Which of the following is not a current liability on December 31, 2014? A lawsuit judgment to be decided on January 10,2015 A Note Payable due December 31 2015 Accrued salaries payable from 2014 An Accounts Payable due January 31,2015

  1. Which of the following is not a current liability on December 31, 2014?
  • A lawsuit judgment to be decided on January 10,2015
  • A Note Payable due December 31 2015
  • Accrued salaries payable from 2014
  • An Accounts Payable due January 31,2015
  1. Continuous monitoring, in the contemporary approach, is beneficial because_____________.
  • it increases the time it takes to detect changes in the competitive environment
  • organization response time is increased
  • organizational flexibility is reduced
  • It reduces time lags
  1. The acquisition of treasury stock by a corporation:
  • requires that a gain or loss be recognized on the income statement.
  • increases its total assets and total stockholders’ equity.
  • has no effect on total assets and total stockholders’ equity.
  • decreases its total assets and total stockholders’ equity.
  1. You work in marketing for a company that produces work boots. Quality control has sent you a memo detailing the length of time before the boots wear out under heavy use. They find that the boots wear out in an average of 208 days, but the exact amount of time varies, following a normal distribution with a standard deviation of 14 days. For an upcoming ad campaign, you need to know the percent of the pairs that last longer than six months-that is, 180 days. Use the empirical rule to approximate this percent.
  • 5%
  • 95%
  • 5%
  • 5%
  1. __________involves ensuring proper strategic controls and organizational designs. 
  • Corporate governance
  • Strategy implementation
  • Business-level strategy
  • Corporate-level strategy

 

  1. A post-closing trial balance will show:
  • only income statement accounts
  • zero balances for balance sheet accounts
  • only balance sheet accounts
  • zero balances for all accounts
  1. The preparation of adjusting entries is:
  • straightforward because the accounts that need adjustment will be out of balance
  • needed to ensure that the expense recognition principle is followed.
  • only required for accounts that do not have a normal balance.
  • optional when financial statements are prepared.
  1. In a simple linear regression model, if the plots on a scatter diagram lie on a straight line, what is the standard error of the estimate?
  • Infinity
  • 0
  • +1
  • -1
  1. The fraud triangle applies to:
  • S. and Canadian companies, but not other international companies.
  • S companies but not international companies.
  • S and international companies.
  • international companies but not U.S. companies.
  1. According to value-chain analysis, which of the following would be considered part of the general administration in a firm?
  • information systems
  • procurement
  • technology development
  • human resource management
  1. Which of the following can be represented by a discrete random variable?
  • The circumference of a randomly generated circle
  • The number of defective light bulbs in a sample of five
  • The time of a flight between Chicago and New York
  • The average distance achieved in a series of long jumps
  1. What is an advantage of the correlation coefficient over the covariance?
  • It falls between 0 and 1.
  • It falls between -1 and 1.
  • It falls between -1 and 1; and it is a unit free measure, therefore making it easier to interpret.
  • It is a unit-free measure, therefore making it easier to interpret.
  1. GAAP, compared to IFRS, tends to be more:
  • rules-based
  • simple in accounting requirements
  • principles-based
  • simple in disclosure requirements
  1. The resource-based view (RBV) of the firm combines two perspectives:
  • the internal analysis of the firm and the external analysis of the industry and competitive environment
  • the primary and support activities of the firm
  • the industry and the competitive environment
  • the interrelationships among the primary activities of the firm and corporate management
  1. Sarbanes Oxley applies to:
  • S and international companies.
  • S. and Canadian companies but not other international companies.
  • S companies but not international companies.
  • international companies but not U.S. companies.
  1. Is it possible for a data set to have no mode?
  • No, unless there is an odd number of observations
  • Yes, if two observations occur twice
  • Yes, if there are no observations that occur more than once
  • No, if the data set is nonempty, there is always a mode
  1. Under the accrual basis of accounting:
  • events that change a company’s financial statements are recognized in the period they occur rather than in the period in which cash is paid or received.
  • the ledger accounts must be adjusted to reflect a cash basis of accounting before financial statements are prepared under generally accepted accounting principles.
  • cash must be received before revenue is recognized.
  • net income is calculated by matching cash outflows against cash inflows.
  1. Which trial balance will consist of the greatest number of accounts?
  • Trial balance
  • Adjusted trial balance
  • Balance
  • Post-closing trial balance
  1. Vertical analysis is a technique that expresses each item in a financial statement:
  • in dollars and cents.
  • as a percent of a base amount.
  • as a percent of the item in the previous year.
  • starting with the highest value down to the lowest value.
  1. Cost allocation of an intangible asset is referred to as:
  • accretion
  • amortization
  • depreciation
  • capitalization
  1. According to the text, the triple bottom line approach to corporate accounting includes three components: 
  • financial, environmental, and social
  • financial, organizational, and customer
  • financial, environmental, and customer
  • financial, organizational, and psychological
  1. An analyst believes the probability that U.S. stock returns exceed long-term corporate bond returns over a 5-year period is based on personal assessment. This type of probability is best characterized as a(n) ____________.
  • Subjective probability
  • Objectivity probability
  • Empirical probability
  • A priori probability
  1. Green, Inc. had 200,000 shares of common stock outstanding before a stock split occurred and 800,000 shares outstanding after the stock split. The stock split was:
  • 2-for-8
  • 1-for-8
  • 8-for-1
  • 4-for-1
  1. Firms must be aware of goals other than short-term profit maximization. One area of concern should be social responsibility which is:
  • the expectation that business will strive to improve the overall welfare of society
  • the fact that court costs could impact the financial bottom line
  • the idea that organizations are solely responsible to local citizens
  • the idea that businesses are responsible to maintain a healthy social climate for their employees
  1. Expenditures that maintain the operating efficiency and expected productive life of a plant asset are generally:
  • expensed when incurred.
  • not recorded until they become material in amount.
  • debited to the Accumulated Depreciation account.
  • capitalized as a part of the cost of the asset.
  1. For both qualitative and quantitative data, what is the difference between the relative frequency and the percent frequency?
  • The relative frequency equals the percent frequency multiplied by 100.
  • The percent frequency equals the relative frequency multiplied by 100
  • As opposed to the relative frequency, the percent frequency is divided by the number of observations in the data set.
  • As opposed to the percent frequency, the relative frequency is divided by the number of observations in the data set.
  1. Shaw Industries, a giant carpet manufacturer, increases its control over raw materials by producing much of its own polypropylene fiber, a key input to its manufacturing process. This is an example of _______________. 
  • using related diversification to achieve value by leveraging core competencies to achieve economies of scope
  • using related diversification to achieve value by pooling negotiating power to achieve market power
  • using related diversification to achieve value by integrating vertically in order to attain economies of scope
  • using related diversification to achieve value by integrating vertically in order to acquire market power
  1. Which of the following can be represented by a continuous random variable?
  • The average temperature in Tampa, Florida, during the month of July
  • The number of customers who visit a department store between 10:00 a.m. and 11:00 a.m. on Mondays
  • The number of students who will get financial assistance in a group of 50 randomly selected students
  • The number of typos found on a randomly selected page of this test bank
  1. Which of the following controls would best help detect the removal of a blank check by an employee from the back of a company’s checkbook for subsequent misappropriation of funds?
  • An accounting policies manual
  • Tracing any debit memorandums from the bank to the company’s records
  • A review of the cash budget
  • The use of pre-numbered checks
  1. A SWOT analysis is a framework for analyzing a firm’s environments. A SWOT is made up of
  • Internal environmental analysis of threats and weaknesses.
  • Internal strengths and weaknesses; external threats and opportunities.
  • Internal threats and weakness and external strengths and opportunities.
  • External analysis of strengths and opportunities.

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