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Principles of Accounting

Principles of Accounting 1
1) When calculating the employee’s payroll the clerk forgot about the wage base limits. What impact could this error cause on the employee’s check?
a. SUTA could be overstated
b. FICA-OASDI could be overstated
c. FUTA could be overstated
d. All of the above

2) The term used when the seller is responsible for the cost of freight is:
a. Purchases.
b. F.O.B. destination
c. F.O.B. shipping point.
d. Freight-in.

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3) When the adjustment for depreciation is made:

a. Total liabilities increase.
b. Total expenses decrease.
c. Total assets decrease.
d. None of the above.
4) To records receipt of money after an account has been written off using the direct method, you would need to:
a. Record the receipt of cash.
b. Credit Bad debts recovered.
c. Reopen the customer’s account receivable
d. All of the above
a. Credit interest expense and debit interest income.
5) An adjustment that must be made for the accrued interest on a note payable is to:
a. Debit interest expense and credit interest payable
b. Debit interest expense and credit interest income.
c. Debit interest expense and credit cash.
d. Credit interest expense and debit interest income.
6) If a company does not pay its note payable on the agreed upon date, the note:
a. Is discounted at a higher rate of interest
b. Is automatically placed in collection with an outside agency.
c. Is dishonored by the vendor.
d. Is renewed automatically for the same period of time.
7) Budgeting for items such as equipment and furniture would be considered:
a. General expenses.
b. Capital expenses.
c. Capital expenditures.
d. General expenditures.
8) The exclusive right to produce and sell a manuscript is called a:
a. Goodwill
b. Patent
c. Copyright
d. Franchise
9) Double-declining-balance method is used in the first year when straight-line should be used. The error would cause:
a. The period end assets to be overstated
b. The period’s net income to be understated
c. The period’s net income to be overstated.
d. None of the above.
Introduction to Accounting
1) Azucks is a socially responsible American company engaged in the manufacture of sports shoes. The CEO cautions that there is a disadvantage associated with the company planning increased globalization of production. Which of the following is the most likely disadvantage he is referring to?
a. Heavy job losses can ensue in the domestic market.
b. Greater disparities in living standards will emerge.
c. Trade barriers will be reduced between countries.
d. Substantial job losses will occur in developing markets.
2) Entrepreneurs often have more than one goal for starting a business and becoming self-employed. Which of the following reasons is the LEAST common goal of entrepreneurs?
a. Seek independence and be their own boss
b. Earn a comfortable living for a period of time
c. Grow and expand a current business
d. Meet community or social obligations
3) What is the most important source of money for new business start-ups?
a. Banks
b. The small business administration
c. Personal resources
d. Government grants
4) Why do attitudes about entrepreneurship vary internationally?
A. Decision making in big business can overlook local customs.
B. Attitudes towards risk-taking in business are culturally determined.
C. Consumer attitudes are influenced by economic cycles.
D. Foreign-owned companies can be unresponsive to local markets.
5) Which factor plays a key role in determining an organization’s structure?
a. Competition and technology
b. Location and life-cycle stage
c. Profitability and leverage
d. Mission and strategy
6) Marketing managers often support the activities of political action committees (PACs). In doing this, which environment are they attempting to influence?
a. Competitive
b. Economic
c. Technological
d. Political-legal
Personal Finance
1) Which of the following items is not a liability?
a. The balance due on your credit card
b. The wages you give up to take a class
c. Your college loans
d. An IOU to your roommate.
2) Which of the following would increase your liquid assets?
a. Putting more of your salary in a 401(k)
b. Buying a new car
c. Buying rental property
d. Making regular deposits to a savings account at your bank
3) Yogi Berra Jr. has agreed to play for the New York Mets for $4 million per year for the next 10 years. What table would you use to calculate the value of this contract in today’s dollars?
a. Present value of a single amount
b. Present value of an annuity
c. Future value of a single amount
d. Future value of an annuity
4) Which of the following is a disadvantage of using credit?
a. Shopping convenience
b. Capacity to access credit in the future
c. Ease of returning merchandise
d. Slowing of progress toward financial goals
5) Which of the following costs associated with home ownership is hardest to budget?
a. Mortgage payments
b. Repairs
c. Insurance
d. Taxes
6) Which risk management alternative is feasible when the likelihood of an event that could cause a financial loss is very low and the potential financial loss due to the event is small?
a. Avoid risk
b. Reduce risk
c. Accept risk
d. Insure against risk
7) The amount of damage you will be required to cover if your car is involved in an accident that is your fault is your:
a. Co-payment
b. Premium
c. Deductible
d. Fair share.
8) A company’s earnings are $3.00 per share, its dividend is $2.00 per share, and its stock price is $30.00 per share. Its PE ratio is:
a. 33
b. 10
c. 15
d. 1.5
9) Investing in which of the following funds will typically give you the least diversification?
a. Capital appreciation funds
b. Equity income funds
c. Sector funds
d. Growth funds
10) In determining the amount of money you will need for retirement, you should consider all of the following except:
a. The expected cost of living due to inflation
b. Inheritance from you children
c. The number of years you will live while retired.
d. Your personal needs and who else you will be supporting.

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