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  17) Which of the following factors would be considered irrelevant when evaluating equipment replacement decisions? A) the book value of the old machine B) manufacturing costs C) overhead costs D) product production costs E) useful life of new equipment   18) Ignoring tax consequences, how should the gain or loss on disposal of an old machine be treated in an equipment replacement decision? A) used to defray installation costs of the new machine B) deducted from the accumulated amortization C) deducted from the cost of the new machine D) added to the accumulated amortization (or deducted from the cost) […]

  11) The person(s) directly responsible for the attainment of organizational objectives is/are A) staff management. B) line management. C) both staff and line management. D) the chief financial officer. E) the internal auditor.   12) As teamwork has become more prominent in the last few years, the traditional distinctions between staff and line management A) has increased. B) has become more important relative to promotions. C) has diminished. D) has only been evident in the employee reward system. E) has become less clear cut in the employee reward system.   13) The ________ is also called the chief financial […]

21) Maverick, Inc. converted a $4,000 account receivable from Roberto to a 75-day, 8% note receivable. The maturity value (assume a 360-day year) that will be due from Roberto in 75 days (round to nearest dollar) is: A) $4,000. B) $4,067. C) $4,320. D) some other number. 22) ACME Corporation lent $25,000 to Hastings, Inc. for 75 days at 7% interest on November 22, 2012. How much interest will have accrued to ACME Corporation on December 31, 2012, assuming a 360-day year? A) $364.58 B) $189.58 C) $175.00 D) Some other number 23) A note is signed on April 15, […]

  21) What is the change in operating profits if the one-time-only special order for 1,000 units is accepted for $180 a unit by Welch? A) $70,000 increase in operating profits B) $10,000 increase in operating profits C) $10,000 decrease in operating profits D) $75,000 decrease in operating profits E) $40,000 increase in operating profits Answer the following question(s) using the information below.   Grant's Kitchens is approached by Ms. Tammy Wang, a new customer, to fulfill a large one-time-only special order for a product similar to one offered to regular customers. The following per unit data apply for sales […]

  3.3   Learning Objective 3-3   1) The informal listing of the ledger accounts and their balances in the ledger to aid in providing the equality of debits and credits is the: A) journal. B) ledger. C) income statement. D) trial balance.   2) If the debit and credit totals of a trial balance are not equal, it could be due to the following type of error: A) Failure to record a transaction B) Recording the same erroneous amount for both the debit and the credit sides of a transaction C) Incorrectly calculating the debit side of the trial balance […]