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Study Resources (Accounting)

84) Presented are the income statements of Bostick and Stemple Publications companies for the current year: Bostick   Stemple   Net sales revenue $487,000    100.00% $500,000 100.00% COGS 400,000 82.14% 395,000 79.00% Gross Profit 87,000 17.86% 105,000 21.00% Selling/Gen Expenses 30,000 6.16% 50,000 10.00% Income from operations 57,000 11.70% 55,000 11.00% Income tax expense 17,100 3.51% 16,500 3.30% Net Income $  39,900 8.19% $ 38,500 7.70% Which company has the better relationship between gross profit and net sales revenue? A) Impossible to determine B) Both have the same relationship C).
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1) Sustainability is an expense item only. An organization choosing sustainability will see reduced profits. 2) Environmental sustainability should only be the concern of large multinational manufacturing corporations. 3) Sustainability considers not only the needs of the present generation, but also the needs of future generations. 4) Government grants and tax credits increase.
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31) Webinar is a tool used to facilitate asynchronous communication. 32) Email is a form of asynchronous communication. 33) Discussion forums ensure the participation of the entire team. 34) One of the advantages of a team survey is that it is easy to determine who has not yet responded. 35) The choice of information.
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51) A ________ is a measure of the total emissions of carbon dioxide and other greenhouse gases. A) carbon footprint B) waste footprint C) carbon mark D) water footprint 52) All of the following represent monetary information in an environmental management accounting system except A) cost of lumber used in tables. B) wages of workers needed to.
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21) The hardware and software components of information systems are capable of performing actions, according to the five-component model of information systems. 22) In the five-component model of an information system, data acts as a bridge between the computer and the human sides. 23) Software and procedures are part of the human.
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21) You follow certain steps to access the supplementary readings for a course when using your organization's library management system. These steps that you follow are examples of the ________ component of an information system. A) procedure B) data C) software D) hardware 22) The words that you type in an MS Word document is.
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171) The following information relates to The Roberta Corporation. Account Current year Prior year Net sales (all credit) $445,400 $362,000 Cost of goods sold $220,000 $185,000 Gross profit $225,400 $177,000 Income from operations $ 72,000 $ 80,000 Interest expense $ 8,000 $ 14,000 Net income $ 40,000 $ 35,000 Cash $ 34,000 $ 28,000 Accounts receivable, net $ 42,000 $ 62,000 Inventory $120,000 $100,000 Prepaid expenses $ 4,000 $ 2,000 Total current assets $200,000 $192,000 Total long-term assets $200,000 $230,000 Total current liabilities $100,000 $165,000 Total long-term liabilities $ 44,000 $ 95,000 Common stock, no par, 8,000.
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124) The formula for computing book value per share of common stock is A) market price per share of common stock/earning per share. B) annual dividend per share of common stock/market price per share of common stock. C) (net income - preferred dividends)/number of shares of common stock outstanding. D) (yotal stockholders' equity -.
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41) Windows Live SkyDrive includes license-free Web application versions of Word, Excel, PowerPoint, and OneNote. 42) Only one user at a time can open SkyDrive documents for editing. 43) Version management systems improve the tracking of shared content and provide version control. 44) In version control systems, the shared directories used to store.
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39) Serenity Now Industries manufactures custom fiberglass hulls for luxury yachts and pleasure boats. The current cost accounting system uses machine hours to allocate manufacturing overhead to each job. Serenity estimates that in the coming year it will incur $600,000 in manufacturing overhead costs and use 8,000 machine hours. Depending on.
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11) Operational decisions concern the allocation and utilization of resources. 12) Strategic decisions are typically not collaborative. 13) Moving a factory from Detroit to Mexico is an example of a strategic decision. 14) Finding the best location for building a new plant is an example of a structured decision. 15) Need.
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73) Use the following information about The Conley Company to do a vertical analysis of the income statement for the current year. Fill in the missing components in the table. Account Current Prior Percent Net sales revenue $350,000 $ 312,000 Cost of goods sold $192,500 $ 215,000 Gross profit $157,500 $   97,000 Selling/general expenses $ 84,000 $   36,500 Net income before tax $ 73,500 $   60,500 Income.
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11) The term management information systems refers to the management and use of information systems that help businesses achieve their strategies. 12) A system is a group of components that interact without a specific purpose. 13) The five components of an information system are computer hardware, software, data, procedures, and people. 14) Applications.
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31) Hardware is the easiest to change of the five components of an information system. 32) Information technology and information systems are synonymous terms. 33) Information technology is an assembly of hardware, software, data, procedures, and people that produces information. 34) Information system refers to the products, methods, inventions, and standards that are.
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74) The data provided by the horizontal or vertical analysis of the financial statements can be used in benchmarking. 75) A common size statement reports only percentages. 76) The common size statement percentages are different from those that appear in horizontal analysis. 77) Common size statements allow the comparison of two or more.
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21) Project documentation and a progress report are prepared during the starting phase of a project. 22) Project documentation is performed during the finalizing phase of a project. 23) Managers assign project tasks to team members during the planning phase. 24) The purpose of the planning phase of project management is to accomplish.
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Essay Questions 1) State Moore's Law. What is the implication of Moore's Law for managers? 2) Explain the four nonroutine cognitive skills that are key to career success today. 3) Briefly describe the terms system, information system, and management information system. 4) List and briefly explain the five-component model of an information system with.
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Multiple Choice Questions 1) Collaboration occurs when a number of people ________. A) come together to perform tasks that are different B) work together to achieve a common goal C) perform independent tasks that are important D) work without having to critically analyze each other's work 2) ________ occurs when a group of people working.
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172) The following information relates to Tappan Corporation. Account Current year Prior year Net sales (all credit) $ 52,000 $ 46,000 Cost of goods sold $ 25,000 $ 25,600 Gross profit $ 27,000 $ 20,400 Income from operations $ 9,000 $ 6,000 Interest expense $ 1,000 $ 7,000 Net income $ 6,000 $ 4,500 Cash $ 4,000 $ 3,500 Accounts receivable, net $ 8,000 $ 9,000 Inventory $ 13,000 $ 11,000 Prepaid expenses $ 500 $ 400 Total current assets $ 25,500 $ 23,900 Total long-term assets $.
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True/False Questions 1) A group of four painters, each painting a different wall in the same room, are not working cooperatively. 2) A group of programmers work separately to create modules and merge the modules later to build an application. This is an example of collaboration. 3) Feedback and iteration enable a.
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51) Good information must be ________. A) inexpensive B) relevant C) widely available D) voluminous 52) You are looking to buy a home that costs less than $700,000, but your real estate agent keeps sending you fliers for homes that cost $1,000,000 or more. This information is likely to be useless because it is ________. A).
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41) The role of accounting in sustainability is limited to mandatory external reporting. 42) Materials costs of product outputs category is similar to indirect materials since it becomes part of the final product. 43) Physical information has not been a traditional component of managerial accounting systems. 44) Environmental management accounting (EMA) utilizes three.
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21) For maximum effectiveness sustainable strategies are often implemented at which stage of an organization's value chain? A) Design B) Production C) Distribution D) Research 22) A common definition of ________ is the ability to meet the needs of the present without compromising the ability of future generations to meet their own needs. A) environmental management.
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58) In performing a vertical analysis of a balance sheet, which of the following is generally used as the base amount? A) Total liabilities B) Net assets C) Total assets D) Total stockholder's equity 59) Vertical analysis would rarely be performed on which of the following? A) Income statement B) Schedule of depreciation C) Balance sheet D) All.
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94) Working capital is current assets minus current liabilities. 95) The current ratio is the most widely used ratio to measure a company's ability to pay current liabilities. 96) The acid test ratio is a tighter measure of a company's ability to pay current liabilities than the current ratio. 97) The inventory turnover.
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170) he following information relates to Harris Corporation. Account Current year Prior year Net sales (all credit) $520,125 $499,500 Cost of goods sold $375,960 $353,600 Gross profit $144,165 $145,900 Income from operations $ 95,500 $ 79,900 Interest expense $ 23,500 $ 19,500 Net income $ 57,600 $ 51,600 Cash $ 30,600 $ 15,900 Accounts receivable, net $ 33,800 $ 23,200 Inventory $ 42,000 $ 30,300 Prepaid expenses $ 2,000 $ 1,500 Total current assets $ 108,400 $ 70,900 Total long-term assets $ 62,000 $ 38,000 Total.
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144) The following information relates to Woolf Unlimited for the past two years. Account Current year Prior year Net sales (all credit) $237,250 $180,000 Cost of goods sold $115,000 $110,000 Gross profit $122,250 $ 70,000 Income from operations $ 32,000 $ 30,000 Interest expense $ 2,000 $ 7,000 Net income $ 24,000 $ 18,000 Cash $ 22,000 $ 14,000 Accounts receivable, net $ 25,000 $ 31,000 Inventory $ 56,000 $ 44,000 Prepaid expenses $ 2,000 $ 1,000 Total current assets $105,000 $ 90,000 Total long-term assets $150,000 $175,000 Total current.
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11) ________ decisions are decisions that support day-to-day activities. A) Operational B) Tactical C) Strategic D) Managerial 12) Kyra, a plant supervisor, orders 500 units of Type-2 steel beams for the coming month. In doing so, she has made a(n) ________ decision. A) managerial B) tactical C) strategic D) operational 13) A decision is called an operational decision.
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  True/False Questions 1) The number of transistors per square inch on an integrated chip doubles every 18 months according to Moore's Law. 2) Moore's Law predicts that the price to performance ratio of computers will double once in eighteen months. 3) Because of Moore's Law, the cost of data communications and data storage.
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31) The McCumber Corporation data for the current year: Account Current year Prior year Current assets $76,200 $60,000 A/R $59,400 $44,000 Mdse. Inventory $51,200 $40,000 Current liabilities $82,500 $55,000 Long-term liabilities $38,000 $30,000 Common stock (5,000 shares) $47,880 $42,000 Retained earnings $18,420 $17,000 Net sales revenue $618,000 $515,000 COGS $478,140 $385,000 Gross Profit $139,860 $130,000 Selling/General expenses $47,860 $50,000 Net income before taxes $92,000 $80,000 Income tax expense $23,000 $20,000 Net Income $69,000 $60,000 With respect to common stock, what would a horizontal analysis report? A) Stockholder's equity as 7.75% of total capital B) Sales return of.
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46) Use the following information to do a horizontal analysis of Carlin Corporation's balance sheet for the end of the current and prior years. Fill in the table. Account Current Prior Dollar Change % Change Current assets $126,000 $ 90,000 Accounts receivable $ 99,000 $110,000 Merchandise inventory $ 69,285 $ 74,500 Current liabilities $ 42,000 $ 37,500 Long-term liabilities $ 63,000 $ 60,000 Common stock $ 44,440 $ 44,000 Retained earnings $144,845 $133,000 47) Use.
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11) Which of the following is a reason an organization would pursue sustainability? A) To improve its competitive position B) To save money C) To appease shareholders D) All of the above 12) Environmental sustainability is the primary concern of which of the following types of organizations? A) Large domestic corporations B) Global service firms C) Manufacturing firms D).
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134) The Bedford Corporation reported the following income statement and balance sheet amounts and additional information for the end of the current year. End of current year End of prior year Net sales revenue (all credit) $ 1,220,000 Cost of goods sold $ 725,000 Gross profit $ 495,000 Selling/general expenses $ 280,000 Interest expense $ 42,000 Net Income $ 173,000 Current assets $.
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61) Which of the following items represents monetary information in an environmental management accounting system? A) Kilowatt hours of electricity used B) Cost of upgrading factory equipment to reduce emissions C) Ratio of recycled trash to total trash D) Cost of janitorial services in office 62) What are the three elements of the "triple.
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169) The following information relates to Bennett Corporation. Account Current year Prior year Net sales (all credit) $529,250 $499,500 Cost of goods sold $379,575 $353,600 Gross profit $149,675 $145,900 Income from operations $ 95,500 $ 79,900 Interest expense $ 23,500 $ 19,500 Net income $ 57,385 $ 51,600 Cash $ 26,000 $ 15,900 Accounts receivable, net $ 33,800 $ 23,340 Inventory $ 42,000 $ 30,300 Prepaid expenses $ 2,000 $ 1,500 Total current assets $103,800 $ 72,040 Total long-term assets $ 62,000 $ 38,000 Total current.
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114) Which of the following is the formula to compute day's sales in receivable? A) Cost of goods sold/average inventory B) Net credit sales/average inventory C) Net credit sales/average net accounts receivable D) Average net accounts receivable/one day's sales 115) The formula to compute the debt ratio is A) interest expense/income from operations. B) total liabilities/total.
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81) An EMA system only requires aggregated data to function effectively. 82) Traditional accounting systems focus on historical information, while EMA systems must also utilize future-oriented information. 83) Due to the relative infancy of environmental management accounting, the tools utilized are continuously being developed and improved. 84) For an EMA system to be.
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11) You constantly analyze your work in terms of the contribution that you make to the overall output of your organization. This shows your ________ skill. A) collaboration B) experimentation C) systems thinking D) interpersonal 12) When presenting an idea to her colleagues, Marjorie failed to consider others' perspectives and got defensive when people asked.
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154) The following information relates to Truman Unlimited for the past two years. Account Current year Prior year Net sales (all credit) $219,000 $180,000 Cost of goods sold $125,000 $110,000 Gross profit $  94,000 $  70,000 Income from operations $  32,000 $  30,000 Interest expense $    2,000 $    7,000 Net income $  25,000 $  18,000 Cash $  25,000 $  17,000 Accounts receivable, net $  26,000 $  35,000 Inventory $  65,000 $  60,000 Prepaid expenses $    2,000 $    1,000 Total current assets $118,000 $113,000 Total long-term assets $162,750 $187,751 Total current.
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Multiple Choice Questions 1) ________ states that the number of transistors per square inch on an integrated chip doubles every 18 months. A) Nielsen's Law B) Faraday's Law C) Moore's Law D) Newton's Law 2) According to Moore's Law, the ________. A) price of integrated chips will increase once in eighteen months B) size of computing devices and.
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6) What is the most important component of an information system? Why? 7) Explain how the five components of an information system are arranged in terms of ease of change and organizational disruption. 8) How is information technology different from information systems? 9) Discuss the common definitions of information. 10) What are the.
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71) Sustainability is concerned not only with the impact on the environment, but also with the impact on people and profit. The "triple bottom line" measures an entity's impact on profit, people, and planet. A local accounting firm that participates in Habitat for Humanity is impacting which element of the.
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31) Which of the following components constitute the computer side of information systems? A) software and data B) data and hardware C) people and procedures D) hardware and software 32) Which of the following components constitute the human side of information systems? A) software and procedures B) data and people C) people and procedures D) hardware and people 33) Which.
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21) Identify a key difference between managerial decisions and operational decisions. A) Managerial decisions concern the allocation of resources, whereas operational decisions concern day-to-day activities. B) Managerial decisions are corporate decisions, whereas operational decisions concern the utilization of resources. C) Managerial decisions deal with the allocation of resources, whereas operational decisions deal with.
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41) Which of the following statements regarding information technology (IT) is true? A) Information technology (IT) refers to the products, methods, inventions, and standards that are used for the purpose of producing information. B) Information technology is an umbrella term that covers information systems and the products, methods, inventions, and standards used.
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41) Developing systems that provide information in near real time is less expensive than producing information a few hours later. 42) Timeliness of data is not a critical component of good information. 43) Data should be relevant to the subject, not to the context. 44) Data needs to be sufficient for the purpose.
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