1. The function of a cost accounting system (i.e, job-order or process cost system) is to value inventory and cost of good sold.
A. True
B. False



2. When compared to financial accounting, managerial accounting is less rules based and more subjective.
A. True
B. False



3. Merchandising businesses take raw materials, direct labor, and factory overhead and produce a product.
A. True
B. False

4. The payment of cash (or the commitment to pay cash in the future) for the purpose of generating revenues is known as:
A. Financial Accounting
B. Managerial Accounting
C. A Cost
D. A Manufacturing Business

Please use the following for questions 1 & 2.
Acme Manufacturing had the following transactions:
A. Purchased $60,000 of raw materials.
B. Transferred $40,000 of raw materials into the production process.
C. Incurred $50,000 of direct labor costs.
D. Applied $20,000 of factory overhead.
E. Transferred $100,000 to finished goods.
F. Sold goods costing $80,000 for $140,000.
G. Incurred $10,000 of selling costs.
H. Incurred $5,000 of administrative costs.

1. Net income for Acme Manufacturing was:
A. $140,000
B. $60,000
C. $45,000
D. $50,000



2. TOTAL inventory costs remaining are:
A. $20,000
B. $10,000
C. $50,000
D. $60,000


3.. The cost of a manufactured product generally consists of which of the following costs?
A. direct materials cost and factory overhead costs
B. direct labor cost and factory overhead costs
C. direct labor cost, direct materials cost, and factory overhead cost
D. direct materials cost and direct labor cost



4. When compared to financial accounting, managerial accounting is less rules based and more subjective.
A. True
B. False

 

1. The six stages of interactions between political actors that lead to the emergence and resolution of public policy issues is called
the fiscal-policy process.
the monetary-policy process.
the budgetary process.
the public-policy process.
the governmental process.

 
2. Which of the following is a true statement regarding the Cold War?
It never became an actual shooting war between the United States and the Soviet Union.
It was an extension of containment policy.
It included U.S. support for governments being threatened by communism.
The global power structure was bipolar.
All of the answers are correct.
 

3. The broad goals of the United States in the global economy include
maintaining access to world energy and other vital resources.
Sustaining an open system of trade that will promote domestic prosperity.
Keeping the widening gap between the rich and poor countries from destabilizing the global economy.
All of the answers are correct.
None of the answers are correct

 
4. The primary reason that the existence of Social Security greatly lessens the demand for other forms of social welfare is that
Social Security is so popular that many people believe other welfare programs are neither necessary nor desirable.
the anticipation of Social Security benefits upon retirement leads many people who need public assistance to believe there is a better life ahead if they will only wait for it.
Social Security checks keep millions of elderly Americans with no other substantial source of income out of poverty. the incentive of Social Security benefits upon retirement encourages individuals to work during their productive years, which reduces the need for other forms of social welfare, such as unemployment benefits.
None of the answers are correct.

1. Studies indicate that most unemployed American workers lost or left their jobs because
they are lazy.
of economic slowdowns and corporate restructuring.
they are undereducated for the work they are doing.

they wanted to be out of work in order to collect unemployment benefits.
they were not getting paid enough to cover their job-related expenses.
 
2. ________ was called the great leveler when it began in the early nineteenth century.
Social welfare
Public education
The federal government

The Internal Revenue Service
Social Security
 
3. The basis for containment policy was the assumption that
the territorial and ideological ambitions of an aggressor nation can only be blocked by determined opposition.
the spread of nuclear weapons is a danger to the world and must be stopped.

economic trade should be tailored to benefit the full industrialized nations through the formation of economic communities.
an arms race will inevitably escalate and therefore must be stopped through negotiations at an early stage.
terrorism can be contained within a few countries.
 
4. ________ led the communist takeover of China in 1949.
Mikhail Gorbachev
Jiang Zemin
Chiang Kai-Shek
Mao Zedong
Kim Jong Il

 

 

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