Question 1. The cost principle requires that when assets are acquired, they be recorde

1. The cost principle requires that when assets are acquired, they be recorded at __________.

2. Which one of the following items is not generally used in preparing a statement of cash flows?

3. Multinational corporations __________.

4. What effect do current technology changes have on managerial accounting?

5. 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?

6. 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 _____.

7. The cost principle is the basis for preparing financial statements because it is __________.

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

9. What is value chain management best defined as?

10. The income statement and balance sheet columns of Pine Company’s worksheet reflects the following totals:

Income Statement Balance Sheet

Dr. Cr. Dr. Cr.

Totals $58,000 $48,000 $34,000 $44,000

The net income (or loss) for the period is __________.

11. The first step in activity-based costing is to __________.

12. The conceptual framework developed by the Financial Accounting Standards Board __________.

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

14. If a company reports a net loss, it __________.

15. A logical starting point from which the study of international trade begins is __________.

16. To move the allocation of resources closer to the social optimum, policymakers should typically try to induce firms in an oligopoly to __________.

17. 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 __________.

18. Maurice receives $100 as a birthday gift. In deciding how to spend the money, he narrows his options down to four choices: Option A, Option B, Option C, and Option D. Each option costs $100. Finally he decides on Option B. The opportunity cost of this decision is __________.

19. Institutions in the economy that help to match one person’s saving with another person’s investment are collectively called the __________.

20. In economics, the cost of something is __________.

21. Game theory is important for the understanding of __________.

22. The part of the balance of payments account that records the amount of foreign currency the government buys or sells is the:

23. The Federal Open Market Committee __________.

24. Over the past two decades, the United States has __________.

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

26. Which of the following statements about GDP is correct?

27. In the market for foreign-currency exchange in the open economy macroeconomic model, the amount of net capital outflow represents the quantity of dollars __________.

28. One of the most important contributors to total quality management has been the introduction of statistical tools to analyze the causes of product defects in an approach called:

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

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

31. Sebastian Stabilio just joined a team of people from throughout his organization whose primary task is to recommend valuable uses for the scrap generated in the manufacturing process. The team meets twice per week; otherwise members work within the usual organizational structure. The team, not permanent, which Sebastian has joined, would be considered a:

32. Which of these represent skills that managers need?

33. To be competitive in a global economy, Europeans must increase their level of:

34. The term used to refer to all kinds of differences including religious affiliation, age, disability status, economic class and lifestyle in addition to gender, race, ethnicity and nationality is:

35. The basic components of an effective sexual harassment policy include the following EXCEPT:

36. A manager’s ability to stimulate people to be high performers is referred to as:

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