Chap004
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Chap004

Course Number: ACG 3024, Spring 2012

College/University: Florida State College...

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Chapter 04 - The Bookkeeping Process and Transaction Analysis Chapter 04 The Bookkeeping Process and Transaction Analysis Multiple Choice Questions 1. An expanded version of the accounting equation could be: A. A + Rev = L + OE - Exp B. A - L = Paid-in Capital - Rev - Exp C. A = L + Paid-in Capital + Beginning Retained Earnings + Rev - Exp D. A = L + Paid-in Capital - Rev + Exp 2. In the seller's records, the...

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04 Chapter - The Bookkeeping Process and Transaction Analysis Chapter 04 The Bookkeeping Process and Transaction Analysis Multiple Choice Questions 1. An expanded version of the accounting equation could be: A. A + Rev = L + OE - Exp B. A - L = Paid-in Capital - Rev - Exp C. A = L + Paid-in Capital + Beginning Retained Earnings + Rev - Exp D. A = L + Paid-in Capital - Rev + Exp 2. In the seller's records, the sale of merchandise on account would: A. Increase assets and increase expenses. B. Increase assets and decrease liabilities. C. Increase assets and increase paid-in capital. D. Increase assets and decrease revenues. 3. In an advertiser's records, a newspaper ad submitted and published this week with the agreement to pay for it next week would: A. Decrease assets and decrease expenses. B. Increase liabilities and increase expenses. C. Decrease assets and increase revenue. D. Increase assets and decrease liabilities. 4. In the buyer's records, the purchase of merchandise on account would: A. Increase assets and increase expenses. B. Increase assets and increase liabilities. C. Increase liabilities and increase paid-in capital. D. Have no effect on total assets. 4-1 Chapter 04 - The Bookkeeping Process and Transaction Analysis 5. A newspaper ad submitted and published this week, with the agreement to pay for it next week would, in the newspaper's records: A. Increase assets and increase revenues. B. Increase assets and decrease liabilities. C. Increase assets and increase expenses. D. Have no effect on total assets. 6. A debit entry will: A. Decrease an asset account. B. Increase a liability account. C. Increase paid-in capital. D. Increase an expense account. 7. A credit entry will: A. Increase an asset account. B. Increase a liability account. C. Decrease paid-in capital. D. Increase an expense account. 8. A credit entry to an account will: A. Always decrease the account balance. B. Always increase the account balance. C. Increase the balance of a revenue account. D. Increase the balance of an expense account. 9. A debit entry to an account will: A. Always decrease the account balance. B. Always increase the account balance. C. Increase the balance of a revenue account. D. Increase the balance of an expense account. 4-2 Chapter 04 - The Bookkeeping Process and Transaction Analysis 10. An engineering consultant provided $500 of services to a client; the client paid $100 when the bill was submitted and will pay the balance within a week. The consultant will record this transaction by: A. B. C. D. 11. To accrue $5,500 of employee salaries for the last week of February, the employer's journal entry is: A. B. C. D. 12. Sage, Inc. has 20 employees who each earn $100 per day and are paid every Friday. The end of the accounting period is on a Wednesday. How much wages should the firm accrue at the end of the period? A. $2,000. B. $1,000. C. $0. D. $6,000. 4-3 Chapter 04 - The Bookkeeping Process and Transaction Analysis 13. Which of the following is not one of the 5 questions of transaction analysis? A. What's going on? B. Which accounts are affected? C. Is this an accrual? D. Does the balance sheet balance? E. Does my analysis make sense? 14. The effect of an adjustment is: A. To correct an entry that was not in balance. B. To increase the accuracy of the financial statements. C. To record transactions not previously recorded. D. To close the books. 15. A journal entry recording an accrual: A. Results in a better matching of revenues and expenses. B. Will involve a debit or credit to cash. C. Will affect balance sheet accounts only. D. Will most likely include a debit to a liability account. 16. Wisdom Co. has a note payable to its bank. An adjustment is likely to be required on Wisdom's books at the end of every month that the loan is outstanding to record the: A. Amount of interest paid during the month. B. Amount of total interest to be paid when the note is paid off. C. Amount of principal payable at the maturity date of the note. D. Accrued interest expense for the month. Martin & Associates borrowed $5,000 on April 1, 2010 at 8% interest with both principal and interest due on March 31, 2011. 4-4 Chapter 04 - The Bookkeeping Process and Transaction Analysis 17. Which of the following journal entries should the firm use to accrue interest at the end of each month? A. B. C. D. 18. How much should be in the firm's interest payable account at December 31, 2010? A. $300 B. $400 C. $0 D. $333 19. Which of the following journal entries should the firm use to record the payment of interest on March 31, 2011? A. B. C. D. 4-5 Chapter 04 - The Bookkeeping Process and Transaction Analysis 20. The accountant at Abco, Inc. made an adjusting entry at the end of February to accrue interest on a note receivable from a customer. The effect of this entry is to: A. Decrease ROI for February. B. Increase ROI for February. C. Decrease working capital at February 28. D. Decrease the acid-test ratio at February 28. 21. The accounting concept/principle being applied when an adjustment is made is usually: A. matching revenue and expense. B. consistency. C. original cost. D. materiality. 22. The Interest Receivable account for February showed transactions totaling $8,500 and an adjustment of $11,200.All of the following responses are correct except: A. The transactions probably resulted from accruing interest income earned. B. The transactions were probably entered on the credit side of the account. C. The adjustment was probably for cash receipts of interest receivable accrued in prior months. D. The balance in the interest receivable account decreased $2,700. 23. The balance in the Accrued Wages Payable account increased from $12,200 at the beginning of the month to $15,000 at the end of the month. Wages accrued during the month totaled $61,000. A. Wages paid during the month totaled $58,200. B. Wages paid during the month totaled $64,800. C. Wages expense for the month totaled $58,200. D. Wages expense for the month totaled $76,000. 4-6 Chapter 04 - The Bookkeeping Process and Transaction Analysis 24. When a firm purchases supplies for use in its business, and the cost of the supplies purchased is recorded as an asset, the following adjustment to recognize the cost of supplies used will probably be required: A. B. C. D. No adjustment will probably be required. 25. When a firm purchases supplies for its business: A. The supplies account should always be debited. B. The supplies expense account should always be debited. C. Either the supplies account or the supplies expense account should be credited. D. An adjustment will probably be required as supplies are used. 26. The effect of an adjustment on the financial statements is usually to: A. make the balance sheet balance. B. increase net income. C. increase the accuracy of both the balance sheet and income statement. D. match revenues and assets. 4-7 Chapter 04 - The Bookkeeping Process and Transaction Analysis Essay Questions 27. At the beginning of the current fiscal year, Surrey Corp.'s balance sheet showed assets of $675,000 and Liabilities of $525,000. During the year, liabilities decreased by $35,000. Net Income for the year was $175,000, and net assets at the end of the year were $193,000. There were no changes in paid-in capital during the year. Calculate the dividends, if any, declared during the year. Calculate the total assets at the end of the year. 28. At the beginning of the current fiscal year, the balance sheet of Arches Co. showed liabilities of $380,000. During the year liabilities increased by $10,000, assets increased by $55,000, and paid-in capital increased $20,000 to $165,000. Dividends declared and paid during the year were $60,000. At the end of the year, owners' equity totaled $402,000. Calculate net income or loss for the year. 4-8 Chapter 04 - The Bookkeeping Process and Transaction Analysis 29. Using the column headings provided below, show the effect, if any, of the transaction entry or adjusting entry on the appropriate balance sheet category or on the income statement by entering the account name, amount, and indicating whether it is an addition (+) or subtraction (-). Column headings reflect the expanded balance sheet equation; items that affect net income should not be shown as affecting owners' equity. (1.) The firm borrowed $2,000 from the bank; a short-term note was signed. (2.) Merchandise inventory costing $750 was purchased; cash of $200 was paid and the balance is due in 30 days. (3.) Employee wages of $1,000 were accrued at the end of the month. (4.) Merchandise that cost $350 was sold for $450 in cash. (5.) This month's rent of $700 was paid. (6.) Revenues from services during month totaled $6,500. Of this amount, $2,000 was received in cash and the balance is expected to be received within 30 days. (7.) During the month, supplies were purchased at a cost of $520, and debited into the Supplies (asset) account. A total of $400 of supplies were used during the month. (8.) Interest of $240 has been earned on a note receivable, but has not yet been received. 4-9 Chapter 04 - The Bookkeeping Process and Transaction Analysis 30. Using the column headings provided below, show the effect, if any, of the transaction entry or adjusting entry on the appropriate balance sheet category or on the income statement by entering the account name, amount, and indicating whether it is an addition (+) or subtraction (-). Column headings reflect the expanded balance sheet equation; items that affect net income should not be shown as affecting owners' equity. (1.) During the month, the board of directors declared a cash dividend of $1,200, payable next month. (2.) Employees were paid $1,900 in wages for their work during the first three weeks of the month. (3.) Employee wages of $600 for the last week of the month have not been recorded. (4.) Merchandise that cost $900 was sold for $1,350. Of this amount, $1,000 was received in cash and the balance is expected to be received within 30 days. (5.) A contract was signed with a local radio station for a $100 advertisement; the ad was aired during this month but will not be paid for until next month. (6.) Store equipment was purchased at a cash price of $300. The original list price of the equipment was $400, but a discount was received. (7.) Received $180 of interest income for the current month. (8.) Accrued $310 of interest expense at the end of the month. 4-10 Chapter 04 - The Bookkeeping Process and Transaction Analysis Chapter 04 The Bookkeeping Process and Transaction Analysis Answer Key Multiple Choice Questions 1. An expanded version of the accounting equation could be: A. A + Rev = L + OE - Exp B. A - L = Paid-in Capital - Rev - Exp C. A = L + Paid-in Capital + Beginning Retained Earnings + Rev - Exp D. A = L + Paid-in Capital - Rev + Exp AACSB: Analytic AICPA BB: Critical Thinking AICPA FN: Decision Making Bloom's: Knowledge Difficulty: Medium Learning Objective: 1 2. In the seller's records, the sale of merchandise on account would: A. Increase assets and increase expenses. B. Increase assets and decrease liabilities. C. Increase assets and increase paid-in capital. D. Increase assets and decrease revenues. AACSB: Analytic AICPA BB: Critical Thinking AICPA FN: Decision Making Bloom's: Comprehension Difficulty: Medium Learning Objective: 2 4-11 Chapter 04 - The Bookkeeping Process and Transaction Analysis 3. In an advertiser's records, a newspaper ad submitted and published this week with the agreement to pay for it next week would: A. Decrease assets and decrease expenses. B. Increase liabilities and increase expenses. C. Decrease assets and increase revenue. D. Increase assets and decrease liabilities. AACSB: Analytic AICPA BB: Critical Thinking AICPA FN: Decision Making Bloom's: Comprehension Difficulty: Medium Learning Objective: 6 4. In the buyer's records, the purchase of merchandise on account would: A. Increase assets and increase expenses. B. Increase assets and increase liabilities. C. Increase liabilities and increase paid-in capital. D. Have no effect on total assets. AACSB: Analytic AICPA BB: Critical Thinking AICPA FN: Decision Making Bloom's: Application Difficulty: Medium Learning Objective: 6 5. A newspaper ad submitted and published this week, with the agreement to pay for it next week would, in the newspaper's records: A. Increase assets and increase revenues. B. Increase assets and decrease liabilities. C. Increase assets and increase expenses. D. Have no effect on total assets. AACSB: Analytic AICPA BB: Critical Thinking AICPA FN: Decision Making Bloom's: Application Difficulty: Medium Learning Objective: 6 4-12 Chapter 04 - The Bookkeeping Process and Transaction Analysis 6. A debit entry will: A. Decrease an asset account. B. Increase a liability account. C. Increase paid-in capital. D. Increase an expense account. AACSB: Analytic AICPA BB: Industry AICPA FN: Decision Making Bloom's: Knowledge Difficulty: Easy Learning Objective: 5 7. A credit entry will: A. Increase an account. B. asset Increase a liability account. C. Decrease paid-in capital. D. Increase an expense account. AACSB: Analytic AICPA BB: Industry AICPA FN: Decision Making Bloom's: Knowledge Difficulty: Easy Learning Objective: 5 8. A credit entry to an account will: A. Always decrease the account balance. B. Always increase the account balance. C. Increase the balance of a revenue account. D. Increase the balance of an expense account. AACSB: Analytic AICPA BB: Industry AICPA FN: Decision Making Bloom's: Knowledge Difficulty: Medium Learning Objective: 5 4-13 Chapter 04 - The Bookkeeping Process and Transaction Analysis 9. A debit entry to an account will: A. Always decrease the account balance. B. Always increase the account balance. C. Increase the balance of a revenue account. D. Increase the balance of an expense account. AACSB: Analytic AICPA BB: Industry AICPA FN: Decision Making Bloom's: Knowledge Difficulty: Medium Learning Objective: 5 10. An engineering consultant provided $500 of services to a client; the client paid $100 when the bill was submitted and will pay the balance within a week. The consultant will record this transaction by: A. B. C. D. AACSB: Analytic AICPA BB: Critical Thinking AICPA FN: Reporting Bloom's: Application Difficulty: Medium Learning Objective: 6 4-14 Chapter 04 - The Bookkeeping Process and Transaction Analysis 11. To accrue $5,500 of employee salaries for the last week of February, the employer's journal entry is: A. B. C. D. AACSB: Analytic AICPA BB: Critical Thinking AICPA FN: Reporting Bloom's: Application Difficulty: Medium Learning Objective: 6 12. Sage, Inc. has 20 employees who each earn $100 per day and are paid every Friday. The end of the accounting period is on a Wednesday. How much wages should the firm accrue at the end of the period? A. $2,000. B. $1,000. C. $0. D. $6,000. AACSB: Analytic AICPA BB: Critical Thinking AICPA FN: Measurement Bloom's: Analysis Difficulty: Hard Learning Objective: 6 4-15 Chapter 04 - The Bookkeeping Process and Transaction Analysis 13. Which of the following is not one of the 5 questions of transaction analysis? A. What's going on? B. Which accounts are affected? C. Is this an accrual? D. Does the balance sheet balance? E. Does my analysis make sense? AACSB: Analytic AICPA BB: Critical Thinking AICPA FN: Decision Making Bloom's: Knowledge Difficulty: Easy Learning Objective: 7 14. The effect of an adjustment is: A. To correct an entry that was not in balance. B. To increase the accuracy of the financial statements. C. To record transactions not previously recorded. D. To close the books. AACSB: Analytic AICPA BB: Critical Thinking AICPA FN: Decision Making Bloom's: Comprehension Difficulty: Medium Learning Objective: 6 15. A journal entry recording an accrual: A. Results in a better matching of revenues and expenses. B. Will involve a debit or credit to cash. C. Will affect balance sheet accounts only. D. Will most likely include a debit to a liability account. AACSB: Analytic AICPA BB: Critical Thinking AICPA FN: Decision Making Bloom's: Comprehension Difficulty: Medium Learning Objective: 6 4-16 Chapter 04 - The Bookkeeping Process and Transaction Analysis 16. Wisdom Co. has a note payable to its bank. An adjustment is likely to be required on Wisdom's books at the end of every month that the loan is outstanding to record the: A. Amount of interest paid during the month. B. Amount of total interest to be paid when the note is paid off. C. Amount of principal payable at the maturity date of the note. D. Accrued interest expense for the month. AACSB: Analytic AICPA BB: Critical Thinking AICPA FN: Decision Making Bloom's: Application Difficulty: Hard Learning Objective: 6 Martin & Associates borrowed $5,000 on April 1, 2010 at 8% interest with both principal and interest due on March 31, 2011. 17. Which of the following journal entries should the firm use to accrue interest at the end of each month? A. B. C. D. AACSB: Analytic AICPA BB: Critical Thinking AICPA FN: Decision Making Bloom's: Analysis Difficulty: Medium Learning Objective: 6 4-17 Chapter 04 - The Bookkeeping Process and Transaction Analysis 18. How much should be in the firm's interest payable account at December 31, 2010? A. $300 B. $400 C. $0 D. $333 AACSB: Analytic AICPA BB: Critical Thinking AICPA FN: Reporting Bloom's: Analysis Difficulty: Hard Learning Objective: 6 19. Which of the following journal entries should the firm use to record the payment of interest on March 31, 2011? A. B. C. D. AACSB: Analytic AICPA BB: Critical Thinking AICPA FN: Decision Making Bloom's: Analysis Difficulty: Medium Learning Objective: 6 4-18 Chapter 04 - The Bookkeeping Process and Transaction Analysis 20. The accountant at Abco, Inc. made an adjusting entry at the end of February to accrue interest on a note receivable from a customer. The effect of this entry is to: A. Decrease ROI for February. B. Increase ROI for February. C. Decrease working capital at February 28. D. Decrease the acid-test ratio at February 28. AACSB: Analytic AICPA BB: Critical Thinking AICPA FN: Decision Making Bloom's: Evaluation Difficulty: Hard Learning Objective: 6 21. The accounting concept/principle being applied when an adjustment is made is usually: A. matching revenue and expense. B. consistency. C. original cost. D. materiality. AACSB: Analytic AICPA BB: Critical Thinking AICPA FN: Decision Making Bloom's: Comprehension Difficulty: Medium Learning Objective: 6 22. The Interest Receivable account for February showed transactions totaling $8,500 and an adjustment of $11,200.All of the following responses are correct except: A. The transactions probably resulted from accruing interest income earned. B. The transactions were probably entered on the credit side of the account. C. The adjustment was probably for cash receipts of interest receivable accrued in prior months. D. The balance in the interest receivable account decreased $2,700. AACSB: Analytic AICPA BB: Critical Thinking AICPA FN: Decision Making Bloom's: Analysis Difficulty: Medium Learning Objective: 6 4-19 Chapter 04 - The Bookkeeping Process and Transaction Analysis 23. The balance in the Accrued Wages Payable account increased from $12,200 at the beginning of the month to $15,000 at the end of the month. Wages accrued during the month totaled $61,000. A. Wages paid during the month totaled $58,200. B. Wages paid during the month totaled $64,800. C. Wages expense for the month totaled $58,200. D. Wages expense for the month totaled $76,000. AACSB: Analytic AICPA BB: Critical Thinking AICPA FN: Decision Making Bloom's: Analysis Difficulty: Medium Learning Objective: 6 24. When a firm purchases supplies for use in its business, and the cost of the supplies purchased is recorded as an asset, the following adjustment to recognize the cost of supplies used will probably be required: A. B. C. D. No adjustment will probably be required. AACSB: Analytic AICPA BB: Critical Thinking AICPA FN: Decision Making Bloom's: Application Difficulty: Hard Learning Objective: 6 4-20 Chapter 04 - The Bookkeeping Process and Transaction Analysis 25. When a firm purchases supplies for its business: A. The supplies account should always be debited. B. The supplies expense account should always be debited. C. Either the supplies account or the supplies expense account should be credited. D. An adjustment will probably be required as supplies are used. AACSB: Reflective Thinking AICPA BB: Critical Thinking AICPA FN: Decision Making Bloom's: Synthesis Difficulty: Hard Learning Objective: 6 26. The effect of an adjustment on the financial statements is usually to: A. make the balance sheet balance. B. increase net income. C. increase the accuracy of both the balance sheet and income statement. D. match revenues and assets. AACSB: Analytic AICPA BB: Critical Thinking AICPA FN: Decision Making Bloom's: Comprehension Difficulty: Medium Learning Objective: 6 4-21 Chapter 04 - The Bookkeeping Process and Transaction Analysis Essay Questions 27. At the beginning of the current fiscal year, Surrey Corp.'s balance sheet showed assets of $675,000 and Liabilities of $525,000. During the year, liabilities decreased by $35,000. Net Income for the year was $175,000, and net assets at the end of the year were $193,000. There were no changes in paid-in capital during the year. Calculate the dividends, if any, declared during the year. Calculate the total assets at the end of the year. Steps: (1.) $675,000 - $525,000 = $150,000 (2.) $150,000 + $175,000 - DIV = $193,000; Div = $132,000 (3.) $525,000 - $35,000 = $490,000 (4.) $490,000 + $193,000 = $683,000 = Year-end Assets Alternative Computation of Year-end Assets Follow Steps 1 and 2, above Compute the change in assets during the year. Asset change = - $35,000 + $175,000 - $132,000 Asset change = $8,000 $675,000 + $8,000 = $683,000 = Year-end assets Assets = $683,000. AACSB: Analytic AICPA BB: Critical Thinking AICPA FN: Reporting Bloom's: Analysis Difficulty: Medium Learning Objective: 3 4-22 Chapter 04 - The Bookkeeping Process and Transaction Analysis 28. At the beginning of the current fiscal year, the balance sheet of Arches Co. showed liabilities of $380,000. During the year liabilities increased by $10,000, assets increased by $55,000, and paid-in capital increased $20,000 to $165,000. Dividends declared and paid during the year were $60,000. At the end of the year, owners' equity totaled $402,000. Calculate net income or loss for the year. Steps: (1.) $402,000 - 165,000 = $237,000 (2.) $380,000 + 10,000 = 390,000 (3.) $390,000 + 402,000 = $792,000 (4.) $165,000 - 20,000 = $145,000 (5.) $792,000 - 55,000 = $737,000 (6.) $737,000 - 380,000 - 145,000 = 212,000 (7.) $212,000 + Net Income - $60,000 = $237,000: Net Income = $85,000 Short cut Approach: $55,000 = 10,000 + 20,000 + Net Income -$60,000 Net Income = $85,000 AACSB: Analytic AICPA BB: Critical Thinking AICPA FN: Reporting Bloom's: Analysis Difficulty: Medium Learning Objective: 3 4-23 Chapter 04 - The Bookkeeping Process and Transaction Analysis 29. Using the column headings provided below, show the effect, if any, of the transaction entry or adjusting entry on the appropriate balance sheet category or on the income statement by entering the account name, amount, and indicating whether it is an addition (+) or subtraction (-). Column headings reflect the expanded balance sheet equation; items that affect net income should not be shown as affecting owners' equity. (1.) The firm borrowed $2,000 from the bank; a short-term note was signed. (2.) Merchandise inventory costing $750 was purchased; cash of $200 was paid and the balance is due in 30 days. (3.) Employee wages of $1,000 were accrued at the end of the month. (4.) Merchandise that cost $350 was sold for $450 in cash. (5.) This month's rent of $700 was paid. (6.) Revenues from services during month totaled $6,500. Of this amount, $2,000 was received in cash and the balance is expected to be received within 30 days. (7.) During the month, supplies were purchased at a cost of $520, and debited into the Supplies (asset) account. A total of $400 of supplies were used during the month. (8.) Interest of $240 has been earned on a note receivable, but has not yet been received. 4-24 Chapter 04 - The Bookkeeping Process and Transaction Analysis AACSB: Analytic AICPA BB: Critical Thinking AICPA FN: Decision Making Bloom's: Application Difficulty: Medium Learning Objective: 6 4-25 Chapter 04 - The Bookkeeping Process and Transaction Analysis 30. Using the column headings provided below, show the effect, if any, of the transaction entry or adjusting entry on the appropriate balance sheet category or on the income statement by entering the account name, amount, and indicating whether it is an addition (+) or subtraction (-). Column headings reflect the expanded balance sheet equation; items that affect net income should not be shown as affecting owners' equity. (1.) During the month, the board of directors declared a cash dividend of $1,200, payable next month. (2.) Employees were paid $1,900 in wages for their work during the first three weeks of the month. (3.) Employee wages of $600 for the last week of the month have not been recorded. (4.) Merchandise that cost $900 was sold for $1,350. Of this amount, $1,000 was received in cash and the balance is expected to be received within 30 days. (5.) A contract was signed with a local radio station for a $100 advertisement; the ad was aired during this month but will not be paid for until next month. (6.) Store equipment was purchased at a cash price of $300. The original list price of the equipment was $400, but a discount was received. (7.) Received $180 of interest income for the current month. (8.) Accrued $310 of interest expense at the end of the month. 4-26 Chapter 04 - The Bookkeeping Process and Transaction Analysis AACSB: Analytic AICPA BB: Critical Thinking AICPA FN: Decision Making Bloom's: Application Difficulty: Medium Learning Objective: 6 4-27

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Florida State College at Jacksonville - ACG - 3024
Chapter 05 - Accounting for and Presentation of Current AssetsChapter 05Accounting for and Presentation of Current AssetsMultiple Choice Questions1. The current assets of most companies are usually made up of:A. assets that are currently used in the
Florida State College at Jacksonville - ACG - 3024
Chapter 06 - Accounting for and Presentation of Property, Plant, and Equipment, and Other Noncurrent AssetsChapter 06Accounting for and Presentation of Property, Plant, and Equipment, andOther Noncurrent AssetsMultiple Choice Questions1. When a firm
Florida State College at Jacksonville - ACG - 3024
Chapter 07 - Accounting for and Presentation of LiabilitiesChapter 07Accounting for and Presentation of LiabilitiesMultiple Choice Questions1. A transaction that is likely to cause an increase in a current liability is:A. payment of accrued wages.B.
Florida State College at Jacksonville - ACG - 3024
Chapter 08 - Accounting for and Presentation of Owners' EquityChapter 08Accounting for and Presentation of Owners' EquityMultiple Choice Questions1. Which of the following is not a right or attribute of common stock ownership?A. Electing directors.B
Florida State College at Jacksonville - ACG - 3024
Chapter 09 - The Income Statement and the Statement of Cash FlowsChapter 09The Income Statement and the Statement of Cash FlowsMultiple Choice Questions1. The first caption in most income statements in annual reports is:A. gross sales.B. net sales.
Florida State College at Jacksonville - ACG - 3024
Chapter 10 - Corporate Governance, Explanatory Notes and Other DisclosuresChapter 10Corporate Governance, Explanatory Notes and Other DisclosuresMultiple Choice Questions1. Corporate governance includes concerns about:A. business ethics and social re
Florida State College at Jacksonville - ACG - 3024
Chapter 11 - Financial Statement AnalysisChapter 11Financial Statement AnalysisMultiple Choice Questions1. Which of the following is not a category of financial statement ratios?A. Financial leverage.B. Liquidity.C. Profitability.D. Prospectus.2.
Florida State College at Jacksonville - ACG - 3024
Chapter 12 - Managerial Accounting and Cost-Volume-Profit RelationshipsChapter 12Managerial Accounting and Cost-Volume-Profit RelationshipsMultiple Choice Questions1. Managerial accounting supports the management process most significantly by:A. meas
Florida State College at Jacksonville - ACG - 3024
Chapter 13 - Cost Accounting and ReportingChapter 13Cost Accounting and ReportingMultiple Choice Questions1. The term "cost" means:A. the price paid for a raw material.B. the wage paid to a worker.C. the price charged by an entity for its services.
Florida State College at Jacksonville - ACG - 3024
Chapter 14 - Cost PlanningChapter 14Cost PlanningMultiple Choice Questions1. An example of a committed cost is:A. employee training.B. manufacturing supplies.C. real estate taxes.D. charitable contributions.2. Which of the following is not a stro
Florida State College at Jacksonville - ACG - 3024
Chapter 15 - Cost ControlChapter 15Cost ControlMultiple Choice Questions1. _ is a technique used to filter cost information contained in performancereports to each manager within the organization at an appropriate level of detail orsummarization.A.
Florida State College at Jacksonville - ACG - 3024
Chapter 16 - Decision MakingChapter 16Decision MakingMultiple Choice Questions1. The method of evaluating financial data that change under different courses of action iscalled:A. financial statement analysis.B. break-even analysis.C. incremental a
Florida State College at Jacksonville - ACG - 3024
Assignment Print View1 of 121.http:/ezto.mhhm.mcgraw-hill.com/hm.tpxaward:1 pointRocky Mountain Manufacturing produces a single product. The original budget for November was basedon expected production of 35,000 units; actual production for Novembe
Florida State College at Jacksonville - ESC - 1000
Chapter 1 Multiple Choice1. Which of the following best defines a mineral and a rock?a. a rock has an orderly, repetitive, geometrical, internal arrangement of minerals; amineral is a lithified or consolidated aggregate of rocksb. a mineral consists o
Florida State College at Jacksonville - ESC - 1000
Chapter 2 Multiple Choice1. An igneous rock that contains vesicles _.a. is also extrusiveb. is also fine grainedc. contains many small holesd. all of the above2. As the rate of cooling increases, the size of the crystals that form _.a. increasesb.
Florida State College at Jacksonville - ESC - 1000
Chapter 3 Multiple Choice1. The transfer of rock material down slope under the influence of gravity is termed_.a. weatheringb. erosionc. mass wastingd. exfoliation2. Which of the following terms is used to describe the way materials move during a m
Florida State College at Jacksonville - ESC - 1000
Chapter 4 Multiple Choice1. A name commonly used as a synonym for the Ice Age is _.a. Pennsylvanian periodb. Miocene epochc. Mesozoic erad. Pleistocene epoch2. _ is one of the two, major flow mechanism in a glacier.a. Basal slipb. Crevassal slipc
Florida State College at Jacksonville - ESC - 1000
Chapter 5 Multiple Choice1. _ was an ancient reptile that lived in South America and Africa during the latePaleozoic.a. Granopterisb. Monastariousc. Glossopterisd. Mesosaurus2. In the early part of the 20th century, _ argued forcefully for continen
Florida State College at Jacksonville - ESC - 1000
Chapter 6 Multiple Choice1. The elastic rebound theory for the origin of earthquakes was first proposed by _following the _ earthquake.a. Reid; 1906, San Franciscob. Giuseppe; 1925, Pizza Lakec. Richter; 1989, Loma Prietad. Mohorovicic; 1964, Anchor
Florida State College at Jacksonville - ESC - 1000
Chapter 7 Multiple Choice1. In 1980, _ was the first Cascade Range volcano to erupt since Mt. Lassen in1915-16.a. Mt. Rainierb. Mt. Shastac. Kilauead. Mt. St. Helens2. Which type of basaltic lava flow has a fairly smooth, unfragmented, ropy surface
Florida State College at Jacksonville - ESC - 1000
Ch 8 Quiz Multiple Choice1. An unconformity is a buried _.a. fault or fracture with older rocks above and younger rocks belowb. surface of erosion separating younger strata above from older strata belowc. fault or fracture with younger strata above an
Florida State College at Jacksonville - ESC - 1000
Ch 9 Quiz Multiple Choice1. Which one of the following is NOT part of the continental margin?a. continental shelfb. continental slopec. continental rised. continental trench2. It is thought that submarine canyons on the continental slope have been g
Florida State College at Jacksonville - ESC - 1000
Ch 10 Quiz Multiple Choice1. The height, length, and period of a wave depend upon _.a. the length of time the wind has blownb. the wind speedc. the fetchd. all of these2. Which of the following is correct regarding a wave in the open ocean?a. water
Florida State College at Jacksonville - ESC - 1000
Ch 11 Quiz Multiple Choice1. Air may best be described as _.a. an elementb. a compoundc. a mixtured. none of these2. Which one of the following is the most abundant gas in the atmosphere?a. oxygenb. argonc. carbon dioxided. nitrogen3. With whic
Florida State College at Jacksonville - ESC - 1000
Ch 12 Quiz Multiple Choice1. The cloud form that is best described as sheets or layers that cover much or all of the sky istermed _.a. cumulusb. stratusc. cirrusd. alto2. The cloud form that consists of globular cloud masses that take on a billowy
Florida State College at Jacksonville - ESC - 1000
Ch 13 Quiz Multiple Choice1. Standard sea level pressure in millibars isa. 750 mbb. 890 mbc. 1013 mbd. 1143 mb2. Standard sea level pressure in inches of mercury is _.a. 7.52 inchesb. 14.70 inchesc. 28.70 inchesd. 29.92 inches3. The mercurial b
Florida State College at Jacksonville - ESC - 1000
Ch 14 Quiz Multiple Choice1. When an area is experiencing several consecutive days of rather constant weather, it isprobably _.a. warm-front weatherb. cold-front weatherc. air-mass weatherd. occluded front weather2. An air mass from the Gulf of Mex
Florida State College at Jacksonville - ESC - 1000
Chapters 15-16 Multiple Choice1. The _ explains how our solar system probably formed from a giant cloud ofgases and dispersed solid particles.a. protogalactic theoryb. nebular hypothesisc. extrastellar solar hypothesisd. planetary compression theory
SUNY IT - ECON - 505
Background and ReadingsTopics in this module:Market EconomyCapitalist EconomyMarketsMarkets for productsMarkets for capitalMarkets for laborDemand and Supply AnalysisDemand AnalysisThe Demand FunctionPrice Elasticity of DemandElastic, Inelasti
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Basic Questions for Chapter 3Provide a brief but complete answer to the questions I have listed below:Part 1: What is a demand schedule?Part 2: What is the Demand Curve?Part 3: What is the difference between Individual and Market Demand Curves?Part 4
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1.Exercise 1, page 106HTML Editor2.Exercise 6, page 107.HTML Editor3.Exercise 8, page 107HTML Editor4.Exercise 12, page 108HTML Editor5.Exercise 17, page 109HTML Editor
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SUGGESTED ANSWERS TO END OF CHAPTER 3 EXERCISESReview your answers and make corrections if necessary.Question 1:a. Ex = [(4500-6000) / (4500+6000)] / [(450 - 600) / (450 + 600)]Ex = 1.00b. Yes, a 1% decrease in price by SC leads to a 1% decrease in s
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End of Chapter Exercises: Chapter 3: Demand Analysis: ExamplesEnd of Chapter Exercises: Chapter 3: Demand Analysis: ExamplesMy Notes | Print Previous NextEnd of Chapter Exercises: Chapter 3: Demand Analysis: Examples1. If the price of VCRs declines by
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Activities: Appendix 2AEach week you will participate in a variety of on-line activities.I have designed these activities for individual and collaborative learning with as much group interaction as possible. Youshould engage in learning through teams.
SUNY IT - ECON - 505
Background And Readings: Appendix 2AREVIEW OF MATHEMATICAL CONCEPTS USED IN MANAGERIAL ECONOMICS:THIS IS ANOTHER CHANCE TO REVIEW THE CONCEPTS INTRODUCED IN APPENDIX 2A AND THE ALGEBRA MATERIAL IASKED YOU CHECK BEFORE CLASSES STARTED.Topics in this mo
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Basic Questions Appendix 2A: Suggested Answers.Thank you to all those who participated in this exercise.Please, review your answers and modify them accordingly.Dr.R.Part 1: Differentiate between Constrained and Unconstrained Optimization.Constrained
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1.Differentiate between Constrained and Unconstrained Optimization.HTML Editor2.List the formulas constant, power, and sum rules of differentiation.HTML Editor3.List the step-by-step procedure for obtaining the max or min of a function.HTML Editor
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Review: Full, Anonymous: NoHomework Assignment: Appendix 2APart 1: Sketch the graphs of the following linear equations:a) Y = 50b) Y = 24 - 4Xc) Y = 200 + .5Xd) Qd = 100 -5PNote: You do not have to sketch the graph. You just need to tell me in what
SUNY IT - ECON - 505
Activities: Chapter 2Each week you will participate in a variety of on-line activities.I have designed these activities for individual and collaborative learning with as much group interaction as possible.You should engage in learning through teams.Th
SUNY IT - ECON - 505
Notice that you have two weeks to complete the following modules:Demand Analysis, Estimation of Demand, and Production and CostsNext you will find on-line activities for the module Production.Remember that several of the activities required collaborati
SUNY IT - ECON - 505
Modules:Demand Analysis, Estimation of Demand, Production, and CostsNext you will find on-line activities for the module Cost Analysis and Application of Cost Theory.Remember that several of the activities required collaboration and interaction.You sh
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Activities Module Introduction and FoundationEach week you will participate in a variety of on-line activities.I have designed these activities for individual and collaborative learning with as much group interaction as possible.You should engage in le
SUNY IT - ECON - 505
ActivitiesNotice that you have two weeks to complete the following modules:Demand AnalysisEstimation of DemandProduction, and CostsNext you will find on-line activities for the module Estimation of Demand.Remember that several of the activities requ
SUNY IT - ECON - 505
ANSWERS TO BASIC QUESTIONS CHAPTER 3This are my suggested answers to the Basic Questions.Part 1: What is a demand schedule?A demand schedule is a listing of prices and quantities of a good that would be demanded at that specific price, keeping all othe
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Background and Readings: Module Introduction and FoundationTopics this week:What is Managerial Economics?The Decision Making ModelThe Role of ProfitsObjectives of the Firm (For Profit and Not-for-Profits)Key Concepts:Managerial EconomicsEconomic P
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Background And Readings: Module Introduction and Foundation II and Math ReviewTopics this week:1. Basic Math Review:What is a variable?Name and define the different types of variables?What is a constant?What is an equation?Name and define the diffe
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Background and ReadingsTopics in this module:In the previous two modules we discussed the demand side (TR =P*Q) in the firm's Value Function (page 11, fig. 1.2). Also in chapter 2 wediscussed the idea of risk and its relation to return, the denominator
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Background and ReadingsDo not forget our goal:Maximize the value of the firm, as represented by the model on page 11, Fig. 1.3 in your textbook.From this model (Value Model) we already discussed:The Benefit (Revenue) Part, shown in the numerator of th
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Background and ReadingsEstimation of Demand:Topics in this module:Deterministic vs. Stochastic RelationshipsExpected Values and MeansVariances and Standard DeviationsEstimating Demand Using Marketing TechniquesSimple RegressionStatistical Measures
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1.What is the economic theory of productionHTML Editor2.How can a production function be expressed?HTML Editor3.What is the Cobb-Douglas production function? How is it represented mathematically?HTML Editor4.What do the short-run and long-run di
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1.List three marketing research techniques that could be used to estimate demandHTML Editor2.Mention some difficulties that may discourage researchers from using these techniquesHTML Editor3.What is econometrics?HTML Editor4.What are the princip
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1.Define cost.HTML Editor2.What is (are) the difference between accounting and economic costs? Why is this difference important?HTML Editor3.Define opportunity cost?HTML Editor4.What are the costs that should be used in a given decision-making p
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Web QuizAssignment Name: McGuigan/Moyer/Harris, Managerial Economics: Applications, Strategies, and Tactics 11e, Chapter 855:03Average total cost is the sum of fixed cost plus variable cost.1.T rueFalseCorrect. Average totalcost is the sum ofaver
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Web QuizAssignment Name: McGuigan/Moyer/Harris, Managerial Economics: Applications, Strategies, and Tactics 11e, Chapter 948:50The greater is the output sold, the greater is the degree of operating leverage (DOL).1.T rueFalseCorrect. The DOL isgre
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Web QuizAssignment Name: McGuigan/Moyer/Harris, Managerial Economics: Applications, Strategies, and Tactics 11e, Chapter 159:12The goal of shareholder wealth maximization implies that managerial decisions maximize only the current quarter's expectedpr
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Web QuizAssignment Name: McGuigan/Moyer/Harris, Managerial Economics: Applications, Strategies, and Tactics 11e, Chapter 2, Appendix57:58If the derivative is set equal to zero, then we find either the local maximum or the local minimum at that point.1
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Web QuizAssignment Name: McGuigan/Moyer/Harris, Managerial Economics: Applications, Strategies, and Tactics 11e, Chapter 240:11When the price of gasoline rises, the demand for SUVs declines because:a. SUVs are less fuel efficient than hybrids.1.b. S
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End of Chapter 1 Exercises: Additional Examples from the textbookEnd of Chapter 1 Exercises: Additional ExamplesMy Notes | Print Previous NextEnd of Chapter 1 Exercises: Additional Examples from the textbookPart 1: Exercise 5, a, c, e, Chapter 1, page
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End of Chapter 2 Exercises: ExamplesThe following examples may help you in understanding the required end of the chapter exercises I assigned:1. The manager of Research and Development for Centipede Complex, Inc., must give her approval to one of two pr
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End-of-Chapter Exercises: Chapter 7: Production: Examples1. Q = 6L2M2 - .10L3M3Assume that raw materials (input M) are fixed at 10 units.1. Determine the total product function for input L, holding M = 10.2. Determine the marginal product function for
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End of Chapter Exercises: Chapter 7: Production1. Page 292, Exercise 1HTML Editor2. Page 292, Exercise 2HTML Editor3. Page 293, Exercise 5HTML Editor4. Page 294, Exercise 8HTML Editor5. Page 294, Exercise 9HTML Editor6. Page 294, Exercise 11HT