152.Below are the complete set of published financial statements taken from the annual report of the Jamestown Museum.  The statements do not comply with generally accepted accounting principles for private not-for-profits in a number of ways.  Review these statements and describe instances in which the statements fail to comply with accepted accounting standards.  You must be able to justify your assertions – for example […]

Process Costing MULTIPLE CHOICE QUESTIONS 38.A process cost accounting system is most appropriate when a.a variety of different products are produced, each one requiring different types of materials, labor, and overhead. b.the focus of attention is on a particular job or order. c.similar products are mass-produced. d.individual products are custom made to the specification of customers. 39.A characteristic of products that are mass-produced in a […]

Multiple Choice Questions 1.Which of the following statements is correct in relation to the purpose of theory? a.alltheoriesdothesamething b.theymakesuggestionsanddictatewhatactionmustbetaken c.sometheoriesexplain,whileothersdescribewhatishappening d.theoriesonlymakepredictionsaboutwhatwillhappeninthefuture 2.Accounting theory can be described as: a.description,explanationorpredictionofaccountingpracticebasedonobservationsand/orlogicalreasoning b.asetoffacts,specificinnature,againstwhichaccountingpracticecanbeevaluated c.beingbasedonlyonobservations d.beingirrelevanttothedevelopmentofnewpracticeandprocedures 3.Which of the following statements is correct? a.ifthereisatheoryaboutsomething,itmustbecorrect b.itisimpossibletoassesstheappropriatenessofaparticulartheory c.atheorydoesnothavetobecorrecttobeuseful d.atheorycanonlybeusefulifitiscorrect 4.Is it possible to have different theories on the same topic? a.no,itisimpossibletohavealternativetheoriesonatopic b.yes,thereareoftenmanyalternativetheoriesonatopicbecausethereareusuallymanypossibleexplanationsand/orsolutions c.yes,butthereisusuallyonlyoneexplanationand/orsolution d.no,therecanonlyeverbeoneexplanationorsolution 5.An example of how theory can predict accounting […]

  133.Why is a country’s infrastructure an important consideration to global marketers?   134.How do tariffs affect markets?   135.Why do many American firms begin their global expansion efforts by exporting?   136.What is the difference between a strategic alliance and a joint venture?       GraduateWriterHelp.com is an online academic writing platform that provides extensive assistance to graduate school students as they work […]

  71.A(n) __________ is a small group of people brought together for an intensive discussion of a topic.   A.focus group B.social media site C.experiment D.data mining session E.in-depth interview 72.In a focus group, researchers usually videotape the session to   A.evaluate the potential for in-depth interviews. B.assess both verbal and nonverbal responses. C.post the videos on the corporate website. D.avoid asking repetitive questions. E.create […]

  15. In a dihybrid cross of heterozygotes AaBb x AaBb, how many offspring are genotypcially possible? Show the Punnett Square                                                     16. If there are three alleles at a given gene locus a1, a2, and a3 how many different […]

    161) ________ are subtracted from sales to calculate gross margin. 161) A) Fixed manufacturing costs B) Variable marketing costs C) Variable manufacturing costs D) Both A and C are correct.   Answer the following questions using the information below: The SouthAus Company manufactures several different products. Unit costs associated with Product ADE108 are as follows: Direct materials $40 Direct manufacturing labour 8 Variable […]

56) A company borrows $5,000 on November 1, 2008, giving a 10%, 180-day note payable. The adjusting entry on December 31, 2008, would include a: A) credit to interest payable for $82.19 B) credit to interest payable for $123.29 C) debit to interest expense for $246.58 D) credit to cash for $82.19 57) A company borrows $15,000 on November 1, 2008, giving a 6%, 90-day […]

  12.3   Learning Objective 12-3 1) Which of the following could appear in an adjusting entry, closing entry, and reversing entry? A) Salary Expense B) Withdrawals C) Depreciation Expense, Buildings D) Cash 2) Reversing entries occur at the beginning of the accounting period and: A) help to reduce potential errors. B) simplify the bookkeeping associated with accruals from the prior period. C) reverse the adjusting […]

  Problem 14.15   Comprehensive example                                 Ben’s Big BBQs Pty Ltd makes large barbecues and sells them through specialist barbecue stores and outdoor furniture stores. Ben’s Big BBQs Pty Ltd has been approached by a national department store, DMart, to produce 2000 barbecues per year for the next 3 […]