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ACC 382 Exam 1

ACC 382 Exam 1 - ACC 382 Exam#1 Chapters 1-2-3 Multiple...

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ACC 382 Exam #1 - Chapters 1-2-3 Multiple Choice Identify the choice that best completes the statement or answers the question. ____ 1. Under a premium-price emphasis, a business designs products that possess __________ for which customers are willing to pay a premium price. a. Unique attributes b. High costs c. Competitive efficiencies d. Longer warranties ____ 2. Governments have an interest in the economic performance of business because of __________. ____ 3. Managers are evaluated primarily on the business' __________. ____ 4. When a business borrows money, it incurs a(n) __________. ____ 5. Shares of ownership are evidenced by issuing __________. a. Bonds payable b. Commercial paper c. Shares of stock d. Notes payable ____ 6. Which of the following is an example of an intangible asset? ____ 7. Rights to payments from customers are __________. ____ 8. Costs incurred in operating a business are also known as __________. ____ 9. When a product is sold, this cost is often called __________.
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a. Cost of goods sold b. Revenue c. Products d. Retained earnings ____ 10. Reporting the financial condition of a business at a point in time, and the changes in the financial condition of a business over a period of time are the two major objectives of __________. ____ 11. The portion of a corporation's net income retained in the business is called __________. ____ 12. The "rules" of accounting are called __________. ____ 13. Badger Corporation purchased equipment for cash. What is the effect of this transaction? a. Cash will decrease and equipment will increase. b. Total assets will remain unchanged. c. Cash Flow from Investing Activities will decrease. d. All of the above. ____ 14. XYZ Company deposited $15,000 in a bank account in return for issuing shares in the corporation. This transaction would affect which two financial statement elements? ____
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