Question Accounting 1. Sam’s Used Cars uses the specific identification method o

Accounting

1. Sam’s Used Cars uses the specific identification method of costing inventory. During March, Sam purchased three cars for $6,000, $7,500, and $9,750, respectively. During March, two cars are sold for $9,000 each. Sam determines that at March 31, the $9,750 car is still on hand. What is Sam’s gross profit for March?

2. 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?

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

4. 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?

5. 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?

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

7. Disney’s variable costs are 30% of sales. The company is contemplating an advertising campaign that will cost $22,000. If sales are expected to increase $40,000, by how much will the company’s net income increase?

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

9. What is value chain management best defined as?

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

11. “Generally accepted” in the phrase generally accepted accounting principles means that the principles __________.

12. Multinational corporations __________.

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

14. Which one of the following is a product cost?

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

16. When a firm sells a good or a service, the sale contributes to the nation’s income __________.

17. A rational decision maker __________.

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

19. Which of the following would be most likely to contribute to the breakdown of a cartel in a natural resource (e.g., bauxite) market?

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

21. 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 __________.

22. In general, the longest lag for __________.

23. Which of the following is not correct?

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

25. In the open-economy macroeconomic model, other things the same, a decrease in the interest rate shifts __________.

26. The part of the balance of payments account that lists all long-term flows of payments is called the:

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. Japanese manufacturers’ kaizen (continuous improvement) programs enable them to maintain:

29. An invisible barrier that makes it difficult for certain groups, such as minorities and women, to move beyond a certain level in the organizational hierarchy is referred to as the:

30. Managers will utilize __________ skills with increasing frequency as they rise within an organization.

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

32. One study found that manufacturing labor costs about _____ an hour in China, compared to _____ dollars in the United States.

33. A series of quality standards developed by a committee working under the International Organization for Standardization to improve total quality in all businesses for the benefit of both producers and consumers is:

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

35. The Aquatic Center, Inc. periodically reviews the goals of the company. During the process, The Aquatic Center managers analyze their current strategies as compared to their competitors, determine goals that they will pursue and decide upon specific actions for each area of the company to take in pursuit of these goals. The Aquatic Center managers have been engaged in the management function of:

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

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

38. Teams that operate separately from the regular work structure and exist temporarily are known as:

39. When a company establishes technology leadership by pioneering unique products or services that comma

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