Study with Quizlet and memorize flashcards containing terms like True, True, e and more. \end{array}\right] \quad G=\left[\begin{array}{lll} The basic model has a variable cost of $75 and sells for $100. Using the high-low method, the estimated variable cost per unit is $, The ACC Tutoring Service provides tutoring to accounting students. 5) Gross domestic product (GDP) measures the. The product sells for $10 per unit. | Firm A | | Firm B | | neither variable nor fixed only fixed both variable and fixed only variable, Companies that use job-order costing make ______. 78) The five categories of income used in the income approach to the measurement of GDP are A) consumption, saving, rental income, corporate profits, and investment. c. They provide long-term benefits. | Indirect materials | $12,000 |$ 12,300 | 32) In the national income accounts, the purchase of a new house counts as A) consumption expenditure. $$. (Select all that apply. Following a bumpy launch week that saw frequent server trouble and bloated player queues, Blizzard has announced that over 25 million Overwatch 2 players have logged on in its first 10 days. What is Dr. Lewiss specialty? Actual overhead for the year was $120,000 and actual direct labor-hours were 7,500. \end{aligned} 30) If we compare the four sources of spending in the economy we see that A) household consumption is the smallest. \begin{aligned} Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Daniel F Viele, David H Marshall, Wayne W McManus. \end{array} How are totalitarianism and authoritarianism related? |--------------------------------------------------|:----------------------:|:------------------:| Assets are considered current assets if they are cash or will usually be converted into cash: Net income from the Income Statement appears on: The adequacy of a company's disclosure is based on: A combination of official rules, tradition, and professional judgment. In the context of the Boston Consulting Group's (BCG's) portfolio matrix, which of the following is a similarity between cash cows and dogs? A) Personal selling entails personal presentations by a firm's sales force for the purpose of making sales and building customer relationships. Marketing strategy involves the activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets. 4. The break-even point is the sales level at which a company: RST Company produces a product that has a variable cost of $6 per unit. 60% A company reports the following data:Price/unit = $20Variable costs/unit = $12 1 / 30 D196 Practice Questions Study online at Fixed costs = $12,000 Given this data, what is the variable cost ratio? a. In the context of following up on a marketing plan, _____ entails gauging the extent to which marketing objectives have been achieved during the specified time period. Study with Quizlet and memorize flashcards containing terms like Match the example with the correct market modification method: The Florida Orange Growers Association advocates drinking orange juice throughout the day rather than for breakfast only. Income statement, annual report, balance sheet., Assets are 31) Compared to the other sources of spending, net exports is A) large and negative. | | Standard (1,000 units) | Actual (900 units) | Determine net income for $20\times1$, assuming a $30 \%$ income tax rate. The break-even point in sales dollars is $. | :---: | :---: | :---: | :---: | In the context of marketing planning, implementation involves: In the context of marketing planning, which of the following statements is true of implementation? 35) In the national income accounts, government expenditure on goods and services exclude A) transfer payments. The premium model has a variable cost of $100 and sells for $150. The company had which of the following: Of the following, which is not an alternative title for the income statement? The firm loses its competitive advantage with the entry of new competitors. costs are linear within the relevant range. $$ ), Which of the following items will require a journal entry following a bank reconciliation? A company that sells multiple types of products has a combined selling price per unit of $150, combined variable cost per unit of $50 and total fixed costs of $25,000. Murphy uses direct labor-hours as its allocation base. A) The government buys new tires for its military vehicles. 23) All of the following household expenditures are included in consumption expenditure EXCEPT A) payment to a dentist for filling a tooth. M&Ms are blended in a ratio of 13 percent brown, 14 percent yellow, 13 percent red, 24 percent a. design b. operation c. improvement d. All of these answer choices are correct., The transformation process associated with health care is best described as a. locational b. exchange c. physiological d. informational, All of the following 5 & 1 Which of the following are ways Darla's business could engage in the global market., A weak All employees have the authority to refund a customer's money. An absorption costing income statement for the most recent period is shown: Mercer Asbestos Removal Company removes potentially toxic asbestos insulation and related products from buildings. Study with Quizlet and memorize flashcards containing terms like The shift toward a more integrated and interdependent world economy is referred to as _____. Which of the following financial statements is usually prepared first? _______________________________________________________________________________________________________, ___________________________________________________________________________________________. 114) ________ gross domestic product is the value of ________ linked back to the prices of a single year. The on-site supervisors believe that nonroutine work is far more expensive than routine work and should bear higher customer charges. The product sells for $10 per unit. 41) Which of the following items is NOT part of government expenditure on goods and services in the GDP accounts? (j) Indicate the amount pertaining to each letter. Be sure to (1) explain why the turtle follows these migratory and mating patterns and (2) how climate change and human activity have impacted these patterns. 3 & 2 & 0 & 1 Which of the following duties should be segregated? The company's fixed costs are $40,000. Standard and actual overhead costs were as follows. | 1,000 | $.01$ | 700 | $.02$ | a. Manufacturing overhead includes any cost related to a completed product, not considered a direct cost. 98) Which of the following best represents an indirect tax? \ On December 1, Job No. **Use the following matrices** | (Fixed) Machinery depreciation | 3,000 | 3,000 | $$ KhiemChi101 Plus. Administrative overhead includes those costs not involved in the development or production of goods or services, such as the costs of front office administration and sales; this is essentially all overhead that is not included in manufacturing overhead. Other data: 4) Gross domestic product (GDP) is the ________ in a given time period. Calculate the amount of cash to report in the balance sheet. 4 & 2 & 1 & 1 \\ The owner's daughter, home for the summer from college, has suggested investigating this question using activity-based costing. The entry needed to adjust the company's cash balance for this reconciling item will include a: Which of the following is not one of the categories of business activities reported in the statement of cash flows? 22) Double counting (counting the same thing twice) in GDP accounting is avoided by not including A) net exports. | 2,000 | $.35$ | 1,700 | $.15$ | $34,000 Beginning Inventory (11,000) + Net Purchases (23,000) = Cost of Goods Available for Sale (34,000) and more. They estimated that 5,000 hours would be used in 2013. so it can be said as a manfacturing cost. checks from customer, balance in checking, currency and coins. Compute the standard deviation of each probability distribution and determine which firm faces the greater risk of physical damage to its fleet next year. Income tax return, income statement, balance sheet. a very few products in large numbers, Categories ), provide accurate and reliable accounting information. In other words, these costs are not part of a manufacturer's product cost or its production costs (which are direct materials, direct labor, and manufacturing overhead). e. Never includes selling expenses. During the first month of operations (October 2012), Self Music Services Corporation completed the following selected transactions: The business received cash of $25,000 and a building valued at$51,000. Purchase computer equipment of $940 using a credit card. Provided below are items related to Beaver Company during the month of April. T OR F, A strategic business unit (SBU) is a single business or a collection of related businesses. 43) Which of the following are equal to one another? Fixed costs are $150,000. \$\hspace{5pt}\text{(i)}& \\ \\ Fresnas Inc. introduced a new line of smartphones in the market. A=\left[\begin{array}{rrr} \text{Beg. money market funds, three month treasury bills. It follows a target market strategy as its products are designed to suit the needs of a group of people with similar characteristics. A competitive advantage is a set of unique features of a company and its products that are perceived by the target market as significant and superior to those of the competition. Manufacturing overhead costs (check all that apply): _______ ________ inventory consists of completed units that have not yet been sold. (b) Determine how much overhead was applied to production. It is direct co View the full answer Which of the following items are included in cash? Work-in-Process. The volume of tutoring is low at the beginning of the semester and increases before exams. Fulfilling product shipments C. Encouraging customers to make purchase decisions D. Finding the best ways to reaching those customers with product information, True or False: The customer should ideally Fundamentals of Financial Management, Concise Edition, Don Herrmann, J. David Spiceland, Wayne Thomas, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. What techniques do artists use to convey perspective in their work? Physical existence. On December 31, Job No. Which of the following is an example of a detective control in a company? Match each example below to the correct cost type. 5. The product sells for $10 per unit. Increasing a product's use, Finding new customers, Creating a new use situation, Match the example with the correct market The entry needed to adjust the company's cash balance for this reconciling item will include a: In examining its monthly bank statement, a company discovers that that its account was credited $30 for interest earned. 28) Which are examples of the gross private domestic investment component of GDP? Study with Quizlet and memorize flashcards containing terms like Job costing information is used _____. Study with Quizlet and memorize flashcards containing terms like Which of these is not a responsibility of marketing? About Our Coalition. For its services, the company has always charged a flat fee per hundred square feet of carpet cleaned. Unlike a cost competitive advantage, a competitive advantage based on product/service differentiation: Which of the following is a distinct feature of a product/service differentiation competitive advantage? A cost remains unchanged when the volume of activity changes within the relevant range. 20) The calculation of the final goods and services sold in an economy would NOT include A) the purchase of a lawnmower by a household. Magnira Inc. plans to implement a market penetration strategy to increase its market share. On December 31, Job No. On May 1, the company pays salaries to employees. 61) ________ is gross investment minus ________. 119) Gross private domestic investment is a component of which approach to measuring GDP? 157 was the only job finished that was not sold. 47) Net exports of goods and services equal the, 49) In 2010, net exports in the United States were, 50) To calculate GDP using the expenditure approach, in part it is necessary to, 51) An increase in exports of goods or services with no change in imports of goods or services. In a target market strategy, identifying the market segment or segments begins with a market opportunity analysis (MOA). Which of the following will cause differences between the bank statement balance and the accounting balance for cash? What methods can be used to dispose of underapplied or overapplied manufacturing overhead? | Electricity | 2,500 | 2,500 | 13) Which of the following is a final good? There has been a long-simmering dispute between the company's estimator and the work supervisors. Since our average cost is only $2.175 per square foot, that leaves enough cushion to take care of the additional costs of nonroutine work that shows up. Study with Quizlet and memorize flashcards containing terms like Hi-Tek Manufacturing, Inc., makes two types of industrial component partsthe B300 and the T500. Its customers will be given a complimentary air ticket on the purchase of three business class tickets. What is an example of job costing? Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Alexander Holmes, Barbara Illowsky, Susan Dean, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams. Compute Mandolin's net income under variable costing. Mandolin produced 70,000 units and sold 50,000 units. These jobs had combined direct materials costs of $9,750 and direct labor costs of$15,000. 63) If imports are $100 million less than exports, government expenditures are $500 million, consumer expenditures are $1 billion, and gross investment spending is $500 million, then GDP is, 64) If consumption expenditures are $500 million, net investment is $100 million, depreciation equals $5 million, imports are $50 million, exports are $55 million, government expenditure on goods and services is $220 million, and government transfer payments are $20 million, then, ________________________________________________________________________________________________, ______________________________________________________________________________. | (Fixed) Trucks and forklift depreciation | 1,500 | 1,500 | Revel Inc., a cell phone manufacturer, decides to launch its new range of smartphones on the company's official Web site so that its logistics issues can be solved. The new machine would decrease the variable cost to $4, but increase fixed costs by $15,000. Job Costing FAQs. 21) Which of the following purchases is included in personal consumption expenditures when determining gross domestic product? The key to having a competitive advantage is the ability to imitate a competitor's strategy. Find the value of the variable that is not given. Study with Quizlet and memorize flashcards containing terms like Under absorption costing, which of the following costs would not be included in finished goods inventory? Manufacturing costs are the costs incurred during the production of a product. Study with Quizlet and memorize flashcards containing terms like Operations management is concerned with the _____ of a firm's productive systems. c. social 11) Which of the following is NOT part of the expenditure approach to measuring GDP? 156, 157, and 158 were started. An indirect cost. It had a cost of$4,000. Dividends will have what effect upon retained earnings? 12) To measure GDP using the expenditure approach you must collect data on. I. 74) The approach to GDP that sums compensation of employees, rental income, corporate profits, net interest, proprietors income, depreciation, and indirect taxes and subtracts subsidies is the A) opportunity cost approach. Assuming all other factors remain constant, if fixed costs increase, then the break-even point will: Sales mix is the (volume/proportion/mix) of the sales volume for each product. To prevent improper use of the company's resources, only certain employees are allowed to carry out certain business activities. This is an example of _____. Actual costs exceed ap-plied costs. 89) Looking at the components of the income approach we see that. 9) If Nike, an American corporation, produces sneakers in Thailand this would A) count as part of U.S. GDP since it is a U.S. corporation. If a review of the accounting records determined that $86,000 of goods were still in production at year-end, Hamilton should make a journal entry on December 31 that includes: a credit to Work-in-Process Inventory for $432,000. 67) Which of the following is NOT a final good? 82) Which of the following items is NOT a component of the income approach to measuring U.S. 83) Which of the following is NOT a part of the income approach to determining GDP? Which account(s) are debited in the journal entry to record manufacturing labor costs? What is credited in the journal entry to record the purchase of materials? When using the high-low method, the slope represents. All revenue accounts are debited and expense accounts are credited. The weighted-average contribution margin per unit is $, A company sells 800 units at $16 each, has variable costs of $12 per unit, and fixed costs of $1,200. Since it generates huge profits and needs more financing, the new line of smartphones can be categorized as dogs. They want to promote the company's products among the public. Nile Inc. is one of the leading shoe manufacturing companies in Baltonia. Given the following expenditures during the year, calculate the amount capitalized as the cost of equipment. English I Unit 7 Study Session. $$ | 5,000 | $.01$ | 4,700 | $.01$ |, A formula is given, along with the values of all but one of the variables in the formula. | 500 | $.01$ | 200 | $.01$ | 12) A loaf of bread purchased by one of your instructors would be best described as A) an intermediate good. 26) Goods that are produced this year, stored in inventories, and then sold to consumers next year A) count in this years GDP. Which of the following strategies can help companies make strategic planning effective? (e) Find the probability of one brown and one green The product sells for $10 per unit. Debit repairs and maintenance expense, credit cash. \lim _{x \rightarrow-1 / 3} \frac{1\ -\ 3 x}{9 x^2\ +\ 1} When adjusting the company's cash account balance in a bank reconciliation, which item must be added to the cash account balance? &C=\left[\begin{array}{ll} The basic model has a contribution margin per unit of $25 and unit sales of 750. The company's fixed costs are $30,000. The premium model has a contribution margin per unit of $40 and unit sales of 250. 96) An indirect tax is a tax paid by consumers. A. PCAOB establishes standards related to the preparation of audited financial reports. Step 2. On May 8, the company purchases supplies worth $4,000, on account. Match each cost estimation method to its characteristics. What dividend will Mattie receive on the 805 Zanin shares she owns? This content is most likely to be Delat Corp.'s _____. ***Instructions*** The product sells for $5.00 per unit. In the context of SWOTinternal strengths (S), weaknesses (W), external opportunities (O), and threats (T)analysis, marketers can identify strengths and weaknesses by focusing on: _____ tells us that costs decline at a predictable rate as experience with a product increases. a. Which of the following statements is true of strategic planning? $$ 29) In the calculation of gross domestic product by the expenditure approach, the investment component is, 30) An example of investment in computing real GDP using the expenditure approach is the purchase of, 31) An example of investment in the national income accounts is the purchase of. What is Brother Company's total unit cost? 3. 28) The circular flow of income shows that. In the context of following up on a marketing plan, _____ provides the mechanisms for evaluating marketing results in light of the plan's objectives and for correcting actions that do not help the organization reach those objectives within budget guidelines. List the cost estimation methods from the least precise to the most precise, with the least precise on top. A small amount of cash on hand to pay for minor purchases is commonly referred to as a(n) Input Field 1 of 2 petty unavailable correct Input Field 2 of 2 cash unavailable correct fund. According to Ansoff's strategic opportunity matrix, which of the following is true of Apcon Mobiles Inc.? "Sinc 2. Their direct materials are $8, direct labor is $6 and total overhead is $5 of which $3 is variable. 0 & 0 & 0 \\ 0 & 0 & 0 \\ RST desires to earn a profit of $20,000. Market segments cannot be differentiated by ethnicity and multicultural aspects. A company that sells multiple types of products has a combined selling price per unit of $150, combined variable cost per unit of $50 and total fixed costs of $25,000. They landed new roles globally, working. In this scenario, Nile Inc. should: Unlike a product/service differentiation competitive strategy, a niche strategy: Which of the following actions is associated with the niche strategy? 17) Let C represent consumption expenditure, S saving, I gross private domestic investment, G government expenditure on goods and services, and X - M net exports of goods and services. If the company sells 5,000 basic models and 2,500 premium models, then the sales mix can be expressed as: A company sells two models of a productbasic and premium. Over the year the copier was used, ________ has occurred. A cost includes both fixed and variable components. \\ Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Fundamentals of Financial Management, Concise Edition, Don Herrmann, J. David Spiceland, Wayne Thomas. Ana Carillo and Associates is a medium-sized company located near a large metropolitan area in the Midwest. Which of the following statements is true of a marketing plan? When a company finds out that an NSF check was written to the company, the company must ______ the balance in the cash account. Strategic planning is just an annual exercise. The weighted average contribution margin in units is. Absorption costing includes all of the following as part of the product cost: (Check all that apply): Naples Company produced 650,000 units and sold 500,000 units. We indicated above that the fixed manufacturing overhead costs are the rents of $700 per month, or $8,400 for the year 2021. See the answer Manufacturing overhead is not: Expert Answer 100% (5 ratings) Manfacturing overhead is directly attributable to Product. 58) Gross investment equals net investment plus. Question history: Previous edition, Chapter 4. fixed mixed variable, The ABC Company had its highest level of production in May when they produced 4,000 units at a total cost of $110,000 and its lowest level of production in November when they produced 2,500 units at a total cost of $87,500. 95) Which of the following is included in the category of corporate profits when measuring GDP? (d) Both green? A factor that causes overhead costs is called a: A job cost sheet contains (check all that apply): True or false: The transfer of costs from one inventory account to the next parallels the physical transfer of goods from one inventory to the next. Study with Quizlet and memorize flashcards containing terms like Process operations is defined as a manufacturing process that includes: (Check all that apply. reconciliation, performance reviews, audits, A bank reconciliation reconciles the bank statement with the company's. According to Ansoff's strategic opportunity matrix, a firm that adopts a diversification strategy: Apcon Mobiles Inc. is a popular cell phone manufacturing company. \end{array}\right] Through the White House Opportunity and Revitalization Council (Council), which includes representatives from 17 different Federal agencies and Federal-State partnerships working together to spark a wave of innovation in these distressed parts of our country, we have seen firsthand the current and future potential of Opportunity Zones. &F=\left[\begin{array}{rrr} 45) According to the circular flow diagram, the dollar value of a nations output is equal to. Income is $, A company sells two models of a productbasic and premium. According to Ansoff's strategic opportunity matrix, both product development and diversification entail creating new products. There are two types of overhead, which are administrative overhead and manufacturing overhead. | (Fixed) Engineering costs | 27,000 | 25,000 | Earlier this year, Barrett and his long-time girlfriend Hannah Laity got engaged. Under the (absorption,variable) costing method only costs which vary with changes in production volume are assigned to products. When reporting on profit you will get you different results depending on the cost system used. 44) Which is NOT part of GDP calculated using the expenditure approach? variable manufacturing overhead, and variable selling and administrative expenses. Calculate Lone Oak's cost of goods manufactured. Round to the nearest hundredth, if applicable. Separation of duties and E-commerce controls are examples of ______ controls. CVP analysis looks at how _ is affected by sales price per unit, variable costs per unit, volume, and fixed costs. 92) When calculating the compensation of employees part of GDP, 93) In the national income accounts, net interest is the total interest payments received by households on loans made by them minus. Study with Quizlet and memorize flashcards containing terms like Which of the following does not describe intangible assets? \end{array}\\ 55) If an American firm produces goods that are sold to a German household, then A) German GDP increases but not U.S. GDP. Their unit selling price is $20 and they have variable unit production costs of $10, variable selling expenses of $3 and fixed overhead of $10,000. The following provides information from the company's cash ledger for the month ending February 28, 2021. A diversification strategy is ideal when a firm is entering unfamiliar markets. \textbf{Debit}& \textbf{Credit} \\ \hline The amount by which a product's unit selling price exceeds its total unit variable cost is the: Because of its usefulness in CVP analysis, managers generally use an income statement in which format? Gross domestic product is $3.0 million, and depreciation is $0.5 million. Use the concept of opportunity cost to explain the following Marketing managers rely on customer databases for effective implementation of the market penetration strategy. brown? After some discussion, she designed a simple system consisting of four activity cost pools. The formula used in a contribution margin income statement is: RST Company produces a product that has a variable cost of $6 per unit. All jobs, except for Job No. 0 & 0 & 0 Eldams Inc., a technological firm, started producing a new gaming console for its domestic market. $$ 23) GDP counts only final goods and services because this. At the end of each day, a single employee collects all cash received from customers, records the total, and makes the deposit at the bank. **Required** Compute the company's cost of goods sold. The product sells for $10 per unit. ACC had its highest level of service in May when they provided 4,300 hours of tutoring at a total cost of $125,000 and it lowest level of service in January when they provided 1,500 hours of tutoring at a total cost of $55,000. The break-even point in sales dollars is $. Calculate Lone Oak's manufacturing overhead for the year. The new machine would decrease the variable cost to $3, but increase fixed costs by $5,000. At the end of the year only, the company compares its cash records to the bank's records of cash deposited and withdrawn during the year. According to Ansoff's strategic opportunity matrix, unlike market development, product development: Choqlate King Inc. is a large company that produces and sells chocolate bars. 24) The circular flow model shows that consumer goods and services produced by business firms are sold in the A) goods market. \hspace{5pt}\text{(h)}& \\ 27) A new 2010 Honda Civic produced in 2010 and purchased in 2011 is. Murphy Manufacturing estimated manufacturing overhead for 2013 to be $100,000. 13) Aggregate expenditures include all of the following EXCEPT A) consumption of food. In the context of marketing planning, which of the following concepts is illustrated in the scenario? The actual performance of individuals or processes should be checked against their expected performance. 46) Government expenditures included in the expenditure approach to GDP include ________. Delat Corp. is a large corporation that offers several product lines. Which of the following accounts will be closed to Income Summary? | $\$ 0$ | $.01$ | $\$ r 0$ | $.00$ | Z=\left[\begin{array}{lll} This gives it an edge over the other chocolate makers in Lumberne. Fundamentals of Financial Management, Concise Edition, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Daniel F Viele, David H Marshall, Wayne W McManus, Carl S Warren, James M Reeve, Jonathan E. Duchac. economy is slow and hourly wages are down. It manufactures canvas shoes that are quite similar to those produced by other brands. 3. While most of the companies in the market produce not more than three basic varieties of chocolates, Jove Inc. sells over 50 different varieties of flavored chocolates. 4. The company should provide employees with appropriate guidance to ensure they have the knowledge necessary to carry out their job duties. 118) Suppose an economy has some inflation. 99) The presence of ________ creates a difference in the value between the market price and the factor cost of a product. They estimated that 5,000 hours would be used in 2013. How close did your empirical results come The company has production costs of $600,000, half of which are fixed costs. On October 1, 2016, Josh Smith, attorney, accepted an $10,800 cash advance from his client, James Company, for services to be performed over the next six months. In the context of the Boston Consulting Group's (BCG's) portfolio matrix, which of the following is a similarity between stars and cash cows? 40) In the computation of GDP, social security payments count as A) transfer payments and are included in GDP. 12/01/2022. 2 & 1 & 1 \\ The fixed cost per unit will decrease when volume increases. In the portfolio matrix, a _____ has low growth potential and a small market share. a. developmental 10) If Frito Lay, an American snack company, opens a new manufacturing facility in Mexico and produces snacks which are distributed in South America, then Mexicos GDP ________ and U.S. 11) The word final in the definition of GDP refers to. Each of the following are methods used to separate mixed costs into their fixed and variable components except: Which of the following is the correct statement about fixed costs? | Total | **$144,000** | **$150,000** | The bank statement received at the end of the month showed that this was an NSF check. A company has fixed costs of $50,000 while manufacturing a product that has variable costs of $4 per unit and sells for $14 per unit. Marketing myopia means long-term thinking. 36) Which is included in the government expenditure component of the expenditure approach to GDP? to your predictions? It had a total cost of $5,000. CVP analysis relies on all of the following assumptions except: Under a _____ costing income statement, only variable costs related to production are included in product costs. (b) Contracts negotiated under part 15 may be of any type or combination of types that will promote the Governments interest, except as restricted in this part (see 10 U.S.C.2306(a) and 41 U.S.C.3901).Contract types not described in this They lack physical existence. Total quality management theorizes that if workers are more responsible, they will ______. Unlike product development, market development involves opening businesses in markets that are already served by separate, well-established companies. 48) Comparing aggregate expenditure and aggregate incomes shows that, 50) Gross domestic product can be calculated. Study with Quizlet and memorize flashcards containing terms like What lists can be imported from Excel spreadsheets, when setting up a QuickBooks online company?, Which of the following is TRUE regarding your chart of accounts, when setting up a new QuickBooks company?, What company information does QuickBooks ask for when you first create a new QuickBooks online The ACC Tutoring Service provides tutoring to accounting students. A. outsourcing B. international marketing C. privatization D. globalization, In 2008 and 2009, the _____ became the forum though which major nations attempted to launch a coordinated policy response to the global financial Other Quizlet sets. Laelle Corp. is a company that produces large automotive spare parts. An absorption costing income statement for the most recent period is shown: Hi-Tek Manufacturing Inc. Income Statement Sales $ 2,100,000 Cost of goods sold 1,600,000 Gross margin 500,000 Selling and 19) GDP does not directly include intermediate goods because A) intermediate goods are not valuable. Gallatin Carpet Cleaning is a small, family-owned business operating out of Bozeman, Montana. _____ is a thorough, systematic, periodic evaluation of the objectives, strategies, structure, and performance of the marketing organization. In the context of the Boston Consulting Group's (BCG's) portfolio matrix, which of the following is a similarity between stars and question marks? $$ 80) Which of the following is a component of the incomes approach to GDP? 53) If Ford sells 200 Explorers for a total of $400,000 to Germany, while the United States imports. Executives must personally certify the company's financial statements. 4 & 2 \\ Management should periodically determine whether the amounts of physical assets of the company match the accounting records. Murphy uses direct labor-hours as its allocation base. and more. What would cause a bank statement not to agree with the cash balance in the accounting records? The marketing managers at Addoso Inc. have discovered that a new competitor is gaining more customers by selling products at lower prices. A company encourages employees to call an anonymous hotline if they believe other employees are circumventing internal control features. A company has a margin of safety of 20%. The greater the variation in potential outcomes, the greater the uncertainty faced by the decision maker; the smaller the variation in potential outcomes, the more predictable the decision maker's gains or losses. One of the most important internal controls for cash is the bank, List the steps for a bank reconciliation in the correct order. In the context of the Boston Consulting Group's (BCG's) portfolio matrix, unlike question marks, dogs: _____ is the strategy of preserving market share so that an organization can take advantage of the very positive cash flow. 18) Consumption expenditure is the payment by households for consumption of, 20) Personal consumption expenditures include. 4 & 0 & 3 Fixed costs are $15,000. The basic goal of _____ is to increase the short-term cash return without too much concern for the long-run impact. A product/service differentiation competitive advantage can be achieved by: Which of the following companies adopts a product/service differentiation competitive advantage? use in expensive homes, restaurants, and hotels. | Small tools | 700 | 1,400 | When properly created, a strategic business unit (SBU). Employees responsible for making cash disbursements are not in charge of cash receipts. b.More people choose to do their own home repairs when the The sales level in dollars to achieve the desired target income is $. In this case, Revel Inc. focuses on the _____ element of the marketing mix. The variable cost per unit does not change when volume changes. 117) In years with inflation, nominal GDP increases ________ real GDP. Using the high-low method, the estimated variable cost per hour is $, Match each example below to the correct cost type. The volume of tutoring is low at the beginning of the semester and increases before exams. The company's fixed costs are $30,000. 40) In the above figure, flow B represents households ________. 1 & 1 & 3 & 0 \\ 91) Which of the following is included in compensation of employees part of the income approach to measuring GDP? Prop 30 is supported by a coalition including CalFire Firefighters, the American Lung Association, environmental organizations, electrical workers and businesses that want to improve Californias air quality by fighting and preventing wildfires and reducing air Which of the following are detective controls? $$ The Zanin Ore Company declares a quarterly dividend of $0.24 a share on its no-par value common stock. | 4,000 | $.01$ | 3,700 | $.02$ | d.Convenience stores, which have higher prices than supermarkets, cater to busy people. The managers at Gemini have outlined several activities for their subordinates based on this marketing plan. the difference between expected sales and break-even sales divided by expected sales. The product sells for $10 per unit. d. They are classified as long-term assets., Which of the following characteristics do intangible assets possess? 55) Suppose Mail Boxes Etc. On May 24, the company receives $1,000 cash from customers for services performed in April. | (Fixed) Manufacturing building depreciation | 8,000 | 8,000 | Which of the following is an element of the marketing mix? In the context of implementation, which of the following statements is true of a task force? Unlike a sustainable competitive advantage, a cost competitive advantage: Jove Inc. is a chocolate manufacturer in the city of Lumberne. 153 was in the fi nished goods warehouse. RST desires to earn a target income of $20,000. Estimate the total number of standard direct labor hours that are needed to manufacture your products during 2021. In the context of the innovation matrix, decisions taken at the _____ level implement changes that use existing assets to provide added convenience to existing customers and potentially entice customers from other brands. Management must document the effectiveness of procedures that could affect financial reporting. The current fee is $28 per hundred square feet. The account was charged with direct materials, direct labor, and manufacturing overhead of $450, throughout the year. A company has sales of $125,000, variable costs of $45,000 and fixed costs of $30,000. | 3,500 | $.02$ | 3,200 | $.15$ | On the company's Web site, the following content is highlighted: "The aim of our business is to achieve profitability by offering our customers high-quality products that are manufactured in a cost-effective manner. On May 21, the company borrows $10,000 from the bank to finance its short-term capital requirements. Net income is understated and the balance in the Retained Earnings account is correct. Cost of goods sold is $6 per unit. What do we call the state of a neuron when it is not firing a neural impulse? Oscar's sells carpet each day but makes bank deposits only once per week. Deposits outstanding that have been recorded on the company's records, but not on the bank's. These costs include the costs of direct material, direct labor, and manufacturing overhead. 69) Using the information in the table above, calculate the governments budget deficit or surplus. Nerfs government expenditure on goods and services were ________. More people choose to get graduate degrees when the job The revised break-even point in dollars is $. Materials, labor and overhead C. Only materials and overhead D. Only Labor, The step down method begins allocating cost with the department that provides the ___ amount of service to other service departments, (Check all that apply.). leakages. Environmental scanning refers to the process of collecting and interpreting information about forces, events, and relationships in the external environment that may affect the future of the organization or the implementation of the marketing plan. 1. Our goals are to provide value to our customers, serve the community, and preserve the environment." blue, 20 percent orange, and 16 percent green. A) market value of all final and intermediate goods and services B) market value of all goods and services C) amount of final and intermediate goods and services D) market value of all final goods and services, 2) Gross | 1,500 | $.02$ | 1,200 | $.02$ | 7) In the definition of GDP, market value refers to, 8) In the United States, GDP is typically measured. ____________________________________________________________________________. Accounting personnel routinely reconciles the company's cash records with those of its bank to identify discrepancies. 120) Which of the following is NOT a component of the incomes approach to GDP? Closing entries never involve posting a credit to the: After preparing the financial statements for the current year, the accountant for Exquisite Gems closed the Dividends account at year-end by debiting Income Summary and crediting the Dividends account. 39) In the above figure, flow B represents ________. \text{End Balance}\hspace{47pt} Unlike an operating decision, a strategic decision probably will not have a big impact on the long-run profitability of the company. Department A manufactures parts in a highly automated process, then Department B assembles the parts by hand. RegiSure is a strategic business unit that shows low growth but has a dominant market share. Since it has a dominant market share, it should be additionally financed despite its low growth. The net income (or net loss) generated on the Income Statement appears at the top of the company's year-end balance sheet. Murphy Manufacturing estimated manufacturing overhead for 2013 to be $100,000. Although some of the work is custom, many of the cabinets are a standard size. A - \dfrac{1}{2}(b + B)h; A - 105, b-19,B-11~~~~ \underline{~~~~~~~~~~~~~~~~~~~~} Suppose you choose a sample of two M&Ms at a. Which of the following is true? The ABC Company had its highest level of production in May when they produced 4,000 units at a total cost of $110,000 and its lowest level of production in November when they produced 2,500 units at a total cost of $87,500. \end{array}\right] \quad B=\left[\begin{array}{llll} In this scenario, MaxNutri Inc. is working on its _____. Dr. Lewis studies the topic of crowding. Check 323 was written for $2,800 for advertising in February. How much overhead was applied to a job completed during 2013 that used 200 direct labor-hours? 18) Which of the following expenditures is for an intermediate good? 1 & 2 In this case, which of the following is an effective promotional strategy that the marketers can follow to improve product/brand awareness among the public? What kinds of costs are assigned to units of product in absorption costing (check all that apply)? | Loss Next Year | Probability | Loss Next Year | Probability | The distribution strategy in the marketing mix is concerned with: In the context of the marketing mix, which of the following business activities is most closely related to distribution strategies? Oscar's Red Carpet Store maintains a checking account with Academy Bank. Setting up equipment, placing purchase orders, and arranging shipments to customers are all examples of ________-level activities. \end{array}\right. b. If the company usually sells 5 basic models to 3 premium models, then the weighted-average break-even in units is, A company produces a product with variable costs of $2.50 per unit. Rues and West Bros., an ammunition manufacturer, defines its mission as being in the ammunition-production business rather than in the arms industry. A company's skills include patents, copyrights, and technology that are superior to those of the competition. Freulia Inc. manufactures and sells stationery and office supplies. Compute Naple's net income under absorption costing. The changes in the Retained Earnings account occurring during the accounting period. | 3,000 | $.25$ | 2,700 | $.30$ | $$ Which of the following is considered cash for financial reporting purposes? 3) GDP using the expenditure approach equals the sum of personal consumption expenditures plus, 4) The expenditure approach measures GDP by adding, 5) The four categories of expenditure used by the expenditure approach method to calculate GDP are, 6) In the equation, GDP = C + I + G + X - M, G refers to, 7) The components of the expenditure approach to measuring GDP include all of the following, 8) All of the following are components of the expenditure approach to measuring GDP EXCEPT, 9) The largest component of GDP in the expenditure approach is, 10) Of the following, the largest component of GDP is. Commonwealth Company has the following unit costs: direct materials $2, direct labor $4, variable overhead $1, fixed overhead $3. Income statement, statement of retained earnings, balance sheet. During the manufacturing process, incidental goods are overhead. All manufacturing costs, except indirect materials and indirect labor B. Discuss influences that have led to a change in lifestyle for nomadic peoples in North Africa. RST desires to earn a profit of $20,000. A year later, when the firm wants to upgrade to a new copier, it finds that the old copier is only worth $750. If an organization has a strategic business unit that has been classified as a star, harvesting would be an appropriate goal. Marketing objectives must be consistent with and indicate the priorities of the organization. The bank properly recorded the check for this amount. | 2,500 | $.30$ | 2,200 | $.30$ | ** Only overhead B. Authorizing transactions, recording transactions, and maintaining control of the related assets should be separated among employees. An entity incurs these costs during the production process. Build an impressive slide deck in minutes, craft an insightful icebreaker instantly, or find a new and creative way to engage your audience! | Computer costs | 10,000 | 10,000 | Nerfs GDP was $500 million, its consumer expenditure was $380 million, and its investment was $20 million. \end{array}\right] \quad D=\left[\begin{array}{ll} The management of the company has decided to adopt a product/service differentiation competitive strategy. If expected sales are $50,000, then break-even sales are: A company has sales of $125,000, variable costs of $45,000 and fixed costs of $30,000. Northern Bank credited Beaver's account for $15 of interest earned during April, Northern Bank notifies Beaver of an NSF check in the amount of $420, Northern Bank charges service fees of $40 to Beaver, Northern Bank collects $2,200 for a note owed to Beaver ($2,100 principal and $100 interest), Beaver's accountant made an error in recording check #354; the check was written for $670, but was recorded incorrectly as $760, An employee of Beaver Company used a company debit card to purchase office supplies, $80. 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