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Q:
Soo Lin, the sole stockholder, began an Internet Consulting practice organized as a corporation and completed these transactions during April of the current year:April.1Invested $100,000 of her personal savings into a checking account opened in the name of the business.2Rented office space and paid $1,200 cash for the month of September.3Purchased office equipment for $30,000, paying $8,000 cash and agreeing to pay the balance in one year.4Purchased office supplies for $750 cash.8Completed work for a client and immediately collected $2,700 cash for the services.15Completed $3,600 services for a client on credit.20Received $3,600 from a client for the work completed on September 15.30Paid the office secretary's monthly salary, $3,000 cash.30The corporation paid a $2,000 dividend.Show the effects of the above transactions on the accounting equation of Soo Lin, Consultant. Use the following format for your answers. The first item is shown as an example.Increase = I Decrease = D No effect = NDateAssetsLiabilitiesEquityExample:April 1INI
Q:
Identify three specific measures that indicate how well assets are utilized. What are the formulas for each measure?
Q:
What are the three negotiation strategies? Briefly describe each of them.
Q:
Cornelia's Closet has the following account balances for the dates given: October 1 October 31 Cash....................................................... $40,000 60,000Accounts Receivable.............................. 40,000 38,000Accounts payable................................... 6,000 ?Also, its net income, for October 1 through October 31 was $20,000 and there were no investments or withdrawals by the owner. Determine the equity at both October 1 and October 31
Q:
What advantages may result from effectively outsourcing the logistics function to a third party?
Q:
The accounts of Mason Company at the end of the past year report the following amounts:Accounts AmountDividends"u00a6"u00a6. $15,500Revenues"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6 $97,000Expenses"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6"u00a6. $43,800Common stock"u00a6"u00a6"u00a6"u00a6..... 2,000If the beginning equity for the year was $173,000, calculate the ending equity for Mason Company.
Q:
Define EDI.
Q:
The accounts of Odie Company with the increases or decreases that occurred during the past year are as follows:Account Increase DecreaseCash....................................... $25,000Accounts receivable............... $(5,000)Accounts payable................... (11,000)Notes payable........................ 16,000Except for net income, an investment of $3,000 by the stockholder, and a dividend of $11,000 by the stockholder, no other items affected the stockholders' equity balance. Using the balance sheet equation, compute net income for the past year.
Q:
At the beginning of the period, a company had $350,000 worth of assets, $110,000 worth of liabilities, and $240,000 worth of equity. Assume the only change during the period was a $30,000 purchase of equipment by issuing a note payable. Show the accounting equation with the appropriate amounts at the end of the period.
Q:
Why is channel assembly popular in the personal computer industry?
Q:
Name three common things that contribute to distortion of information about the supply chain?
Q:
You are reviewing the accounting records of Buddy's Foreign Automotive, Inc., owned by Bruce Jones. You have uncovered the following situations. List the appropriate accounting principle related to each independent scenario and suggest a correct action for each .
1) In August, a check for $500 was written to Community Sports. This amount represents soccer camp for his daughter Cassie.
2) Bruce plans a Going Out of Business Sale for June, since he will be closing the business for a month-long vacation in July. He plans to reopen August 1 and will continue operating Buddy's Foreign Automotive indefinitely.
3) Buddy received a shipment of tools from Ontario, Canada. The invoice was stated in Canadian dollars.
4) Sandy Lane paid $1,500 for a major repair services. The amount was recorded as revenue. The parts for the repair must be ordered from overseas and the service won"t be complete until the following month.
Q:
Describe vendor managed inventory (VMI). How is it related to outsourcing? Cite an example from your experiences as a shopper.
Q:
Describe the state of capacity utilization in the motor carrier (trucking) industry. What, if anything, has been implemented by the industry to address the issue?
Q:
What is a keiretsu?
Q:
What opportunities exist for reducing the "bullwhip" effect, and improving the supply chain?
Q:
Describe some ways that effective supply-chain partners build and utilize mutual trust.
Q:
Identify the advantages and disadvantages of using the few suppliers approach.
Q:
Define risk and return and discuss the relation between them.
Q:
Can an organization's plans for vertical integration be supported by the tools of make-or-buy analysis? Explain; provide an example.
Q:
Identify and describe briefly the five supply-chain strategies.
Q:
Of all areas of the organization, why is the supply chain especially vulnerable to ethical lapses?
Q:
How are outsourcing and vertical integration related? Can a single firm successfully do both?
Q:
Identify the reasons for buying in the make-or-buy decision.
Q:
Describe the income statement and the relation between revenues, expenses, and net income or loss.
Q:
Mutual trust is
A) when employees have gained the trust of management
B) reflected in reasonable, documented employment policies, honestly and equitably implemented to the satisfaction of both management and the employees
C) when management has gained the trust of the employees
D) when management recognizes that the employees are competent, motivated people both able and willing to perform at the level required to produce a quality product
E) when management and the employees both agree on the objectives
Q:
Which of the following best describes mutual commitment in an organization?
A) an instance in which management is committed to the employees and the employees are committed to management
B) both management and the employees are committed to the same objective
C) both management and the employees are committed, but to different objectives
D) management obtains the commitment of the employees to a stated objective
E) both management and the employees can rely on each other
Q:
Most pit crew members have background experience in what area?
A) mechanical engineering
B) athletics
C) No specific area, crew members come from all sorts of backgrounds.
D) automobile race drivers
E) car mechanics
Q:
Identify and describe the two main groups involved in establishing generally accepted accounting principles.
Q:
A NASCAR pit crew consists of how many members?
A) 7
B) 5
C) 9
D) 10
E) 4
Q:
Normal time equals the average observed time multiplied by the allowance factor.
False
Q:
Identify the three basic forms of business organizations and their key attributes.
Q:
An advantage of work sampling is that it completely breaks down work elements.
Q:
Work sampling estimates the percent of time that a worker spends on various tasks.
Q:
Most unions do not accept the use of predetermined time standards.
Q:
An advantage of predetermined time standards is that the standard can be set before a task is actually performed.
Q:
Identify several opportunities in accounting and distinguish between private accounting and public accounting.
Q:
A Therblig is a very small amount of time, one hundred-thousandth of an hour.
Q:
Work sampling and time studies are similar in that the analyst in both cases records the time taken by the worker to accomplish each step of the task.
Q:
A modern "stopwatch" study can be conducted using a special-purpose PDA, one which can digitally capture events, times, and other variables for later analysis on a spreadsheet.
Q:
UPS may run the "tightest ship in the shipping business," but they got that high level of efficiency without time standards, because their contract with the Teamsters Union forbids them.
Q:
If a manager conducting a time study needed an accuracy of 0.1 minutes, rather than 0.2 minutes, the adequate sample size would have to be twice as large.
Q:
When developing the standard time for a task, the elements that make up the task must use the same performance rating factor.
Q:
The allowances that convert normal time to standard time have three components: personal time allowances, delay allowances, and fatigue allowances.
Q:
Personal and fatigue allowances can include amounts for the effects of lighting, heat and humidity, and noise.
Q:
Standard time is always greater than normal time, due to the inclusion of allowances for personal time, delay, and fatigue.
Q:
Normal time is always less than the average observed time.
Q:
The allowance factor that increases normal time to standard time compensates for inadequate worker training and lack of worker dexterity.
Q:
A time-study procedure involves timing a sample of worker's performance and using it to set a standard.
Q:
Match each of the following terms with the most appropriate definition.a. Return on assetsb. Assetsc. Expensesd. Riske. Liabilitiesf. Dividendsg. Accounting equationh. Common stock____ 1. The uncertainty about the return to be earned.____ 2.Resources such as cash that a stockholder puts into the company.____ 3. A financial ratio stated as income divided by assets invested.____ 4. Creditor's claims on a company's assets.____ 5. Decreases in equity from costs of providing products or services to customers.____ 6.Resources such as cash that a stockholder r receives from the company for personal use.____ 7.Resources a company owns or controls that are expected to yield future benefit.____ 8. Expresses the relation of assets, liabilities and equity in a company, comparing the resources the company owns to the sources of funds to acquire the resources.
Q:
The classical stopwatch study, or time study, was originally proposed by Western Electric's Hawthorne Commission in the 1920s.
Q:
Match the following terms with the appropriate definition.a. Financial accountingb. Ethicsc. Recordkeepingd. Internal userse. Accountingf. Certified Public Accountant (CPA)g. Fraud triangleh. Managerial accountingi. External users____ 1. An information and measurement system that identifies, records and communicates relevant reliable and comparable information about an organization's business activities.____ 2. The part of accounting that involves recording transactions and events, either electronically or manually.____ 3. Persons using accounting information who are not directly involved in running the organization.____ 4. Persons using accounting information who are directly involved in managing and operating the organization.____ 5. The area of accounting that serves the decision-making needs of internal users.____ 6.The area of accounting aimed at serving external users by providing them with general-purpose financial statements.____ 7. Accounting specialists that have met educational and experience requirements, passed an examination and exhibit ethical characteristics to achieve a professional certification.____ 8. Beliefs that distinguish right from wrong, considered accepted standards of good and bad behavior.____ 9. A model that asserts the factors that must exist for a person to commit fraud.
Q:
Standard time may be less than average observed time.
Q:
The accounting equation for Long Company shows an increase in its assets and an increase in its liabilities. Which of the following transactions could have caused that effect?
A.Cash was received from providing services to a customer.
B.Cash was received in exchange for common stock.
C.Equipment was purchased on credit.
D.Supplies were purchased for cash.
E.Advertising expense for the month was paid in cash.
Q:
Labor standards based on historical experience are the preferred method of choice.
Q:
The accounting equation for Ying Company shows a decrease in its assets and a decrease in its equity. Which of the following transactions could have caused that effect?
A.Cash was received from providing services to a customer.
B. The company paid an amount due on credit.
C.Equipment was purchased for cash.
D.A utility bill was received for the current month, to be paid in the following month.
E.Advertising expense for the month was paid in cash.
Q:
Labor standards based on historical experience are relatively inexpensive to obtain.
Q:
Atkins Company collected $1,750 as payment for the amount owed by a customer from services provided the prior month on credit. How does this transaction affect the accounting equation for Atkins?
A.Assets would decrease $1,750 and liabilities would decrease $1,750.
B.One asset would increase $1,750 and a different asset would decrease $1,750, causing no effect.
C.Assets would increase $1,750 and equity would increase $1,750.
D.Assets would increase $1,750 and liabilities would increase $1,750.
E.Liabilities would decrease $1,750 and equity would increase $1,750.
Q:
One use of labor standards is to determine what makes a fair day's work.
Q:
Grandmark Printing pays $2,000 rent to the landlord of the building where its facilities are located. How does this transaction affect the accounting equation for Grandmark?
A.Assets would decrease $2,000 and liabilities would decrease $2,000.
B.Assets would decrease $2,000 and equity would decrease $2,000.
C.Assets would increase $2,000 and equity would increase $2,000.
D.Assets would increase $2,000 and liabilities would increase $2,000.
E.Liabilities would decrease $2,000 and equity would increase $2,000.
Q:
Two uses of labor standards are to determine the labor content of items produced and to determine staffing needs.
Q:
All of the following are classified as liabilities except:
A.Accounts Receivable.
B.Notes Payable.
C.Wages Payable.
D.Accounts Payable.
E.Taxes Payable.
Q:
The purpose of labor standards is to accurately define the skills required to complete a job.
Q:
If the assets of a company increase by $55,000 during the year and its liabilities increase by $25,000 during the same year, then the change in equity of the company during the year must have been:
A.An increase of $80,000.
B.A decrease of $80,000.
C.An increase of $30,000.
D.A decrease of $30,000.
E.An increase of $25,000.
Q:
"Visual workplace" is a term coined by Hawthorne, and refers to the need for proper lighting at employee workstations.
Q:
Billington Corp borrows $80,000 cash from Second National Bank. How does this transaction affect the accounting equation for Billington?
A.Assets would decrease $80,000 and liabilities would decrease $80,000.
B.Assets would decrease $80,000 and equity would increase $80,000.
C.Assets would increase $80,000 and equity would decrease $80,000.
D.Assets would increase $80,000 and liabilities would increase $80,000.
E.Liabilities would decrease $80,000 and equity would increase $80,000.
Q:
Kanbans and andons are both elements of the visual workplace, because they are visual signals that replace printouts and paperwork.
Q:
All of the following are classified as liabilities except:A. Supplies.B. Bonds Payable.C.Wages Payable.D.Accounts Payable.E. Interest Payable.
Q:
An operations chart, or right-hand/left-hand chart, points out wasted motion and idle time.
Q:
Which of the following accounts is not included in the calculation of a company's ending stockholders' equity?
A.Revenues.
B.Expenses.
C. Dividends.
D. Common stock.
E.Cash.
Q:
Ergonomics is a branch of economics that deals with costs of scheduling workers.
Q:
All of the following are classified as assets except:
A.Accounts Receivable.
B.Supplies.
C.Equipment.
D.Accounts Payable.
E.Land.
Q:
The physical environment in which employees work may affect the quality of work life, but it does not affect their performance and safety.
Q:
If a company has excess space in its building that it rents to another company for $700, what is the effect on the accounting equation when the first rent payment is collected?
A.Assets would decrease $700 and liabilities would decrease $700.
B.Assets would decrease $700 and equity would increase $700.
C.Assets would increase $700 and equity would decrease $700.
D.Assets would increase $700 and equity would increase $700.
E.Liabilities would decrease $700 and equity would increase $700.
Q:
Profit-sharing is a motivation and incentive system where executives receive stock options.
Q:
Job expansion can lead to increased labor cost because of the extra workers hired in the expansion.
Q:
Doc's Ribhouse had beginning equity of $52,000; net income of $35,000, and Dividends by the company of $12,000. Calculate the ending equity.
A.$(5,000).
B.$29,000.
C.$5,000.
D.$99,000.
E.$75,000.
Q:
Hackman and Oldham's five desirable characteristics of job design include job significance and autonomy.
Q:
Savvy Sightseeing had beginning equity of $72,000; revenues of $90,000, expenses of $65,000, and dividends to stockholders of $9,000. Calculate the ending equity.
A.$88,000.
B.$25,000.
C.$97,000.
D.$38,000.
E.$47,000.
Q:
The Hawthorne studies, which showed that there is a dynamic social system in the workplace, took place in the 1960s.