BUS 475 Final Exam
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1).These are selected account balances on December 31, 2008. What is the net amount of property, plant, and equipment that will appear on the balance sheet? 2) Which list below best describes the major services performed by public accountants? 3) The conceptual framework developed by the Financial Accounting Standards Board 4) In what situations will a static budget be most effective in evaluating a manager's effectiveness? 5) The major reporting standard for management accounts is __________. 6) Sam's Used Cars uses the specific identification method of costing inventory. During March, Sam purchased three cars for $6,000, $7,500, and $9,750, respectively. During March, two cars are sold for $9,000 each. Sam determines that at March 31, the $9,750 car is still on hand. What is Sam’s gross profit for March? 7) The income statement and balance sheet columns of Pine Company's worksheet reflects the following totals: 8) What exists when budgeted costs exceed actual results?
9) The income statement and balance sheet columns of Pine Company's worksheet reflects the following totals: The net income (or loss) for the period is __________. 10) Of the following companies, which one would not likely employ the specific identification method for inventory costing? 11) These are selected account balances on December 31, 2008. What is the net amount of property, plant, and equipment that will appear on the balance sheet? 12) H55 Company sells two products, beer and wine. Beer has a 10 percent profit margin and wine has a 12 percent profit margin. Beer has a 27 percent contribution margin and wine has a 25 percent contribution margin. If other factors are equal, which product should H55 push to customers? 13) The cost of an asset and its fair market value are __________. 14) Which one of the following items is not generally used in preparing a statement of cash flows? 15) In economics, the cost of something is __________.
16) If a binding price ceiling were imposed in the computer market, __________. 17) Without trade, __________.
18) A country's consumption possibilities frontier can be outside its production possibilities frontier if __________. 19) In order to be successful, a cartel must __________.
20) The general term for market structures that fall somewhere in-between monopoly and perfect competition is __________. 21) A production possibilities frontier will be a straight line if __________. 22) President George W. Bush and congress cut taxes and raised government expenditures in 2003. Which of the following is not correct? 23) The open-economy macroeconomic model includes __________. 24) In the open-economy macroeconomic model, other things the same, a decrease in the interest rate shifts __________. 25) The balance of payment account is made up of:
26) The open-economy macroeconomic model examines the determination of __________. 27) The Federal Reserve will tend to tighten monetary policy when __________. 28) Managers will utilize __________ skills with increasing frequency as they rise within an organization. 29) Which of the following has proven to be a particularly good predictor for jobs that require cognitive complexity? 30) Teams that work on long-term projects but disband once the work is completed are known as: 31) The most dominant areas in the global economy include
32) __________ is the process of working with people and resources to accomplish organizational goals. 33) ABC International carefully watches the actions of its most innovative competitor and learns from them. ABC can establish a low-cost position by: 34) To be competitive in a global economy, Europeans must increase their level of: 35) An organization that is managed aggressively and has growth and high profits as primary objectives may be considered a(n): 36) A manager's ability to...
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