Professional Documents
Culture Documents
Examination Part 2
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
2. 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
3. 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.
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4. 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.
97.5%
95%
2.5%
5%
5.__________involves ensuring proper strategic controls and organizational
designs.
Corporate governance
Strategy implementation
Business-level strategy
Corporate-level strategy
6. 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
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24. 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.
25. 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.
26. 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.
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