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1) Budgets _____. A. ignore areas that are presumed to be running smoothly B. are deviations from a plan C. provide feedback by comparing results with plans and by highlighting deviations from plans 2) Ethical accountants are important to society because _____. A. none of these answers is correct B. they will not go to prison and waste taxpayers' money C. the information produced is reliable 3) _____ refers to accounting information developed for managers within an organization. A. Managerial accounting B. Tax accounting C. Financial accounting D. Internal auditing 4) Any event that affects the financial position of an organization and requires recording is called a(n)_____. A. account B. accounting change C. posting D. transaction 5) _____ would not appear on the financial statements for a sole proprietorship. A. Cost of Goods Sold B. Unearned Sales Revenues C. Accumulated Depreciation D. Paid-in Capital 6) Valuing assets at replacement cost to facilitate the measurement of "economic income" violates the _____ accounting convention. A. objectivity B. cost benefit C. conservatism D. materiality 7) The statement of cash flows is used for all of the following except_____. A. determining a company's ability to pay its debts when they are due B. evaluating the creditworthiness of the organization C. revealing commitments that may restrict future courses of action D. showing the relationship of net income to changes in cash 8) Nonoperating items on the income statement_____. A. reflect the effects of financial management decisions B. appear on the income statement immediately after gross profit C. appear only on corporate income statements D. are revenues and expenses arising from adjusting entries 9) Which of the following is not a cost driver of customer services costs? A. All of these answers are correct B. Number of service calls is not a cost driver of customer services costs. C. Hours spent servicing products are not a cost driver of customer services costs. D. Travel costs are not a cost driver of customer services costs. 10) Which value chain function would include depreciation on transportation cost? A. The marketing function would include depreciation on transportation cost B. The production function would include depreciation on transportation cost. C. The distribution function would include depreciation on transportation cost. D. The customer service function would include depreciation on transportation cost. 11) Walnut Corporation sells desks at $480 per desk. The costs associated with each desk are as follows: Direct materials $195 Direct labor 126 Variable factory overhead 51 Total fixed costs for the period are $456,840. The contribution margin per desk is _____.
Basis of Inherited Property. The basis of property acquired from a decedent is generally fair market value at date of death. What are the two exceptions to this rule ( do not include property subject to special-use valuation)?
consider the following costs for an automobile manufacturer which have been classified as unit batch product customer
When does GAAP require the use of a debt service fund? Are there instances when a governmental entity is not required to use a debt service fund?
in this problem you must create the flexible budget and flexible budget variances for two cost items. i suggest the
another client wynona decides that she will invest 5000 per year in a 6 annuity for the first ten years then 6000 for
You are the investigator assigned to Apollo Shoes. Based on the nature of the company and the evidence provided to you, you must determine which financial statement fraud schemes would likely be present in the company.
For the year ending December 31, 2016, Micron Corporation had income from continuing operations before taxes of $1,250,000 before considering the following transactions and events. All of the items described below are before taxes and the amounts ..
partners flip and flop have capital balances in a partnership of 80000 and 120000 respectively. they agree to share
bell company a manufacturer of audio systems started its production in october 2014. for the preceding 3 years bell had
What is the budgetary equation? Briefly describe the components of each side of the equation.
kent a small texas oil company holds huge reserves of oil and gas assets. assume that at the end of 2008 kents cost of
On January 1, 2009, Princess Corporation leased equipment to King Company. The lease term is 8 years. The first payment of $675,000 was made on January 1, 2009. The equipment cost Princess Corporation $3,600,000. The present value of the minimum l..
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