Archives: Quiz
Accounting Chapter 6 5 Product Total Cost Total Lcm Market A
163. Using the information given below for a company that uses a perpetual inventory system, calculate the ending inventory using FIFO. Units Unit Cost Beginning inventory 100 $10 Jan. 5 purchased 40 12 Jan. 10 sold 60 – Jan. 15 […]
Chapter 23 1 General Represent Nominal Independent Variable
Chapter 23—Model building MULTIPLE CHOICE 1. In explaining the amount of money spent on children’s clothes each month, which of the following independent variables is best represented with an indicator variable? A. Age. B. Height. C. Gender. D. Weight. 2. […]
Accounting Chapter 6 4 Cost Market147 Discuss The Important Accounting Features
6-61 2013. 2013 2012 Net sales $647,500 $582,000 Cost of goods sold 388,500 360,840 Ending inventory 77,700 79,380 A. 8.33 B. 5.00 C. 4.95 D. 4.54 E. 7.33 134. Use the following information for Razor Company to compute days’ sales […]
Chapter 22 2 After Some Consideration Developed The Multiple Regression
10. An actuary wanted to develop a model to predict how long individuals will live. After consulting a number of physicians, she collected the age at death (y), the average number of hours of exercise per week ( 1 x […]
Accounting Chapter 6 3 In applying the lower of cost or market method to inventory valuation
100. Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method. June 1 Beginning inventory, 15 units at $20 each June 15 Sale of 6 units for $50 each June 29 […]
Chapter 22 1 Apts 150 For The Multiple Regression Model
Chapter 22—Multiple regression MULTIPLE CHOICE 1. In testing the validity of a multiple regression model, a small value of the F-test statistic indicates that: A. most of the variation in the independent variables is explained by the variation in y. […]
Accounting Chapter 6 2 Inventory Errors feedback Ending Inventory 144000 For Year
65. Gotham Company reported a December 31 ending inventory balance of $412,000. The following additional information is also available: · The ending inventory balance of $412,000 included $72,000 of consigned inventory for which Gotham was the consignor. · The ending […]
Chapter 21 4 Predict With 95 Confidence The Average Number
Day Precipitation Number of accidents 1 0.05 5 2 0.12 6 3 0.05 2 4 0.08 4 5 0.10 8 6 0.35 14 7 0.15 7 8 0.30 13 9 0.10 7 10 0.20 10 Do these data allow us […]
Accounting Chapter 6 1 Goods in transit are automatically included in inventory
Chapter 6 INVENTORIES AND COST OF SALES 1. Goods in transit are automatically included in inventory. Answer: False Blooms: Remember AACSB: Communication AICPA BB: Industry AICPA FN: Measurement Difficulty: 1 Easy Learning Objective: 06-C1 Topic: Merchandise Inventory 2. Goods on […]
Chapter 21 3 An ardent fan of television game shows has observed that
PTS: 1 57. An ardent fan of television game shows has observed that, in general, the more educated the contestant, the less money he or she wins. To test her belief, she gathers data about the last eight winners of […]
Accounting Chapter 5 2 The following statements regarding merchandise inventory
71. The following statements regarding merchandise inventory are true except: A. Merchandise inventory is reported on the balance sheet as a current asset. B. Merchandise inventory refers to products a company owns and intends to sell. C. Merchandise inventory can […]
Chapter 21 2 The Manager Fast Food Restaurant Wishes Determine
Calculate the coefficient of determination, and describe what this statistic tells you about the relationship between the two variables. 10. Consider the following data values of variables x and y. x 3 5 7 9 11 14 y 7 10 […]
Accounting Chapter 5 1 Merchandise inventory consists of products that a company
Chapter 5 ACCOUNTING FOR MERCHANDISING OPERATIONS True /False Questions 1. Merchandise inventory consists of products that a company acquires to resell to customers. Answer: True Blooms: Remember AACSB: Communication AICPA BB: Industry AICPA FN: Decision Making Difficulty: 1 Easy Learning […]
Chapter 21 1 Apts 161 The Least Squares Method For
Chapter 21—Simple linear regression and correlation MULTIPLE CHOICE 1. Testing whether the slope of the population regression line could be zero is equivalent to testing whether the: A. sample coefficient of correlation could be zero. B. standard error of estimate […]
Accounting Chapter 5 5 Prepare Entries That The Buyer Should Record
Answer Dec. 31 Sales 325,000 Income Summary 325,000 Dec. 31 Income Summary 270,400 Sales discounts 6,000 Sales returns and allowances 16,500 Cost of goods sold 195,000 Sales salaries expense 32,500 Depreciation expense — store equipment 11,000 Depreciation expense — office […]
Chapter 20 2 A major insurance firm interviewed a random sample of
9. Consider a multinomial experiment involving 100 trials and 4 categories (cells). The observed frequencies resulting from the experiment are shown in the accompanying table. Category 1 2 3 4 Frequency 18 30 25 27 Use the 5% significance level […]
Accounting Chapter 5 4 The Returned Items Had Cost 210received Payment
Prepaid expense 900 6,750 2,450 Accounts payable 19,400 13,750 26,800 Salaries payable 1,200 3,500 6,250 Other current payables 600 1,200 2,150 The industry standard for the current ratio is 1.8 and the industry standard for the acid-test ratio is 1. […]
Chapter 20 1 The Number Degrees Freedom Associated With The
Chapter 20—Additional tests for nominal data: Chi-squared tests MULTIPLE CHOICE 1. Which statistical technique is appropriate when we describe a single population of nominal data with exactly two categories? A. The z-test of a population proportion. B. The chi-squared test […]
Accounting Chapter 5 3 When preparing an unadjusted trial balance using a periodic inventory
5-41 114. An account used in the periodic inventory system that is not used in the perpetual inventory system is A. Merchandise Inventory B. Sales C. Sales Returns and Allowances D. Accounts Payable E. Purchases 115. When preparing an unadjusted […]
Chapter 19 2 In particular, she would like to investigate the belief
19. Use the Wilcoxon rank sum test on the data below to determine at the 10% significance level whether the two population locations differ. Sample 1: 17 20 18 25 16 22 Sample 2: 17 25 33 38 15 26 […]
Accounting Chapter 4 4 Company For The Current Year Ended December
144. The calendar year-end adjusted trial balance for Acosta Co. follows: ACOSTA CO. Adjusted Trial Balance December 31 Cash $ 100,000 Accounts receivable 7,000 Prepaid rent 15,000 Prepaid Insurance 9,000 Office supplies 3,300 Office equipment 8,000 Accumulated depreciation—Equipment $ 3,200 […]
Chapter 19 1Onesample test The Parametric Counterpart
Chapter 19—Nonparametric techniques: Comparing two or more populations MULTIPLE CHOICE 1. The non-parametric counterpart of the parametric t-test of D for matched pairs is the: A. Friedman test. B. Kruskal–Wallis test. C. Wilcoxon signed rank sum test. D. Wilcoxon […]
Accounting Chapter 4 5 161 Excalibur Frequently Has Accrued Expenses The
Accumulated depreciation—Office equipment $ 5,000 Long-term notes payable 25,000 Brady, Capital ($30,260 + $14,640 — $1,000) 43,900 Totals $73,900 $73,900 Blooms: Apply AACSB: Analytic AICPA BB: Industry AICPA FN: Measurement Difficulty: 3 Hard Learning Objective: 04-P2 Learning Objective: 04-P3 Topic: […]
Chapter 18 2 Graduate management Admission Test Gmat Scores
4. The following statistics were calculated based on samples drawn from four normal populations. Treatment Statistic 1 2 3 4 j n 4 7 5 5 j x 52 69 71 61 2 j x 753 798 1248 912 Test […]
Accounting Chapter 4 2 Which of the following is the usual final step in the accounting cycle
71. Which of the following is the usual final step in the accounting cycle? A. Journalizing transactions. B. Preparing an adjusted trial balance. C. Preparing a post-closing trial balance. D. Preparing the financial statements. E. Preparing a work sheet. Answer: […]
Chapter 18 1 Dpts 142 Consider The Following Partial Anova
Chapter 18—Analysis of variance MULTIPLE CHOICE 1. In one-way ANOVA, the amount of total variation that is unexplained is measured by the: A. sum of squares for treatments. B. sum of squares for error. C. total sum of squares. D. […]
Accounting Chapter 4 3 Supplies land Held For Future Plant Expansion long term Note
4-41 115. Permanent accounts include all of the following except: A. Accumulated Depreciation – Equipment. B. Prepaid Rent. C. Unearned Consulting Revenue. D. Accounts Payable. E. Depreciation Expense – Equipment. 116. Which of the following statements about a company’s operating […]
Chapter 17 2 The clarity of each copy was measured on a scale of
a. Can we conclude at the 5% significance level that more than half of the copies produced by A have a clarity score above 90? b. Find the p-value of the test and briefly explain how to use it to […]
Accounting Chapter 4 1 Adjusting Entries Are Normally Entered The General
Chapter 4 COMPLETING THE ACCOUNTING CYCLE True /False Questions 1. Accounts that appear in the balance sheet are often called temporary (nominal) accounts. Answer: False Blooms: Remember AACSB: Communication AICPA BB: Industry AICPA FN: Decision Making Difficulty: 1 Easy Learning […]
Chapter 17 1 Sample Size Selected The Value
Chapter 17—Statistical inference : A review of Chapters 11–16 MULTIPLE CHOICE 1. In testing the difference between two population means for which the population variances are unknown and assumed to be equal, two independent samples are drawn from the populations. […]
Accounting Chapter 3 6 Prepare Entries For These Transactions Under The
205. The following information is available for Hughes Co. 2011 2010 2009 Net income 2,500 1,700 1,900 Net sales 37,000 35,000 32,000 Total assets 420,000 395,000 375,000 From the information provided, calculate Hughes’ profit margin ratio for each of the […]
Chapter 16 1 Dont Reject The Null Hypothesis Nopts 18
Chapter 16— Nonparametric techniques: Comparing two populations MULTIPLE CHOICE 1. Statistical methods that require, among other assumptions, that the populations be normally distributed are known as: A. distribution-free statistics. B. nonparametric statistics. C. parametric statistics. D. Both A and B […]
Accounting Chapter 3 3 The balance in the prepaid insurance account before adjustment
119. A company recorded 2 days of accrued salaries of $1,400 for its employees on January 31. On February 9, it paid its employees $7,000 for these accrued salaries and for other salaries earned through February 9. The January 31 […]
Chapter 15 1 The two sample variances are s1
Chapter 15—Inference about population variances MULTIPLE CHOICE 1. Which of the following statements is false? A. The chi-squared distribution is positively skewed. B. The chi-squared distribution is symmetrical. C. All the values of the chi-squared distribution are positive. D. The […]
Accounting Chapter 3 2 The length of time covered by a set of periodic
72. The 12-month period that ends when a company’s sales activities are at their lowest level is called the: A. Fiscal year. B. Calendar year. C. Natural business year. D. Accounting period. E. Interim period. Answer: C Blooms: Remember AACSB: […]
Chapter 14 2 we estimate that the daily sales during the
23. A survey of 1500 Queenslanders reveals that 945 believe there is too much violence on television. In a survey of 1500 Western Australians, 810 believe that there is too much television violence. Can we infer at the 99% significance […]
Accounting Chapter 3 1 A company’s fiscal year must correspond with the calendar year
Chapter 3 Adjusting Accounts and Preparing Financial Statements 1. A company’s fiscal year must correspond with the calendar year. Answer: False Blooms: Remember AACSB: Communication AICPA BB: Industry AICPA FN: Decision Making Difficulty: 1 Easy Learning Objective: 03-C1 Topic: Time […]
Chapter 14 1 In testing the difference between two population means
Chapter 14—Hypothesis testing: Comparing two populations MULTIPLE CHOICE 1. In testing the difference between two population means, using two independent samples, we use the pooled variance in estimating the standard error of the sampling distribution of the sample mean difference […]
Accounting Chapter 3 5 Present the four adjusting journal entries that were recorded
Salaries expense 3,500 4,500 Depreciation expense—Equip. 900 Insurance expense 700 1,100 Black, Capital ______ 18,800 5,400 18,800 ______ 20,700 5,400 20,700 Present the four adjusting journal entries that were recorded by Black Company. Answer: Dec. 31 Insurance Expense …….. ……………………….. […]
Chapter 13 2 The average Australian adult drinks fewer than 3
4. In testing the hypotheses 50: 0= H . 50: 1 H . we found that the standardised test statistic is z = –1.59. Calculate the p-value. ANS: 0.0559. PTS: 1 5. Suppose that 10 observations are drawn […]
Accounting Chapter 3 4 Discuss how accrual accounting enhances the usefulness
Blooms: Understand AACSB: Communication AICPA BB: Industry AICPA FN: Decision Making Difficulty: 2 Medium Learning Objective: 03-C1 Learning Objective: 03-C3 Learning Objective: 03-P2 Learning Objective: 03-P3 Topic: Time Period Assumption Topic: Adjustments Topic: Adjusted Trial Balance Topic: Financial Statements 158. […]
Chapter 13 1 12 Suppose You Intend Test The Claim
Chapter 13—Hypothesis testing: Describing a single population MULTIPLE CHOICE 1. In order to determine the p-value, which of the following items of information is not needed? A. The level of significance. B. Whether the test is one– or two–tailed. C. […]
Accounting Chapter 2 5 Notes Payable g Prepaid Renth Salaries Expense Notes
2-81 172. The following trial balance is prepared from the general ledger of Hal’s Auto Repair. HAL’S AUTO REPAIR Trial Balance October 31 Debit Credit Cash $ 975 Accounts receivable 3,800 Supplies 500 Repair equipment 13,000 Office equipment 6,600 Accounts […]
Chapter 12 1 Apts 110 The Expected Value The Difference
Chapter 12—Estimation: Comparing two populations MULTIPLE CHOICE 1. If two random samples of sizes 1 n and 2 n are selected independently from two populations with means 1 and 2 , then the mean of the sampling distribution […]
Accounting Chapter 2 4 Josephine Made Investments The Business And Withdrew
149. Indicate whether a debit or credit entry would be made to record the following changes in each account. a. To decrease Cash b. To increase Owner, Capital c. To decrease Accounts Payable. d. To increase Salaries Expense. e. To […]
Chapter 11 2 Suppose That The Amount Time Teenagers Spend
19. The term 1 – refers to the level of confidence that a confidence interval does not contain the population parameter. ANS: F PTS: 1 20. In the formula / 2 /nx z , the subscript / 2 […]
Accounting Chapter 2 3 137 Vicki Lake Computer Consultant Shown Below
114. A company had the following accounts and balances year-end: Cash $30,000 Accounts receivable 32,000 Accounts payable 20,000 Fees earned 65,000 Rent expense 15,000 Insurance expense 4,800 Supplies 5,000 Sam, Capital 19,800 Sam, Withdrawals 18,000 If all of the accounts […]
Chapter 11 1 Robust Estimator One That a Unbiased
Chapter 11—Estimation: Describing a single population MULTIPLE CHOICE 1. The term 1 – refers to: A. the probability that a confidence interval does not contain the population parameter. B. the level of confidence that a confidence interval does not contain […]
Accounting Chapter 2 2 January The Balance The Accounts Receivable account Should
Blooms: Understand AACSB: Communication AICPA BB: Industry AICPA FN: Reporting Difficulty: 2 Medium Learning Objective: 02-C3 Topic: Ledger and Chart of Accounts 71. A debit: A. Always increases an account. B. Is the right-hand side of a T-account. C. Always […]
Chapter 10 1 Find The Probability That The Mean Height
Chapter 10—Sampling distributions MULTIPLE CHOICE 1. As a general rule, the normal distribution is used to approximate the sampling distribution of the sample mean only if: A. the sample size n is sufficiently large. B. the sample mean is close […]