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HOMEWORK BUS 475 Final Exam 100 Questions with Answers 3rd Set |
BUS 475 Final Exam 100 Questions with Answers 3rd Set 1) The income statement and balance sheet columns of Pine Company's worksheet reflects the following totals: Income StatementBalance Sheet Dr.Cr.Dr.Cr. Totals$58,000$48,000$34,000$44,000 To enter the net income (or loss) for the period into the above worksheet requires an entry to the __________. A. income statement debit column and the income statement credit column B. income statement credit column and the balance sheet debit columnC. income statement debit column and the balance sheet credit columnD. balance sheet debit column and the balance sheet credit column 2) Multinational corporations __________. A. are firms that conduct their operations in more than one country through subsidiaries, divisions, or branches in foreign countries B. are U.S. companies that sell goods and services in other countriesC. are required to use international accounting standardsD. are U.S. companies that trade their securities on the exchanges in other countries 3) Balance sheet accounts are considered to be __________. A. capital accountsB. nominal accountsC. temporary stockholders’ accountsD. permanent accounts 4) What is value chain management best defined as? A. The incremental value of costs associated with hiring a new production floor leader B. All activities associated with providing a product or serviceC. A large chain that keeps the machines from falling on the production floorD. Management decisions that affect how quickly the production run occurs 5) The primary purpose of the statement of cash flows is to __________. A. provide information about the cash receipts and cash payments during a period B. facilitate banking relationshipsC. provide information about the investing and financing activities during a period D. prove that revenues exceed expenses if there is a net income 6) In what situations will a static budget be most effective in evaluating a manager's effectiveness? A. The planned activity levels match actual activity levels. B. The company has no fixed costs.C. The company has substantial fixed costs.D. The company has substantial variable costs. 7) Which one of the following is a product cost? A. Sales person’s salaries B. Advertising costsC. Indirect laborD. Office salaries 8) These are selected account balances on December 31, 2008. Land (location of the corporation's office building)$100,000 Land (held for future use)150,000 Corporate Office Building600,000 Inventory200,000 Equipment450,000 Office Furniture100,000 Accumulated Depreciation300,000 What is the net amount of property, plant, and equipment that will appear on the balance sheet? A. $1,600,000 B. $950,000C. $1,300,000 D. $1,100,000 |
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