25 May Question 1. The income statement and balance sheet columns of Pine Company’s worksheet reflects the following totals:
Question
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
The net income (or loss) for the period is __________.
2. 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 __________.
3. These are selected account balances on December 31, 2008.
Land (location of the corporation’s office building) $100,000
Land (held for future use) 150,000
Corporate Office Building 600,000
Inventory 200,000
Equipment 450,000
Office Furniture 100,000
Accumulated Depreciation 300,000
What is the net amount of property, plant, and equipment that will appear on the balance sheet?
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. If a company reports a net loss, it __________.
6. Which list below best describes the major services performed by public accountants?
7. What effect do current technology changes have on managerial accounting?
8. What exists when budgeted costs exceed actual results?
9. In what situations will a static budget be most effective in evaluating a manager’s effectiveness?
10. 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 _____.
11. Of the following companies, which one would not likely employ the specific identification method for inventory costing?
12. The major reporting standard for management accounts is __________.
13. 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
14. Multinational corporations __________.
15. A country’s consumption possibilities frontier can be outside its production possibilities frontier if __________.
16. A production possibilities frontier will be a straight line if __________.
17. A tax on an imported good is called a __________.
18. Institutions in the economy that help to match one person’s saving with another person’s investment are collectively called the __________.
19. When, in a particular market, the law of demand and the law of supply both apply, the imposition of a binding price ceiling in that market causes quantity demanded to be __________.
20. For a college student who wishes to calculate the true costs of going to college, the costs of room and board __________.
21. Assume oligopoly firms are profit maximizers, they do not form a cartel, and they take other firms’ production levels as given. Then in equilibrium the output effect __________.
22. Which of the following statements about GDP is correct?
23. The model of aggregate demand and aggregate supply explains the relationship between __________.
24. The Federal Reserve will tend to tighten monetary policy when __________.
25. The Federal Open Market Committee __________.
26. The open-economy macroeconomic model examines the determination of __________.
27. The part of the balance of payments account that records the amount of foreign currency the government buys or sells is the:
28. Which of these refers to the practices aimed at discovering and harnessing an organization’s intellectual resources?
29. __________ is the process of working with people and resources to accomplish organizational goals.
30. Building a dynamic organization is another way of describing which function of management?
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