Question Accounting 1. What is the preparation of reports for each level of responsibili

Accounting

1. What is the preparation of reports for each level of responsibility in the company’s organization chart called?

2. Which list below best describes the major services performed by public accountants?

3. H55 Company sells two products, beer and wine. Beer has a 10 percent profit margin and wine has a 12 percent profit margin. Beer has a 27 percent contribution margin and wine has a 25 percent contribution margin. If other factors are equal, which product should H55 push to customers?

4. Balance sheet accounts are considered to be __________.

5. A company just starting in business purchased three merchandise inventory items at the following prices. First purchase $80; Second purchase $95; Third purchase $85. If the company sold two units for a total of $240 and used FIFO costing, the gross profit for the period would be _____.

6. 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?

7. The cost of an asset and its fair market value are __________.

8. Managerial accounting __________.

9. One of Astro Company’s activity cost pools is machine setups, with estimated overhead of $150,000. Astro produces sparklers (400 setups) and lighters (600 setups). How much of the machine setup cost pool should be assigned to sparklers?

10. The standards and rules that are recognized as a general guide for financial reporting are called __________.

11. Of the following companies, which one would not likely employ the specific identification method for inventory costing?

12. The primary purpose of the statement of cash flows is to __________.

13. These are selected account balances on December 31, 2008.

Land (location of the corporation’s office building) $150,000

Land (held for future use) 225,000

Corporate Office Building 900,000

Inventory 300,000

Equipment 675,000

Office Furniture 150,000

Accumulated Depreciation 450,000

What is the net amount of property, plant, and equipment that will appear on the balance sheet?

14. The major reporting standard for management accounts is __________.

15. The general term for market structures that fall somewhere in-between monopoly and perfect competition is __________.

16. If a binding price ceiling were imposed in the computer market, __________.

17. A country’s consumption possibilities frontier can be outside its production possibilities frontier if __________.

18. Resources are __________.

19. In order to be successful, a cartel must __________.

20. In computing GDP, market prices are used to value final goods and services because __________.

21. There are two types of markets in which firms face some competition yet are still able to have some control over the prices of their products. The names given to these market structures are __________.

22. The Federal Open Market Committee __________.

23. Most economists use the aggregate demand and aggregate supply model primarily to analyze __________.

24. In general, the longest lag for __________.

25. Which of the following is not correct?

26. The open-economy macroeconomic model includes __________.

27. Edward Prescott and Finn Kydland won the Nobel Prize in Economics in 2004. One of their contributions was to argue that if a central bank could convince people to expect zero inflation, then the Fed would be tempted to raise output by increasing inflation. This possibility is known as __________.

28. When a company establishes technology leadership by pioneering unique products or services that command premium prices, it has benefited from a:

29. Which of the following has proven to be a particularly good predictor for jobs that require cognitive complexity?

30. The most dominant areas in the global economy include:

31. Which of the following best describes a mental image of a possible and desirable future state of the organization?

32. Teams that work on long-term projects but disband once the work is completed are known as:

33. A leader is:

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