1. After posting the second closing entry to the income summary account, the balance will be equal to Answer a. zero b. revenues for the period c. retained earnings d. the net income or (loss) for the period Question 2 1. All of the following below are needed for the calculation of straight line depreciation except Answer a. units produced b. residual value c. estimated […]

1. Question : Discontinued operations need to be treated separately from regular business operations on the ________. CORRECT income statement 2. Question : A technique for evaluating a series of financial statement data over a period of time is called ________ analysis. CORRECT horizontal 3. Question : The cash from operations to current liabilities ratio is a ________ ratio. CORRECT liquidity 4. Question : The […]

1. Question : Which stock offers shareholders preference in receiving dividends? CORRECT preferred stock 2. Question : Paid in capital includes ________ CORRECT capital stock and additional paid in capital 3. Question : Stock that has been sold and then repurchased by the issuing corporation is called ________ stock. CORRECT treasury 4. Question : The owners of common stock do NOT have the specific right […]

1. Recent financial statements for Madison Company follow: Madison Company Balance Sheet June 30 Assets Current assets: Cash $ 24,000 Accounts receivable, net 260,000 Merchandise inventory 380,000 Prepaid expenses 8,000 Total current assets 672,000 Plant and equipment, net 820,000 Total assets $ 1,492,000 Liabilities and Stockholders’ Equity Liabilities: Current liabilities $ 270,000 Bonds payable, 8% 360,000 Total liabilities 630,000 Stockholders’ equity: Common stock, $5 par […]

1. Selecting which segments of a population of customers to serve is called ___________. a. positioning b. managing the marketing effort c. market segmentation d. target marketing e. customization 2. “Build a better mousetrap and the world will beat a path to your door” refl ects the ___________ concept. a. target marketing b. production c. marketing d. product e. selling 3. The set of marketing […]

1. ________ is never simple, yet understanding it is the essential task of marketing management. a. Consumption pioneering b. Buying behavior c. Brand personality d. Understanding the difference between primary and secondary data e. Early adoption 2. ________ is a person’s pattern of living as expressed in her psychographics, including her activities, interests and opinions. a. Personality b. Motive c. Lifestyle d. Culture e. Social […]

1.Expenses that are incurred directly or entirely in connection with the sale of merchandise are classified as (Points : 2) selling expenses. general expenses. other expenses. administrative expenses. 2.Sometimes a(n) __________ is offered to buyers as a means of encouraging them to pay before the end of the credit period. (Points : 2) accounts receivable credit card sales discount cash sale 3.Generally, the revenue account […]

1) Standard costs for company products are typically used for all except which of the following? Question 1 options: Variance analysis and cost control Computing production costs in operating budgets Determining actual costs per unit Determining the cost of goods completed and transferred to finished goods inventory 2) Performance reports normally include all of the following except Question 2 options: standard costs. normal capacity. total […]

1.<?xml:namespace prefix = o ns = “urn:schemas microsoft com:office:office” /> Which of the following is not a basic question that each economy must answer? A) Which resources are scarce? B) For whom shall the goods be produced? C) How shall goods be produced? D) What goods shall be produced? 2. If Kim can either wash 10 cars or wax 2 cars during a day, and […]

1. Supplies on hand at December 31, 2011, total $1,000. 2. The studio pays rent quarterly (every three months). The last payment was made November 1, 2011. The next payment will be made early in February 2012. 3. Studio equipment is being depreciated over 120 months (10 years). 4. On October 1, 2011, the studio borrowed $24,000 by signing a 12 month, 12 percent note […]