ACCT 305 ACCT/305 ACCT305 Chapter 11 Quiz
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ACCT 305 Chapter 11 Quiz
1. Enter the letter corresponding to the response that best completes each of the following statements or questions. The method that does not necessarily produce a declining pattern of depreciation over an asset’s service life is:
2. A delivery van that cost $40,000 has an expected service life of eight years and a residual value of $4,000. Depreciation for the second year of the asset’s life using the sum-of-the-years’-digits method is:
3. In question 2, depreciation for the second year of the asset’s life using the DDB method is:
4. On January 1, 2013, the Holloran Corporation purchased a machine at a cost of $55,000. The machine was expected to have a service life of 10 years and a $5,000 residual value. The straight-line depreciation method was used. In 2015 the estimate of residual value was revised from $5,000 to zero. Depreciation for 2015 should be:
5. In question 4, assume that instead of revising residual value, in 2015 the company switched to the SYD depreciation method. Depreciation for 2015 should be:
6. Felix Mining acquired a copper mine at a total cost of $3,000,000. The mine is expected to produce 6,000,000 tons of copper over its five-year useful life. During the first year of operations, 750,000 tons of copper was extracted. Depletion for the first year should be:
7. In 2014, the controller of the Green Company discovered that 2013 depreciation expense was overstated by $50,000, a material amount. Assuming an income tax rate of 40%, the prior period adjustment to 2014 beginning retained earnings would be:
8. A machine is purchased on September 30, 2013, for $60,000. Useful life is estimated at four years and no residual value is anticipated. The SYD depreciation method is used. The acquiring company’s fiscal year ends on December 31. Depreciation for 2014 should be:
9. In question 8, assume that the company instead used the DDB depreciation method. Depreciation for 2014 should be:
10. Which of the following approaches cannot be used to determine the fair value of an impaired asset?
11. Which of the following types of subsequent expenditures is not normally capitalized:
12. In January of 2013, the Phillips Company purchased a patent at a cost of $100,000. In addition, $10,000 in legal fees were paid to acquire the patent. The company estimated a 10-year useful life for the patent and uses the straight-line amortization method for intangible assets. In 2015, Phillips spent $25,000 in legal fees for an unsuccessful defense of the patent. The amount charged to income (expense and loss) in 2015 related to the patent should be:
13. The Cromwell Company sold equipment for $35,000. The equipment, which originally cost $100,000 and had an estimated useful life of 10 years and no residual value, was depreciated for five years using the straight-line method. Cromwell should report the following on its income statement in the year of sale:
14. Jasper Inc. prepares its financial statements according to International Financial Reporting Standards. At the end of its 2013 fiscal year, the company chooses to revalue its equipment. The equipment cost $810,000, had accumulated depreciation of $360,000 at the end of the year after recording annual depreciation, and had a fair value of $495,000. After the revaluation, the equipment account will have a balance of
15. Declarmen Corporation owns factory in the United Kingdom. A change in business climate indicates that Declarmen should investigate for possible impairment. Below are date related to the factory’s assets ($ in millions):
The amount of impairment loss that Declarmen should recognize according to U.S. GAAP is:
16. In question 15, the amount of impairment loss that Declarmen should recognize according to International Financial Reporting Standards is:
17. In 2011, Cordova Inc. acquired Cordant Corporation and $140 million in goodwill was recorded. At the end of its 2013 fiscal year, management has provided the following information for its annual goodwill impairment test ($ in millions):
Assuming that Cordant is considered a reporting unit, the amount of goodwill impairment loss that Cordova should recognize according to U.S. GAAP is:
18. Assuming that Cordant is considered a cash-generating unit, the amount of goodwill impairment loss that Cordova should recognize according to International Financial Reporting Standards is:
19. MACRS depreciation is equivalent to:
ACCT 305 ACCT/305 ACCT305 Chapter 12 Quiz
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ACCT 305 ACCT/305 ACCT305 Chapter 12 Quiz
1. On January 1, 2013, Normal Plastics bought 15% of Model, Inc.’s common stock for $900,000. Model’s net income for the years ended December 31, 2013, and December 31, 2014, were $600,000 and $1,500,000, respectively. During 2014, Model declared a dividend of $420,000. No dividends were declared in 2013. How much should Normal show on its 2014 income statement from this investment?
2. Fair value is used as the basis for valuation of a firm’s investment securities when:
3. Unrecognized holding gains and losses are included in an investor’s earnings for:
4. Investment securities are reported on a balance sheet at fair value for:
5. Which of the following statements is untrue regarding investments in equity securities?
6. Unrecognized holding gains and losses for securities to be held-to-maturity are:
7. Unrecognized holding gains and losses for securities available-for-sale are:
8. Unrecognized holding gains and losses for trading securities are:
9. On January 12, Henderson Corporation purchased 4 million shares of Honeycutt Corporation common stock for $73 million and classified the securities as available-for-sale. At the close of the same year, the fair value of the securities is $81 million. Henderson Corporation should report:
10. Evans Company owns 4.5 million shares of stock of Frazier Company classified as available-for-sale. During 2013, the fair value of those shares increased by $9 million. What effect did this increase have on Evans’ 2013 financial statements?
11. Level Company owns bonds of Leader Company classified as held-to-maturity. During 2013, the fair value of those bonds increased by $4 million. Interest was received of $3 million. What effect did the investment have on Level’s 2013 financial statements?
12. If the investment described in the previous question had been classified as available-for-sale, what effect would the investment have on Level’s 2013 financial statements?
13. On January 2, 2013, Garner, Inc. bought 10% of the outstanding common stock of Moody, Inc. for $60 million cash. At the date of acquisition of the stock, Moody’s net assets had a book value and fair value of $180 million. Moody’s net income for the year ended December 31, 2013, was $30 million. During 2013, Moody declared and paid cash dividends of $6 million. On December 31, 2013, Garner’s investment should be reported at:
14. An OTT impairment for an equity investment is recognized if fair value declines below amortized cost and
15. Under IFRS No. 9, equity investments can be classified as:
16. On January 2, 2013, Garner, Inc. bought 30% of the outstanding common stock of Moody, Inc. for $60 million cash. At the date of acquisition of the stock, Moody’s net assets had a book value and fair value of $180 million. Moody’s net income for the year ended December 31, 2013, was $30 million. During 2013, Moody declared and paid cash dividends of $6 million. On December 31, 2013, Garner’s investment account should be reported at:
17. The equity method is used when an investor can’t control, but can exercise significant influence over the operating and financial policies of the investee. We presume, in the absence of evidence to the contrary, that this is so if:
18. On January 2, 2013, Germane, Inc. bought 30% of the outstanding common stock of Quality, Inc. for $56 million cash. At the date of acquisition of the stock, Quality’s net assets had a book value and fair value of $120 million. Quality’s net income for the year ended December 31, 2013, was $30 million. During 2013, Quality declared and paid cash dividends of $10 million. On December 31, 2013, Germane’s should report investment revenue of:
19. When applying the equity method, an investor should report dividends from the investee as:
20. Western Manufacturing Company owns 40% of the outstanding common stock of Eastern Supply Company. During 2013, Western received a $50 million cash dividend from Eastern. What effect did this dividend have on Western’s 2013 financial statements?
21. The accounting for unrealized holding gains and losses will be different if the fair value option is elected for all of the following types of investments except:
22. The fair value option described by SFAS No. 159
23. Credit losses are calculated as the difference between the amortized cost of debt and:
24. Which of the following is NOT a reason why an investor might view a debt impairment as “other than temporary”?
25. Which of the following is NOT true about recognizing unrealized gains and losses on equity investments?
26. LB, Inc. holds a loan under which the borrower cannot settle the loan and provide a loss to the lender, unless the lender allows it. The loan was made for the purposes of providing customer financing. How would that loan be accounted for?
27. Which of the following is NOT a criterion for a debt instrument to be viewed as having a lending or customer financing business purpose?
28. Which of the following is a characteristic of a debt investment that is viewed as simple (i.e., not complex) with respect to the characteristics test?
29. Which of the following is NOT a business purpose that determines the accounting approach used to account for “simple” debt?
30. Under the “3 bucket approach” to impairment recognition, which of the following investments could NOT qualify for impairment recognition in “bucket 3: Individual debt investments suffering credit losses”?
31. Which of the following is NOT true about how the proposed ASU accounts for impairments?
ACCT 305 ACCT/305 ACCT305 Chapter 13 Quiz
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ACCT 305 ACCT/305 ACCT305 Chapter 13 Quiz
1. The essential characteristics of a liability do not include:
2. Of the following, which usually would not be classified as a current liability
3. Which of the following results in an accrued liability?
4. On November 1, Epic Distributors borrowed $24 million cash to fund an expansion of its facilities. The loan was made by WW BancCorp under a short-term line of credit. Epic issued a 9-month, 12% promissory note. Interest was payable at maturity. Epic’s fiscal period is the calendar year. In Epic’s adjusting entry for the note on December 31, interest expense will be:
5. On October 1, 2011, Parton Industries borrowed $12 million cash to provide working capital. The loan was made by Second Bank under a short-term line of credit. Parton issued an 8-month, “noninterest-bearing note.” 8% is the bank’s stated “discount rate.” Parton’s fiscal period is the calendar year. In Parton’s 2011 income statement interest expense for the note will be:
6. Commercial paper has become an increasingly popular way for companies to raise funds. Which of the following is not true regarding commercial paper?
7. On November 1, Shearer Shoes borrowed $18 million cash and issued a 6-month, “noninterest-bearing note.” The loan was made by Third Commercial Bank whose stated “discount rate” is 9%. Shearer’s effective interest rate on this loan is:
8. Under U.S. GAAP, liabilities payable within one year can be excluded from current liabilities only if:
9. Under IFRS, a company can demonstrate their ability to refinance long-term debt for purposes of excluding the debt from current liabilities by:
10. Reunion BBQ has $4,000,000 of notes payable due on March 11, 2012, which Reunion intends to refinance. On January 5, 2012, Reunion signed a line of credit agreement to borrow up to $3,500,000 cash on a two-year renewable basis. On the December 31, 2011, balance sheet, Reunion should classify:
11. Which of the following statements concerning lines of credit is untrue?
12. On January 1, 2011, Yukon Company agreed to grant its employees two weeks vacation each year, with the provision that vacations earned in a particular year could be taken the following year. For the year ended December 31, 2011, all twelve of Yukon’s employees earned $1,200 per week each. Eight of these vacation weeks were not taken during 2011. In Yukon’s 2011 income statement, how much expense should be reported for compensated absences?
13. An enterprise should accrue a liability for compensation of employees’ unpaid vacations if certain conditions exist. Each of the following is a condition for accrual except:
14. In its 2011 financial statements, an enterprise should accrue a liability for a loss contingency involving a possible cash payment if certain conditions exist. Each of the following is a condition for accrual except:
15. Which of the following loss contingencies generally do not require accrual?
16. Warren Advertising becomes aware of a lawsuit after the end of the fiscal year, but prior to the issuance of financial statements. A loss should be accrued and a liability should be reported if the amount can be reasonably estimated and:
17. A loss contingency should be accrued when the amount of loss is known and the occurrence of the loss is:
18. During 2011 Green Thumb Company introduced a new line of garden shears that carry a two-year warranty against defects. Experience indicates that warranty costs should be 2% of net sales in the year of sale and 3% in the year after sale. Net sales and actual warranty expenditures were as follows:
At December 31, 2012, Green Thumb should report as a warranty liability of:
19. There is a possibility of a safety hazard for a manufactured product. As yet, no claim has been made for damages, though there is a reasonable possibility that a claim will be made. If a claim is made, it is probable that damages will be paid and the amount of the loss can be reasonably estimated. This possible loss must be:
20. Gain contingencies usually are recognized in the income statement when:
21. Under IFRS, if every amount in a range of contingent losses is equally likely, the amount accrued is the:
ACCT 305 ACCT/305 ACCT305 Chapter 14 Quiz
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ACCT 305 ACCT/305 ACCT305 Chapter 14 Quiz
1. The price of a corporate bond is the present value of its face amount at the market or effective rate of interest:
2. When a bond issue sells for less than its face value, the market rate of interest is:
3. On June 30, 2013, Mabry Corporation issued $5 million of its 8% bonds for $4.6 million. The bonds were priced to yield 10%. The bonds are dated June 30, 2013. Interest is payable semiannually on December 31 and July 1. If the effective interest method is used, by how much should the bond discount be reduced for the 6 months ended December 31, 2013?
4. A discount on bonds should be reported on the balance sheet:
5. If bonds are issued between interest dates the entry to record the issuance of the bonds will:
6. On January 1, 2013, Blair Company sold $800,000 of 10% ten-year bonds. Interest is payable semiannually on June 30 and December 31. The bonds were sold for $708,000, priced to yield 12%. Blair records interest at the effective rate. Blair should report bond interest expense for the six months ended June 30, 2013 in the amount of:
7. In a bond amortization table for bonds issued at a discount:
8. Bonds will sell at:
9. When bonds are issued at a discount and interest expense is recorded at the effective interest rate, interest expense in the earlier years of the term to maturity will be:
10. AMC Corporation issued bonds at a discount. The long-term liability reported on AMC’s balance sheet will:
11. When a firm records bond interest at the effective rate for bonds issued at a discount, its net income in the bond’s first year will be:
12. Douglas-Roberts has bonds outstanding during a year in which the market rate of interest has risen. Douglas-Roberts has elected the fair value option for the bonds. What will the company report for the bonds in its income statement for the year?
13. Brubaker Company issued 11% bonds, dated January 1, with a face amount of $400,000 on January 1, 2013. The bonds sold for $369,908 and mature in 2032 (20 years). For bonds of similar risk and maturity the market yield was 12%. Interest is paid semiannually on June 30 and December 31. Brubaker determines interest at the effective rate and elected the option to report these bonds at their fair value. On December 31, 2013, the fair value of the bonds was $365,000 as determined by their market value on the NYSE. Brubaker’s earnings for the year will include:
14. BVA Corporation exchanged a $96,000, noninterest-bearing, 3-year note for land with fair value of $60,000. The $36,000 difference represents
15. When a note is issued in exchange for a machine, and interest on the note is not stated:
16. Brown Corporation exercised its call option to retire long-term notes. The excess of the cash paid over the carrying amount of the notes should be reported as a(an)
17. National Storage issued $90 million of its 10% bonds on April 1, 2013, at 99 plus accrued interest. The bonds are dated January 1, 2013, and mature on December 31, 2032. Interest is payable semiannually on June 30 and December 31. What amount did National receive from the bond issuance?
18. On March 1, 2013, Big Brands Corporation issued $600,000 of 10% bonds at 105. Each $1,000 bond was sold with 50 detachable stock warrants, each permitting the investor to purchase one share of common stock for $35. On that date, the market value of the common stock was $30 per share and the market value of each warrant was $4. Big Brands should record what amount of the proceeds from the bond issue as an increase in liabilities?
19. On June 30, 2013, Kerr Industries had outstanding $40 million of 8%, convertible bonds that mature on June 30, 2014. Interest is payable each year on June 30 and December 31. The bonds are convertible into 2 million shares of $10 par common stock. At June 30, 2013, the unamortized balance in the discount on bonds payable account was $2 million. On June 30, 2013, half the bonds were converted when Kerr’s common stock had a market price of $25 per share. When recording the conversion using the book value method, Kerr should credit paid-in capital — excess of par:
20. On September 1, 2013, Expert Materials, issued at 98 plus accrued interest, $800,000 of its 10% bonds. The bonds are dated June 1, 2013, and mature on May 30, 2020. Interest is payable semiannually on June 1 and December 1. At the time of issuance, Expert would receive cash of:
21. On September 1, 2013, Contemporary Products, issued $16 million of its 10% bonds at face value. The bonds are dated June 1, 2013, and mature on May 30, 2022. Interest is payable semiannually on June 1 and December 1. At the time of issuance, Contemporary Products would receive cash proceeds that would include accrued interest of:
22. During 2013 Belair Company was encountering financial difficulties and seemed likely to default on a $600,000, 10%, four-year note dated January 1, 2011, payable to Second Bank. Interest was last paid on December 31, 2012. On December 31, 2013, Second Bank accepted $500,000 in settlement of the note. Ignoring income taxes, what amount should Belair report as a gain from the debt restructuring in its 2013 income statement?
23. On January 1, 2013, Ventrini International issued $10 million of 9%, 10-year convertible bonds at 101. The bonds pay interest on June 30 and December 31. Each $1,000 bond is convertible into 40 shares of Ventrini’s no par common stock. Bonds that are similar in all respects, except that they are nonconvertible, currently are selling at 99. Ventrini applies International Financial Reporting
24. Preston Laird Company issued 5% bonds convertible into shares of the company’s common stock. Preston Laird Company applies International Financial Reporting Standards. Upon issuance, Preston Laird Company should record
25. Costs incurred in connection with the issuance of bonds and other debt, such as legal costs, printing costs, and underwriting fees, are referred to as debt issuance costs (called transaction costs under IFRS). Using IFRS:
ACCT 305 ACCT/305 ACCT305 Chapter 15 Quiz
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ACCT 305 ACCT/305 ACCT305 Chapter 15 Quiz
1. Which of the following leases would least likely be classified as an operating lease by the lessee?
2. Which of the following is not a sufficient criterion for a lessee to classify a lease as a capital lease?
3. For a lessor to consider a leasing arrangement to be a capital lease, collectibility of the lease payments must be reasonably assured and:
4. In an operating lease in which the asset’s economic life and lease term are different:
5. If a capital lease contains a bargain purchase option, the lessee should depreciate the leased asset:
6. A necessary condition for a sales-type lease is:
7. The inception of a six-year capital lease is December 31, 2011. The agreement specifies equal annual lease payments on December 31 of each year. For the lessee, the first payment on December 31, 2011, includes:
8. Universal Leasing Corp. leases farm equipment to its customers under direct-financing leases. Typically the equipment has no residual value at the end of leases and the contracts call for payments at the beginning of each year. Universal’s target rate of return is 10%. On a five-year lease of equipment with a fair value of $485,100, Universal will earn interest revenue over the life of the lease of:
9. In a ten-year capital lease, the portion of the annual lease payment in the lease’s third year that represents interest is:
10. On January 1, 2011, Walter Scott Co. leased machinery under a 6-year lease. The machinery has a 9-year economic life. The present value of the monthly lease payments is determined to be 85% of the machinery’s fair value. The lease contract includes neither a transfer of title to Scott nor a bargain purchase option. What amount should Scott report in its 2011 income statement?
11. Pyramid Properties entered a lease that contains a bargain purchase option. When calculating the amount to capitalize as a leased asset at the inception of the lease term, the payment called for by the bargain purchase option should be:
12. Tucson Fruits leased farm equipment from Barr Machinery on July 1, 2011. The lease was recorded as a sales-type lease. The present value of the lease payments discounted at 10% was $40.5 million. Ten annual lease payments of $6 million are due at the beginning of each year beginning July 1, 2011. Barr had purchased the equipment for $33 million. What amount of interest revenue from the lease should Barr report in its 2011 income statement?
13. On January 1, 2011, Jackson Properties leased a warehouse to Jensen Distributors. The operating lease provided for a nonrefundable bonus paid by Jensen. Jackson should recognize the bonus in earnings:
14. Grant Industries leased exercise equipment to Silver Gyms on July 1, 2011. Grant recorded the lease as a sales-type lease at $810,000, the present value of minimum lease payments discounted at 10%. The lease called for ten annual lease payments of $120,000 due at the beginning of each year. The first payment was received on July 1, 2011. Grant had manufactured the equipment at a cost of $750,000. The total increase in earnings (pretax) on Grant’s 2011 income statement would be:
15. Brown Properties entered into a sale-leaseback transaction. Brown retains the right to substantially all of the remaining use of the property. A gain resulting from the sale should be:
16. A lease is a capital lease (called a finance lease under IFRS) if substantially all risks and rewards of ownership are transferred whether using US GAAP or IFRS. When making this determination, less judgment, more specificity is applied using
17. When the leaseback in a sale-leaseback transaction is an operating lease, a company that prepares its financial statements using IFRS:
18. When recording a capital lease (called a finance lease under IFRS) Blue Company is aware that the implicit interest rate used by the Gray Company, the lessor, to calculate lease payments is 7%. Blue’s incremental borrowing rate is 6%. Blue should record the leased asset and lease liability at the present value of the lease payments discounted at:
19. Which of the following would a lessee not record in connection with a lease?
20. Which of the following would a lessor not record in connection with a lease?
21. If a lease contains a purchase option, the exercise price is considered to be an additional cash payment if:
22. The commencement of a five-year lease is December 31, 2013. The agreement specifies equal annual lease payments on December 31 of each year. In its 2014 income statement:
23. Adonis Co. recorded a right-of-use asset of $400,000 in a ten-year lease under which no profit was recorded at commencement by the lessor. The interest rate charged the lessee was 10%. The balance in the right-of-use asset after two years will be:
24. Simpson Co. recorded a residual asset of $400,000 in a ten-year lease under which no profit was recorded at commencement by the lessor. The interest rate charged the lessee was 10%. The balance in the residual asset after two years will be:
25. Farrakhan Fruits leased farm equipment from Hall Machinery on January 1, 2013. The present value of the lease payments discounted at 10% was $40 million. Ten annual lease payments of $6 million are due at the beginning of each year beginning January 1, 2013. Hall had constructed the equipment recently for $33 million and its retail fair value was $50 million. What amount of interest revenue from the lease should Hall report in its 2013 income statement?
26. Farrakhan Fruits leased farm equipment from Hall Machinery on January 1, 2013. The present value of the lease payments discounted at 10% was $40 million. Ten annual lease payments of $6 million are due at the beginning of each year beginning January 1, 2013. Hall had constructed the equipment recently for $33 million and its retail fair value was $50 million. What amount did Hall record as a residual asset?
27. Farrakhan Fruits leased farm equipment from Hall Machinery on January 1, 2013. The present value of the lease payments discounted at 10% was $40 million. Ten annual lease payments of $6 million are due at the beginning of each year beginning January 1, 2013. Hall had constructed the equipment recently for $33 million and its retail fair value was $50 million. Its estimated useful life was 15 years. What amount of profit did Hall record at the commencement of the lease?
28. Farrakhan Fruits leased farm equipment from Hall Machinery on January 1, 2013. The present value of the lease payments discounted at 10% was $40 million. Ten annual lease payments of $6 million are due at the beginning of each year beginning January 1, 2013. Hall had constructed the equipment recently for $33 million and its retail fair value was $50 million. Its estimated useful life was 15 years. The total increase in earnings (pretax) in Hall’s 2013 income statement would be:
29. Farrakhan Fruits leased farm equipment from Hall Machinery on January 1, 2013. The present value of the lease payments discounted at 10% was $40 million. Ten annual lease payments of $6 million are due at the beginning of each year beginning January 1, 2013. Hall had constructed the equipment recently for $33 million and its retail fair value was $50 million. Its estimated useful life was 15 years. The total decrease in earnings (pretax) in Farrakhan’s 2013 income statement would be:
30. Barton Industries leased exercise equipment to Witherspoon Gyms on July 1, 2013. Grant recorded the lease receivable at $810,000, the present value of lease payments discounted at 10% and fair value of the equipment. The lease called for ten annual lease payments of $120,000 due at the beginning of each year. The first payment was received on July 1, 2013. Barton had manufactured the equipment at a cost of $750,000. The total increase in earnings (pretax) on Barton’s December 31, 2013, income statement would be:
ACCT 305 ACCT/305 ACCT305 Week 1 Quiz
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ACCT 305 ACCT/305 ACCT305 Week 1 Quiz
1. (TCO 1) Property, plant, and equipment and intangible assets are (Points : 4)
2.
(TCO 1) On July 1, 2011, our company purchased a $400,000 tract of land that is intended to be the site of a new office complex. Larkin incurred additional costs and realized salvage proceeds during 2011 as follows.
Demolition of existing building onsite
$ 75,000
Legal and other fees to close escrow
12,000
Proceeds from sale of demolition scrap
10,000
Which would be the balance in the land account as of December 31, 2011? (Points : 4)
3. (TCO 3) In a nonmonetary exchange of equipment, if the exchange has commercial substance, a gain is recognized if (Points : 4)
4. (TCO 1) Interest may be capitalized (Points : 4)
5. TCO 3) Our company exchanged land and cash of $5,000 for similar land. The book value and the fair value of the land were $90,000 and $100,000, respectively.
Assuming that the exchange has commercial substance, our company would record land-new at and record a gain (loss) of which of these?
ACCT 305 ACCT/305 ACCT305 Week 2 Quiz
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ACCT 305 ACCT/305 ACCT305 Week 2 Quiz
1. TCO 2) An exclusive 20-year right to manufacture a product or use a process is a (Points : 4)
2. (TCO 2) Our company purchased all of the outstanding stock of another company, paying $2,700,000 cash. Our company assumed all of the liabilities of other company. Book values and fair values of acquired assets and liabilities were as follows.
Book Value
Fair Value
Current assets, net
$ 420,000
$ 450,000
Property, plant and equpment, net
$ 1,600,000
$ 2,250,000
Liabilities
$ 500,000
$ 600,000
3. (TCO 2) Software development costs are capitalized if they are incurred (Points : 4)
4. (TCO 2) Under U.S. GAAP, research expenditures are (Points : 4)
5. (TCO 2) Goodwill has (Points : 4)
ACCT 305 ACCT/305 ACCT305 Week 3 Quiz
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ACCT 305 ACCT/305 ACCT305 Week 3 Quiz
1. (TCO 4) In the first year of an asset’s life, which of the following methods has the smallest depreciation?(Points : 4)
2. (TCO 4) Amortization refers to the cost allocation for (Points : 4)
3. (TCO 4) The factors that need to be determined to compute depreciation are an asset’s (Points : 4)
4. (TCO 4) Cutter Enterprises purchased equipment for $72,000 on January 1, 2011. The equipment is expected to have a 5-year life and a residual value of $6,000. Using the straight-line method, depreciation for 2012 and the equipment’s book value at December 31, 2012 would be (Points : 4)
5. (TCO 4) A change from the straight-line method to the sum-of-years’-digits method of depreciation is handled as (Points : 4)
ACCT 305 ACCT/305 ACCT305 Week 5 Quiz
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ACCT 305 ACCT/305 ACCT305 Week 5 Quiz
Question 1. 1. (TCO 6) Which of the following is not a current liability? (Points : 4)
Question 2. 2. (TCO 6) At times, businesses require advance payments from customers that will be applied to the purchase price when goods are delivered or services provided. These customer advances represent(Points : 4)
Question 3. 3. (TCO 6) Which of the following is not a liability? (Points : 4)
Question 4. 4. (TCO 6) A contingent loss should be reported in a footnote to the financial statements rather than being accrued if (Points : 4)
Question 5. 5. (TCO 6) Our company had a warranty liability of $350,000 at the beginning of 2012 and $310,000 at the end of 2012. Warranty expense is based on 4% of sales, which were $50 million for the year. Which were the warranty expenditures for 2012? (Points : 4)
ACCT 312 ACCT/312 ACCT312 Week 1 Homework
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ACCT 312 ACCT/312 ACCT312 Week 1 Homework
E 16–3: Taxable income given; calculate deferred tax liability
E 16–5: Temporary difference; future deductible amounts; taxable income given
E 16–10: Deferred tax asset; taxable income given; valuation allowance
E 16–22: Operating loss carryback and carryforward
ACCT 312 ACCT/312 ACCT312 Week 1 Quiz
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ACCT 312 ACCT/312 ACCT312 Week 1 Quiz
1. (TCO 1) Which causes a temporary difference between taxable and pretax accounting income? (Points : 10)
2. (TCO 1) Which difference between financial accounting and tax accounting ordinarily creates a deferred tax liability? (Points : 10)
3. (TCO 1) Which temporary difference ordinarily creates a deferred tax asset? (Points : 10)
4. (TCO 1) The tax effect of a net operating loss (NOL) carryback usually (Points : 10)
5. (TCO 1) Which causes a permanent difference between taxable income and pretax accounting income? (Points : 10)
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ACCT 312 ACCT/312 ACCT312 Week 2 Homework
E 17–5: Determine pension plan assets
E 17–7: Changes in plan assets; determine cash contributions
E 17–10: Determine pension expense
E 17–12: PBO calculations; ABO calculations; present value concepts
E 17–15: Pension spreadsheet
ACCT 312 ACCT/312 ACCT312 Week 2 Quiz
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ACCT 312 ACCT/312 ACCT312 Week 2 Quiz
Pensions and Other Postretirement Benefits
1. (TCO 2) Which is not a requirement for a qualified pension plan? (Points : 10)
2. TCO 2) Defined contribution pension plans that link the amount of contributions to company performance are often called (Points : 10)
3. (TCO 2) The portion of the obligation that plan participants are entitled to receive regardless of their continued employment is called the (Points : 10)
4. TCO 2) Payment of retirement benefits (Points : 10)
5. (TCO 3) Our company’s defined benefit pension plan had a PBO of $530,000 on January 1, 2013. During 2013, pension benefits paid were $80,000. The discount rate for the plan for this year was 10%. Service cost for 2013 was $160,000. Plan assets (fair value) increased during the year by $90,000. The amount of the PBO at December 31, 2013, was
ACCT 312 ACCT/312 ACCT312 Week 3 Homework
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ACCT 312 ACCT/312 ACCT312 Week 3 Homework
E 18–5: Issuance of shares; noncash consideration
E 18–11: Retirement of shares
E 18–13: Treasury stock
E 18–19: Stock dividend
ACCT 312 ACCT/312 ACCT312 Week 3 Quiz
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ACCT 312 ACCT/312 ACCT312 Week 3 Quiz Shareholders Equity
1. (TCO 4) Common shareholders usually have all of the following rights, except (Points : 10)
2. (TCO 4) Authorized common stock refers to the total number of shares (Points : 10)
3. (TCO 4) When a property dividend is declared, the property to be distributed should be revalued to fair value as of the (Points : 10)
4. (TCO 4) When treasury shares are resold at a price below cost, (Points : 10)
5. (TCO 4) Our company has outstanding 400 million shares, $2 par common shares, selling for $8 per share. After a 1 for 4 reverse stock split, (Points : 10)
ACCT 312 ACCT/312 ACCT312 Week 4 Homework
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ACCT 312 ACCT/312 ACCT312 Week 4 Homework
E 19–2: Restricted stock award plan
E 19–5: Stock options
E 19–10: EPS; shares issued; stock dividend
E 19–17: EPS; stock dividend; nonconvertible preferred stock; treasury shares; shares sold; stock options; convertible bonds
ACCT 312 ACCT/312 ACCT312 Week 4 Midterm
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ACCT 312 ACCT/312 ACCT312 Week 4 Midterm
1. (TCO 1) Which event will result in a deferred tax liability?
2. (TCO 1) Which of the following differences between financial accounting and tax accounting ordinarily creates a deferred tax asset?
3. (TCO 2) Interest cost is calculated by multiplying the
4. (TCO 3) Accounting for postretirement healthcare benefits is similar, in most respects, to accounting for
5. (TCO 4) Retained earnings represents a company’s
6. (TCO 4) Any dividend that is considered to be a liquidating dividend will
7. (TCO 5) Executive stock options should be reported as compensation expense
8. (TCO 5) Our company granted options for 2 million shares of its $1 par common stock at the beginning of the current year. The exercise price is $35 per share, which was also the market value of the stock on the grant date. The fair value of the options was estimated at $9 per option. If the options have a vesting period of 5 years, which would be the balance in Paid-in Capital — Stock Options 3 years after the grant date?
9. (TCO 6) Our company declared and paid cash dividends to its common shareholders in February of the current year. The dividend
10. (TCO 6) Basic earnings per share is computed using
ACCT 312 ACCT/312 ACCT312 Week 5 Homework
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ACCT 312 ACCT/312 ACCT312 Week 5 Homework
E 20–1: Change in principle; change in inventory methods
E 20–10: Change in depreciation methods
E 20–17: Change in estimate; useful life and residual value of equipment
E 20–24: Inventory errors
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ACCT 312 ACCT/312 ACCT312 Week 6 Homework
E 21–14: Identifying cash flows from investing activities and financing activities
E 21–21: Cash flows from operating activities (direct method) derived from an income statement and cash flows from operating activities indirect method)
P 21–4: Statement of cash flows; direct method
ACCT 312 ACCT/312 ACCT312 Week 7 Quiz
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ACCT 312 ACCT/312 ACCT312 Week 7 Quiz
1. TCO 8) Which is reported as an operating activity in the statement of cash flows? (Points : 10)
2. (TCO 8) Using the direct method, cash received from customers is calculated as sales (Points : 10)
3. (TCO 8) Which is not reported as an adjustment to net income when using the indirect method of computing net cash flows from operating activities? (Points : 10)
4. (TCO 8) A loss on the sale of machinery should be reported in the statement of cash flows as (Points : 10)
5. (TCO 8) Each year, our company prepares a reconciliation schedule that compares its income statement with its statement of cash flows on both the direct and indirect method bases. In its 2013 income statement, our company reported $29,000 for insurance expense. It paid $36,000 in insurance premiums during 2013. In its reconciliation schedule, our company should (Points : 10)
ACCT 349 ACCT/349 ACCT349 Week 1 Quiz
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ACCT 349 ACCT/349 ACCT349 Week 1 Quiz Flexible Budgets, Overhead Cost
1. (TCO 10) Which of the following pertains primarily to the planning of fixed overhead costs? (Points : 6)
2.
(TCO 10) Sebastian Company, which manufactures electrical switches, uses a standard cost system and carries all inventories at standard. The standard manufacturing overhead costs per switch are based on direct labor hours and are shown below:
Variable overhead (5 hours at $12 per direct manufacturing labor hour)
$ 60
Fixed overhead (5 hours at $15 per direct manufacturing labor hour, based on capacity of 200,000 direct manufacturing labor hours per month)
75
Total overhead per switch
$ 135
The following information is available for the month of December:
• 46,000 switches were produced, although 40,000 switches were scheduled to be produced.
• 225,000 direct manufacturing labor hours were worked at a total cost of $5,625,000.
• Variable manufacturing overhead costs were $2,750,000.
• Fixed manufacturing overhead costs were $3,050,000.
The total variable manufacturing overhead variance was (Points : 6)
3.
4.
(TCO 10) Sebastian Company, which manufactures electrical switches, uses a standard cost system and carries all inventories at standard. The standard manufacturing overhead costs per switch are based on direct labor hours and are shown below:
Variable overhead (5 hours at $12 per direct manufacturing labor hour)
$ 60
Fixed overhead (5 hours at $15 per direct manufacturing labor hour, based on capacity of 200,000 direct manufacturing labor hours per month)
75
Total overhead per switch
$ 135
The following information is available for the month of December:
• 46,000 switches were produced, although 40,000 switches were scheduled to be produced.
• 225,000 direct manufacturing labor hours were worked at a total cost of $5,625,000.
• Variable manufacturing overhead costs were $2,750,000.
• Fixed manufacturing overhead costs were $3,050,000.
The fixed overhead production volume variance for December was (Points : 6)
5.
6.
TCO 10) Sebastian Company, which manufactures electrical switches, uses a standard cost system and carries all inventories at standard. The standard manufacturing overhead costs per switch are based on direct labor hours and are shown below:
Variable overhead (5 hours at $12 per direct manufacturing labor hour)
$ 60
Fixed overhead (5 hours at $15 per direct manufacturing labor hour, based on capacity of 200,000 direct manufacturing labor hours per month)
75
Total overhead per switch
$ 135
The following information is available for the month of December:
• 46,000 switches were produced, although 40,000 switches were scheduled to be produced.
• 225,000 direct manufacturing labor hours were worked at a total cost of $5,625,000.
• Variable manufacturing overhead costs were $2,750,000.
• Fixed manufacturing overhead costs were $3,050,000.
Under the 3-variance method, the spending variance for December was (Points : 6)
7. (TCO 10) Budgeted overhead costs rates can be expressed as an amount per unit of output or per unit of input. (Points : 6)
ACCT 349 ACCT/349 ACCT349 Week 2 Quiz
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ACCT 349 ACCT/349 ACCT349 Week 2 Quiz
1. (TCO 6) Which of the following is not a primary purpose given in the text for allocating costs? (Points : 6)
2. (TCO 6) In a customer cost hierarchy, the costs of a sales visit made to a customer is (Points : 6)
3.
TCO 5) Natural Nutrients Bakery of Southfield produces three flavors of cat morsels that have budgeted and actual sales data for a bag of a dozen of its cat morsels as follows for December 20XX.
Budgeted Data
Actual Data
Tuna
ChikBits
ChezNips
Tuna
ChikBits
ChezNips
Bags
7,200
4,800
4,000
10,800
3,600
7,200
CM per bag
$2.50
$4.00
$5.00
$2.00
$3.00
$7.50
Cont. Margin
$18,000
$19,200
$20,000
$21,600
$10,800
$54,000
Total Contribution Margin
$57,200
$86,400
According to company forecasts, it was budgeting to earn a 25% market share in total units (bags) of specialty prepared cat treats sold in December 20XX in Southfield. Reliable industry sources indicate that the total number of bags of cat treats sold for December 200X in Southfield was 72,000. The sales-mix variance for December 20XX for Natural Nutrients Bakery is (Points : 6)
4.
5.
(TCO 6) Natural Nutrients Bakery of Southfield produces three flavors of cat morsels that have budgeted and actual sales data for a bag of a dozen of its cat morsels as follows for December 20XX.
Budgeted Data
Actual Data
Tuna
ChikBits
ChezNips
Tuna
ChikBits
ChezNips
Bags
7,200
4,800
4,000
10,800
3,600
7,200
CM per bag
$2.50
$4.00
$5.00
$2.00
$3.00
$7.50
Cont. Margin
$18,000
$19,200
$20,000
$21,600
$10,800
$54,000
Total Contribution Margin
$57,200
$86,400
According to company forecasts, it was budgeting to earn a 25% market share in total units (bags) of specialty prepared cat treats sold in December 20XX in Southfield. Reliable industry sources indicate that the total number of bags of cat treats sold for December 200X in Southfield was 72,000. Natural Nutrients Bakery experienced a market-size variance for December 20XX of (Points : 6)
6.
7.
(TCO 6) Fulbrite Fashions sells a line of women’s dresses. Fulbrite’s performance report for November is shown below. The company uses a flexible budget to analyze its performance and to measure the effect on operating income of the various factors affecting the difference between budgeted and actual operating income.
Actual
Budget
Dresses sold
5,000
6,000
Sales
$235,000
$300,000
Variable costs
(145,000)
(180,000)
Contribution margin
$ 90,000
$120,000
Fixed costs
(84,000)
(80,000)
Operating income
$ 6,000
$ 40,000
The effect of the sales quantity variance on Fulbrite’s contribution margin for November is
(Points : 6)
ACCT 349 ACCT/349 ACCT349 Week 3 Quiz
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ACCT 349 ACCT/349 ACCT349 Week 3 Quiz
TCO 1) Troy Company derived the following costs relationship from a regression analysis of its monthly manufacturing overhead cost. Y = $80,000 + $12X where: Y = monthly manufacturing overhead cost and X = machine hours. The standard time required to manufacture one 6-unit case of Troy’s single product is 4 machine hours. Troy applies manufacturing overhead to production on the basis of machine-hours, and its normal annual production is 50,000 cases. Troy’s predetermined fixed manufacturing overhead rate would be (Points : 6)
(TCO 1) Three criteria to use in identifying cost drivers from the potentially large set of independent variables that can be included in a regression model are (Points : 6)
(TCO 3) The best opportunity for cost reduction is (Points : 6)
(TCO 3) Each month, Haddock Company has $275,000 total manufacturing costs (20% fixed) and $125,000 distribution and marketing costs (36% fixed). Haddock’s monthly sales are $500,000. The markup percentage on full costs to arrive at the target (existing) selling price is (Points : 6)
(TCO 3) The price of movie tickets for opening day and the few days following compared to the price 6 months later is an example of (Points : 6)
ACCT 349 ACCT/349 ACCT349 Week 4 Midterm
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ACCT 349 ACCT/349 ACCT349 Week 4 Midterm
TCO 5) The following information is available from the Taylor Company.
Actual factory overhead
$15,000
Fixed overhead expenses, actual
$7,200
Fixed overhead expenses, budgeted
$7,000
Actual hours
3,500
Standard hours
3,800
Variable overhead rate per direct labor hour
$2.50
Assuming that Taylor uses a three-way analysis of overhead variances, what is the spending variance?
(Points : 11)
(TCO 5) In an activity-based costing system, what should be used to assign a department’s manufacturing overhead costs to products produced in varying lot sizes? (Points : 11)
(TCO 1) An examination of Boener Company’s past maintenance records disclosed the following costs and volume measures the following.
Highest
Lowest
Cost per month
$39,200
$32,000
Machine hours
24,000
15,000
Using the high-low technique, estimate the annual fixed cost for maintenance expenditures.
(Points : 11)
TCO 1) Serendipity Co. uses regression analysis to develop a model for prediction overhead costs. Two different cost drivers (machine hours and direct materials weight) are under consideration as the independent variable. Relevant data were run on a computer using one of the standard regression programs, with the following results.
Machine hours
Coefficient
Y intercept
2,500
B
5.0
r-squared = .70
Direct materials weight
Y intercept
4,600
B
2.6
r-squared = .50
Which regression equation should be used?
(Points : 11)
(TCO 2) Relevant or differential cost analysis (Points : 11)
(TCO 2) McConnell is a manufacturer of industrial components. One of its products that is used as a subcomponent in auto manufacturing is JC-46. This product has the following financial structure per unit.
Selling price
$150
Direct materials
20
Direct labor
15
Variable manufacturing overhead
12
Fixed manufacturing overhead
30
Shipping and handling
3
Fixed selling and administrative
10
Total costs
$ 90
McConnell has received a special, one-time order for 1,000 JC-46 parts. Assuming McConnell has excess capacity, the minimum price that is acceptable for this one-time special order must be greater than
(Points : 11)
(TCO 5) Janice Foeld Company manufactures part Z for use in its production cycle. The costs per unit for 10,000 units of part Z are as follows.
Direct materials
$3
Direct labor
15
Variable overhead
6
Fixed overhead
8
TOTAL
$32
Baloney Company has offered to sell Janice Foeld 10,000 units of part Z for $30 per unit. If Janice Foeld accepts Baloney’s offer, the released facilities can be used to save $45,000 in relevant costs in the manufacture of part A. In addition, $5 per unit of the fixed overhead applied to part Z would be totally eliminated. The total relevant costs to buy part Z are
(Points : 11)
(TCO 2) Bieber Company has excess capacity on two machines, 24 hours on Machine 105 and 16 hours on Machine 107. To use this excess capacity, the company has two products, known as Product D and Product F, that must use both machines in manufacturing. Both have excess product demand, and the company can sell as many units as it can manufacture. The company’s objective is to maximize profits. Product D has an incremental profit of $6 per unit, and each unit utilizes 2 hours of time on Machine 105 and then 2 hours of time on Machine 107. Product F has an incremental profit of $7 per unit, and each unit utilizes 3 hours of time on Machine 105 and then 1 hour of time on machine 107. Let D be the number of units for Product D, F be the number of units for product F, and P be the company’s profit. A feasible solution for Bieber Company is (Points : 11)
TCO 4) Which of the following criteria would be most useful to a sales department manager in evaluating the performance of the manager’s customer service group? (Points : 11)
(TCO 6) The sales quantity variance equals (Points : 11)
(TCO 6) The following are relevant data for calculating sales variances for Lumber Co., which sells its sole product in two countries.
John
Quincy
Total
Budgeted selling price per unit
$6.00
$10.00
NA
Budgeted variable cost per unit
3.00
7.50
NA
Budgeted contribution margin per unit
$3.00
$ 2.50
NA
Budgeted unit sales
300
200
500
Budgeted mix percentage
60%
40%
100%
Actual units sold
260
260
520
Actual selling price per unit
$6.00
$9.50
NA
The sales volume variance for John and Quincy is
(Points : 11)
(TCO 4) Nonfinancial performance measures are important to engineering and operations managers in assessing the quality levels of their products. Which of the following indicators can be used to measure product quality? I. Returns and allowances II. Number and types of customer complaints III. Production cycle time (Points : 11)
(TCO 6) For a single-product company, the sales volume variance is (Points : 11)
(TCO 5) Variable factory overhead is applied on the basis of standard direct labor hours. If, for a given period, the direct labor efficiency variance is unfavorable, the variable factory overhead efficiency variance will be (Points : 11)
(TCO 1) Bubba company has developed a learning (improvement) curve for one of its newer processes from its accounting and production records. Management asked for an internal audit to review the curve. Which of the following events tend to mitigate the effects of the learning curve? (Points : 11)
1. (TCO 3) How do companies determine target costs? (Points : 15)
2. (TCO 2) How and why are capacity constraints relevant when trying to decide which products to produce?(Points : 35)
3. (TCO 1) Outline the six steps involved in estimating a cost function using quantitative analysis. (Points : 35)
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ACCT 444 Week 1 Quiz NEW Chpt 1,2,4,26
1. (TCO 3) The organization that is responsible for providing oversight for auditors of public companies is called the _____
2. (TCO 1) Which one of the following is not a field work standard?
3. (TCO 1) Which of the following is not an example of the application of professional skepticism?
4. (TCO 1) An operational audit has as one of its objectives to
5. (TCO 1) Which of the following services do not need to be preapproved by the audit committee of an issuer?
6. (TCO 3) The concept of materiality would be least important to an auditor when considering the
7. (TCO 3) Independence in auditing means
8. (TCO 3) The financial interests of which of the following parties would not be included as a direct financial interest of the CPA?
9. (TCO 1) The phrase U.S. generally accepted accounting principles is an accounting term that
10. (TCO 1) Which of the following items impairs independence under U.S. ethics standards but does not necessarily impair independence under the IFAC Code of Ethics for Professional Accountants?
11. The Sarbanes-Oxley Act applies to which of the following companies?
12. Which one of the following is not a field work standard?
13. Which of the following is not an example of the application of professional skepticism?
14. Any service that requires a CPA firm to issue a report about the reliability of an assertion that is made by another party is a(n) _____
15. Which of the following statements is incorrect regarding the SEC’s partner rotation rules?
16. The concept of materiality would be least important to an auditor when considering the
17. Interpretations of Rule 101 prohibit covered members from owning any stock or other direct investment in audit clients. Covered members include all but which of the following?
18. In some situations, the interpretations of the rules of conduct permit former partners to have relationships with a client of the firm without affecting the firm’s independence. Which of the following situations would not cause a loss of independence?
19. Which of the following terms identifies a requirement for audit evidence?
20. Which of the following statements best describes the ethical standard of the profession pertaining to advertising and solicitation?
ACCT 444 ACCT/444 ACCT444 Week 2 Quiz NEW
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ACCT 444 Week 2 Quiz NEW Chpt 5,6,11
1. (TCO 4) In connection with the audit of financial statements, an independent auditor could be responsible for failure to detect a material fraud if
2. (TCO 4) “Absence of reasonable care that can be expected of a person is a set of circumstances” defines
3. (TCO 4) While performing services for their clients, professionals have a duty to provide a level of care that is
4. (TCO 4) The objective of the ordinary audit of financial statements is the expression of an opinion on
5. (TCO 4) The auditor’s best defense when material misstatements are not uncovered is to have conducted the audit
6. (TCO 3) Which of the following is not one of the reasons that auditors provide only reasonable assurance on the financial statements?
7. (TCO 3) In the fraud triangle, fraudulent financial reporting and misappropriation of assets
8. (TCO 3) After fraud risks are identified and documented, the auditor should evaluate factors that _____ fraud risk, before developing an appropriate response to the risk of fraud.
9. (TCO 3) Which of the following statements describes circumstances that underlie employee incentives to misappropriate assets?
10. (TCO 4) If a CPA firm is being sued for common law fraud by a third party based on materially false financial statements, which of the following is the best defense the accountants could assert?
11. (TCO 4) “Absence of reasonable care that can be expected of a person is a set of circumstances” defines
12. TCO 4) A third-party beneficiary is one that
13. (TCO 4) In the auditing environment, failure to meet auditing standards is often
14. (TCO 4) The responsibility for adopting sound accounting policies and maintaining adequate internal control rests with the
15. (TCO 3) The element that distinguishes an error from fraud is
16. (TCO 3) Which of the following is not one of the factors of the fraud triangle?
17. (TCO 3) After fraud risks are identified and documented, the auditor should evaluate factors that _____ fraud risk, before developing an appropriate response to the risk of fraud.
18. (TCO 3) Which of the following statements describes circumstances that underlie employee incentives to misappropriate assets?
19. (TCO 3) Which of the following characteristics is most likely to heighten an auditor’s concern about the risk of material misstatements, due to fraud in an entity’s financial statements?
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ACCT 444 Week 3 Quiz NEW Chpt 7,8,9
1. (TCO 6) Which of the following statements regarding documentation is not correct?
2. (TCO 6) When analytical procedures reveal no unusual fluctuations, the implication is that
3. (TCO 6) The primary purpose of performing analytical procedures in the testing phase of an audit is to
4. (TCO 6) Three common types of confirmations used by auditors are (1) negative confirmations where only a response is requested if the debtor disagrees with the amount, (2) positive confirmations with a request for information where the debtor is requested to respond and to include their believed balance, and (3) positive confirmations with the information included where the debtor is requested to respond and to confirm the balance we give them. If they were placed in the order of their competence, from highest to lowest, the sequence would be
5. (TCO 7) Analytical procedures used in planning an audit should focus on identifying
6. (TCO 7) A measure of how willing the auditor is to accept that the financial statements may be materially misstated after the audit is completed and an unqualified opinion has been issued is the
7. (TCO 7) Which of the following is not correct regarding the communications between successor and predecessor auditors?
8. (TCO 8) The FASB definition of materiality emphasizes what class of financial statement users?
9. (TCO 8) Auditors are _____ to decide on the combined amount of misstatements in the financial statements that they would consider material early in the audit.
10. (TCO 8) Which of the following is not a correct statement regarding the allocation of the preliminary judgment about materiality to balance sheet accounts?
11. (TCO 6) Which of the following statements regarding documentation is not correct?
12. (TCO 6) Which of the following is not a purpose of analytical procedures?
13. (TCO 6) Which of the following statements regarding analytical procedures is not correct?
14. (TCO 6) Three common types of confirmations used by auditors are (1) negative confirmations where only a response is requested if the debtor disagrees with the amount, (2) positive confirmations with a request for information where the debtor is requested to respond and to include their believed balance, and (3) positive confirmations with the information included where the debtor is requested to respond and to confirm the balance we give them. If they were placed in the order of their competence, from highest to lowest, the sequence would be
15. (TCO 7) Analytical procedures used in planning an audit should focus on identifying
16. (TCO 7) A measure of the auditor’s assessment of the likelihood that there are material misstatements in an account before considering the effectiveness of the client’s internal control is
17. (TCO 7) A successor auditor may perform which of the following for a new audit client?
18. (TCO 8) Auditors are responsible for determining whether financial statements are materially misstated, so upon discovering a material misstatement, they must bring it to the attention of
19. (TCO 8) Auditors are _____ to decide on the combined amount of misstatements in the financial statements that they would consider material early in the audit.
20. (TCO 8) Which of the following is not a correct statement regarding the allocation of the preliminary judgment about materiality to balance sheet accounts?
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ACCT 444 Week 4 Quiz NEW Chpt 10,12
1. (TCO 5) Which of the following parties provides an assessment of the effectiveness of internal control over financial reporting for public companies?
2. (TCO 5) Internal control reports issued by public companies must identify the framework used to evaluate the effectiveness of internal control. Which of the following is the most common framework in the U.S.?
3. (TCO 5) Management’s tests of operating effectiveness might include which of the following types of procedures?
4. (TCO 5) Internal controls can never be regarded as completely effective. Even if company personnel could design an ideal system, its effectiveness depends on the
5. (TCO 5) Which of the following is not one of the levels of an absence of internal controls?
6. (TCO 10) Which of the following is not a benefit of using IT-based controls?
7. (TCO 10) Programmers should do all but which of the following?
8. (TCO 10) Which of the following is least likely to be used in obtaining an understanding of client general controls?
9. (TCO 10) A control that relates to all parts of the IT system is called a(n)
10. (TCO 10) Which of the following is not a category of an application control?
11. (TCO 5) Which of the following is responsible for establishing a private company’s internal control?
12. (TCO 5) Sarbanes-Oxley requires management to issue an internal control report that includes two specific items. Which of the following is one of these two requirements?
13. (TCO 5) Management’s tests of operating effectiveness might include which of the following types of procedures?
14. (TCO 5) The essence of an effectively controlled organization lies in the
15. (TCO 5) Which of the following is correct?
16. (TCO 10) Which of the following is not a benefit of using IT-based controls?
17. (TCO 10) Programmers should do all but which of the following?
18. (TCO 10) General controls include all of the following except
19. (TCO 10) Controls that apply to a specific element of the system are called
20. (TCO 10) Which of the following statements related to application controls is correct?
ACCT 444 ACCT/444 ACCT444 Week 5 Quiz NEW
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ACCT 444 Week 5 Quiz NEW Chpt 13,14
1. (TCO 6) For efficiency, tests of controls are frequently done at the same time as
2. (TCO 6) Which of the following is not a direct result of performing analytical procedures?
3. (TCO 6) Which of the following audit tests is usually the most costly to perform?
4. (TCO 6) Which of the following represents an incorrect pairing of a type of audit test and evidence?
5. (TCO 6) The sequence of steps in gathering evidence as the basis of the auditor’s opinion are
6. (TCO 9) It is important that sales be billed and recorded in the journal as soon as possible after
7. (TCO 9) At which point in an ordinary sales transaction would a lack of specific authorization be of least concern to the auditor?
8. (TCO 9) Proper separation of duties is useful to prevent various types of misstatements. Which of the following is not an essential separation of duties?
9. (TCO 9) Which one of the following would the auditor be concerned with when examining the client’s billing function?
10. (TCO 9) Smith Manufacturing Company’s accounts receivable clerk has a friend who is also a Smith’s customer. The accounts receivable clerk has issued fictitious credit memos to his friend for goods supposedly returned. The most effective procedure for preventing this activity is to
11. (TCO 6) For efficiency, tests of controls are frequently done at the same time as
12. (TCO 6) Analytical procedures are defined in the auditing standards as
13. (TCO 6) Ending account balances may be audited through the use of which of the following types of audit procedures?
14. (TCO 6) Which of the following represents an incorrect pairing of a type of audit test and evidence?
15. (TCO 6) The purpose of tests of controls is to provide reasonable assurance that the
16. (TCO 9) Prenumbered documents will only be useful for control purposes if
17. (TCO 9) At which point in an ordinary sales transaction would a lack of specific authorization be of least concern to the auditor?
18. (TCO 9) To achieve good internal control, which department should perform the activities of matching shipping documents with sales orders and preparing daily sales summaries?
19. (TCO 9) Which one of the following would the auditor be concerned with when examining the client’s billing function?
20. (TCO 9) A key internal control in the sales and collection cycle is the separation of duties between cash handling and record keeping. The objective most directly associated with this control is to verify that
ACCT 444 ACCT/444 ACCT444 Week 6 Quiz NEW
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ACCT 444 Week 6 Quiz NEW Chpt 15,16,17
1. (TCO 9) If the auditor decides to assess control risk at the maximum level in a private company audit, tests of controls are
2. (TCO 9) When auditors wish to evaluate a sample statistically, the only acceptable selection method is
3. (TCO 9) One of the ways to eliminate nonsampling risk is through
4. (TCO 9) A customer mails and records a check to a client for payment of an unpaid account on December 30. The client receives and records the amount on January 2. The records of the two organizations will be different on December 31. Which of the following applies?
5. (TCO 9) If the auditor decides not to confirm accounts receivable, the auditor should
6. (TCO 9) For most audits, inherent risk for accounts receivable is moderate or low except for which balance-related audit objectives?
7. (TCO 9) An auditor should perform alternative procedures to substantiate the existence of accounts receivable when
8. (TCO 9) Which of the following is not a term relevant to sampling for tests of details?
9. (TCO 9) The relationship between required sample size and the acceptable risk of incorrect acceptance is
10. (TCO 9) The acceptable risk of incorrect acceptance is most related to
11. (TCO 9) The exception rate the auditor will permit in the population and still be willing to reduce the assessed level of control risk is called the
12. (TCO 9) To determine if a sample is truly representative, an auditor must
13. (TCO 9) To determine if a sample is truly representative, an auditor must
14. (TCO 9) Cutoff misstatements can occur fo
15. (TCO 9) If the auditor decides not to confirm accounts receivable, the auditor should
16. (TCO 9) Which of the following types of receivables would not deserve the special attention of the auditor?
17. (TCO 9) An auditor should perform alternative procedures to substantiate the existence of accounts receivable when
18. (TCO 9) Which of the following does not have to be considered in determining the initial sample size of a test of details?
19. (TCO 9) Both sampling and nonsampling risks are associated with
20. (TCO 9) If an auditor desires a greater level of assurance in auditing a balance, the acceptable risk of incorrect acceptance
ACCT 444 ACCT/444 ACCT444 Week 7 Quiz NEW
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ACCT 444 Week 7 Quiz NEW Chpt 3,24,25
1. (TCO 2) If a misstatement is immaterial to the financial statements of the entity for the current period, but is expected to have a material effect in future periods, it is appropriate to issue a(n)
2. (TCO 2) When the auditor believes a company’s financial statements are misleading because they were not prepared in conformity with GAAP, the auditor must issue a(n)
3. (TCO 2) When qualifying an opinion because of an insufficiency of audit evidence, an auditor should refer to the situation in the:
4. (TCO 2) Jewel, CPA, audited Infinite Co.’s prior-year financial statements. These statements are presented with those of the current year for comparative purposes without Jewel’s auditor’s report, which expressed a qualified opinion. In drafting the current year’s auditor’s report, Crain, CPA, the successor auditor, should:
5. (TCO 11) Which of the following is not a purpose of the client letter of representation?
6. (TCO 2) Which of the following conditions or events most likely would cause an auditor to have substantial doubt about an entity’s ability to continue as a going concern?
7. (TCO 2) In May, Year 4, an auditor reissues the auditor’s report on the Year 2 financial statements at a continuing client’s request. The Year 2 financial statements are not restated and the auditor does not revise the wording of the report. The auditor should:
8. (TCO 11) Which of the following items would ordinarily not be included in the standard letter of inquiry to the client’s attorney?
9. (TCO 2) In which type of report would you read the following statement: “We believe that our examination provides a reasonable basis for our opinion.”?
10. (TCO 2) In connection with a proposal to obtain a new client, an accountant in public practice is asked to prepare a written report on the application of the requirements of an applicable financial reporting framework to a specific transaction. The accountant’s report should include a statement that:
ACCT 444 Week 7 Quiz NEW
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ACCT 444 Week 7 Quiz NEW
1. (TCO 2) When determining whether an exception is highly material the extent to which the exception affects different elements of the financial statements must be considered. This concept is called
2. (TCO 2) When a client has not applied GAAP consistently from the prior year to the current year, the auditor does not concur with the appropriateness of the change, and the change in GAAP has a material effect on the financial statements, the auditor should issue a(n)
3. (TCO 2) The only unqualified opinion which contains modified wording (excluding an explanatory paragraph) relates to
4. (TCO 2) A CPA will issue an adverse auditor’s opinion if
5. (TCO 11) A principal purpose of a letter of representation from management is to
6. (TCO 11) Refusal by a client to prepare and sign the representation letter would require a(n)
7. (TCO 11) Inquiries of management regarding the possibility of unrecorded contingencies will not be useful in uncovering
8. (TCO 11) Which of the following procedures might be useful in discovering a contingent liability for a lawsuit that management is intentionally neglecting to disclose?
9. (TCO 2) In which type of report would you read the following statement: “We believe that our examination provides a reasonable basis for our opinion.”?
10. TCO 2) Compilation reports may be of all but which of the following types?
ACCT 451 ACCT/451 ACCT451 Week 1 Quiz
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ACCT 451 ACCT/451 ACCT451 Week 1 Quiz
1. (TCO 1) Facts that are collected, recorded, stored and processed by an information system are: (Points : 2)
2. (TCO 1) Which of the following is not one of the components of an AIS? (Points : 2)
3. (TCO 1) The transaction cycles relate to one another and interface with this to generate information for both management and external parties. (Points : 2)
4. (TCO 1) Callow Youth Clothing is a boutique retailer located in Estes Park, Colorado. During the peak tourist season, it has average daily cash and credit card sales in excess of $5,000. What is the best way for this business to ensure that sales data entry is efficient and accurate? (Points : 2)
5. (TCO 1) A graphical representation of the relationship among the input, processing and output in an information system is called (Points : 2)
6. (TCO 1) What is the purpose behind the five primary activities in the value chain? (Points: 5)
7. (TCO 1) How is a DFD different from a flowchart? (Points : 5)
ACCT 451 ACCT/451 ACCT451 Week 2 Quiz
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ACCT 451 ACCT/451 ACCT451 Week 2 Quiz Fraud and Internal Controls
1. (TCO 7) The problem of inability to add new data without violating the basic integrity of the database is referred to as the (Points : 2)
2. (TCO 2) Why is computer fraud often more difficult to detect than other types of fraud? (Points : 2)
3. (TCO 7) Chelsana Washington is a medical equipment sales representative. Her company has provided her with a laptop computer that uses wireless connectivity to access the accounting information system from virtually anywhere in the country. She, and the other sales reps, have read access to customer and product information. They have write access that allows them to enter and cancel customer orders. These permissions define a(an) ______ in the company’s database management system. (Points : 2)
4. (TCO 2) This control framework’s intent includes helping the organization to provide reasonable assurance that objectives are achieved and problems are minimized, and to avoid adverse publicity and damage to the organization’s reputation. (Points : 2)
4. (TCO 2) This control framework defines internal controls and provides guidance for evaluating and enhancing internal control systems. (Points : 2)
5. (TCO 7) Which statement below is false regarding the basic requirements of the relational data model? (Points : 2)
5. (TCO 7) Identify the aspect of a normalized database that is incorrect: (Points : 2)
6. (TCO 2) What are the three common things that happen in a fraud? (Points : 5)
6. (TCO 2) Why is computer fraud on the rise? (Points : 5)
7. (TCO 2) What is a weakness of the internal control concept of the separation of duties? (Points : 5)
7. (TCO 2) What is the difference between general and specific authorization? (Points : 5)
ACCT 451 ACCT/451 ACCT451 Week 3 Quiz
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ACCT 451 ACCT/451 ACCT451 Week 3 Quiz Securing and Auditing AIS
1. (TCO 3) Compatibility tests utilize a(n) ________, which is a list of authorized users, programs, and data files the users are authorized to access or manipulate. (Points : 2)
1. (TCO 3) This creates logs of network traffic that was permitted to pass the firewall
2. (TCO 3) Which of the following is not a requirement of effective passwords?
2. (TCO 3) Which of the following is not a requirement of effective passwords?
3. (TCO 3) Which of the following is not a useful control procedure to control access to system outputs?
3. (TCO 3) The Trust Services Framework reliability principle that states that users must be able to enter, update, and retrieve data during agreed-upon times is known as
4. (TCO 3) Which of the following is not one of the 10 internationally recognized best practices for protecting the privacy of customers’ personal information?
4. (TCO 3) Which of the following is not one of the 10 internationally recognized best practices for protecting the privacy of customers’ personal information?
5. (TCO 3) Practically all audits follow a similar sequence of activities that can be divided into four stages. Organizing the audit team and the physical examination of assets are components of which two separate audit stages?
5. (TCO 3) With which stage in the auditing process are the consideration of risk factors and materiality most associated?
6. (TCO 3) Explain social engineering..
6. (TCO 3) Identify six physical access controls
7. (TCO 3) Why do all audits follow a sequence of events that can be divided into four stages? (Points : 5
7. (TCO 3) Why do all audits follow a sequence of events that can be divided into four stages? (Points : 5)
ACCT 451 ACCT/451 ACCT451 Week 4 Quiz
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ACCT 451 ACCT/451 ACCT451 Week 4 Quiz
1. (TCO 4) What is the normal procedure for new customers or customers making a purchase that causes their credit limit to be exceeded? (Points : 2)
2. (TCO 4) A company uses an invoice method whereby customers typically pay according to each invoice. This is the __________ method. (Points : 2)
2. (TCO 4) With a(n) __________ system, customers pay according to the amount showing on their monthly statement and payments are simply applied against the total account balance. (Points : 2)
3. (TCO 4) Sad Clown Pajamas is an Internet-based wholesaler. Customers enter their orders online. The manager of Callow Youth Clothing was entering and order when the following error message popped up: Please enter your email address. This message is the result of a (Points : 2)
4. (TCO 4) There is a threat of paying an invoice twice. What is an applicable control that may help mitigate this threat? (Points : 2)
5. (TCO 4) The receiving clerk at Folding Squid Technologies examines incoming shipments and reconciles their contents with the relevant purchase orders. A receiving report is then sent to accounts payable and the vendor’s invoice is approved for payment. Which of the following would correct control weaknesses, if any, related to these activities? (Points : 2)
5. (TCO 4) The purchasing manager at Folding Squid Technologies has responsibility for reviewing and authorizing purchase orders. Receiving reports are prepared by shipping and receiving based on the relevant purchase order(s). Purchase orders, receiving reports, and vendor invoices are reconciled by accounts payable, which authorizes payment. Which of the following would correct control weaknesses, if any, related to these activities? (Points : 2)
6. (TCO 4) How does a company avoid overbilling customers for items not yet shipped? (Points : 5)
6. (TCO 4) In billing and accounts receivable, what documents are commonly used? (Points : 5)
7. (TCO 4) What are the possible problems associated with receiving goods ordered from a vendor? (Points : 5)
7. (TCO 4) How can information technology be used to improve the vendor invoice approval process? (Points : 5)
ACCT 451 ACCT/451 ACCT451 Week 5 Quiz
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ACCT 451 ACCT/451 ACCT451 Week 5 Quiz Production, Payroll, HR and G/L Reporting
1. (TCO 5) A __________ authorizes the transfer of raw goods needed for production from the storeroom to the production facilities. (Points : 2)
1. (TCO 5) The document that authorizes the removal of the necessary quantity of raw materials from storeroom to factory is referred to as (Points : 2)
2. (TCO 5) Labor productivity is measured by the average product of labor; i.e., the quantity produced divided by the labor time required to produce it. All other things held constant, an increase in labor productivity will increase throughput by (Points : 2)
2. (TCO 5) Folding Squid Technologies has installed a new production monitoring system that is expected to reduce system breakdowns by 28%. This system will increase throughput by (Points : 2)
3. (TCO 5) The results of an internal audit finds that there is a problem with inaccurate time data being entered into the payroll system. What is an applicable control that can help prevent this event from occurring in the future? (Points : 2)
4. (TCO 6) The benefits of XBRL include: (Points : 2)
4. (TCO 6) Communications technology and the Internet can be used to reduce the time and costs involved in disseminating financial statement information. Users of such financial information still struggle in that many recipients have different information delivery requirements and may have to manually reenter the information into their own decision analysis tools. The ideal solution to solve these problems and efficiently transmit financial information via the Internet is to use (Points : 2)
5. (TCO 6) A reporting system which reports the performance of the organization on several financial and non-financial goals is called (Points : 2)
6. (TCO 5) Name some of the benefits of using electronic direct deposit to pay employees. (Points : 5)
6. (TCO 5) What are some of the benefits of using incentives and bonuses? What are some dangers? (Points : 5)
7. (TCO 6) How is an audit trail used in the general ledger and reporting system? (Points : 5)
7. (TCO 6) How is a balanced scorecard used to assess organizational performance? (Points : 5)
ACCT 451 ACCT/451 ACCT451 Week 6 Quiz
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ACCT 451 ACCT/451 ACCT451 Week 6 Quiz The REA Data Model
1. (TCO 7) An example of an event is (Points : 2)
2. (TCO 7) Concerning the creation of tables from an REA diagram, which of the following is false? (Points : 2)
3. (TCO 7) A query that extracts, for a given time period, all sales events for which there is no corresponding receive cash event on the date of the sales event will yield (Points : 2)
4. (TCO 7) Supplier number is most likely to be a foreign key in: (Points : 2)
5. (TCO 7) The cardinality pair from the Order Goods event back to the Request Goods event also has a ___ minimum and ___ maximum. (Points : 2)
6. (TCO 7) Identify the three basic rules that apply to the REA model pattern. (Points : 5)
7. (TCO 7) What are the three steps to implementing an REA diagram in a relational database? (Points : 5)
ACCT 451 ACCT/451 ACCT451 Week 7 Quiz
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ACCT 451 ACCT/451 ACCT451 Week 7 Quiz The System Development Process
1. (TCO 8) In which phase of the systems development life cycle are the new hardware and software for a system tested? (Points : 2)
1. (TCO 8) One step in the systems development life cycle (SDLC) identifies and evaluates design alternatives and to develop design specifications. This step is called (Points : 2)
2. (TCO 8) What is most difficult item to quantify when assessing economic feasibility? (Points : 2)
2. (TCO 8) What is the basic model used to create a framework for economic feasibility analysis? (Points : 2)
3. (TCO 8) When canned software is used for systems acquisition, the physical design phase of the SDLC (Points : 2)
3. (TCO 8) When canned software is used for systems acquisition, the conceptual design phase of the SDLC (Points : 2)
4. (TCO 8) Which statement below regarding prototyping is false? (Points : 2)
4. (TCO 8) What is an advantage of prototyping? (Points : 2)
5. (TCO 8) Test transaction processing involves (Points : 2)
5. (TCO 8) Acceptance tests involve (Points : 2)
6. (TCO 8) What are the different types of documentation that should be prepared for a new system? (Points : 5)
6. (TCO 8) What are the controls design considerations in a new AIS? (Points : 5)
7. (TCO 8) Explain the concept of an application service provider. (Points : 5)
7. (TCO 8) What are the key things an organization can do to enhance an RFP to be sent to vendors? (Points : 5)
ACCT 562 ACCT/562 ACCT562 WEEK 8 Final Exam
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ACCT 562 ACCT/562 ACCT562 WEEK 8 Final Exam
1. (TCO A) Identify the three “E’s” of operational auditing, and note three examples of each. Illustrate how these fit into the specific objectives of the operational audit. (25)
2. (TCO B) One of the most important arrears of the planning phase is to identify the critical problem areas. A good place to start in determining critical operational areas is to analyze the organization’s financial data and statements. Identify and explain the four analytical tools that can be used to effectively analyze financial statements.
3. (TCO C) There are four procedural steps in the work program development, identify these procedural steps and their purpose, then list no less than five work steps to help the reviewer meet the objectives during a review of purchasing department operations, as outlined in your notes.
4. (TCO D)Describe four factors that a reviewer must consider in reaching conclusions during the field work phase, explain why a reviewer should consider these factors. Then identify four specific field work techniques used to identify weaknesses in management and operational systems.
5. (TCO E) Criteria is one of the attributes of review findings. Identify no less than four of the six criteria standards and analyze their inclusion in your report. (20)
6. (TCO F) Identify and describe the four categories of corruption? What do they have in common? How do they differ? (20)
BUSN 330 BUSN/330 BUSN330 Midterm
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BUSN 330 BUSN/330 BUSN330 Midterm (DEVRY)
1. (TCO 1) Which statement best describes the acronym EHR?
2. (TCO 2) Which record type includes data from multiple media?
3. (TCO 3) EDMS would enable which of the following change to occur in an HIM department:
4. (TCO 4) Which law called for the standards to support e-prescribing?
5. (TCO 5) Who is most responsible for ensuring physician adoption of an EHR in a hospital?
6. (TCO 6) An example of a mechanical system is:
7. (TCO 7) EHR steering committees are largely comprised of
8. (TCO 1) As discussed in the textbook, describe some of the consumer awareness and perceptions of the EHR?
9. (TCO 2) Describe how bridge technologies fit into the overall EHR migration path:
10. (TCO 3) What is a “Wet” signature, why is it required and what agency requires it?
11. (TCO 4) Describe the meaning of: Rules Engine and Smart Peripherals?
FIN 560 FIN/560 FIN560 Week 8 Final Exam NEW
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FIN 560 FIN/560 FIN560 Final EXAM NEW (DeVry)
1. (TCO D) Common Stock of Coquihalla Corporation will pay a dividend of $8.00 in the upcoming year, and dividends are expected to grow 5% per year in the future. Your required rate of annual return is 12% . Using the Constant Dividend Growth Model calculate the current price of the Common Stock. (Points : 20)
2. An investor is looking to buy a bond that currently pays $155 a year in interest (coupon rate). The current yield is 11% and the face value is $1,000. How much will the investor have to pay for this bond? (Points : 20)
3. TCO G) An investor purchases 300 shares of ABC stock for $15.00 a share and immediately sells 2 covered call contracts at a strike price of $20.00 a share. The premium is $2.00 a share. What is the maximum profit and the maximum loss?
4. (TCO E) Identify two limitations of technical analysis. (Points : 20)
5. (TCO A) Identify the three levels of subscribers to the NASDAQ. (Points : 20)
6. (TCO B) There are 3 versions of the Efficient Market Hypothesis. Briefly describe each. (Points : 20)
7. (TCO F) You are an analyst comparing the performance of two portfolio managers using the Sharpe Ratio measurement. Manager A shows a return of 20% with a standard deviation of 17%. Manager B shows a return of 13% with a standard deviation of 6%. If the risk free rate is 5% which manager has the better risk adjusted return? (Points : 20)
8. (TCO I) Look at the following Balance Sheet and calculate the following ratios: current ratio, quick ratio, and the debt ratio.
9. (TCO J) What are the two primary disadvantages of investing internationally? (Points : 20)
10. (TCO H) Why was “Limited-Time Shelf Registration” introduced as a regulation? (Points : 20)
11. (TCO D) Diversification in an investment portfolio is a significant concept for creating the highest return for the least amount of risk. To create this diversification portfolio managers consider the covariance and correlation of investments. Explain how covariance and correlation help to create this diversification. (Points : 25)
HIS 405 HIS/405 HIS405 WEEK 8 FINAL EXAM
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HIS 405 WEEK 8 FINAL EXAM (DEVRY)
Question 1.1. (TCO 4) The Spanish who settled in Florida and New Mexico were primarily (Points : 2)
Question 2.2. (TCO 1) What made Rhode Island unique? (Points : 2)
Question 3.3. (TCO 4) Slave traders from the colonies (Points : 2)
Question 4.4. (TCO 4) The French and Indian War was also called (Points : 2)
Question 5.5. (TCO 2) At the First Continental Congress, delegates, such as Patrick Henry and John Adams, encouraged colonists to think of themselves as (Points : 2)
Question 6.6. (TCO 2) In the Declaration of Independence, Jefferson refers to the natural rights due to every citizen as (Points : 2)
Question 7.7. (TCO 2) Which is an advantage the British had over the Patriots at the beginning of the war? (Points : 2)
Question 8.8. (TCO 1) Why was it difficult to make changes to the Articles of Confederation? (Points : 2)
Question 9.9. (TCO 1) The Three-Fifths Compromise benefited _____ states. (Points : 2)
Question 10.10. (TCO 3) The Corrupt Bargain of 1824 secured the presidency for (Points : 2)
Question 11.11. (TCO 3) The creation of an integrated national economy became known as (Points : 2)
Question 12.12. (TCO3) The bloodiest slave uprising in U.S. History was (Points : 2)
Question 13.13. (TCO 3) Who led the Texans in drawing Santa Anna into a trap at the Battle of Jacinto? (Points : 2)
Question 14.14. (TCO 2) Congress tried to resolve the dispute between the North and the South about slavery in the territories by (Points : 2)
Question 15.15. (TCO 2) In 1856, Border Ruffians attacked (Points : 2)
Question 16.16. (TCO 8) Lee’s smaller army defeated McClellan’s larger force and kept Union troops out of Richmond because (Points : 2)
Question 17.17. (TCO 8) Which of the following characterizes Sherman’s march across Georgia? (Points : 2)
Question 18.18. (TCO 10) Many immigrants came to the U.S. to avoid (Points : 2)
Question 19.19. (TCO 10) How did the Triangle Shirtwaist Factory fire affect industrial reforms? (Points : 2)
Question 20.20. (TCO 7) The invasion of Belgium turned American opinion against Germany because (Points : 2)
Question 21.21. (TCO 7) What was the name of the agreement that ended World War I? (Points : 2)
Question 22.22. (TCO 11) This trial became a symbol of the conflict within Protestantism between modernists and fundamentalists. (Points : 2)
Question 23.23. (TCO 11) Prohibition was enforced by the (Points : 2)
Question 24.24. (TCO 11) Which economic factors led to the Great Depression? (Points : 2)
Question 25.25. (TCO 7) The three Allied leaders of World War II were (Points : 2)
Question 1. 1. (TCOs 1 and 2) Identify and analyze at least two major actions taken by the English Parliament during the 1760s that angered the colonists, and discuss specifically at least one act that dealt with what the colonists viewed as unfair taxation. Then discuss the significance to the colonists of the Tea Act and the Coercive Acts and why these particularly galled the colonists. Make sure you use enough details to support your answer. (Points : 50)
Question 2. 2. (TCO 2) Identify and analyze the Dred Scott decision. Be sure to discuss the political reaction to this decision. Then analyze the election of 1860 and how the controversy over slavery divided the party into northern and southern branches. Analyze the ascendency of Abraham Lincoln to the presidency. Be sure to use enough details to support your answer. (Points : 50)
Question 3. 3. (TCOs 6 and 7) Identify and explain at least two causes of World War I. Then analyze the events that drew the United States into World War I. Evaluate America’s contribution to the war effort and to what extent America’s entry contributed to the end of the war. Make sure you use enough details to support your answer. (Points : 50)
Question 4. 4. (TCOs 7 and 9) Identify and analyze the main events of the Korean War and Cuban Missile Crisis. Then assess how these events affected the relationship between the United States and the Soviet Union. Make sure you use enough details to support your answer. (Points : 50)
HRM 430 HRM/430 HRM430 Final Exam
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HRM 430 final EXAM (DEVRY)
1. (TCO 1) Which of the following is not a part of core compensation?
2. (TCO 2) Medicare Part A is based on what type of healthcare option?
3. TCO 3) What would Yolanda’s salary of $165,000 be considered if the mean salary for Acme Inc. is $30,000 and the median salary is $32,000?
4. (TCO 4) Basing the share of profits on job performance is characteristic of which type of employee distribution system?
5. (TCO 5) The collective bargaining system was established by the passage of which federal act?
6. (TCO 6) Which term is used to describe the situation where the pay spread between newly hired employees and more qualified job incumbents is small?
7. (TCO 7) Acme Company pays a portion of company profits to its employees. What kind of companywide incentive plan does Acme Co. offer?
8. (TCO 8) Which type of compensation program is based, in part, on the human capital theory?
9. (TCO 9) This vesting requires employers to grant employees 100% vesting after no more than 3 years of service.
10. (TCO 10) After the recent merger of ABC and XYZ Airlines, the former CFO of XYZ Airlines lost his employment in the newly merged airline. Which compensation agreement extends pay and benefits for him?
11. (TCO 9) If the CEO of a new company asked you how much per employee she would be taxed by FUTA, what would you tell her?
12. (TCO 3) Which job evaluation method entails ordering jobs based on extremes?
13. (TCO 10) Discuss the three main types of bonuses common in executive compensation. Please discuss in detail and provide examples of each type of bonus.
14. (TCO 8) List and discuss four possible limitations of merit pay programs. Please discuss in detail and provide examples for each of the limitations.
15. (TCO 7) Merit pay is strengthened when you utilize the job analysis process. Discuss in detail how job analysis can be used to strengthen the legal standard of a company. Provide three examples.
16. (TCO 6) After completing the job analysis, your boss has asked you to conduct a job evaluation of the various positions in the company. Detail the steps you would take in accomplishing this task. Provide an example of a point factor evaluation system with at least two factors.
17. (TCO 5) List and discuss in detail why unions fail to support a company’s use of contingent workers. Provide examples.
18. (TCOs 1, 2, 3, and 6) Compare and contrast horizontal skills, vertical skills, and depth of skills.
19. (TCO 3) Distinguish between the arithmetic mean, the median, the standard deviation, quartiles, and percentiles. Provide examples of each.
20. (TCO 1) Compare and contrast employers’, employees’, and government’s goals in the compensation system. Provide at least three examples.
HRM 430 HRM/430 HRM430 WEEK 4 Midterm
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HRM 430 HRM/430 HRM430 WEEK 4 Midterm (Devry)
1. (TCO 1) Compensation represents both _____ rewards.
2. (TCO 1) Tuition reimbursement is considered which of the following?
3. (TCO 1) What is a systematic process for gathering, documenting, and analyzing information in order to describe jobs?
4. (TCO 1) What is a planned effort to facilitate employees’ learning of job-related knowledge, skills, or behaviors?
5. (TCO 5) The Age Discrimination in Employment Act protects employees from what age on?
6. (TCO 5) A policy that applies to all company employees, but unintentionally hurts a protected group disproportionately, would be what form of discrimination?
7. (TCO 7) Which of the following is an advantage of seniority pay systems?
8. (TCO 7) Gunther Rohn was rewarded for making a suggestion that saved Ewe and Eye Electronics thousands of dollars. Which type of incentive compensation approach might have worked best?
9. (TCO 7) According to the job characteristics theory, this core characteristic refers to the amount of freedom, independence, and discretion the employee enjoys in determining how to do the job.
10. (TCO 5) Discrimination based on which of the following is protected by the Civil Rights Act of 1964?
11. (TCO 5) Which federal government entity is responsible for the interpretation of employment laws?
12. (TCO 5) Compensation differentials between men and women performing substantially similar work fall under the purview of which piece of legislation?
13. (TCO 4) This term refers to a difference between the output of a human judgment process and that of an objective, accurate assessment uncolored by bias, prejudice, or other subjective and extraneous influences.
14. (TCO 4) This occurs when a rater generalizes good performance behavior in one aspect of the job to all aspects of the job.
15. (TCO 4) This performance appraisal system is highly defensible in court because it is based on actual observable job performance behaviors.
16. TCO 4) This type of behavioral performance appraisal system requires the employee and the supervisor to identify past performance behaviors and outcomes as either successful or unsuccessful.
17. (TCO 4) This model is geared to promoting staffing flexibility in a company, by training employees in one department with some of the critical skills that are needed to perform effectively in another department.
18. (TCO 4) These are four pay-for-knowledge programs.
19. (TCO 4) When a filing clerk is trained to maintain employee attendance records, it is an example of acquiring which type of skills?
20. (TCO 4) Employees would need to learn these types of skills in order to develop self-managed work teams
21. (TCO 8) Which type of individual incentive plan rewards employees based on their individual hourly production against an output standard?
22. (TCO 8) Which gain-sharing plan focuses on lowering the percentage of labor costs using a value-added formula?
23. (TCO 8) This formula for determining the amount available for profit sharing uses a specific percentage of annual profits contingent upon the successful attainment of a specified profit goal.
24. (TCO 2) These two are job evaluation techniques.
25. (TCO 2) Which of the following are critical components in the job analysis process?
26. (TCO 3) What does quartile 3 represent?
27. (TCO 3) These are reference points against which jobs within the company are judged.
28. (TCO 6) How are compa-ratios calculated?
29. (TCO 6) If the company adopts a market lag policy, how will that company’s pay range midpoint compare to the market average?
30. (TCO 8) Which type of individual incentive plan requires the achievement of multiple complex objectives without compromising the quality and quantity of output generated by employees?
HSM 340 HSM/340 HSM340 Week 2 Quiz
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HSM 340 HSM/340 HSM340 Week 2 Quiz
1. (TCO 2) The heading of every financial statement should contain the:
2. (TCO 2) Two major methods of asset valuation are:
3. TCO 2) _____ is the most important financial metric to review to determine long-term financial viability.
4. (TCO 2) Which of the following is not one of the four critical questions that must be answered for dashboard reporting?
5. (TCO 2) How are revenues and expenses defined under accrual accounting?
6. (TCO 2) What is an accounting entity?
7. TCO 2) For restating financial statements to convert to constant dollars, what index is required by the Financial Accounting Standards Board?
8. (TCO 2) What is the basic accounting equation?
HSM 340 HSM/340 HSM340 Week 3 Quiz
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HSM 340 HSM/340 HSM340 Week 3 Quiz
1. (TCO 3) From a hospital’s perspective, what is most likely to be the highest risk arrangement with a payer?
2. (TCO 3) SKF Primary Care Clinic is deciding whether to purchase MRI equipment that would enable it to perform MRI imaging services in-house rather than sending its patients to its competitor’s hospital three miles away. From a financial position, if SKF were to make its decision without using net present value analysis, the clinic would need to know (or at least reasonably estimate) which of the following information?
3. (TCO 3) Your controller has told you that the marginal profit of DRG 209 (major joint procedure) for a Medicare patient exceeds the marginal profit for an average charge patient. Why might this occur?
4. (TCO 3) Which of the following is the first step in any budgetary process?
5.
(TCO 3) David Jones, the new administrator for a surgical clinic, was trying to determine how to allocate his indirect expenses. His staff was complaining that the current method of taking a percentage of revenues was unfair. He decided to try to allocate utilities based on square footage of each department, administration based on direct costs, and laboratory based on tests. Use the information in the chart below to answer the question.
Square Footage
Direct Expenses
Lab Tests
Utilities
200,000
Administration
2,000
500,000
Laboratory
2,000
625,000
Day-op Suite
3,000
1,400,000
4,000
Cystoscopy
1,500
350,000
500
Endoscopy
1,500
300,000
500
Total
10,000
3,625,000
5,000
Based on the scenario above, what are the Endoscopy Department’s total expenses?
6.
7.
(TCO 3) Your hospital has been approached by a major HMO to perform all their MS-DRG 470 cases (major joint procedures). They have offered a flat price of $10,000 per case. You have reviewed your charges for MS-DRG 470 during the last year and found the following profile:
Average Charge
$15,000
Average LOS
5 Days
Routine Charge
$3,600
Cost/Charge 0.80
Variable Cost % 60
Operating Room
2,657
0.80
80
Anesthesiology
293
0.80
80
Lab
1,035
0.70
30
Radiology
345
0.75
50
Medical Supplies
4,524
0.50
90
Pharmacy
1,230
0.50
90
Other Ancillary
1,316
0.80
60
Total Ancillary
$11,400
0.75
50
The HMO in the above example has indicated that their doctors use less expensive joint implants. If this less expensive implant were used, your medical supply charges would be reduced by $2,000. What is the estimated reduction in variable cost?
8. (TCO 3) What is the break-even equation and discuss the break-even equation?
HSM 340 HSM/340 HSM340 Week 4 Midterm
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HSM 340 HSM/340 HSM340 Week 4 Midterm
1. (TCO 4) Which of the following is part of a statistics budget? (Points : 5)
2. (TCO 4) Which budgetary issue causes the most strife in all areas of a health care organization? (Points : 5)
3. (TCO 4) Effectiveness is a relationship between: (Points : 5)
4. (TCO 3) Estimate the total variable cost (i.e., including both routine and ancillary) per MSDRG 505 using the departmental cost/charge ratios and variable cost percentages. (Your answer might be slightly different due to rounding. Pick the closest.) (Points : 5)
5. TCO 3) Your controller has told you that the marginal profit of DRG 209 (major joint procedure) for a Medicare patient exceeds the marginal profit for an average charge patient. Why might this occur? (Points : 5)
6. (TCO 2) A statement that reports the financial position (assets, liabilities, and stockholders’ equity) of an accounting entity at a point in time is called a(an): (Points : 5)
7. (TCO 2) Which of the following is the BEST example of a financial metric? (Points : 5)
8. (TCO 4) Based on the below information, what dollar effect did the increased admission rate have on cost?
9. TCO 4) Based on the information below, what rate must be set to generate the required $80,000 in profit in the preceding example?
10. (TCO 4) What is the amount of variance that is attributed to the change in labor productivity?
11. (TCO 2) How are revenues and expenses defined under accrual accounting? (Points : 5)
12. (TCO 2) What are the double-entry accounting system and the duality concept? How are they related? (Points : 5)
HSM 340 HSM/340 HSM340 Week 7 Quiz
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HSM 340 HSM/340 HSM340 Week 7 Quiz
1. (TCO 7) A High Deductible Health Plan with a Savings Option does not include the following?
2. (TCO 7) A withhold is a feature for payment to health care provider that:
3. (TCO 7) The James Clinic is an organization of 100 physicians in a variety of specialties. They recently contracted with Prudential Health Plan on a capitated basis to provide all medical services to Prudential’s members for the next three years. This HMO model would be defined as a:
4. (TCO 7) Suppose that AT&T had made an offer to acquire Merck Pharmaceuticals. Ignoring potential antitrust problems, this merger would be classified as a:
5. (TCO 7) A nursing home contracts with an HMO for skilled nursing care at $2.00 PMPM. If costs are expected to average $120 per day, what is the maximum utilization of days per 1,000 members that the nursing home can experience before it begins to lose money?
6. (TCO 7) An uninsured patient receives services with charges of $5,000 from a hospital. The hospital staff bills the patient $1,000 and records $4,000 as charity care. If the hospital’s ratio of cost to charges is 50%, what amount would the hospital recognize as charity care in Schedule H of IRS Form 990?
7. (TCO 7) How is charity care usually defined?
HSM 340 HSM/340 HSM340 Week 8 Final Exam
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HSM 340 HSM/340 HSM340 Week 8 Final Exam
1. (TCO 4) When would it make sense to use a flexible budget as compared to a forecast budget?
2. (TCO 7) Explain the difference between acquisition of assets and acquisition of stock.
3. TCO 1) What is charge explosion?
4. (TCO 1) What is the primary provision of the EMTALA.
5. (TCO 3) Use the following data to calculate the variances in problem.
6. (TCO 2) What are the major reasons for accrual accounting?
7. (TCO 2) What is an audit (in the context of financial accounting)?
8. (TCO 5) Define an annuity due.
9. (TCO 5) What are the four sources of long-term debt financing?
10. (TCO 6) What is the working capital cycle and why must it be managed?
11. (TCO 6) Define working capital. What is the difference between working capital and net working capital?
12. (TCO 5) How should the interest rate and n periods of compounding be modified if compounding for less than one year?
HSM 340 Week 1 Assignment Financial Laws and Regulations
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HSM 340 Week 1 Assignment Financial Laws and Regulations
What are five elements pertaining to the establishment of a false claim under the False Claims Act?
HIPAA privacy standards were designed to accomplish what three broad objectives? Explain each.
Stark II laws prohibit physician referrals to entities in which the physician has a financial relationship. What are 10 specific designated health services (DHS) for which referrals by physicians who have financial relationships with the entity providing the DHS are prohibited?
HSM 340 Week 5 Assignment Capital Budgeting Process
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HSM 340 Week 6 Assignment Cash and Working Capital
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SBE 310 Entrepreneur Reflection Paper
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SBE 310 Entrepreneur Reflection Paper
Contents
Introduction3
Donald Sandford Interview3
Being a Successful Entrepreneur3
Disadvantages of Entrepreneurship4
Conclusion5
References6
SBE 310 SBE/310 SBE310 WEEK 8 FINAL EXAM
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SBE 310 WEEK 8 FINAL EXAM (DEVRY)
1. (TCO 1) Approximately what percentage of businesses have a payroll with fewer than 500 people?
2. (TCO 1) You have a small business that offers printing services. One of the services you offer is a high-speed color copier. You are currently the only printing service in a tri-state area that offers such a service. You currently have _______.
3. (TCO 1) Your employees are your most valued assets due to their _______.
(Points : 5)
4. (TCO 1) Entrepreneurship primarily involves which phase of business?
(Points : 5)
5. (TCO 1) Which of the following is the most common form of business ownership?
(Points : 5)
6. (TCO 4) Which of the following acts was written to prevent large businesses from forming trusts?
(Points : 5
7. (TCO 4) Bankruptcy remains on a credit report for how many years?
(Points : 5)
8. (TCO 4) Peter Drucker stated that businesses have _______ basic functions.
(Points : 5)
9. (TCO 4) Managing inventory can be compared to which of the following?
(Points : 5)
10. (TCO 4) What is the key word in evaluating a channel of distribution? (Points : 5)
11. (TCO 4) A long-term agreement to rent a building, equipment, or other assets is known as a:
(Points : 5)
12. (TCO 4) Consumers typically do not want the cheapest product available; they want the:
(Points : 5)
13. (TCO 4) The point at which total cost equals total revenue and the business is neither making or losing money is known as the _______.
(Points : 5)
14. (TCO 2) Through the franchise agreement, the ________ gains the benefit of the parent company’s expertise, experience, management systems, marketing, and financial help.
(Points : 5)
15. (TCO 2) The financial document that is used by startup businesses to show where capital comes from and for what it will be used is called:
(Points : 5)
16. (TCO 2) Which of the following is not included in the marketing plan section of the business plan?
(Points : 5)
17. (TCO 3) When analyzing financial statements, remember that profits can be increased and expenses can be decreased to make the records look better __________.
18. (TCO 3) In the chapter opener, what was the limitation that kept Philip Rosedale from creating Second Life when he first had the idea for it?
(Points : 5)
19. (TCO 3) Most Inc. 500 companies receive more than half of their revenue from:
(Points : 5
20. (TCO 3) Computers, office equipment, and furniture are all examples of ________ that have a life of more than one year.
(Points : 5)
21. (TCO 5) Mintzberg suggested several important skills a manager needed in order to perform the four functions of management. The most important of these was listed as
(Points : 5)
22. (TCO 5) Maslow’s hierarchy of needs theory ranks the highest level of needs as what?
(Points : 5)
23. (TCO 5) The Equal Employment Opportunity Commission _______ that the information from a job analysis be used to ensure equal employment opportunity.
(Points : 5
24. (TCO 6) A production process that operates for long periods of time without interruption is known as?
(Points : 5)
25. (TCO 6) Scheduling is necessary to maximize levels of: (Points : 5)
26. (TCO 7) An account number of 13 would represent which of the following accounts?
(Points : 5
27. (TCO 7) Equity funds never need to: (Points : 5)
28. (TCO 8) About what percent of small businesses export goods and services?
(Points : 5)
29. (TCO 9) The obligation of business to maximize the positive impact it has on society while minimizing the negative impact is called:
(Points : 5)
30. (TCO 9) Threats and opportunities to a business can be found in which of the following environments?
(Points : 5)
31. (TCO 1) Compare and contrast a sole proprietorship, a partnership and a corporation. Provide examples of where you would use each structure. (Points : 14)
32. (TCO 3) Analyze the advantages and disadvantages of buying an existing business. Under what circumstances would one be more advantageous? (Points : 14)
33. TCO 4) Compare and contrast Economic Order Quantity and Just-In-Time as inventory control methods. Evaluate how these control methods can improve the financial position of a small business. (Points : 14)
34. (TCO 6) Compare and contrast analytic manufacturing systems and synthetic manufacturing systems, giving an example of each. (Points : 14)
35. (TCO 9) Analyze the four levels depicted in the pyramid of social responsibility. (Points : 14)