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ECON 3332 - Intermediate - Rensselaer Polytechnic Institute Study Resources
  • 41 Pages ch09
    ch09

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 9 COST ALLOCATIONS: THEORY AND APPLICATIONS TRUE/FALSE 1. Changing a product mix is an example of a shortterm decision. LO1 False Changing a product mix is an example of a longterm decision. 2. Capacity costs are controllable over the longterm. LO

  • 24 Pages ch13
    ch13

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 13 STRATEGIC PLANNING AND CONTROL TRUE/FALSE 1. To build and preserve a significant market share in any competitive market, a firm must offer a unique value proposition, the key source of customer value, to its target market. LO1 True 2. Firms fol

  • 18 Pages Chapter 07
    Chapter 07

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 7-OVERVIEW OF DEDUCTIONS AND LOSSES TRUE/FALSE 1. In regard to the statutory scheme for determining deductibility, a taxpayer may deduct an expense only if it is "specifically" identified (e.g., interest) as deductible in the Code. For example, ad

  • 11 Pages Chapter 17
    Chapter 17

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 17-PROPERTY TRANSACTIONS: DISPOSITIONS OF TRADE OR BUSINESS PROPERTY TRUE/FALSE 1. Both land and a building used as rental property and held for more than one year are 1231 assets. ANS: T Section 1231 assets include depreciable property and land u

  • 41 Pages ch07
    ch07

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 7 OPERATING BUDGETS: BRIDGING PLANNING AND CONTROL TRUE/FALSE 1. Multiyear budgets are strategic plans that specify the direction in which a company desires to head. LO1 True 2. Strategic budgets bridge shortterm decisions and longterm plans. LO1

  • 17 Pages Chapter 16
    Chapter 16

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 16-PROPERTY TRANSACTIONS: CAPITAL GAINS AND LOSSES TRUE/FALSE 1. A personal automobile (i.e., one that is owned by the taxpayer and driven for personal purposes) is an example of a capital asset. ANS: T Personal use assets are examples of capital

  • 43 Pages ch04
    ch04

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    Chapter 4 Techniques for Estimating Fixed and Variable Costs True/False 1. The contribution margin statement groups costs by their function. LO1 False The contribution margin groups cost by their variability or behavior. 2. The contribution margin is the

  • 14 Pages Chapter 14
    Chapter 14

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 14- PROPERTY TRANSACTIONS: BASIS DETERMINATION, RECOGNITION OF GAIN OR LOSS TRUE/FALSE 1. Gain or loss is realized any time there is a sale or other disposition of property. ANS: T Gain or loss is realized, but in some cases it is not recognized.

  • 48 Pages Chap017
    Chap017

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    Chapter 17 - Auditors' Reports Chapter 17 Auditors' Reports True / False Questions 1. Audit reports should be dated the date on which the financial statements are issued. True False 2. When the auditors are unable to comply with generally accepted auditin

  • 57 Pages ch01
    ch01

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 1 ACCOUNTING: INFORMATION FOR DECISION MAKING TRUE/FALSE 1. The Decision Framework applies to all businessrelated decisions, but not to personal decisions. LO1 False The fourstep process applies equally to all decisions, whether personal or busine

  • 27 Pages Chapter 06
    Chapter 06

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 6-GROSS INCOME: INCLUSIONS AND EXCLUSIONS TRUE/FALSE 1. In the calculation of gross income, income that is nontaxable in total is generally not reported on the tax return, while income that is partially taxable and partially nontaxable is generall

  • 46 Pages ch08
    ch08

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 8 BUDGETARY CONTROL AND VARIANCE ANALYSIS TRUE/FALSE 1. If sales volume exceeds expectations, actual profit will always be higher than budgeted profit. LO1 False Actual profit may be lower than budgeted profit even though sales volume exceeds expe

  • 15 Pages Chapter 09
    Chapter 09

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 9-CAPITAL RECOVERY: DEPRECIATION, AMORTIZATION AND DEPLETION TRUE/FALSE 1. All methods of depreciation permitted by the IRS prior to the 1981 introduction of ACRS provided taxpayers the opportunity to manipulate the depreciation deduction by under

  • 18 Pages Chapter 13
    Chapter 13

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 13-THE ALTERNATIVE MINIMUM TAX AND TAX CREDITS TRUE/FALSE 1. The AMT applies only to individual taxpayers. ANS: F The AMT applies to all taxpayers: individuals, estates, trusts, and C corporations. Note that partnerships and S corporations are not

  • 15 Pages Chapter 12
    Chapter 12

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 12-DEDUCTIONS FOR CERTAIN INVESTMENT EXPENSES AND LOSSES TRUE/FALSE 1. The form of organization usually used for traditional tax shelters is a C corporation. ANS: F Traditional tax shelters utilized a flow through entity, usually a limited partner

  • 33 Pages ch14
    ch14

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 14 JOB COSTING TRUE/FALSE 1. Typical inputs in manufacturing include materials, labor and equipment. LO1 True 2. Most production systems exhibit some characteristic of job shops or some characteristics of process shops, but not both. LO1 False Mos

  • 36 Pages 21
    21

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    21 - 6 Test Bank for Intermediate Accounting, Twelfth Edition TRUE-FALSE-Conceptual 1. Leasing equipment reduces the risk of obsolescence to the lessee, and passes the risk of residual value to the lessor. 2. The FASB agrees with the capitalization approa

  • 18 Pages Chapter 03
    Chapter 03

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 3-TAXABLE ENTITIES; TAX FORMULA; INTRODUCTION TO PROPERTY TRANSACTIONS TRUE/FALSE 1. A single taxpayer will pay the same amount of tax (or less) as a head of household when their taxable incomes are equal. ANS: F The tax for heads of households at

  • 32 Pages ch15
    ch15

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 15 PROCESS COSTING TRUE/FALSE 1. Process costing systems are suitable for firms that produce customized products in small amounts. LO1 False Process costing systems are suitable for environments that involve mass production of like products. 2. Th

  • 13 Pages Chapter 15
    Chapter 15

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 15-NONTAXABLE EXCHANGES TRUE/FALSE 1. A taxpayer is able to use 121 even if he or she temporarily rents his or her primary residence while trying to sell it. ANS: T The residence needs to be the taxpayer's principal residence for two of the five y

  • 13 Pages Chapter 02
    Chapter 02

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 2-TAX PRACTICE AND RESEARCH TRUE/FALSE 1. Once a tax law is enacted by Congress, any official interpretations of the law are by subsequent court decisions. ANS: F Court decisions, IRS regulations and rulings also interpret tax laws. PTS: 1 REF: pp

  • 42 Pages ch10
    ch10

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 10 ACTIVITYBASED COSTING AND MANAGEMENT TRUE/FALSE 1. Profit margin equals a product's gross margin less the cost of capacity resources needed to support its production. LO1 False Profit margin equals a product's contribution margin less the cost

  • 16 Pages Chapter 04
    Chapter 04

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 4-PERSONAL AND DEPENDENCY EXEMPTIONS; FILING STATUS; DETERMINATION OF TAX FOR AN INDIVIDUAL; FILING REQUIREMENTS TRUE/FALSE 1. A person who is claimed as a dependent on another person's return claims a personal exemption of zero on his or her own

  • 40 Pages ch02
    ch02

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 2 IDENTIFICATION AND ESTIMATING COSTS AND BENEFITS TRUE/FALSE 1. The benefits and costs that arise from the decisionmaker's choice of a particular option are controllable. LO1 True 2. Because they seek to maximize profit, commercial organizations

  • 15 Pages Chapter 08
    Chapter 08

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 8-EMPLOYEE BUSINESS EXPENSES TRUE/FALSE 1. L is currently an accountant with a large public accounting firm. This year he paid $800 to take a review course to prepare him for the C.P.A. exam. Because L passed the exam, he was promoted to a positio

  • 16 Pages Chapter 10
    Chapter 10

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 10-CERTAIN BUSINESS DEDUCTIONS AND LOSSES TRUE/FALSE 1. Dr. S has done extremely well financially. Several years ago, his good friend T started a small amusement park with such attractions as a water slide and a miniature golf course. T persuaded

  • 16 Pages Chap009-App
    Chap009-App

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    Chapter 09 - Appendix Chapter 09 Appendix True / False Questions 1. Increasing the expected misstatement for a probability-proportional-to-size sample increases the required sample size. True False 2. Probability-proportional-to-size sampling is especiall

  • 46 Pages ch03
    ch03

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    CHAPTER 3 COST FLOWS AND COST TERMINOLOGY TRUE/FALSE 1. To comply with GAAP, an income statement must separate direct and indirect costs. LO1 False To comply with GAAP, an income statement must separate product and period costs. 2. Product costs always ap

  • 22 Pages Chap008
    Chap008

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    Chapter 08 - Cost Chapter 8: Cost Main Concepts and Learning Objectives This chapter uses the production function analysis presented in the previous chapter to analyze cost. The chapter explains the concepts of fixed and variable costs, avoidable cost, su

  • 31 Pages 22
    22

    School: Rensselaer Polytechnic Institute

    Course: Intermediate

    Accounting Changes and Error Analysis 22 - 5 TRUE-FALSE-Conceptual 1. A change in accounting principle is a change that occurs as the result of new information or additional experience. 2. 3. Errors in financial statements result from mathematical mistake

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