Comprehensive Assessment in Accounting, Economics, and Management

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Comprehensive Assessment in Accounting, Economics, and Management1) The income statement and balance sheet columns of Pine Company's worksheet reflects thefollowing totals:Income StatementBalance SheetDr.Cr.Dr.Cr.Totals$58,000$48,000$34,000$44,000Closing entriesare necessary for __________.A.temporary accounts onlyB.permanent accounts onlyC.permanent or real accounts onlyD.both permanent and temporary accountsRead more:http://blog.accountingcoach.com/closing-entries-2/2) As Plant Controller, you are trying to determine which costs over which you have the mostcontrol on a day to day basis. Your goal is to achieve better profitability. The Plant OperationsManager suggests that overhead is the easiest area to directly reduce costs. Which of thefollowing items would be classified as manufacturing overhead?A.General corporate liability insuranceB.Factory janitorC.The western division’s vice president’s salaryD.Cost of landscaping the corporate officeRead more:http://www.investorwords.com/2942/manufacturing_overhead.html3) Which list below best describes the major services performed by public accountants?A.Employee training, auditing, bookkeepingB.Bookkeeping, mergers, budgetsC.Cost accounting, production scheduling, recruitingD.Auditing, taxation, management consultingRead more:http://www.collegeboard.com/csearch/majors_careers/profiles/careers/106541.html4) The conceptual framework developed by the Financial Accounting Standards Board__________.A.are rules that all accountants must followB.was approved by a vote of all accountantsC.is legally binding on all accountantsD.is viewed as providing a constitution for setting accounting standards for financial reportingRead more:http://www.investopedia.com/terms/f/fasb.asp5) In what situations will a static budget be most effective in evaluating a manager'seffectiveness?

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A.The company has substantial variable costs.B.The company has substantial fixed costs.C.The company has no fixed costs.D.The planned activity levels match actual activity levels.Read more:http://blog.accountingcoach.com/what-is-a-static-budget/http://businessmanagement.suite101.com/article.cfm/what_is_management_effectiveness6) Which one of the following items is not generally used in preparing a statement of cash flows?A.Comparative balance sheetsB.Adjusted trial balanceC.Additional informationD.Current income statementRead more:http://www.accountingcoach.com/online-accounting-course/06Xpg01.html7) These are selected account balances on December 31, 2008.Land (location of the corporation’s office building)$150,000Land (held for future use)225,000Corporate Office Building900,000Inventory300,000Equipment675,000Office Furniture150,000Accumulated Depreciation450,000What is the net amount of property, plant, and equipment that will appear on the balance sheet?A.$1,425,000B.$1,650,000C.$2,400,000D.$1,950,0008) A well-designed activity-based costing system starts with __________.A.analyzing the activities performed to manufacture a productB.computing the activity-based overhead rateC.assigning manufacturing overhead costs for each activity cost pool to productsD.identifying the activity-cost poolsRead more:http://www.valuebasedmanagement.net/methods_abc.html9) The cost principle is the basis for preparing financial statements because it is __________.A.the most accurate measure of purchasing powerB.relevant and objectively measured, and verifiableC.an international accounting standardD.a conservative valueRead more:http://www.accountingcoach.com/terms/C/cost-principle.html

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10) Which one of the following is a product cost?A.Advertising costsB.Office salariesC.Sales person’s salariesD.Indirect laborRead more:http://www.ider.herts.ac.uk/school/courseware/costs/product_costs.html11) If a company reports a net loss, it __________.A.will not be able to make capital expendituresB.will not be able to pay cash dividendsC.will not be able to get a loanD.may still have a net increase in cashRead more:http://www.wisegeek.com/what-is-net-loss.htm12) The primary purpose of the statement of cash flows is to __________.A.prove that revenues exceed expenses if there is a net incomeB.provide information about the investing and financing activities during a periodC.facilitate banking relationshipsD.provide information about the cash receipts and cash payments during a period13) The major reporting standard for management accounts is __________.A.the Sarbanes-Oxley Act of 2002B.the Standards of Ethical Conduct for Practitioners of Management Accounting and FinancialManagementC.generally accepted accounting principlesD.relevance to decisionsRead more:http://www.investopedia.com/articles/04/033104.asp14) Disney’s variable costs are 30% of sales. The company is contemplating an advertisingcampaign that will cost $22,000. If sales are expected to increase $40,000, by how much will thecompany's net income increase?A.$28,000B.$18,000C.$6,000D.$12,0015) The price of a good that prevails in a world market is called theA.relative price.B.absolute price.C.world price.D.comparative price.16) A country's consumption possibilities frontier can be outside its production possibilitiesfrontier if __________.A.the citizens of the country have a greater desire to consume goods and services than do the citizensof other countries

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B.the country’s technology is superior to the technologies of other countriesC.the country imports more than it exportsD.the country engages in trade17) The general term for market structures that fall somewhere in-between monopoly andperfect competition is __________.A.monopolistically competitive marketsB.imperfectly competitive marketsC.incomplete marketsD.oligopoly marketsRead more:http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=imperfect+competition18) For a college student who wishes to calculate the true costs of going to college, the costs ofroom and board __________.A.plus the cost of tuition, equals the opportunity cost of going to collegeB.should be counted only to the extent that they are more expensive at college than elsewhereC.should be counted in full, regardless of the costs of eating and sleeping elsewhereD.usually exceed the opportunity cost of going to college19) A tax on an imported good is called a __________.A.trade taxB.tariffC.quotaD.supply taxRead more:http://mw4.m-w.com/dictionary/tariff20) Without trade, __________.A.interdependence is more extensive than it would be with tradeB.a country's production possibilities frontier is also its consumption possibilities frontierC.a country is better off because it will have to learn to be self-sufficient without tradeD.a country can still benefit from international specialization21) Which of the following statements about GDP is correct?A.GDP increases if the total population increases.B.Money continuously flows from households to government and then back to households, and GDPmeasures this flow of money.C.GDP measures two things at once: the total income of everyone in the economy and theunemployment rate.D.GDP is to a nation’s economy as household income is to a household.Read more:http://www.investorwords.com/2153/GDP.htmlhttp://en.wikipedia.org/wiki/Gross_domestic_product22) The political business cycle refers to __________.A.the potential for a central bank to increase the money supply and therefore real GDP to helpthe incumbent get re-elected

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B.changes in output created by the monetary rule the Fed must followC.the fact that about every four years some politician advocates greater government control of the FedD.the part of the business cycle caused by the reluctance of politicians to smooth the business cycleRead more:http://www.businessdictionary.com/definition/political-business-cycle.htmlhttp://www.jstor.org/pss/229652823) The open-economy macroeconomic model examines the determination of __________.A.unemployment and the exchange rateB.the trade balance and the exchange rateC.the output growth rate and the real interest rateD.the output growth rate and the inflation rateRead more:http://www.angelfire.com/id/SergioDaSilva/open.htmlhttp://economics.about.com/cs/openeconomy/24) The model of short-run economic fluctuations focuses on the price level and __________.A.economic growthB.Net GDPC.real GDPD.the neutrality of moneyRead more:http://www.pages.drexel.edu/~jdh56/ADAS%20lecture%20notes.pdfhttp://flashcarddb.com/cardset/17942-short-run-economic-fluctuations-flashcards25) Which of the following statements about GDP is correct?A.Nominal GDP values production at constant prices, whereas real GDP values production at currentprices.B.Nominal GDP consistently underestimates the value of production, whereas real GDP consistentlyoverestimates the value of production.C.Nominal GDP values production at current prices, whereas real GDP values production atconstant prices.D.Nominal GDP values production at market prices, whereas real GDP values production at the cost ofthe resources used in the production process.26) Real GDP __________.A.evaluates current production at the prices that prevailed in some specific year in the past.B.is a measure of the value of goods only; it excludes the value of services.C.evaluates current production at current prices.D.is not a valid measure of the economy's performance, since prices change from year to year.27) The balance of payment account is made up of:A.an import account and an export account.B.a monetary account and a fiscal account.C.a current account and a financial and capital account.D.an investment account and a consumption account.Read more:http://internationalecon.com/Finance/Fch5/F5-5.phphttp://www.investopedia.com/articles/03/060403.asp

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