Question 12 Direct costs pertain to costs that: a

Question 12 Direct costs pertain to costs that: a

are traceable to a cost object. b. are not traceable to a cost object. c. are commonly incurred. d. are variable costs.

Question 13 Product costs are inventoried and treated as assets until: a. the next accounting period. b. related liabilities no longer exist. c. the period in which the products they relate to are sold. d. none of these.

Question 14 An example of a cost that is likely to have a direct relationship with products being manufactured: a. sales force salaries. b. depreciation of production equipment. c. salaries of production supervisors. d. production labor costs.

The exception is: offer and acceptance

Question 15 The contribution margin format income statement is organized by: a. responsibility centers. b. functional classifications. c. sales territories. d. cost behavior classifications. Question 16 Common costs pertain to costs that: a. are directly traceable to a cost object. b. are not directly traceable to a cost object. c. are commonly incurred. d. are direct costs.

Question 17 The three components of product costs are: a. direct material, supervisor salaries, selling expenses. b. direct labor, manufacturing overhead, indirect material. c. direct material, direct labor, manufacturing overhead. d. manufacturing overhead, indirect material, indirect labor.

A(n) __________ is a personal representative named by the court to perform as the executor would, in instances in which the deceased person has not left a will. judge administrator attorney agent

The law concerned with the unenforceable obligations that people have to one another is known as __________ law. country common constitutional moral

A private wrong that causes injury to physical well-being, property, or reputation of another person is called a(n): tort. crime. execution. misunderstanding.

The law allows for a certain amount of “sales talk,” or puffing, that is not considered as: undue influence. duress. fraudulent. misrepresentation.

All of the following are the characteristics that become the bases of product liability claims against manufacturers and sellers, EXCEPT: product flaw

The document that lists the general powers of a corporation is called the: memorandum of hierarchy. memorandum of association. articles of entrepreneurship. articles of incorporation.

The Uniform Commercial Code provides that when a merchant sells goods, he or she warrants that the goods will comply with the following requirements, EXCEPT: to pass without objection in the trade under the contract description. being unfit for the ordinary purposes for which such goods are sold. conforming with the promises or statements of fact made on the container or label. be adequately contained, packaged, and labeled as the agreement may require.

Patents, rights to drill for oil on someone’s land, and copyrights of creative works such as books are __________ possessions. special tangible inalienable intangible

The Securities Exchange Act of 1934 covers the trading of these same securities in the __________ market, defined as the place where one member of the public sells securities to another member of the public. primary secondary consumer labor

1.As mergers, acquisitions, and restructuring have increased in importance, agency theory has become more important in assessing whether: a. a stock repurchase should be undertaken. b. shareholder goals are truly being achieved by managers in the long run. c. managers are actually agents or only employees of the firm. d. managers and owners are actually the same people with the same interests.

2.Total asset turnover indicates the firm’s: a. liquidity. b. debt position. c. ability to use its assets to generate sales. d. profitability.

3.In developing data for accounts receivable for the pro forma balance sheet, the analyst is most likely to turn to the: a. pro forma income statement. b. cash budget. c. prior balance sheet. > d. statement of retained earnings.

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