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BUS 475 Capstone Final

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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7. The preparation of adjusting entries is:


Straightforward because the accounts that need adjustment will be out of balance
needed to ensure that the expense recognition principle is followed.
Only required for accounts that do not have a normal balance.
Optional when financial statements are prepared.
8. In a simple linear regression model, if the plots on a scatter diagram lie on a
straight line, what is the standard error of the estimate?
Infinity
0
+1
-1
9. The fraud triangle applies to:
U.S. and Canadian companies, but not other international companies.
U.S companies but not international companies.
U.S and international companies.
International companies but not U.S. companies.
10. According to value-chain analysis, which of the following would be
considered part of the general administration in a firm?
Information systems
Procurement
Technology development
Human resource management
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11. Which of the following can be represented by a discrete random variable?


The circumference of a randomly generated circle
The number of defective light bulbs in a sample of five
The time of a flight between Chicago and New York
The average distance achieved in a series of long jumps
12. What is an advantage of the correlation coefficient over the covariance?
It falls between 0 and 1.
It falls between -1 and 1.
It falls between -1 and 1; and it is a unit free measure, therefore making it easier
to interpret.
It is a unit-free measure, therefore making it easier to interpret.
13. GAAP, compared to IFRS, tends to be more:
Rules-based
Simple in accounting requirements
Principles-based
Simple in disclosure requirements
14. The resource-based view (RBV) of the firm combines two perspectives:
The internal analysis of the firm and the external analysis of the industry and
competitive environment
the primary and support activities of the firm
The industry and the competitive environment
The interrelationships among the primary activities of the firm and corporate
management
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15. Sarbanes Oxley applies to:


U.S and international companies.
U.S. and Canadian companies but no other international companies.
U.S companies but not international companies.
International companies but not U.S. companies.
16. Is it possible for a data set to have no mode?
No, unless there is an odd number of observations
Yes, if two observations occur twice
Yes, if there are no observations that occur more than once
No, if the data set is nonempty, there is always a mode
17. Under the accrual basis of accounting:
Events that change a company's financial statements are recognized in the period
they occur rather than in the period in which cash is paid or received.
The ledger accounts must be adjusted to reflect a cash basis of accounting before
financial statements are prepared under generally accepted accounting principles.
Cash must be received before revenue is recognized.
Net income is calculated by matching cash outflows against cash inflows.
18. Which trial balance will consist of the greatest number of accounts?
Trial balance
Adjusted trial balance
Balance
Post-closing trial balance
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19. Vertical analysis is a technique that expresses each item in a financial


statement: in dollars and cents.
As a percent of a base amount.
As a percent of the item in the previous year.
starting with the highest value down to the lowest value.
20. Cost allocation of an intangible asset is referred to as:
Accretion
Amortization
Depreciation
Capitalization
22. An analyst believes the probability that U.S. stock returns exceed longterm corporate bond returns over a 5-year period is based on personal
assessment. This type of probability is best characterized as a(n)
____________.
Subjective probability
Objectivity probability
Empirical probability
A priori probability
23. Green, Inc. had 200,000 shares of common stock outstanding before a
stock split occurred and 800,000 shares outstanding after the stock split. The
stock split was:
2-for-8
1-for-8
8-for-1
4-for-1

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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