Accounting: What costs should be considered when making non-routine decisions? (3) - The price of material, Factory overhead costs, and the price of
... [Show More] labor
Accounting: Total product/ units produced and sold equals?? - Product Cost per Unit
Accounting: What is a general explanation of what the contribution margin is? - The difference between variable costs subtracted from sales
Accounting: In a continuous budget plan how many months are generally planned? - 12 months
Accounting: Which of the following is not one of the weaknesses of standard costing - It makes accounting for price increases more accurate
Accounting: What are the potential ways to find the price of what a produced products should cost? (3) - Product cost concept, total cost concept, and variable cost concept
Accounting: Which report is the connecting link between the income statement and the balance sheet? - Cash flow statement
The net cash flow from operating activities normally differs from the amount of net income for the period. - True
Accounting: Expense accounts would have a balance on which side? - Left side
Accounting: A profit-making business operating as a separated legal entity and in which ownership is divided into shares of stock is known as a... - Corporation
Accounting: A debt may slightly - Increase in an asset account
Accounting: What would be classified as a current asset on the balance sheet - Accounts receivable
Accounting: What are the elements of internal control? (3) - Control environment, monitoring, and control procedures.
True or False: A cash distribution of earnings by a corporation to its stockholders is called a CASH DIVIDEND. The 3 conditions that a corporation must meet to pay a cash dividend are: sufficient retained earnings, sufficient cash, and formal action by the board of directors. - True
Accounting: Factors in computing depreciation are? - Initial cost + residual value = depreciable
Accounting: The statement of cash flows reports a firm's major cash inflows and outflows for a period. It provides useful information about a company's ability to do the following?? - Meet its financial obligations, generate cash from operations, and maintain and expand its operating capacity
Accounting: True or False: Notes receivables are amounts that customers owe for which a formal, written instrument of credit has been issued. If longer than a year it is considered an investment. - True
Accounting: The excess of current assets of a business over its current liabilities is called? - Working capital
Accounting: What 2 categories are considered under period costs? - selling expenses and administrative expenses
Accounting: The effect of a difference in the number of units sold, assuming no charge in unit sales price or unit cost is... - Quantity factor
Accounting: A cost that will not be affected by later decisions is termed an - Sunk Cost
Accounting: The unfavorable volume variance may be due to all but the following facts... - Unexpected increases in the cost of utilities
Accounting: What budget allows for adjustments in activity levels? - Flexible budget
Accounting: A budget that summarizes future plans for the acquisition of fixed assets is the... - Capital expenditures budget
Accounting: What are the standard framework of guidelines for financial accounting used in any given jurisdiction, also known as accounting standards?? - GAAP
Economics: What occurs when the price level rises? - People need to hold more money, so interest rates rise, making firms borrow and invest less
Economics: The federal government enacted regulation in the 1960's requiring people to wear seatbelt in their cars. All of the following resulted from this regulation, EXCEPT: - Fewer pedestrians were killed in car accidents.
Economics: Which of the following is true regarding the production possibilities frontier model of the economy? - Any point along the PPF represents an efficient level of production. [Show Less]