptions account, and the subscriptions started immediately. What adjusting entry should be made […]
Chapter 5 Small businesses are typically managed by people who started
159. Small businesses are typically managed by people who started and own them. a. True b. False 160. Entrepreneurial spirit is the desire to create a new business. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy REFERENCES: p. […]
Accounting Chapter 3 August Company Paid The 2400 Premium
151. On August 1, a company paid the $2,400 premium on a one-year insurance policy with benefits beginning on that date. What will the balance be in the Prepaid Insurance account on the Balance Sheet for the current year ended […]
Chapter 5 What Advice Would You Give Kevin a Should Not
126. All of the following are franchise establishments except a. McDonald’s. b. Walmart. c. Holiday Inn. d. Avis. e. Dairy Queen. 127. There are three general types of franchising arrangements. In one approach, the franchisor authorizes retailers to sell a […]
Accounting Chapter 3 Flagg Inc Records Adjusting Entries Its
121. Which of the following statements about a company’s operating cycle is not true? AACSB: Communication AICPA: BB Industry AICPA: FN Reporting Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 03-C3 Explain and prepare a classified balance sheet. […]
Chapter 5 Ronald’s Group Called Aa Small business Institute b University
86. All of the following are advantages that small businesses have except a. the ability to adapt to change. b. personal relationships with their customers. c. simplified record keeping. d. independence. e. greater potential for making a profit. 87. Your […]
Accounting Chapter 3 The Balances The Unadjusted Columns Work
94. The Unadjusted Trial Balance columns of a work sheet total $84,000. The Adjustments columns contain entries for the following: 1. Office supplies used during the period, $1,200. 2. Expiration of prepaid rent, $700. 3. Accrued salaries expense, $500. 4. […]
Chapter 5 Within The First Year She Discovers That
46. The industry concerned with the movement of goods from producer to consumer is a. service. b. distribution. c. production. d. agriculture. e. wholesaling. 47. Which of the following would most likely be classified as a distribution industry? a. Subassembly […]
Accounting Chapter 3 Another Name For Temporary Account An
56. TRUE The current ratio is used to help assess a company’s ability to pay its debts in the near future. AACSB: Analytical Thinking AICPA: BB Industry AICPA: FN Risk Analysis Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning […]
Chapter 5 When She Started Work There She Noticed
1. How does the SBA define a small business? Approximately what percentage of all businesses in the United States are considered “small”? 2. Why do certain industries tend to be more attractive for the start-up of a small business? ANSWER: […]
Accounting Chapter 3 Two main accounting principles used in accrual
Chapter 03 Adjusting Accounts for Financial Statements Answer Key True / False Questions 1. A company’s fiscal year must correspond with the calendar year. 2. FALSE AACSB: Communication AICPA: BB Industry AICPA: FN Reporting Accessibility: Keyboard Navigation Blooms: Remember Difficulty: […]
Chapter 4 A voluntary association of two or more people acting
159. A voluntary association of two or more people acting as co–owners of a business is known as a partnership. a. True b. False 160. A general partner is responsible for any debts of the partnership, regardless of whether he […]
Accounting Chapter 2 For Each The Following Accounts Identify
Total assets $75,500 Total liabilities and equity $75,500 2-138 AACSB: Analytical Thinking AICPA: BB Industry AICPA: FN Measurement Blooms: Apply Difficulty: 3 Hard Learning Objective: 02-P3 Prepare financial statements from business transactions. Topic: Using a Trial Balance to Prepare Financial […]
Chapter 4 There Connection Between Growth And Executive Power
125. To raise capital, Candace Tyson and Martha Black plan to sell stock to between 108 and 200 investors. They also want to avoid double taxation. Which type of business ownership would you recommend? a. Regular corporation b. S-corporation c. […]
Accounting Chapter 2 Given Each The Following Errors Indicate
204. Jerry’s Butcher Shop, Inc. had the following assets and liabilities at the beginning and end of the current year: Assets Liabilities Beginning of the year $114,000 $68,000 End of the year 135,000 73,000 Beginning stockholders’ equity = $114,000 – […]
Chapter 4 Heidi Has The Primary Stockholder This Corporation a
85. Which of the following states offers the lowest organizational costs for corporations? a. Delaware b. Georgia c. Michigan d. New York e. Alaska 86. In the state in which it is incorporated, a business is known as a(n) a. […]
Accounting Chapter 2 Identify Marking The Appropriate Column Whether
183. The debt ratio is calculated by dividing total liabilities by total assets. It reveals the percentage of the company’s assets that are financed by creditors. The higher the ratio, the more risk a company has in trying to repay […]
Chapter 4 The major reason why businesses change from sole proprietorships
45. Unlimited liability means a. there is no limit on the amount an owner can borrow. b. creditors will absorb any loss from nonpayment of debt. c. the business can borrow money for any type of purchase. d. the owner […]
Accounting Chapter 2 Credit Sales Was Entered The
156. A $15 credit to Sales was entered on the trial balance as a $150 credit. By what amount is the Sales account in error? A. $150 understated. B. $135 overstated. C. $150 overstated. D. $15 understated. E. $135 understated. […]
Chapter 4 Experts Also Predict That More Mergers involving Investors
1. Describe the ownership, operation, and size of a sole proprietorship. 2. Why is a sole proprietorship the most flexible type of business? ANSWER: The sole proprietorship form of business ownership is the simplest type of ownership as well as […]
Accounting Chapter 2 LUS Catering Has Debt Ratio Equal
123. Lu Lu’s Catering has a debt ratio equal to 0.3 and its competitor, Able’s Bakery, has a debt ratio equal to 0.7. Determine the statement below that is correct . A. Able’s Bakery has a smaller percentage of its […]
Chapter 3 Political considerations usually are involved in a country’s
201. Political considerations usually are involved in a country’s decision to impose a trade embargo. a. True b. False 202. Exportation of large quantities of a product at a price lower than that of the same product in the home […]
Accounting Chapter 2 Grills Catering Provided 1000 Catering Services
100. A. Unearned Catering Revenue 1,000 Catering Revenue 1,000 B. Catering Revenue 1,000 Accounts Receivable 1,000 C. Accounts Receivable 1,000 Unearned Catering Revenue 1,000 D. Accounts Receivable 1,000 Catering Revenue 1,000 E. Cash 1,000 Catering Revenue 1,000 Grills R Us […]
Chapter 3 Which of the following represents the highest level of involvement
167. Which of the following represents the highest level of involvement in international business? a. Strategic alliance b. Totally owned facilities c. Multinational firm d. Joint ventures e. Exporting 168. Companies such as ExxonMobil and Mitsubishi operate on a worldwide […]
Accounting Chapter 2 Account Used Record The Stockholders Investments
63. An account used to record the stockholders’ investments in a business is called a(n): A. Dividends account. B. Common stock account. C. Revenue account. D. Expense account. E. Liability account. AACSB: Communication AICPA: BB Industry AICPA: FN Measurement Accessibility: […]
Chapter 3 The United States joined with Mexico and Canada to promote
127. The United States joined with Mexico and Canada to promote the movement of resources and products; it formed a(n) a. WTO. b. economic community. c. cartel. d. multinational. e. orderly marketing agreement. ANSWER: POINTS: b 1 DIFFICULTY: Moderate REFERENCES: […]
Chapter 3 The United States wants to limit the amount of dollars
87. The United States wants to limit the amount of dollars that another country can obtain. The best way to accomplish this is to a. impose an import duty. b. establish a foreign-exchange control. c. declare an embargo. d. set […]
Accounting Chapter 2 Accounting Process Get From Transactions
Chapter 02 Financial Statements and the Accounting System Answer Key True / False Questions 1. TRUE The first step to get from transactions and events to financial statements is to identify each transaction from source documents. AACSB: Communication AICPA: BB […]
Chapter 3 If Germany exports $100,000 of sauerkraut to Jamaica
47. If Germany exports $100,000 of sauerkraut to Jamaica and purchases $100,000 of Blue Mountain coffee beans from Jamaica, Germany has a. an overall favorable balance of trade. b. an overall unfavorable balance of trade. c. a favorable balance of […]
Accounting Chapter 1 Generally Accepted Accounting Principles 260
1-156 transactions on the accounts of the accounting equation by recording increases and decreases in the appropriate columns in the table below. Do not determine new account balances after each transaction. Determine the final total for each account and verify […]
Chapter 3 However The Italian Government Has Imposed Tax
1. What is the difference between an absolute advantage and a comparative advantage? 2. What does it mean for a country to have an absolute advantage? Compare that to having a comparative advantage. ANSWER: When a country has an absolute […]
Accounting Chapter 1 Identify The Risk And The Return
1-141 237. The following schedule reflects shows the first month’s transactions of the Green Construction Company Inc.: Accounts Accounts Cash + Receivable + Supplies + Equipment = Payable + Stockholders’ Equity 1. +20,000 +20,000 2. –5,000 +5,000 3. +$1,500 +1,500 […]
Chapter 2 Businesses’ record of social responsibility today is much
215. Businesses’ record of social responsibility today is much better than in past decades. a. True b. False 216. During the first quarter of the twentieth century, working conditions were deplorable by today‘s standards. a. True b. False ANSWER: True […]
Accounting Chapter 1 The Characteristics Below Apply Least One
Difficulty: 2 Medium Learning Objective: 01-C2 Identify users and uses of, and opportunities in, accounting. Topic: Users of Accounting Information 213. The purpose of accounting is to provide useful information for decision makers. For information to be useful, it must […]
Chapter 2 Internal Revenue Serviced Review Managements Social Activity
167. What specific gas is internationally considered a top concern for air pollution? a. Carbon monoxide b. Nitrogen dioxide c. Carbon dioxide d. Greenhouse gas e. Hydrogen monoxide 168. Vicky drives a four-door sedan to work and other places everyday. […]
Accounting Chapter 1 Company’s Balance Sheet Shows Cash 24000
186. A. $88,000. B. $25,000. C. $97,000. D. $38,000. E. $47,000. Ending Equity = Beginning Equity + Revenues – Expenses – Dividends Ending Equity = $72,000 + $90,000 – $65,000 – $9,000 Ending Equity = $88,000 Savvy Sightseeing had beginning […]
Chapter 2 An instruction pamphlet detailing steps for the care
127. An instruction pamphlet detailing steps for the care and use of a new electric appliance would fulfill which provisions of Kennedy’s Consumer Bill of Rights? a. The right to safety and the right to be informed b. The right […]
Accounting Chapter 1 Accounts Payable Appear Which The Following
AICPA: BB Industry AICPA: FN Reporting Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 01-P2 Identify and prepare basic financial statements and explain how they interrelate. Topic: Financial Statements 163. Accounts payable appear on which of the following […]
Chapter 2 Individual Businesses Should Not Expected Solve Society’s
87. Each Saturday night, someone in the community called the local police to control the noisy, riotous activity at Billy Bob’s Tavern. However, Mr. Bob never took action on his own and ignored the problem. Eventually, local residents forced him […]
Accounting Chapter 1 May The Current Year The Assets
135. On May 31 of the current year, the assets and liabilities of Riser, Inc. are as follows: Cash $20,500; Accounts Receivable, $7,250; Supplies, $650; Equipment, $12,000; Accounts Payable, $9,300. What is the amount of stockholders’ equity as of May […]
Chapter 2 Publisher’s Clearing House has a policy that no employees
47. Publisher’s Clearing House has a policy that no employees or their family members are eligible to win the big sweepstakes. This policy was likely implemented to a. shrink the pool of possible winners, which increases each individual’s odds of […]