Mixed 80.doc

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1. Compared with companies that expense costs, firms that capitalize costs can be expected to report:
A. higher asset levels and lower equity levels.
B. higher asset levels and higher equity levels.
C. lower asset levels and higher equity levels.
D. lower asset levels and lower equity levels.

5. If a company changes the useful life of its assets from 10 years to 12 years, this will be recorded as:
A. a non-recurring gain.
B. an extraordinary item.
C. a change in accounting principle.
D. None of the above

6. Which of the following is true with respect to extraordinary items? I. Extraordinary items are recorded net of tax in income statement.II. Extraordinary items, by definition, are probable and unusual in nature.III. By definition, gains and losses from strikes are always extraordinary.IV. By definition, gains and losses from sale of plant, property and equipment are never extraordinary.
A. I and IV
B. I, III and IV
C. II and IV
D. I, II and III

9. Which of the following is not a reason for economic income and accounting income to differ?
A. Transaction basis
B. The monetary assumption
C. Conservatism
D. Earnings management

Mixed 78

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Question 1
The balance sheet shows:
A. the results of business operations.
B. all revenues and expenses.
C. the amount of net income or loss.
D. the financial position of a business at a given time.

Question 2
Amounts that a business must pay in the future are known as:
A. accounts receivable.
B. accounts payable.
C. capital.
D. expenses.

Question 3
Examples of assets are:
A. cash and accounts receivable.
B. cash and revenue.
C. cash and rent expense.
D. investments by the owner and revenue.

Question 4
A net loss results when:
A. expenses are greater than revenue.
B. assets are greater than liabilities.
C. revenue is greater than expenses.
D. expenses are greater than assets.

Question 5
The income statement shows:
A. the financial position of a business on a specific date.
B. revenue and owner’s equity.
C. the results of operations for a period of time.
D. the total value of the business.

Question 6
When the owner invests cash in a business:
A. assets and revenue increase.
B. assets increase and owner’s equity decreases.
C. liabilities decrease and owner’s equity increases.
D. assets and owner’s equity increase.

Question 7
When equipment is purchased on credit:
A. assets and liabilities increase.
B. assets increase and liabilities decrease.
C. assets and owner’s equity increase.
D. assets and expenses increase.

Question 8
When equipment is purchased for cash:
A. assets decrease and expenses increase.
B. one asset increases and another asset decreases.
C. assets and owner’s equity increase.
D. assets increase and liabilities decrease.

Question 9
When the owner withdraws cash for personal use:
A. assets decrease and expenses increase.
B. assets decrease and owner’s equity increases.
C. assets decrease and owner’s equity decreases.
D. owner’s equity decreases and revenue decreases.

Question 10
When the owner writes a company check to pay the firm’s electric bill:
A. assets and owner’s equity increase.
B. assets decrease and expenses increase.
C. assets and liabilities decrease.
D. expenses increase and owner’s equity increases.

Question 11
If liabilities are $4,000 and owner’s equity is $15,000, assets are:
A. $9,000.
B. $15,000.
C. $19,000.
D. $4,000.

Question 12
Assets and liabilities are reported on:
A. the balance sheet.
B. the income statement.
C. the statement of owner’s equity.
D. both the balance sheet and the income statement.

Question 13
The financial statement that is prepared first is:
A. up to the accountant.
B. the income statement.
C. the balance sheet.
D. the statement of owner’s equity.

Question 14
The rent paid for future months is a(n):
A. asset.
B. liability.
C. expense.
D. revenue.

Question 15
The statement of financial position is another term for which financial statement?
A. Income Statement
B. Statement of Owner’s Equity
C. Balance Sheet
D. Trial Balance

Question 16
Which statement is a depiction of the accounting equation?
A. Income Statement
B. Statement of Owner’s Equity
C. Balance Sheet
D. Profit and Loss Statement
Question 17
The Statement of Owner’s Equity is calculated as:
A. beginning capital + net income – withdrawals + additional investment = ending capital.
B. beginning capital + net loss + withdrawals + additional investment = ending capital.
C. beginning capital + net loss – withdrawals + additional investment = ending capital.
D. beginning capital + net income + withdrawals + additional investment = ending capital.
Question 18
The current worth of an asset is its:
A. original cost.
B. cost less accumulated depreciation.
C. asking price when put up for sale.
D. fair market value.
Question 19
Owner’s equity is the:
A. amount taken out of a business by the owner for personal use.
B. financial interest of the owner of a business.
C. amount the owner invested in the business.
D. revenues less the expenses.
Question 20
An expense by definition is NOT:
A. an amount a business must pay in the future.
B. an outflow of cash.
C. the use of other assets.
D. the incurring of a liability.

Mixed 77.doc

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  1.  usually ____ variables are not considered to be equal unless they are identical.
    a. string
    b. integers
    c. character
    d. Floating point
    2. A(n) _____ decision is a decision in which two conditions must be true for an action to take place.
    a. OR
    b. XOR
    c. AND
    d. OR-ELSE
    3. C#, C++, C and Java use the symbol ____ as the logical or operator.
    a. %
    b. $
    c. ||
    d. ^
    4. The logical AND operator can be compared to ____ in terms of precedence.
    a. addition
    b. subtraction
    c. multiplication
    d. division
    5. The logical OR operator can be compared to ____ in terms of precedence.
    a. addition
    b. subtraction
    c. multiplication
    d. division
    6. A mistake programmers often make with loops is that they ______.
    a. Initialize the loop control variable prior to entering the loop body
    b. Increment the loop control variable inside of the loop body
    c. Include statements inside the loop that belong outside the loop
    d. Enclose the inner loop entirely within the outer loop in a nested loop
    7. A comparison is correct only when the correct ____ and operator are used.
    a. Expression
    b. Operands
    c. Statements
    d. Index
    8. Programmers use the term ____ to describe programs that are well designed and easy to unsderstand and maintain.
    a. Industrial
    b. Intractable
    c. Well-behaved
    d. Elegant
    9. You usually use the for loop with ____ loops.
    a. Indefinite
    b. Definite
    c. Inner
    d. Outer
    10. The amount by which a for loop control variable changes is often called a(n) ____ value.
    a. Group
    b. Key
    c. Step
    d. Sentinel
    11. The ____ loop is particularly useful when processing arrays.
    a. For
    b. While
    c. Infinite
    d. Nested
    12. Business reports that list only totals with no individual item details are called ____.
    a. Detail reports
    b. Summary reports
    c. Transaction reports
    d. Control-break reports
    13. Loops are frequently used to ____ that is to make sure it is meaningful and useful.
    a. Validate data
    b. Restructure data
    c. Forcing
    d. Blanking

Mixed 70.doc

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Question 1
Identifying customers is a responsibility of the __________ function.
A. finance and accounting
B. human resources
C. manufacturing and production
D. sales and marketing
Question 2
Producing bills of materials is a business process within the __________ function.
A. finance and accounting
B. human resources
C. manufacturing and production
D. sales and marketing
Question 3

Which of the following is an example of a cross-functional business process?
A. Identifying customers
B. Creating a new product
C. Assembling a product
D. Paying creditors
Question 4
To monitor the status of internal operations and the firm’s relations with the external environment, managers need __________ systems.
A. decision-support
B. knowledge
C. transaction processing
D. management information
Question 5
Which systems are typically a major source of data for other systems?
A. Transaction processing systems
B. Management information systems
C. Executive support systems
D. Decision-support systems
Question 6
Which type of system would you use to determine the five suppliers with the worst record in delivering goods on time?
A. ESS
B. TPS
C. MIS
D. DSS
Question 7
A relocation control system that reports summaries on the total moving, house-hunting, and home financing costs for employees in all company divisions would fall into the category of:
A. knowledge management systems.
B. transaction processing systems.
C. executive-support systems.
D. management information systems.
Question 8
Decisions that are unique, rapidly changing, and not easily specified in advance are best suited to which type of system?
A. MIS
B. TPS
C. ESS
D. DSS
Question 9
Which systems often deliver information to senior executives through a portal, which uses a Web interface to present integrated personalized business content?
A. Transaction processing systems
B. Executive support systems
C. Management information systems
D. Decision-support systems
Question 10
A(n) __________ system collects data from various key business processes and stores the data in a single, comprehensive data repository, usable by other parts of the business.
A. transaction
B. enterprise
C. automatic reporting
D. management information
Question 11
Hilton Hotels’ use of customer information software to identify the most profitable customers to direct services to is an example of using information systems to:
A. strengthen customer intimacy.
B. differentiate their service.
C. focus on market niche.
D. increase efficiency.
Question 12
An information system can enable a company to focus on a market niche through:
A. complex trend forecasting.
B. tailoring products to the client.
C. intensive product trend analysis.
D. intensive customer data analysis.
Question 13
Which industries did the first wave of e-commerce transform?
A. Air travel, books, bill payments
B. Air travel, books, music
C. Real estate, air travel, books
D. Real estate, books, bill payments
Question 14
To what competitive force did the printed encyclopedia industry succumb?
A. Positioning and rivalry among competitors
B. Low cost of entry
C. Substitute products or services
D. Customer’s bargaining power
Question 15
Internet technology:
A. makes it easy for rivals to compete on price alone.
B. imposes a significant cost of entry, due to infrastructure requirements.
C. increases the difference between competitors because of the wide availability of information.
D. makes it easy to sustain operational advantages.
Question 16
The Internet raises the bargaining power of customers by:
A. creating new opportunities for building loyal customer bases.
B. making more products available.
C. making information available to everyone.
D. lowering transaction costs.
Question 17
The value chain model:
A. categorizes five related advantages for adding value to a firm’s products or services.
B. sees the supply chain as the primary activity for adding value.
C. categorizes four basic strategies a firm can use to enhance its value chain.
D. helps a firm identify points at which information technology can most effectively enhance its competitive position.
Question 18
The primary activities of a firm include:
A. inbound logistics, operations, outbound logistics, sales and marketing, and service.
B. inbound logistics, operations, outbound logistics, technology, and service.
C. procurement, inbound logistics, operations, technology, and outbound logistics.
D. procurement, operations, technology, sales and marketing, and services.
Question 19
The most successful solutions or methods for achieving a business objective are called:
A. value activities.
B. best processes.
C. core competencies.
D. best practices.
Question 20
The secondary activities of a firm include:
A. inbound logistics, technology, outbound logistics, sales and marketing, and service.
B. inbound logistics, organization infrastructure, outbound logistics, technology, and procurement.
C. organization infrastructure, human resources, sales and marketing, and technology.
D. organization infrastructure, human resources, technology, and procurement.

 

Mixed 69.doc

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  1. Action steps include:
    Examine the proforma Income Statement
    Examine the proforma Balance Sheet
    Display the Finance worksheet
    Issue or repurchase stock as required
    Issue or repay bonds as required
    Issue short term debt as required
    Issue a dividend as required
    Save the decisions

    B. Action steps include:
    Research the opportunity in the segment in the Courier
    Select appropriate product attributes – Performance, Size, MTBF
    Display the R&D worksheet.
    Enter the product attributes
    Note the R&D completion date
    Display the Production worksheet
    Order capacity and automation (optionally, wait a year)
    Display the Finance worksheet
    Fund the plant with stock and bond issues
    Save the decisions

    C. Action steps include:
    Estimate a best case for demand for each product this year
    Display the Production worksheet
    Observe existing inventory
    Schedule production to meet best case demand less existing inventory
    Save the decisions

    D. Action steps include:
    Research current customer buying criteria in the Courier
    Display the R&D worksheet
    Adjust Performance, Size, MTBF
    Observe impacts upon Age, material cost, and completion dates
    Save the decisions

    E. Action steps include:
    Research the competitive environment in the Courier
    Display the Marketing worksheet
    Enter decisions for Price, Promotion and Sales Budgets
    Observe the decision impact upon the computer’s forecast
    Develop a worst case estimate for demand
    Enter your worst case estimate for in the sales forecast
    Save the decisions

    F. Action steps include:
    Estimate peak demand for each product for this year and next year
    Examine unit costs and margins
    Display the Production worksheet
    Increase or decrease capacity as required
    Increase automation as required
    Observe the net cost of the investment
    Display the Finance worksheet
    Fund the investment with a mix of stock issues, bond issues, and depreciation
    Save the decisions