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Accounting Expert Answers & Study Resources : Page 213

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11) The ________ requires detailed disclosures of the compensation arrangements of top-level executives. A) Federal Reserve B) United States Government C) Generally Accepted Accounting Principles (GAAP) D) Federal Accounting Standards Board (FASB) E) Securities and Exchange Commission (SEC) 12) Companies never put the most skillful division managers in charge of the division producing the poorest economic.

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  • 11) The ________ requires detailed disclosures of the compensation arrangements
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11) Which of the following accounts is a stockholders' equity account? A) Accrued liability B) Accounts payable C) Prepaid expense D) Retained earnings 12) Prepaid expenses are recorded as: A) assets. B) liabilities. C) debits and credits. D) retained earnings. 13) In a typical chart of accounts, liabilities appear before assets. 14) In a typical chart of accounts, what information is.

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  • 11) Which of the following accounts a stockholders' equity account? A)
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23) A business makes a cash payment for advertising expense. Which account is debited? A) Cash B) Service revenue C) Accounts receivable D) Advertising expense 24) A business makes a cash payment for advertising expense. Which account is credited? A) Cash B) Service revenue C) Accounts receivable D) Advertising expense 25) A business pays out cash dividends to shareholders. Which.

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  • 23) A business makes a cash payment for advertising expense.
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Learning Objective 16-3 1) Which of the following is the alternative definition of all assets, regardless of their intended purpose used in the construction of accounting-based performance measures? A) The minimum ROS. B) Stockholders equity. C) Total assets available. D) Total assets employed. E) Total assets employed minus current liabilities. 2) Which of the following is the.

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  • Learning Objective 16-3 1) Which of the following the alternative definition
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Learning Objective 16-1 1) Many organizations are increasingly presenting financial and nonfinancial performance measures for their subunits in a single report referred to as the ________. A) balance sheet B) balanced scorecard C) resource statement D) fixed cost flexible-budget E) variable unfixed cost flexible-budget 2) Different organizations stress different measures in their scorecards, but the measures are.

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  • Learning Objective 16-1 1) Many organizations increasingly presenting financial and nonfinancial
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Learning Objective 15-7 1) In the ________ method, the eventual transfer price results from a bargaining process between the selling and buying subunits. A) negotiated pricing B) negotiated buying C) negotiated purchasing D) negotiated distribution E) negotiated parallelism 2) Under the ________ method, top management does not administer a specific split of the eventual profits across the.

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  • Learning Objective 15-7 1) In the ________ method, the eventual transfer
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29) Which of the following is the correct order of steps to journalize an entry? A) Identify each account affected, determine increase or decrease in each account, record the transaction. B) Identify each account affected, record the transaction, determine increase or decrease in each account. C) Record the transaction, identify each account affected,.

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  • 29) Which of the following the correct order of steps
  • Accounting
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Learning Objective 1-2 1) Managerial accounting focuses on information for decision makers outside the company, such as creditors and taxing authorities. 2) Business owners use accounting information to set goals, evaluate progress toward those goals, and take corrective action when needed. 3) Outside investors would ordinarily use financial accounting information to decide.

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  • Learning Objective 1-2 1) Managerial accounting focuses information for decision
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11) Martin Supply Co. paid $350 cash to a materials supplier that it owed from the previous month.  What is the effect of the cash payment on the accounts of the company? A) Materials account increases; Retained earnings account decreases. B) Cash account decreases; Accounts payable increases. C) Accounts payable increases; Retained earnings.

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  • 11) Martin Supply Co. paid $350 cash to a materials
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11) In Step 2 of the designing accounting-based performance measures, managers ask, "Should performance reports be sent to top management daily, weekly, or monthly?" 12) Hospitality Inns use balanced-scorecard measures to evaluate and reward the performance of its managers. 13) What is the goal of all balanced scorecard implementations? 14) Some performance measures,.

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  • 11) In Step 2 of the designing accounting-based performance measures,
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Learning Objective 16-7 1) To prevent unethical and outright fraudulent behavior, companies need to balance the push for performance resulting from ________, the first of four levers of control, with three other levers. A) strategic goals B) belief systems C) boundary systems D) diagnostic control systems E) interactive control systems 2) Which of the following systems describes.

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  • Learning Objective 16-7 1) To prevent unethical and outright fraudulent behavior,
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Learning Objective 15-9 1) Which of the following is correct about transfer pricing for tax minimization in global firms? A) Transfer prices affect payroll taxes. B) Transfer prices affect customs duties. C) Transfer prices affect value-added taxes. D) Transfer prices only affect income taxes. E) Transfer prices affect environment-related taxes. 2) Which of the following is not.

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  • Learning Objective 15-9 1) Which of the following correct about transfer
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14) The following is the ending month's balances for Toys Galore. Accounts payable $6,790 Revenues 8,680 Cash 4,500 Expenses 1,050 Furniture 8,370 Accounts receivable 7,710 Common stock 930 Notes payable 5,230 What is the total amount of debits for the trial balance? A) $21,630 B) $16,400 C) $20,580 D) $30,310 15) The following is the ending month's balances for Toys Galore. Accounts payable $6,790 Revenues 8,680 Cash 4,500 Expenses 1,050 Furniture 8,370 Accounts receivable 7,710 Common stock 930 Notes payable 5,230 What is the net income for Toys Galore.

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  • 14) The following the ending month's balances for Toys Galore. Accounts
  • Accounting
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Learning Objective 16-5 1) Operating a division in a/an ________ economy like Singapore is very different from navigating a closed economy such as Venezuela. A) open B) closed C) cultural D) controlled prices E) threat of nationalization 2) Some countries in Asia, Latin America, and Eastern Europe impose ________ and custom duties to restrict imports of certain.

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  • Learning Objective 16-5 1) Operating a division in a/an ________ economy
  • Accounting
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Learning Objective 16-4 1) Managers can use historical-cost ROIs to evaluate current performance by establishing ________ ROIs. A) target B) function C) ambition D) intention E) destination 2) In establishing targets for financial performance measures, companies using the balanced scorecard simultaneously determine targets in the customer, ________, and learning-and-growth perspectives. A) master budget B) peripheral market C) budgeted-sales objective D) internal-business-process E).

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  • Learning Objective 16-4 1) Managers can use historical-cost ROIs to evaluate
  • Accounting
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11) Which of the following are MOST likely to be users of managerial accounting information? A) Potential investors B) Creditors C) Customers D) Company managers 12) Which of the following are likely to be users of financial accounting information? A) Taxing authorities B) Creditors C) Potential investors D) All of the above Learning Objective 1-3 1) The AICPA's Code of.

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  • 11) Which of the following MOST likely to be users
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11) The owner(s) of a business will most likely face "double taxation" if their business is organized as a(n): A) corporation. B) LLC. C) partnership. D) proprietorship. 12) The ability to raise large amounts of capital is a key characteristic of a: A) partnership. B) not-for-profit. C) corporation. D) proprietorship. 13) The separation between the owners and the managers of.

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  • 11) The owner(s) of a business will most likely face
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21) A trial balance is a list of all of the accounts with their balances. 22) Expenses are increases in stockholders' equity caused by providing goods or services for customers. 23) Which of the following is the detailed record of the changes in a particular asset, liability, or stockholders' equity? A) Journal B) Trial.

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  • 21) A trial balance a list of all of the
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15) The business collects a $5,000 account receivable from its customer. How is the accounting equation affected? A) Assets increase $5,000; liabilities decrease $5,000. B) One asset increases by $5,000; another asset decreases $5,000. C) Assets increase $5,000; liabilities increase $5,000. D) Assets increase $5,000; stockholders' equity increases $5,000. 16) Total liabilities increase by $7,000..

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  • 15) The business collects a $5,000 account receivable from its
  • Accounting
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Learning Objective 15-8 1) Which transfer-pricing method is useful for determining full cost of products and services? A) Cost-based. B) Negotiated. C) Market-based. D) Minimum-based. E) Maximum-based. 2) Which transfer-pricing method preserves subunit autonomy when markets are competitive? A) Cost-based. B) Negotiated. C) Market-based. D) Minimum-based. E) Maximum-based. 3) Which transfer-pricing method's market may not exist, or may be imperfect or in distress? A).

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  • Learning Objective 15-8 1) Which transfer-pricing method useful for determining full
  • Accounting
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10) What is the key reason that most firms do not use negotiated prices? 11) What are the concerns associated with dual-pricing methods? 12) The managerial accountant at Orbit Distribution Company reported that the Transportation Division transports 110 barrels of crude oil at $1 per barrel. The Refining Division's reported the variable.

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  • 10) What the key reason that most firms do not
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34) Which of the following journal entries would be recorded if a business renders service and receives cash of $400 from the customer? A) Service revenue 400      Cash 400 B) Service revenue 400      Accounts payable 400 C) Cash 400      Service revenue 400 D) Service revenue 400      Accounts receivable 400 35) Which of the following journal entries would be recorded if a business makes a cash payment to.

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  • 34) Which of the following journal entries would be recorded
  • Accounting
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Learning Objective 16-6 1) Which of the following describes a situation in which an employee exerts less effort than the owner desires because the owner cannot accurately monitor and enforce the employee's effort? A) Moral hazard. B) Employee hazard. C) Situational hazard. D) Professional hazard. E) Occupational hazard. 2) ________ measures are those that are sensitive to.

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  • Learning Objective 16-6 1) Which of the following describes a situation
  • Accounting
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9) Accounting standards are formulated by the: A) SEC. B) AICPA. C) FASB. D) IRS. 10) The Sarbanes-Oxley Act ("SOX") made it a criminal offense to: A) steal shareholders' money. B) default on loans from creditors. C) declare bankruptcy. D) falsify financial information. 11) Which of the following organizations requires publicly owned companies to be audited by independent accountants (CPAs)? A).

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  • 9) Accounting standards formulated by the: A) SEC. B) AICPA. C) FASB. D) IRS. 10)
  • Accounting
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5) Assets are $150,000 and total liabilities are $90,000. Total stockholders' equity will be: A) $180,000. B) $300,000. C) $240,000. D) $60,000. 6) Assets are $270,000 and stockholders' equity is $90,000. Liabilities will be: A) $60,000. B) $360,000. C) $270,000. D) $180,000. 7) A business performs services for its customers. Payment is expected to be received next month. How does.

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  • 5) Assets $150,000 and total liabilities $90,000. Total stockholders' equity
  • Accounting
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