A task force is a tightly organized unit under the direction of a manager who, usually, has broad authority. See the answer Manufacturing overhead is not: Expert Answer 100% (5 ratings) Manfacturing overhead is directly attributable to Product. 40) In the above figure, flow B represents households ________. Given the following expenditures during the year, calculate the amount capitalized as the cost of equipment. 88) The largest component of national income is A) compensation of employees. The Zanin Ore Company declares a quarterly dividend of $0.24 a share on its no-par value common stock. 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? ** Which of the following is the correct statement about variable costs? 3 & 2 & 0 & 1 Match each example below to the correct cost type. 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. A=\left[\begin{array}{rrr} 4 & 0 & 3 They describe the potential total physical damage losses next year to the fleets of delivery trucks of two different firms. 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. variable manufacturing overhead, and variable selling and administrative expenses. The term marketing mix refers to a unique blend of product, place (distribution), promotion, and pricing strategies (often referred to as the four Ps) designed to produce mutually satisfying exchanges with a target market. a very few products in large numbers, Categories The company's fixed costs are $30,000. Delat Corp. is a large corporation that offers several product lines. Determine net income for $20\times1$, assuming a $30 \%$ income tax rate. Actual overhead for the year was $120,000 and actual direct labor-hours were 7,500. Lead audit partners are required to change every five years. Under the absorption costing method, what is the total unit cost? Addoso Inc. manufactures electronic gadgets. 43) Which of the following transfer payments is included in GDP? 157 was the only job finished that was not sold. 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. When a company defines its mission statement based on its short-term objectives, it is said to be suffering from _____. M&Ms are blended in a ratio of 13 percent brown, 14 percent yellow, 13 percent red, 24 percent 156, 157, and 158 were started. Study with Quizlet and memorize flashcards containing terms like _____ can be defined as a set of activities directed at an organization's resources, with the aim of achieving organizational goals in an efficient and effective manner. An automatic withdrawal for Oscar's February rent was made on February 4 The volume of tutoring is low at the beginning of the semester and increases before exams. 118) Suppose an economy has some inflation. All manufacturing cost, except direct materials and direct labor. A. | Indirect labor | 43,000 | 51,000 | 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. **Use properties of limits and algebraic methods to find the limits, if they exist. $$ The costs are typically presented in the income statement as separate line items. b. 28) Which are examples of the gross private domestic investment component of GDP? ***Instructions*** Which of these matrices are square. The product sells for $10 per unit. McGregor Company allows customers to pay with credit cards. ($270,000 CR - $220,000 DR = $50,000 CR; Dividends are not closed to Income Summary). Study with Quizlet and memorize flashcards containing terms like CVP analysis looks at how _ is affected by sales price per unit, variable costs per unit, volume, and fixed costs., A cost remains unchanged when the volume of activity changes within the relevant range., Which of the following is the correct statement about variable costs? market is poor. 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. Marketing objectives must be consistent with and indicate the priorities of the organization. In the context of the marketing mix, which of the following business activities is closely associated with promotion? The formula used in a contribution margin income statement is: RST Company produces a product that has a variable cost of $6 per unit. Magnira Inc. plans to implement a market penetration strategy to increase its market share. Then, after a base year, the value of real GDP will A) be less than nominal GDP. Match each cost estimation method to its characteristics. 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. When a company finds out that an NSF check was written to the company, the company must ______ the balance in the cash account. A) The government buys new tires for its military vehicles. (Select all that apply. \end{array}\right] \quad B=\left[\begin{array}{llll} 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. Fixed costs are $15,000. Direct materials: 20 pounds x $6 per pound Direct labor: 5 hours x $16 per hour Variable manufacturing overhead: 5 hours x $4 per hour The following activity occurred during the month of November: Materials purchased: 250,000 pounds $5.20 per pound. 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. In the context of the marketing mix, the product includes: The product in the marketing mix includes: MaxNutri Inc. sells cookies and nutrition bars. Z=\left[\begin{array}{lll} Increasing 1) Gross domestic product is the total ________ produced within a country in a given time period. 24 terms. Study with Quizlet and memorize flashcards containing terms like The shift toward a more integrated and interdependent world economy is referred to as _____. It plans to adopt a product development strategy. Marketing myopia means long-term thinking. 120) Which of the following is NOT a component of the incomes approach to GDP? The credit card company charges McGregor 3% of the sale. **Required** Varion Air, an airline company, is providing promotional offers to mark its first anniversary. Its customers will be given a complimentary air ticket on the purchase of three business class tickets. 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. An indirect cost. The underbanked represented 14% of U.S. households, or 18. 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. Actual overhead for the year was $120,000 and actual direct labor-hours were 7,500. Beauden Barrett.Barrett's current salary is believed to be $1 million per season making him the highest paid player in rugby history.Barrett is yet to comment on the potential deal. Standard and actual overhead costs were as follows. Study with Quizlet and memorize flashcards containing terms like Job costing information is used _____. Which of the following examples illustrates a niche strategy? Question: Manufacturing overhead is not: A.) 42) Transfer payments are not included in GDP because A) their market value cannot be accurately determined. Estimate the fixed manufacturing overhead costs for the year 2021. Build an impressive slide deck in minutes, craft an insightful icebreaker instantly, or find a new and creative way to engage your audience! 69) Using the information in the table above, calculate the governments budget deficit or surplus. Gross domestic product is $3.0 million, and depreciation is $0.5 million. During the manufacturing process, incidental goods are overhead. 56) In the calculation of GDP by the expenditure approach, exports from the United States must be A) subtracted because they are included in the consumption of a foreign country. This job had charges for direct materials $3,800 and direct labor$4,800, plus manufacturing overhead. 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. After some discussion, she designed a simple system consisting of four activity cost pools. Within manufacturing overhead, some costs are fixed -- meaning, they don't tend to change as production increases -- and others are variable. A diversification strategy is ideal when a firm is entering unfamiliar markets. 61) ________ is gross investment minus ________. 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? Which account(s) are debited in the journal entry to record manufacturing labor costs? 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 A : legal political B : sociocultural C : technological D : economic E : task Which of the following statements is true of the price component of the marketing mix? 40) In the computation of GDP, social security payments count as A) transfer payments and are included in GDP. 23) All of the following household expenditures are included in consumption expenditure EXCEPT A) payment to a dentist for filling a tooth. 12/01/2022. Drafi Arts Corp. makes and sells original handicraft goods. | 500 | $.01$ | 200 | $.01$ | In a target market strategy, identifying the market segment or segments begins with a market opportunity analysis (MOA). Income tax return, income statement, balance sheet. She often wonders why people can feel crowded in an elevator that has 810 people in it but not at a large sporting event where more than 2,000 people are present. $16,640 ($21,920 - $3,200 - $1,120 - $960 = $16,640). The purpose of making closing entries is to: Prepare revenue and expense accounts for the recording of the next period's revenue and expenses. d.Convenience stores, which have higher prices than supermarkets, cater to busy people. Contribution margin per unit contributes to covering ______ costs and then generating _____ on a per unit basis. Study with Quizlet and memorize flashcards containing terms like When using process costing, which of the following can be added in any department? $$ (b) Determine how much overhead was applied to production. 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. The product sells for $10 per unit. The managers at Gemini have outlined several activities for their subordinates based on this marketing plan. In this scenario, MaxNutri Inc. is working on its _____. Adjustments to the balance per books for items discovered on the bank reconciliation that were not yet recorded on the books, Cash disbursements that have been recorded in the company's accounting records but are not yet recorded, When adjusting the company's cash account balance in a bank reconciliation, which items reduce the company's cash account balance? 155. 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. The sales level in dollars to achieve the desired target income is $. 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. _____ is a thorough, systematic, periodic evaluation of the objectives, strategies, structure, and performance of the marketing organization. Manufacturing costs are the costs incurred during the production of a product. 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. 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. The basic model has a variable cost of $75 and sells for $100. 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. In the context of marketing planning, implementation involves: In the context of marketing planning, which of the following statements is true of implementation? Study with Quizlet and memorize flashcards containing terms like Operations management is concerned with the _____ of a firm's productive systems. 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. The firm loses its competitive advantage with the entry of new competitors. Maker's Company produces a product that has a variable cost of $4 per unit. Round to the nearest hundredth, if applicable. (Drag the items to put them in the proper order with the first step on top. Normal production is 1,000 units. Increasing a product's use, Finding new customers, Creating a new use situation, Match the example with the correct market Which of the following are ways Darla's business could engage in the global market., A weak Construction companies regularly rely on job costing to evaluate their projects. brown? The use of one's occupation for personal enrichment through the deliberate misuse or misapplication of the employer's resources is called occupational, A periodic performance review is an example of a(n) _____ control, Internal control consists of plans to (Select all that apply. 13. | (Fixed) Trucks and forklift depreciation | 1,500 | 1,500 | Market segments cannot be differentiated by ethnicity and multicultural aspects. Margot can find the information in Ziegler's: (Select all that apply. Study with Quizlet and memorize flashcards containing terms like True, True, e and more. Employees responsible for making cash disbursements are not in charge of cash receipts. During the most recent month, only 900 units were produced; 4,500 direct labor hours were allowed for standard production, but only 4,000 hours were used. Estimate the total number of standard direct labor hours that are needed to manufacture your products during 2021. a. 6) GDP is defined as the market value of all ________ in a given time period. The construction in progress account is equivalent to which account in a manufacturing environment? Committee of Sponsoring Organizations (COSO) of the Treadway Commission. Their unit selling price is $10. 34) The circular flow diagram indicates that, 35) In the circular flow model of an economy, households, 36) In the circular flow diagram, aggregate expenditure includes the sum of, 37) In the circular flow of economic activity, 38) In the circular flow diagram, aggregate expenditure includes. 24) Gross private domestic investment is all purchases of newly produced business capital goods and buildings. The revised break-even point in dollars is $. Sales mix is the proportion of _____ for various products. 79) Which of the following expressions equals GDP? The key to having a competitive advantage is the ability to imitate a competitor's strategy. 4. 158 was unfinished. In the context of SWOTinternal strengths (S) and weaknesses (W) and external opportunities (O) and threats (T)analysis, which of the following actions should be taken by the marketing managers at Addoso Inc.? Income statement, statement of retained earnings, balance sheet. \end{array}\right] \quad D=\left[\begin{array}{ll} 28) The circular flow of income shows that. Fresnas Inc. introduced a new line of smartphones in the market. 25) The difference between gross investment and net investment is A) inflation. The on-site supervisors claim that the estimators do not adequately distinguish between routine work, such as removal of asbestos insulation around heating pipes in older homes, and nonroutine work, such as removing asbestos-contaminated ceiling plaster in industrial buildings. If a company records a transaction before the bank records the same transaction, this is called a/an ______ difference. Compute Mandolin's net income under variable costing. Include: Currency, short term investment, balance in checking, balance in savings, checks, and coins. $$ ), adjust bank, adjust company, update company cash, Cash receipts that have been recorded in the company's accounting records but are not yet recorded by the bank are. Step 2. 1. A product/service differentiation competitive advantage can be achieved by: Which of the following companies adopts a product/service differentiation competitive advantage? This includes things such as: Glue Nails Paint Stain Although glue may be necessary to produce a good, it isnt feasible for you to count exactly how much glue is used for each good and to determine the cost of that glue. **Use the following matrices** | Firm A | | Firm B | | They are financial instruments. Since it generates huge profits and needs more financing, the new line of smartphones can be categorized as dogs. 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. Opening the mail and deposit of checks in the bank; Depositing checks into the bank and recording receipts in the accounting records. Determine the number of completed units manufactured during the year. The management of the company has been successfully using a niche strategy for many years. Which of the following account titles would not be debited in the process of preparing closing entries for Andrew's Auto Shop? Which of the following is an element of the marketing mix? 23) GDP counts only final goods and services because this. Individuals in the age group of 11 to 16 years who extensively use the internet is an example of a market segment. 32) In the national income accounts, the purchase of a new house counts as A) consumption expenditure. \text{Beg. Use the formula found in Exercise $33$ to find fair odds for the game of roulette with one green number as described in Exercise $27$. Which of the following statements is true of an effective business mission statement? 75) The income approach to measuring GDP sums together. A) to determine target customers B) to calculate the percentage of completion C) for internal financial reporting D) to enhance public relations, Product costing information will include _____. The new machine would decrease the variable cost to $3, but increase fixed costs by $5,000. Provided below are items related to Beaver Company during the month of April. Which of the following are preventive controls? 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. Over the year the copier was used, ________ has occurred. Create truly unique presentations Use a wide range of interactive slides to pose questions, gather feedback, and connect with your audience. 98) Which of the following best represents an indirect tax? 11) Which of the following is NOT part of the expenditure approach to measuring GDP? Their direct materials are $8, direct labor is $6 and total overhead is $5 of which $3 is variable. 0 & 0 & 0 \\ Assuming all other factors remain constant, if variable cost per unit increases, then the break-even point will: The break-even point can be expressed as sales in, RST Company produces a product that has a variable cost of $6 per unit. 18) Which of the following expenditures is for an intermediate good? \$\hspace{5pt}\text{(i)}& \\ \\ | (Fixed) Engineering costs | 27,000 | 25,000 | Which of the following is an example of a preventive control in a company? RST desires to earn a profit of $20,000. In general, investment risk is typically measured by computing the variance or standard deviation of the probability distribution that describes the decision maker's potential outcomes (gains or losses). | Loss Next Year | Probability | Loss Next Year | Probability | The company's fixed costs are $30,000. How many units must be produced to break-even, LMN Company produces a product that sells for $1. Each unit has a direct labor hour standard of 5 hours. Study with Quizlet and memorize flashcards containing terms like Hi-Tek Manufacturing, Inc., makes two types of industrial component partsthe B300 and the T500. The concept of adequate disclosure requires a company to inform financial statement users of each of the following, except: Income projections for the next five years based upon anticipated market share of a new product; the new product was introduced a few days before the balance sheet date. In this case, which of the following is true of its promotional strategy? 1. The basic model has a variable cost of $75 and sells for $100. 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. This is an example of _____. | (Fixed) Machinery depreciation | 3,000 | 3,000 | Update the company's Cash account by recording reconciling items related to the bank's cash balance, When a person intentionally deceives another person or company for personal gain, this is referred to as, A company's plans to safeguard company assets and enhance the reliability and accuracy of accounting information are referred to as, The framework for designing an internal control system is provided by the. \end{aligned} | Indirect materials | $12,000 |$ 12,300 | A company has a margin of safety of 20%. The bank statement received at the end of the month showed that this was an NSF check. According to Ansoff's strategic opportunity matrix, which of the following is true of Apcon Mobiles Inc.? The company's fixed costs are $40,000. 85) Which of the following is NOT included in the income approach to measuring GDP? The product sells for $10 per unit. Contacting Overhead Power Lines. It follows a target market strategy as its products are designed to suit the needs of a group of people with similar characteristics. | 4,500 | $.01$ | 4,200 | $.02$ | Which of the following activities is carried out during implementation of a marketing plan? To acquire new customers, it decides to launch its own sim cards in new markets. Calculate Lone Oak's cost of goods manufactured. On December 1, Job No. One of the most important internal controls for cash is the bank, List the steps for a bank reconciliation in the correct order. The revised break-even point in dollars is $. reconciliation, performance reviews, audits, A bank reconciliation reconciles the bank statement with the company's. The company had which of the following: Of the following, which is not an alternative title for the income statement? Which of the following financial statements is usually prepared first? $$ More people choose to get graduate degrees when the job 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? What is credited in the journal entry to record the purchase of materials? 4 & 2 \\ 116) Which of the following is TRUE regarding real GDP? When adjusting the company's cash account balance in a bank reconciliation, which item must be added to the cash account balance? | 1,000 | $.01$ | 700 | $.02$ | Murphy uses direct labor-hours as its allocation base. | | Standard (1,000 units) | Actual (900 units) | \begin{aligned} Which of the following accounts will be closed to Income Summary? 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. Authorizing transactions, recording transactions, and maintaining control of the related assets should be separated among employees. A year later, when the firm wants to upgrade to a new copier, it finds that the old copier is only worth $750. Calculate Lone Oak's manufacturing overhead for the year. Management must document the effectiveness of procedures that could affect financial reporting. Unlike an operating decision, a strategic decision probably will not have a big impact on the long-run profitability of the company. 0 & 0 & 0 \\ Total quality management theorizes that if workers are more responsible, they will ______. Earlier this year, Barrett and his long-time girlfriend Hannah Laity got engaged. Other Quizlet sets. The contribution margin per unit is $, A statistical method for identifying cost behavior is called. A(n) _____ is any event that causes consumption of overhead resources. 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. According to Ansoff's strategic opportunity matrix, if Laelle Corp. follows a market development strategy. 22) Double counting (counting the same thing twice) in GDP accounting is avoided by not including A) net exports. The break-even point in sales dollars is $. In the context of the marketing mix, promotion includes: In the context of the marketing mix, which of the following is an element of promotion? 58) Gross investment equals net investment plus. Manufacturing overhead was $1,470 underapplied in December. buys a new copier for its store for $1000. Audit firm cannot provide a variety of other services to its client, such as investment advising. Under the (absorption,variable) costing method only costs which vary with changes in production volume are assigned to products. There are two types of overhead, which are administrative overhead and manufacturing overhead. Phillips Corporations fiscal year ends on November 30. | 3,000 | $.25$ | 2,700 | $.30$ | Identify cash equivalents from the listed items. Ana Carillo and Associates is a medium-sized company located near a large metropolitan area in the Midwest. $$, **Investment risk analysis**. 38) Which of the following is included in government expenditures when measuring GDP? 19) GDP does not directly include intermediate goods because A) intermediate goods are not valuable. 1 & 2 & 3 \\ Physical existence. 39) In the above figure, flow B represents ________. Check out a sample Q&A here Which of the following is not one of the categories into which manufacturing costs are generally classified? Income statement, annual report, balance sheet., Assets are (Select all that apply.). Study with Quizlet and memorize flashcards containing terms like 1) Gross domestic product is the total ________ produced within a country in a given time period. Which of the following should be the main focus of marketers in accordance with distribution strategies? CVP analysis looks at how _ is affected by sales price per unit, variable costs per unit, volume, and fixed costs. 5. c. social What is the effect of this entry on current-year net income and the balance in the Retained Earnings account at year-end? Aggregate income is the flow of income earned by firms. Overhead is applied to production based on 95) Which of the following is included in the category of corporate profits when measuring GDP? (j) Indicate the amount pertaining to each letter. (d) Both green? Which of the following statements is true of a marketing audit? &F=\left[\begin{array}{rrr} Some transactions of Blue River Company are given below. 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 The break-even point in sales dollars is $. The new machine would decrease the variable cost to $4, but increase fixed costs by $15,000. 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, About Our Coalition. What kinds of costs are assigned to units of product in absorption costing (check all that apply)? Closing entries would be prepared before: All of the following statements are true regarding the Income Statement except? Examples of costs that are included in the manufacturing overhead category are as follows: Depreciation on equipment used in the production process Property taxes on the. 22) Personal consumption expenditures include all of the following EXCEPT spending on A) consumer durable goods. ; 03-04 Compute underapplied or overapplied overhead cost and prepare the journal entry to close the balance in Manufacturing Overhead to the appropriate accounts. c. There are more parks in suburban areas than in urban areas. What is the primary purpose of a bank reconciliation? The management of the company has decided to adopt a product/service differentiation competitive strategy. b. physiological neither variable nor fixed only fixed both variable and fixed only variable, Companies that use job-order costing make ______. We indicated above that the fixed manufacturing overhead costs are the rents of $700 per month, or $8,400 for the year 2021. 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, ________________________________________________________________________________________________, ______________________________________________________________________________. 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. Pay employee salaries of $540 by issuing checks. the difference between expected sales and break-even sales divided by expected sales. It had a cost of$4,000. 80) Which of the following is a component of the incomes approach to GDP? Commonwealth Company has the following unit costs: direct materials $2, direct labor $4, variable overhead $1, fixed overhead $3. Use the concept of opportunity cost to explain the following Effective internal control over cash requires segregation of duties. Fixed costs are $150,000. This content is most likely to be Delat Corp.'s _____. 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. According to Ansoff's strategic opportunity matrix, both product development and diversification entail creating new products. After examining the August bank statement and items included with it, the company's accountant found: Subtract nsf, add note, and subtract service fee. In a bank reconciliation, which of the following will require a journal entry by the company? 84) Which of the following is NOT one of the components for computing GDP based upon the income approach? The employees are required to finish these activities within a month. Gallatin Carpet Cleaning is a small, family-owned business operating out of Bozeman, Montana. With this modification, its customers can now buy the smartphones even if they are not sold in any of the stores in their locality. T OF R, Unlike product development, market development involves opening businesses in markets that 16) Intermediate goods are excluded from GDP because, 17) A ton of coal purchased by your local utility to burn to make electricity would be best described as. Retained Earnings at the end of a period: Is determined in the Statement of Retained Earnings. 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. Suppose you choose a sample of two M&Ms at and more. Demands a "good faith effort" by management. As directed by top management, I simply multiply the square footage by $2.50 to determine the bid price. A company sells two models of a productbasic and premium. 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 The on-site supervisors believe that nonroutine work is far more expensive than routine work and should bear higher customer charges. 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. The activity cost pools and their activity measures appear below. The break-even point is units. situations. | (Fixed) Manufacturing building depreciation | 8,000 | 8,000 | 29) Which of the following is true regarding the circular flow diagram? Collin Corp. purchases equipment to be used in manufacturing. 91) Which of the following is included in compensation of employees part of the income approach to measuring GDP? \lim _{x \rightarrow-1 / 3} \frac{1\ -\ 3 x}{9 x^2\ +\ 1} Study with Quizlet and memorize flashcards containing terms like Costs assigned to units of product in absorption costing include ______ manufacturing costs. b) Work in process and Manufacturing overhead. A firm's assets are functionssuch as customer service and promotionsthat the firm performs better than its competitors. C.) This problem has been solved! 59) Last year in the country of Nerf imports equaled exports. In the context of the Boston Consulting Group's (BCG's) portfolio matrix, a _____ is a strategic business unit that generates more cash than it needs to maintain its market share. 2 & 1 & 1 \\ 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. 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. 13) Which of the following is a final good? 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. They estimated that 5,000 hours would be used in 2013. 18) Consumption expenditure is the payment by households for consumption of, 20) Personal consumption expenditures include. According to Ansoff's strategic opportunity matrix, a firm that adopts a diversification strategy: Apcon Mobiles Inc. is a popular cell phone manufacturing company. Compute Naple's net income under absorption costing. 12. According to the Boston Consulting Group's (BCG's) portfolio matrix, a star is a fast-growing market leader. A company can gain a cost competitive advantage by: Which of the following practices can help businesses gain a cost competitive advantage? RST desires to earn a target income of $20,000. 46) Total output and total income in the circular flow model A) are measures of the economys level of savings. \end{array}\right] \quad G=\left[\begin{array}{lll} 153 was in the fi nished goods warehouse. To prevent improper use of the company's resources, only certain employees are allowed to carry out certain business activities. 53) If Ford sells 200 Explorers for a total of $400,000 to Germany, while the United States imports. Create a presentation outlining the leatherback sea turtle's migration and mating patterns in map and graph/chart forms. ), provide accurate and reliable accounting information. Explain. | 4,000 | $.01$ | 3,700 | $.02$ | | Small tools | 700 | 1,400 | 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. \text{Direct Materials}\hspace{25pt} Which of the following duties should be segregated? (Enter one word per blank. Study with Quizlet and memorize flashcards containing terms like 1) Which of the following is true with regard to personal selling? 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. 4) Gross domestic product (GDP) is the ________ in a given time period. The product sells for $12 per unit. 43) Which of the following are equal to one another? Check 323 was written for $2,800 for advertising in February. Freulia Inc. manufactures and sells stationery and office supplies. answer: FALSE Difficulty: 1 Easy Topic: The Flow of Costs in Job-Order Costing; Underapplied and Overapplied Overhead Learning Objective: 03-02 Use T-accounts to show the flow of costs in a job-order costing system. 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