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BUS Capstone 475

Final Exam Part 2
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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

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1 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

1 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.

1 You work in marketing for a company that

produces work boots. Quality control has sent
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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%

1 __________involves ensuring proper strategic

controls and organizational designs.

Corporate governance

Strategy implementation

Business-level strategy

Corporate-level strategy

1 A post-closing trial balance will show:

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only income statement accounts

zero balances for balance sheet accounts

only balance sheet accounts

zero balances for all accounts

1 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.

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1 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

+1
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-1

1 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.

1 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

1 Which of the following can be represented by a

discrete random variable?

The circumference of a randomly generated circle

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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

1 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.

1 GAAP, compared to IFRS, tends to be more:

rules-based

simple in accounting requirements

principles-based
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simple in disclosure requirements

1 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

1 Sarbanes Oxley applies to:

U.S and international companies.

U.S. and Canadian companies but not other

international companies.

U.S companies but not international companies.

international companies but not U.S. companies.

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1 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

1 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.

1 Which trial balance will consist of the greatest

number of accounts?
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Trial balance

Adjusted trial balance

Balance

Post-closing trial balance

1 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.

1 Cost allocation of an intangible asset is

referred to as:

accretion

amortization

depreciation

capitalization
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1 According to the text, the triple bottom line

approach to corporate accounting includes
three components:

financial, environmental, and social

financial, organizational, and customer

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financial, environmental, and customer

financial, organizational, and psychological

1 An analyst believes the probability that U.S.

stock returns exceed long-term 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

1 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
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1 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

1 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.

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1 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.

1 Shaw Industries, a giant carpet manufacturer,

increases its control over raw materials by
producing much of its own polypropylene fiber,
a key input to its manufacturing process. This
is an example of _______________.

using related diversification to achieve value by

leveraging core competencies to achieve economies
of scope

using related diversification to achieve value by

pooling negotiating power to achieve market power
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using related diversification to achieve value by

integrating vertically in order to attain economies of
scope

using related diversification to achieve value by

integrating vertically in order to acquire market
power

1 Which of the following can be represented by a

continuous random variable?

The average temperature in Tampa, Florida, during

the month of July

The number of customers who visit a department

store between 10:00 a.m. and 11:00 a.m. on
Mondays

The number of students who will get financial

assistance in a group of 50 randomly selected
students

The number of typos found on a randomly selected

page of this test bank

1 Which of the following controls would best help

detect the removal of a blank check by an
employee from the back of a company's
checkbook for subsequent misappropriation of
funds?
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An accounting policies manual

Tracing any debit memorandums from the bank to

the company's records

A review of the cash budget

The use of pre-numbered checks

1 A SWOT analysis is a framework for analyzing a

firms environments. A SWOT is made up of

Internal environmental analysis of threats and

weaknesses.

Internal strengths and weaknesses; external threats

and opportunities.

Internal threats and weakness and external strengths

and opportunities.

External analysis of strengths and opportunities.

1 Trumpeting Trumpets has the following

inventory data:
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July 1: Beginning 30 units at

inventory $120
July 5:
180 units
Purchases
at $112

July 14: Sale 120 units

July 21: 90 units at
Purchases $115
July 30: Sale 84 units

Assuming that a periodic inventory system is used,

what is the cost of goods sold on a FIFO basis?

$23,088

$11,022

$10,992

$23,118

1 Which of these statements regarding the

industry life cycle is correct?

It points out the need to maintain a differentiation

advantage and a low cost advantage simultaneously.

Trends suggested by the market life cycle model are

generally not reversible or repeatable.
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It has important implications for company generic

strategies, functional areas, value-creating activities,
and overall objectives.

Part of the power of the market life cycle is its ability

to serve as a short-run forecasting device.

1 What is a difference between merchandising

companies and service enterprises?

Merchandising companies must prepare multiple-step

income statements and service enterprises must
prepare single-step income statements.
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Cost of goods sold is an expense for service

enterprises but not for merchandising companies.

The operations in merchandising companies and

service enterprises are identical.

Merchandising companies generally have a longer

operating cycle than service enterprises.

1 Which of the following meets the requirements

of a simple random sample?

A population contains 10 members under the age of

25 and 20 members over the age of 25. The sample
will include six males chosen at random, without
regard to age.

A population contains 10 members under the age of

25 and 20 members over the age of 25. The sample
will include six people who volunteer for the sample.

A population contains 10 members under the age of

25 and 20 members over the age of 25. The sample
will include six people chosen at random, without
regard to age.
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A population contains 10 members under the age of

25 and 20 members over the age of 25. The sample
will include two people chosen at random under the
age of 25 and four people chosen at random over 25.

1 The acquisition of treasury stock by a

corporation:

increases its total assets and total stockholders

equity.

requires that a gain or loss be recognized on the

income statement.

has no effect on total assets and total stockholders

equity.

decreases its total assets and total stockholders

equity.

1 WellPoint Health Network states: WellPoint will

redefine our industry: through a new
generation of consumer-friendly products that
put individuals back in control of their future.
This is an example of a:

Vision statement

Vague statement of direction

Strategic objective
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Line mangers individual goal

1 If a corporation issued $8,000,000 in bonds

which pay 5% annual interest, what is the
annual net cash cost of this borrowing if the
income tax rate is 30%?

$400,000

$120,000

$4,000,000

$280,000

1 International Financial Reporting Standards

(IFRS):

implies that receivables with different characteristics

should be reported separately.

implies that receivables with different characteristics

should be reported as one un-segregated amount.

requires that receivables with different

characteristics should be reported as one un-
segregated amount.

requires that receivables with different

characteristics should be reported separately.
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1 Assume that the Fitzgerald Corporation uses

the indirect method to depict cash flows.
Indicate where, if at all, accounts receivable
collected would be classified on the statement
of cash flows.

Does not represent a cash flow.

Operating activities section.

Financing activities section.

Investing activities section.

1 Shaw Industries, a giant carpet manufacturer,

increases its control over raw materials by
producing much of its own polypropylene fiber,
a key input to its manufacturing process. This
is an example of _______________.

using related diversification to achieve value by

integrating vertically in order to acquire market

power
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using related diversification to achieve value by

leveraging core competencies to achieve economies
of scope

using related diversification to achieve value by

pooling negotiating power to achieve market power

using related diversification to achieve value by

integrating vertically in order to attain economies of
scope
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1 In multiple regression, plot the residuals

against ____ to detect changing variability.

The response variable

The predicted values

Collinear variables

All explanatory variables

1 On March 1st, Candy, Inc. had supplies on hand

of $1,500. During the month, Candy purchased
supplies of $2,900 and used supplies of
$2,800. The March 31st balance sheet should
report what balance in their supplies account?

$2,800

$1,500

$1,600

$2,900

1 Which of the following requirements about

internal controls were enacted under the
Sarbanes Oxley Act:

Companies must assess the functionality of internal

controls only when a violation occurs.
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Companies must develop sound internal controls

over financial reporting.

Independent outside auditors must eliminate

redundant internal controls.

Internal auditors replace independent outside

auditors when evaluating the level of internal control.

1 The four key attributes of strategic

management include the idea that:

Strategy must be focused on competitor strengths.

Strategy must be directed toward overall

organizational goals and objectives.

Strategy must be focused on one specific area of an

organization.

Strategy must be focused on long-term objectives.

1 Which financial statement would best indicate

whether the company relies on debt or
stockholders equity to finance its assets?

Statement of cash flows

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Retained earnings statement

Income statement

Balance sheet

1 When collection is made on Accounts

Receivable,

total assets will decrease.

stockholders equity will increase.

total assets will increase.

total assets will remain the same.

1 The manager of Weiser is given a bonus based

on net income before taxes. The net income
after taxes is $35,700 for FIFO and $29,400 for
LIFO. The tax rate is 30%. The bonus rate is
20%. How much higher is the manager's bonus
if FIFO is adopted instead of LIFO?

$12,600

$9,000

$6,300

$1,800
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1 Sampling is used heavily in manufacturing and

service settings to ensure high-quality
products. In which of the following areas would
sampling be inappropriate?

Cell phone manufacturing

Custom cabinet making

Computer assembly

Technical support by phone

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1 Interest may be included in the acquisition cost

of a plant asset:

if the asset is purchased on credit.

during the construction period of a self-constructed

asset.

if it is a part of a lump-sum purchase.

if the asset acquisition is financed by a long-term

note payable.

1 The owner of a company has recently decided

to raise the salary of one employee, who was
already making the highest salary, by 20%.
Which of the following is(are) expected to be
affected by this raise?

Median only

Mean and median only

Mean only

Mean, median, and mode

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