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Vertical analysis is a technique that expresses each item in a financial statement:
Under the accrual basis of accounting:
3. the ledger accounts must be adjusted to reflect a cash basis of accounting before financial statements are prepared under generally accepted accounting principles. The manager of Weiser is given a bonus based on net income before taxes. The net income after taxes is $35,700 for FIFO and $29,400 for LIFO. The tax rate is 30%. The bonus rate is 20%. How much higher is the manager's bonus if FIFO is adopted instead of LIFO?
4. For both qualitative and quantitative data, what is the difference between the relative frequency and the percent frequency? 5. In multiple regression, plot the residuals against ____ to detect changing variability. 6. What is an advantage of the correlation coefficient over the covariance? 7. __________involves ensuring proper strategic controls and organizational designs. 8. Green, Inc. had 200,000 shares of common stock outstanding before a stock split occurred and 800,000 shares outstanding after the stock split. The stock split was: 9. A post-closing trial balance will show: 10. Sarbanes Oxley applies to: 11. The acquisition of treasury stock by a corporation: 12. Trumpeting Trumpets has the following inventory data: 13. A SWOT analysis is a framework for analyzing a firmâ€™s environments. A SWOT is made up of 14. WellPoint Health Network states: WellPoint will redefine our industry: through a new generation of consumer-friendly products that put individuals back in control of their future. This is an example of a: 15. Continuous monitoring, in the contemporary approach, is beneficial because _____________. 16. Expenditures that maintain the operating efficiency and expected productive life of a plant asset are generally: 17. What is a difference between merchandising companies and service enterprises? 18. According to the text, the triple bottom line approach to corporate accounting includes three components: 19. The preparation of adjusting entries is: 20. In a simple linear regression model, if the plots on a scatter diagram lie on a straight line, what is the standard error of the estimate? 21. GAAP, compared to IFRS, tends to be more: 22. The four key attributes of strategic management include the idea that: 23. Which of the following meets the requirements of a simple random sample? 24. You work in marketing for a company that produces work boots. Quality control has sent you a memo detailing the length of time before the boots wear out under heavy use. They find that the boots wear out in an average of 208 days, but the exact amount of time varies, following a normal distribution with a standard deviation of 14 days. For an upcoming ad campaign, you need to know the percent of the pairs that last longer than six months-that is, 180 days. Use the empirical rule to approximate this percent. 25. Is it possible for a data set to have no mode? 26. Which of these statements regarding the industry life cycle is correct? 27. The resource-based view (RBV) of the firm combines two perspectives: 28. Which of the following can be represented by a discrete random variable? 29. The fraud triangle applies to:
30. Sampling is used heavily in manufacturing and service settings to ensure highquality products. In which of the following areas would sampling be inappropriate? 31. According to value-chain analysis, which of the following would be considered part of the general administration in a firm? 32. Shaw Industries, a giant carpet manufacturer, increases its control over raw materials by producing much of its own polypropylene fiber, a key input to its manufacturing process. This is an example of 33. Which of the following can be represented by a continuous random variable? 34. Which of the following requirements about internal controls were enacted under the Sarbanes Oxley Act: 35. International Financial Reporting Standards (IFRS): 36. Which of the following is not a current liability on December 31, 2014? 37. Interest may be included in the acquisition cost of a plant asset: 38. On March 1st, Candy, Inc. had supplies on hand of $1,500. During the month, Candy purchased supplies of $2,900 and used supplies of $2,800. The March 31st balance sheet should report what balance in their supplies account? 39. Firms must be aware of goals other than short-term profit maximization. One area of concern should be social responsibility which is: 40. Which of the following controls would best help detect the removal of a blank check by an employee from the back of a company's checkbook for subsequent misappropriation of funds? 41. Cost allocation of an intangible asset is referred to as: 42. The owner of a company has recently decided to raise the salary of one employee, who was already making the highest salary, by 20%. Which of the following is(are) expected to be affected by this raise? 43. The acquisition of treasury stock by a corporation: 44. Assume that the Fitzgerald Corporation uses the indirect method to depict cash flows. Indicate where, if at all, accounts receivable collected would be classified on the statement of cash flows. 45. Shaw Industries, a giant carpet manufacturer, increases its control over raw materials by producing much of its own polypropylene fiber, a key input to its manufacturing process. This is an example of 46. When collection is made on Accounts Receivable, 47. An analyst believes the probability that U.S. stock returns exceed long-term corporate bond returns over a 5-year period is based on personal assessment. This type of probability is best characterized as a(n) 48. If a corporation issued $8,000,000 in bonds which pay 5% annual interest, what is the annual net cash cost of this borrowing if the income tax rate is 30%? 49. Which trial balance will consist of the greatest number of accounts? 50. Which financial statement would best indicate whether the company relies on debt or stockholdersâ€™ equity to finance its assets?