Homework Answers
Variable cost or Marginal cost should be set equal to marginal revenue for a break even situation.
If less than, that it causes loss to the firm.
It is the microeconomic concept used for financial management.
Answer: option a.
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A microeconomic concept used in financial management is O : a. setting marginal costs equal to...
Which basis of accounting is used by funds that have a current financial resources measurement focus?...
Which basis of accounting is used by funds that have a current financial resources measurement focus? Select one: O A. Modified cash basis B. Modified accrual basis C. Cash basis D. Full accrual basis Which of the following is an example of activities that are likely to be accounted for in a government's General Fund? Select one: A. Business-type activities of a government that are financed by user charges B. Property taxes to be used to provide basic government services...
In pure competition, price will equal: O A. marginal revenue O B. average fixed costs O...
In pure competition, price will equal: O A. marginal revenue O B. average fixed costs O C. total costs O D. none of the above
E 1-15 Multiple choice; concept statements, basic assumptions, principles Determine the response that best completes the...
E 1-15 Multiple choice; concept statements, basic assumptions, principles Determine the response that best completes the following statements or questions. 1. The primary objective of financial reporting is to provide information a. About a firm's management team b. Useful to capital providers C. Concerning the changes in financial position resulting from the income- producing efforts of the entity d. About a firm's financing and investing activities 2. Statements of Financial Accounting Concepts issued by the FASB a. Represent GAAP b....
Which of the following is true about the concept of leverage? O A. at the breakeven point, operating leverage is equal...
Which of the following is true about the concept of leverage? O A. at the breakeven point, operating leverage is equal to zero. O B. combined leverage measures the impact of operating and financial leverage on EBIT. O C. financial leverage measures the impact of fixed costs on earnings. OD. none of the above Reset Selection
two price-taking firms compete by setting quantities of output, then Select one: O a marginal revenue...
two price-taking firms compete by setting quantities of output, then Select one: O a marginal revenue is the same as the market price. b. social surplus will be maximized. O c. the market price will be climater than marginal cost. Od they will produce the same amount of output as in perfect competition. If a firm sells its output on a market that is characterized by many sellers and buyers, a differentiated product, and unlimited long run resource mobility, then...
Quigley Inc. is considering two financial plans for the coming year. Management expects sales to be $300,000, operating...
Quigley Inc. is considering two financial plans for the coming year. Management expects sales to be $300,000, operating costs to be $265,000, assets (which is equal to its total invested capital) to be $200,000, and its tax rate to be 35%. Under Plan A it would finance the firm using 25% debt and 75% common equity. The interest rate on the debt would be 8.896, but under a contract with existing bondholders the TIE ratio would have to be maintained...
91% 18. A management concept based on an understanding of the changing wants and needs of...
91% 18. A management concept based on an understanding of the changing wants and needs of customers, and which leads to flexible product designs and production processes, is called: a Continuous improvement b. Customer orientation c. Just-in-time d. Theory of constraints e. Total quality management 19. A document in a job order costing system that is used to record the costs of producing a job is ain a. Job cost sheet b. Job lot Finished goods summary d Process cost...
a) External users of financial information for Sams world, Inc. would include: Owners Investment Advisors employed...
a) External users of financial information for Sams world, Inc. would include: Owners Investment Advisors employed by a consulting firm Employees Management ____ b) Accounting systems include all the following elements, except: Order Rules Controls Framework 2. _____ a. T or F: Assume you own more than one business. The financial records are prepared separately for each business. The records are also separate and distinct from your personal finances. This methodology relies on the going concern concept. (If false, identify...
Q1, Which financial statement is not prepared primarily with the accrual basis of accounting in mind?...
Q1, Which financial statement is not prepared primarily with the accrual basis of accounting in mind? a, All the financial statements required under generally accepted accounting principles are prepared primarily with the accrual basis of accounting in mind. b, Statement of financial position c, Statement of cash flows d, Statement of comprehensive income Q2, According to the FASB conceptual framework, which of the following situations violates the fundamental characteristic of relevance? a, Financial statements are issued 50 days after the...
1. Applying the accounting equation (15 points) a. Total assets of Charter Company equal $700,000 and...
1. Applying the accounting equation (15 points) a. Total assets of Charter Company equal $700,000 and its equity is $420,000. What is the amount of its liabilities? b. Total assets of Martin Marine equal $500,000 and its liabilities and equity amounts are equal. What is the amount of its liabilities? What is the amount of its equity? 2. Identifying Financial Statements (10 points) Indicate in which financial statement each item would most likely appear: income statement (I), balance sheet (B),...
Which basis of accounting is used by funds that have a current financial resources measurement focus? Select one: O A. Modified cash basis B. Modified accrual basis C. Cash basis D. Full accrual basis Which of the following is an example of activities that are likely to be accounted for in a government's General Fund? Select one: A. Business-type activities of a government that are financed by user charges B. Property taxes to be used to provide basic government services...
In pure competition, price will equal: O A. marginal revenue O B. average fixed costs O C. total costs O D. none of the above
E 1-15 Multiple choice; concept statements, basic assumptions, principles Determine the response that best completes the following statements or questions. 1. The primary objective of financial reporting is to provide information a. About a firm's management team b. Useful to capital providers C. Concerning the changes in financial position resulting from the income- producing efforts of the entity d. About a firm's financing and investing activities 2. Statements of Financial Accounting Concepts issued by the FASB a. Represent GAAP b....
Which of the following is true about the concept of leverage? O A. at the breakeven point, operating leverage is equal to zero. O B. combined leverage measures the impact of operating and financial leverage on EBIT. O C. financial leverage measures the impact of fixed costs on earnings. OD. none of the above Reset Selection
two price-taking firms compete by setting quantities of output, then Select one: O a marginal revenue is the same as the market price. b. social surplus will be maximized. O c. the market price will be climater than marginal cost. Od they will produce the same amount of output as in perfect competition. If a firm sells its output on a market that is characterized by many sellers and buyers, a differentiated product, and unlimited long run resource mobility, then...
Quigley Inc. is considering two financial plans for the coming year. Management expects sales to be $300,000, operating costs to be $265,000, assets (which is equal to its total invested capital) to be $200,000, and its tax rate to be 35%. Under Plan A it would finance the firm using 25% debt and 75% common equity. The interest rate on the debt would be 8.896, but under a contract with existing bondholders the TIE ratio would have to be maintained...
91% 18. A management concept based on an understanding of the changing wants and needs of customers, and which leads to flexible product designs and production processes, is called: a Continuous improvement b. Customer orientation c. Just-in-time d. Theory of constraints e. Total quality management 19. A document in a job order costing system that is used to record the costs of producing a job is ain a. Job cost sheet b. Job lot Finished goods summary d Process cost...
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