Question 1. As Plant Controller, you are trying to determine which co

1. 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?

2. Managerial accounting __________.

3. What is value chain management best defined as?

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

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

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

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

7. 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?

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

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

10. What exists when budgeted costs exceed actual results?

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

12. Multinational corporations __________.

13. What exists when budgeted costs exceed actual results?

14. 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 _____.

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

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

17. One characteristic of an oligopoly market structure is:

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

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

20. The price of a good that prevails in a world market is called the

21. A rational decision maker __________.

22. Many U.S. business leaders argue that the current state of U.S. net exports is the result of __________.

23. The political business cycle refers to __________.

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

25. In general, the longest lag for __________.

26. 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 __________.

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

28. ABC International carefully watches the actions of its most innovative competitor and learns from them. ABC can establish a low-cost position by:

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