1) The income statement and balance sheet columns of Pine Company?s worksheet reflects the following totals:Income Statement Balance SheetDr. Cr. Dr. Cr.TotalsClosing entries are necessary for __________.A. temporary accounts onlyB. permanent accounts onlyC. permanent or real accounts onlyD. both permanent and temporary accounts2) As Plant Controller, you are trying to determine which costs over which you have the most control on a day to day basis. Your goal is to achieve better profitability. The Plant Operations Manager suggests that overhead is the easiest area to directly reduce costs. Which of the following items would be classified as manufacturing overhead?A. General corporate liability insuranceB. Factory janitorC. The western division?s vice president?s salaryD. Cost of landscaping the corporate office3) Which list below best describes the major services performed by public accountants?A. Employee training, auditing, bookkeepingB. Bookkeeping, mergers, budgetsC. Cost accounting, production scheduling, recruitingD. Auditing, taxation, management consultingRead more:4) The conceptual framework developed by the Financial Accounting Standards Board __________.A. are rules that all accountants must followB. was approved by a vote of all accountantsC. is legally binding on all accountantsD. is viewed as providing a constitution for setting accounting standards for financial reporting5) In what situations will a static budget be most effective in evaluating a manager?s effectiveness?A. The company has substantial variable costs.B. The company has substantial fixed costs.C. The company has no fixed costs.D. The planned activity levels match actual activity levels.6) Which one of the following items is not generally used in preparing a statement of cash flows?A. Comparative balance sheetsB. Adjusted trial balanceC. Additional informationD. Current income statement7) These are selected account balances on December 31, 2008.Land (location of the corporation?s office building) $150,000Land (held for future use) 225,000Corporate Office Building 900,000Inventory 300,000Equipment 675,000Office Furniture 150,000Accumulated Depreciation 450,000What is the net amount of property, plant, and equipment that will appear on the balance sheet?A .$1,425,000B. $1,650,000C. $2,400,000D. $1,950,0008) A well-designed activity-based costing system starts with __________.A. analyzing the activities performed to manufacture a productB. computing the activity-based overhead rateC. assigning manufacturing overhead costs for each activity cost pool to productsD. identifying the activity-cost pools9) The cost principle is the basis for preparing financial statements because it is __________.A. the most accurate measure of purchasing powerB. relevant and objectively measured, and verifiableC. an international accounting standardD. a conservative value10) Which one of the following is a product cost?A. Advertising costsB. Office salariesC. Sales person?s salariesD. Indirect labor11) If a company reports a net loss, it __________.A. will not be able to make capital expendituresB. will not be able to pay cash dividendsC. will not be able to get a loanD. may still have a net increase in cash12) The primary purpose of the statement of cash flows is to __________.A. prove that revenues exceed expenses if there is a net incomeB. provide information about the investing and financing activities during a periodC. facilitate banking relationshipsD. provide information about the cash receipts and cash payments during a period13) The major reporting standard for management accounts is __________.A. the Sarbanes-Oxley Act of 2002B. the Standards of Ethical Conduct for Practitioners of Management Accounting and Financial ManagementC. generally accepted accounting principlesD. relevance to decisions14) Disney?s variable costs are 30% of sales. The company is contemplating an advertising campaign that will cost $22,000. If sales are expected to increase $40,000, by how much will the company?s net income increase?A. $28,000B. $18,000C. $6,000D. $12,0015) The price of a good that prevails in a world market is called theA. relative price.B. absolute price.C. world price.D. comparative price.16) A country?s consumption possibilities frontier can be outside its production possibilities frontier if __________.A. the citizens of the country have a greater desire to consume goods and services than do the citizens of other countriesB. the country?s technology is superior to the technologies of other countriesC. the country imports more than it exportsD. the country engages in trade17) The general term for market structures that fall somewhere in-between monopoly and perfect competition is __________.A. monopolistically competitive marketsB. imperfectly competitive marketsC. incomplete marketsD. oligopoly markets18) For a college student who wishes to calculate the true costs of going to college, the costs of room and board __________.A. plus the cost of tuition, equals the opportunity cost of going to collegeB. should be counted only to the extent that they are more expensive at college than elsewhereC. should be counted in full, regardless of the costs of eating and sleeping elsewhereD. usually exceed the opportunity cost of going to college19) A tax on an imported good is called a __________.A. trade taxB. tariffC. quotaD. supply tax20) Without trade, __________.A. interdependence is more extensive than it would be with tradeB. a country?s production possibilities frontier is also its consumption possibilities frontierC. a country is better off because it will have to learn to be self-sufficient without tradeD. a country can still benefit from international specialization21) Which of the following statements about GDP is correct?A. GDP increases if the total population increases.B. Money continuously flows from households to government and then back to households, and GDP measures this flow of money.C. GDP measures two things at once: the total income of everyone in the economy and the unemployment rate.D. GDP is to a nation?s economy as household income is to a household.22) The political business cycle refers to __________.A. the potential for a central bank to increase the money supply and therefore real GDP to help the incumbent get re-electedB. changes in output created by the monetary rule the Fed must followC. the fact that about every four years some politician advocates greater government control of the FedD. the part of the business cycle caused by the reluctance of politicians to smooth the business cycle23) The open-economy macroeconomic model examines the determination of __________.A. unemployment and the exchange rateB. the trade balance and the exchange rateC. the output growth rate and the real interest rateD. the output growth rate and the inflation rate24) The model of short-run economic fluctuations focuses on the price level and __________.A. economic growthB. Net GDPC. real GDPD. the neutrality of money25) Which of the following statements about GDP is correct?A. Nominal GDP values production at constant prices, whereas real GDP values production at current prices.B. Nominal GDP consistently underestimates the value of production, whereas real GDP consistently overestimates the value of production.C. Nominal GDP values production at current prices, whereas real GDP values production at constant prices.D. Nominal GDP values production at market prices, whereas real GDP values production at the cost of the resources used in the production process.26) Real GDP __________.A. evaluates current production at the prices that prevailed in some specific year in the past.B. is a measure of the value of goods only; it excludes the value of services.C. evaluates current production at current prices.D. is not a valid measure of the economy?s performance, since prices change from year to year.27) The balance of payment account is made up of:A. an import account and an export account.B. a monetary account and a fiscal account.C. a current account and a financial and capital account.D. an investment account and a consumption account.28) Which of the following best describes a mental image of a possible and desirable future state of the organization?A. Horizontal communicationB. VisionC. MissionD. Vertical communicationE. Leadership29) Which of these refers to the practices aimed at discovering and harnessing an organization?s intellectual resources?A. EffectivenessB. Knowledge managementC. CollaborationD. CompetitivenessE. Innovation30) As related to managing of human resources, diversity refers to:A. Differences in retention strategies (such as training, hiring, incentives, etc)B. Differences in recruiting methods (such as newspapers, schools, flyers, magazines, agencies, etc.)C. Differences in employee benefit plans (such as pensions, insurance, vacations, memberships, etc.)D. Differences in pay methods (such as hourly, salaried, overtime, hazard-pay, commissioned, etc.)E. Differences in demographics (such as age, race, gender, disability status, lifestyle, veteran status, educational level, etc.)Read more:31) When a company establishes technology leadership by pioneering unique products or services that command premium prices, it has benefited from a:A. Differentiation strategyB. High-price strategyC. High-cost strategyD. Diversification strategyE. Low-cost strategy32) Teams that operate separately from the regular work structure and exist temporarily are known as:A. Transnational teamsB. Parallel teamsC. Management teamsD. Self-managed teamsE. Self-designing teams33) Which of these represent skills that managers need?A. Interpersonal, quantitative, and professionalB. Technical, interpersonal & communication and conceptual & decision makingC. Interpersonal & communication, conceptual & decision making and professionalD. Conceptual & decision making, professional and technicalE. Professional, technical and interpersonal & communication34) Having individuals actually do the job they are applying for as a test to see if they can do it is __________.A. an approach with high face validityB. a formal means of screening candidatesC. an approach with low reliabilityD. an approach with high reliabilityE. an informal means of screening candidates35) A manager?s ability to stimulate people to be high performers is referred to as:A. OrganizingB. StaffingC. PlanningD. ControllingE. Leading36) The most dominant areas in the global economy include:A. North America, Mexico and AsiaB. Western Europe, Asia and AfricaC. North America, Western Europe and AsiaD. North America, Asia and AfricaE. North America, South America and Western Europe37) An organization that is managed aggressively and has growth and high profits as primary objectives may be considered a(n):A. Large corporationB. Online BusinessC. Multinational corporationD. Entrepreneurship ventureE. Small business38) __________ is the process of working with people and resources to accomplish organizational goals.A. ManagementB. SupervisingC. PlanningD. Decision makingE. Controlling39) Building a dynamic organization is another way of describing which function of management?A. ControllingB. OrganizingC. PlanningD. LeadingE. Staffing40) One study found that manufacturing labor costs about _____ an hour in China, compared to _____ dollars in the United States.A. $2; about 25B. About $2; about 15C. Less than $1; about 15D. Less than $1; about 25E. Less than $1; about 40 (Check your textbook!!!)Category: Uncategorized
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