Question1. The income statement and balance sheet columns of Pine Company’s worksheet reflects the following totals:

1. 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

To enter the net income (or loss) for the period into the above worksheet requires an entry to the __________.

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

3. 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 __________.

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

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

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

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

8. Hess, Inc. sells a single product with a contribution margin of $12 per unit and fixed costs of $74,400 and sales for the current year of $100,000. How much is Hess’s break even point?

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

10. 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?

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

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

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. A well-designed activity-based costing system starts with __________.

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

16. 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 __________.

17. Lekeisha’s income exceeds her expenditures. Lekeisha is a __________.

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

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

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

21. One characteristic of an oligopoly market structure is:

22. The Federal Reserve will tend to tighten monetary policy when __________.

23. The model of aggregate demand and aggregate supply explains the rel

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