Question1. What is the preparation of reports for each level of responsibility in the company’s organization chart called?

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

2. 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?

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

Closing entries are necessary for __________.

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

5. Balance sheet accounts are considered to be __________.

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

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

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

9. 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 _____.

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

11. What exists when budgeted costs exceed actual results?

12. 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 __________.

13. Multinational corporations __________.

14. If a price ceiling is a binding constraint on the market, __________.

15. Resources are __________.

16. Without trade, __________.

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

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

19. Lucy starts her own psychiatric practice, but her expenditures to open the practice exceed her income. Lucy is a __________.

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

21. The open-economy macroeconomic model examines the determination of __________.

22. The political business cycle refers to __________.

23. The balance of payment account is made up of:

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

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

26. President George W. Bush and congress cut taxes and raised government expenditures in 2003. Which of the following is not correct?

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

28. 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:

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

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

31. Which of the following statements does NOT support Total Quality Management?

32. Which of the following has proven to be a particularly good predictor for jobs that require cognitive complexity?

33. Listening to employee suggestions, gaining support for organizational objectives and fostering an atmosphere of teamwork are all considered:

34. 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:

35. The best way for an employer to find out if a potential employee can do a j

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