Which of the following is NOT true about urban legends?
A modern story of obscure origin
Has no evidence to back it up
Story must always take place in an urban city
Spreads spontaneously in varying forms
Contains elements of humor, morals,
Itemized deductions only reduce taxable income if the taxpayer's itemized deductions exceed the
standard deduction amount.
Individual taxpayers are allowed to deduct unreimbursed medical and dental expenses paid during the
year for themselves, their
What limits are imposed on the medical expense deduction?
-May only be allowed for medical expenses actually paid during the year
-Must be for taxpayer, spouse, or dependent
-Divorced parents may deduct whatever they specifically pay
-Must be in excess of
Practically all tax shelters were formed as limited partnerships.
Portfolio income is interest, dividends, annuities, and royalties derived in the ordinary course of a trade or
The passive loss limitations apply to individuals, closel
Interest on insurance dividends left on deposit with an insurance company and withdrawable upon demand is
taxable to the policyholder only when actually withdrawn.
Payments up to a total of $5,000 to the beneficiaries of a deceased employee by an
1. The majority of dollars collected by the U.S. government come by way of corporate taxation.
2. Prior to the Sixteenth Amendment direct taxes were illegal.
3. All U.S. taxes are based on an individual's inco
1. All Revenue Rulings are published in the Internal Revenue Bulletin, and eventually in the Cumulative Bulletin.
2. In a Court of Appeals dispute between the 5th and 8th Circuits, the U.S. Tax Court operating within the 5th Ci
The majority of dollars collected by the U.S. government come by way of corporate taxation.
Prior to the Sixteenth Amendment direct taxes were illegal.
All U.S. taxes are based on an individual's income.
Customs taxes are imposed on export
Urban legends are modern stories of obscure origin that have no evidence to back them up. They spread
spontaneously in varying forms and contain elements of humor, morals, or horror.
Little Red Riding Hood
Economic Incomethe maximum amount a person can consume during a week and still expect to be as well-off
at the end of the week as he was at the beginning. No capital contributions or withdrawals.
Legal Incomeall income from whatever source deriv
STRATEGIC COST MANAGEMENT
1. A competitive advantage is providing better
customer value for the same or lower cost or
equivalent value for lower cost. The cost
information that helps identify strategies
DECISION MAKING AND RELEVANT INFORMATION
CHAPTER 11 OUTLINE
Information and the decision process
A Employ five-step decision-making process
Choose an alternative
CHAPTER 12 OUTLINE
Using management accounting information
Through implementation of an organizations strategy
Helps strategic initiatives
Uses balanced scorecard
Through evaluation of the organizations strategy
Compares target to actual perfo
1. Which type of mining would be used in the case of:
A thick,very deep coal seam
A thin coal seam close to the surface
A coal seam that is outcropped
A coal seam that is on the face of the hill
An underground coal seam not far from
13-1 What are the three major Influences on pricing decisions?
Competition, Costs, and customers
13-2 Relevant costs for pricing decisions are full costs of the product. Do you agree? Explain.
Relevant costs of a decision are based on the scenario
Nuclear Power Plant Worksheet
1. List the three main components of the reactor core.
2. The _ is contained in the _vessel which in turn is contained
in the _.
3. Which isotopes of uranium are used as fuel in a nuclear power plant? In what proportion? What
Strategy specifies how an organization matches its own capabilities with the opportunities in the
marketplace to accomplish its objectives
What are the four key perspectives in the balanced scorecard?
The four key perspectives i
Actual Cost cost incurred
Average Cost another name for unit cost
Budgeted Cost predicted or forecasted cost
Conversion Costs all manufacturing costs other than direct materials cost
Cost a resource sacrificed or forgone to achieve a specific objective
Energy and Work Worksheet
1. A spring-loaded paper clamp exerts a force of 2 N on 10 sheets of paper it is holding together. Is the clamp
doing work as it holds the papers together?
2. An iron cannon ball and a bowling ball were dropped at
Fossil Fuel Worksheet
1. Before 1900, what was the US principle source of energy?
2. Between 1900 and 1950, what were the US principle sources of energy?
3. Between 1950 and 2000, what were the US principle sources of energy?
4. Who are the two biggest co
11-2 Define relevant costs. Why are historical costs irrelevant?
Relevant costs are expected future costs that differ among the alternative courses of action
being considered. Historical costs are irrelevant because they are past costs and therefore
Electrical Power Worksheet
Match the following parts of the electrical power grid to its function:
High Voltage Transmission lines Power Substations
ACID RAIN WORKSHEET
1. A more accurate term for acid rain may be _ _.
2. Acid rain occurs in two forms:
_deposition (acid rain, fog snow)
_deposition (acidic gases and particles)
3. The principle causes of acid rain are _ which when combined with water pr
Acid Base Worksheet
1. What is the term for the reaction of acids and bases?
2. What is the term for the point at which this reaction is complete?
3. What is the Bronsted Lowry definition of an acid and a base.
4. The strength of an acid is determined by
1. The force that moves electrically charged objects toward and away from each other is
a. electrostatic force b. amperage c. voltage
d. resistance e. current
2. Which of the following is most likely to acquire an electrostatic charg
1. Outsourcing Project Work
i. Cost reduction
ii. Faster project completion
iii. High level of expertise
i. Coordination breakdowns
ii. Loss of control
iv. Internal moral
Book Value-Business Function Costs sum of all fixed and variable costs in a particular business function of the
Decision Model formal method of making a choice that often involves both quantitative and
Budget quantitative expression of a proposed plan of action by management and is an aid to
coordinating what needs to be done to execute this plan
Chief Financial Officer executive responsible for overseeing the financial operations of an organization
Actual Costing costing system that traces direct costs to a cost based on the actual direct cost rates
times the actual quantities of the direct cost inputs used
Actual Indirect-Cost Rate
Adjusted Allocation-Rate approach
Budgeted Indirect-Cost Rate Budge