Archives: Quiz
Economics Chapter 9 percent said free international trade helped the economy
74 ❖ Chapter 9/Application: International Trade 34. In a December 2007 New York Times column, Paul Krugman noted that a. it is difficult to find instances of trade between high-wage countries in the modern era. b. it is difficult to […]
Chapter 9 Characteristic Fixed Asset That Intangible Used
Chapter 9—Fixed Assets and Intangible Assets Key 1. Long-lived assets that are intangible in nature, used in the operations of the business, and not held for sale in the ordinary course of business are called fixed assets. 2. The acquisition […]
Chapter 18 Which The Following Best Describes The Term
CHAPTER 18—TRANSFER OF TITLE AND RISK IN SALES CONTRACTS Key 1. Which of the following best describes the term “title”? 2. A document of title issued by a storage company for goods stored is known as a _____. A. bailment […]
Economics Chapter 9 If Freedonia changes its laws to allow international trade
Chapter 9/Application: International Trade ❖ 61 237. If Freedonia changes its laws to allow international trade in software and the world price is higher than its do- mestic price, then it must be the case that a. both consumer surplus […]
Chapter 8 Financial Statement Data For The Years
141. Journalize the following transactions in the accounts of Simmons Company: Mar 1 Received a $60,000, 60-day, 6% note dated March 1 from Bynum Company on account. Mar 18 Received a $25,000, 60-day, 9% note dated March 18 from Solo […]
Chapter 17 Which The Following Descriptions Best Fits The
CHAPTER 17—FORMALITIES OF A SALE Key 1. Goods that are specifically made for the buyer and are of such an unusual nature that they are not suitable for trade in the ordinary course of the seller’s business are called _____. […]
Economics Chapter 9 A result of this country allowing international trade in crude
Chapter 9/Application: International Trade ❖ 41 143. Refer to Figure 9-14. A result of this country allowing international trade in crude oil is as follows: a. The well-being of domestic crude-oil producers is now higher in that they now sell […]
Chapter 8 The End The Current Year Accounts
116. Discuss the similarities and differences between accounts receivables, notes receivables and other receivables. 117. List at least three things that indicate a receivable may be uncollectible. 1. The receivable is past due. 2. The customer does not respond to […]
Chapter 16 Which The Following Acts Govern The Sales
CHAPTER 16—SALES OF PERSONAL PROPERTY Key 1. Which of the following acts govern the sales of movable personal property? 2. As per the UCC’s definition of sale, in which of the following transactions has a sale taken place? A. A […]
Economics Chapter 9 which of the following comes with trade
Chapter 9/Application: International Trade ❖ 21 58. Refer to Figure 9-3. Relative to a no-trade situation, which of the following comes with trade? a. Consumer surplus increases by $1,800 and producer surplus increases by $1,600. b. Consumer surplus decreases by […]
Chapter 8 Note Receivable Due Months Listed The
Chapter 8—Receivables Key 1. Notes Receivable and Accounts Receivable can also be called trade receivables. 2. Receivables not currently collectible are reported in the investments section of the balance sheet. TRUE 3. Trade receivables occur when two companies trade or […]
Chapter 15 Private Carriers Contract For Transporting Goods Example
CHAPTER 15—SPECIAL BAILMENTS Key 1. A private carrier’s contract for transporting goods is an example of: 2. In the case of a common carrier that transports goods on a regular basis, the term consignee refers to: A. a person who […]
Economics Chapter 9 An important factor in the decline of the U.S. textile industry
Chapter 9 Application: International Trade MULTIPLE CHOICE 1. An important factor in the decline of the U.S. textile industry over the past 100 or so years is a. foreign competitors that can produce quality textile goods at low cost. b. […]
Chapter 7 April 2nd Granger Sales Decides Establish
156. The following data were gathered to use in reconciling the bank statement of Build-A-Lot: Balance per bank $14,355 Balance per company records 14,010 Bank service charges 80 Deposits in transit 4,100 NSF checks 775 Outstanding checks 5,300 Required: (1) […]
Chapter 14 Which The Following Most Likely Fall The
CHAPTER 14—NATURE OF PERSONAL PROPERTY Key 1. Which of the following is most likely to fall in the category of intangible personal property? 2. Which of the following is most likely to happen when confusion of property belonging to two […]
Economics Chapter 8 As the size of a tax rises, the deadweight loss
76 ❖ Chapter 8/Application: The Costs of Taxation 43. As the size of a tax rises, the deadweight loss a. rises, and tax revenue first rises, then falls. b. rises as does tax revenue. c. falls, and tax revenue first […]
Chapter 7 The Following Data Were Gathered Use
130. The following data were gathered to use in reconciling the bank account of Savannah Company: Balance per bank $16,750 Balance per company records 16,125 Bank service charges 80 Deposit in transit 2,195 NSF check 950 Outstanding checks 3,850 What […]
Chapter 13 Which The Following Statements Best Defines Tender
CHAPTER 13—TERMINATION OF CONTRACTS Key 1. Which of the following statements best defines a tender of performance? 2. An offer to provide money in satisfaction of a debt when one has the ability to pay is a(n) _____. A. tender […]
Economics Chapter 8 Tax Revenue More Likely Increase When Low
Chapter 8/Application: The Costs of Taxation ❖ 61 42. Taxes on labor have the effect of encouraging a. workers to work more hours. b. the elderly to postpone retirement. c. second earners within a family to take a job. d. […]
Chapter 7 Which One The Following Below Not
Chapter 7—Sarbanes-Oxley, Internal Control, and Cash Key 1. The Sarbanes-Oxley Act of 2002 was passed by Congress due to the public outcry after the financial scandals of the early 2000s. 2. Sarbanes-Oxley’s purpose is to improve financial reporting. FALSE 3. […]
Chapter 12 Person Not Party Contract But Whom Parties
CHAPTER 12—THIRD PARTIES AND CONTRACTS Key 1. A person not party to contract but whom parties intended to benefit is known as a(n) _____. 2. An incidental beneficiary is best described as a person: A. whom parties intended to benefit. […]
Economics Chapter 8 Diana is a personal trainer whose client Charles pays
Chapter 8/Application: The Costs of Taxation ❖ 41 184. Diana is a personal trainer whose client Charles pays $80 per hour–long session. Charles values this service at $100 per hour, while the opportunity cost of Diana’s time is $75 per […]
Chapter 6 The Following Data Were Taken From
148. On the basis of the following data, determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item. Show your work. Item Inventory Quantity Unit Cost Price […]
Chapter 11 Which The Following Types Agreements According The
CHAPTER 11—WRITTEN CONTRACTS Key 1. Which of the following is true of contracts? 2. Which of the following is true of the Statute of Frauds? A. It is a law requiring certain contracts to be oral. B. It applies only […]
Economics Chapter 8 The loss of producer surplus associated with some sellers
Chapter 8/Application: The Costs of Taxation ❖ 21 93. Refer to Figure 8-2. The loss of producer surplus associated with some sellers dropping out of the market as a result of the tax is a. $0. b. $1. c. $2. […]
Chapter 6 During The Taking Its Physical Inventory
102. During the taking of its physical inventory on December 31, 2014, Barry’s Bike Shop incorrectly counted its inventory as $350,000 instead of the correct amount of $280,000. The effect on the balance sheet and income statement would be as […]
Chapter 10 Which The Following Situations State Most Likely
CHAPTER 10—ILLEGAL AGREEMENTS Key 1. Which of the following is true of gambling contracts? 2. Which of the following is true of Sunday contracts? A. They are universal across states. B. Judicial interpretation has had no impact on their formulation. […]
Economics Chapter 8 the American Revolution was sparked by anger over
Chapter 8 Application: The Costs of Taxation MULTIPLE CHOICE 1. In 1776, the American Revolution was sparked by anger over a. the extravagant lifestyle of British royalty. b. the crimes of British soldiers stationed in the American colonies. c. British […]
Chapter 6 Inventory Controls Start When The Merchandise Shelved
Chapter 6—Inventories Key 1. One of the two internal control procedures over inventory is to properly report inventory on the financial statements. 2. A purchase order establishes an initial record of the receipt of the inventory. FALSE 3. A perpetual […]
Chapter 9 Mark Civil Engineer Entered Into Contract With
CHAPTER 9—DEFECTIVE AGREEMENTS Key 1. Mark, a civil engineer, entered into a contract with David. As per the contract, Mark agreed to design and build a house for David for a specified fee. Mark provided David with an estimation of […]
Economics Chapter 7 If a market is allowed to adjust freely to its equilibrium
80 ❖ Chapter 7/Consumers, Producers, and the Efficiency of Markets 104. The 2005 Boston Globe article discussing ticket scalping points out that the price people will pay for tickets will rise when a. supply and demand are both limited. b. […]
Chapter 5 Using The Letter Preceding Each Account
214. Merchandise with a list price of $4,700 is purchased on account, terms FOB shipping point, 1/10, n/30. The seller prepaid freight costs of $100. Prior to payment, $1,400 of the merchandise is returned. The correct amount is paid within […]
Chapter 8 Which The Following Best Describes The Term
CHAPTER 8—CONSIDERATION Key 1. Which of the following best describes the term “consideration”? 2. Which of the following is an example of a valid consideration? A. A promises to sell paint to B when the shipment arrives. B. A promises […]
Economics Chapter 7 Suppose the willingness to pay of the marginal buyer of the 3rd
Chapter 7/Consumers, Producers, and the Efficiency of Markets ❖ 61 26. Refer to Table 7-11. At a price of $2.00, total surplus is a. larger than it would be at the equilibrium price. b. smaller than it would be at […]
Chapter 5 Which The Following Accounts Would Included
198. Which of the following accounts would be included in the chart of accounts of a merchandising company using the: (a) periodic inventory system, (b) perpetual inventory system, or (c) both systems? (1) Sales Discounts (2) Merchandise Inventory (3) Sales […]
Chapter 7 Which The Following Conditions Prerequisite For Any
CHAPTER 7—CAPACITY TO CONTRACT Key 1. Which of the following conditions is a prerequisite for any agreement to be legally enforceable? 2. Which of the following is true of contracts of minors? A. A contract between two minors gives the […]
Economics Chapter 7 what area represents the increase in producer
Chapter 7/Consumers, Producers, and the Efficiency of Markets ❖ 41 Figure 7-7 Supply 1 2 3 4 Quantity 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Price 42. Refer to Figure 7-7. If […]
Chapter 5 Anthony Company Sold Madison Company Merchandise
134. Anthony Company sold Madison Company merchandise on account FOB shipping point, 2/10, net 30, for $10,000. Anthony prepaid the $300 shipping charge. Which of the following entries does Anthony make to record this sale? 135. Emma Co. sold Isabella […]
Chapter 6 Ryan College Student Intends Sell His Car
CHAPTER 6—OFFER AND ACCEPTANCE Key 1. Which of the following is true of a valid offer? 2. Ryan, a college student, intends to sell his car. He contacts his friend Luiz and enquires whether he is interested in buying the […]
Economics Chapter 7 Cameron visits a sporting goods store to buy a new set of golf
Chapter 7/Consumers, Producers, and the Efficiency of Markets ❖ 21 85. Cameron visits a sporting goods store to buy a new set of golf clubs. He is willing to pay $750 for the clubs but buys them on sale for […]
Chapter 5 Which One The Following Not Difference
Chapter 5—Accounting for Merchandising Businesses Key 1. One of the most important differences between a service business and a retail business is in what is sold. 2. In a merchandise business, sales minus operating expenses equals net income. FALSE 3. […]
Chapter 5 The Failure Party Perform The Obligations Assumed
CHAPTER 5—NATURE AND CLASSES OF CONTRACTS Key 1. The failure of a party to perform the obligations assumed under a contract is known as a(n): 2. Which of the following is true of unenforceable contracts? A. They are not valid […]
Economics Chapter 7 A result of welfare economics is that the equilibrium
Chapter 7 Consumers, Producers, and the Efficiency of Markets MULTIPLE CHOICE 1. Which of the following statements is correct? a. Buyers always want to pay less and sellers always want to be paid more. b. Buyers always want to pay […]
Chapter 4 Journal Entries Cash 8500 Capital Stock 8500
193. After all adjustments have been made, but before the accounts have been closed, the following balances were taken from the ledger of Ramona’s Designs: Accounts Payable $ 27,600 Rent Expense $ 32,700 Accounts Receivable 64,500 Salary Expense 41,390 Accumulated […]
Chapter 4 The Federal Trade Commission And The Environmental
CHAPTER 4—GOVERNMENT REGULATION OF BUSINESS Key 1. Which of the following is true of government regulation of business? 2. Which of the following is true of administrative agencies? A. They can be run only by a single administrator. B. They […]
Economics Chapter 6 When policymakers set prices by legal decree, they obscure
94 ❖ Chapter 6/Supply, Demand, and Government Policies 82. A binding minimum wage creates a surplus of labor. 83. A binding minimum wage creates a shortage of labor. ANS: F PTS: 1 DIF: 2 REF: 6-1 NAT: Analytic LOC: Supply […]
Chapter 4 Identify Which The Following Accounts Should
174. Beachside Realty rents condominiums and furnishings. It’s adjusted trial balance at December 31, 2011, is as follows: Debit Balances Credit Balances Cash 1,500 Accounts Receivable 2,000 Interest Receivable 100 Prepaid Insurance 1,600 Notes Receivable (long-term) 2,800 Equipment 15,000 Accumulated […]
Chapter 3 Which The Following Most Likely Tort Based
CHAPTER 3—BUSINESS TORTS AND CRIMES Key 1. Which of the following is most likely to be a tort based on negligence? 2. To recover for a tort based on negligence, the plaintiff must show: A. an intention to cause the […]
Economics Chapter 6 If a tax were levied on the sellers of both of these
Chapter 6/Supply, Demand, And Government Policies ❖ 81 171. Suppose that a tax is placed on books. If the sellers pay the majority of the tax, then we know that the a. demand is more inelastic than the supply. b. […]
Chapter 4 The Proper Sequence Steps The Accounting
120. Use the work sheet for Finley Company to answer the questions that follow. Finley Company Work Sheet For the Year Ended December 31, 2014 Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit […]