81) The last step in activity-based costing is to
A. compute the activity-based overhead rate per cost driver.
B. identify and classify the major activities involved in the manufacture of specific products.
C. assign manufacturing overhead costs for each activity cost pool to products.
D. identify the cost driver that has a strong correlation to the activity cost pool.
82) Jack and Jill form a partnership. Jack runs the business in New York, while Jill vacations in Hawaii. During the time Jill is away from the business, Jack increases the debts of the business by $20,000. Which of the following statements is true regarding this debt?
A. Only Jill is personally liable for the debt of the business, since Jack has been working and she has not.
B. Both Jack and Jill are personally liable for the business debt.
C. Only Jack is personally liable for the debt, since he has been the managing partner during that time.
D. Neither Jack nor Jill is personally liable for the business debt, since the partnership is a separate legal entity.
83) The _____ is not one of the three major financial statements.
A. income statement
B. balance
C. statement of cash flows
D. statement of equity position
84) A local retail shop has been operating as a sole proprietorship. The business is growing and now the owner wants to incorporate. Which of the following is not a reason for this owner to incorporate?
A. desire to limit the owner’s personal liability
B. the prestige of operating as a corporation
C. ability to raise capital for expansion
D. the ease in transferring shares of the corporation’s stock
85) The _____ is also called the statement of financial position.
A. balance sheet
B. statement of retained earnings
C. income statement
D. statement of cash flow
8
6) The theory of business social responsibility that holds that a business owes duties solely to produce the highest return for its shareholders is:
A. The maximizing profits theory.
B. The corporate citizenship theory.
C. The moral minimum theory.
D. The social audit theory.
E. The stakeholder interest theory.
87) Which country does the text describe as becoming the largest producer and consumer of many of the world's goods?
A. Canada
B. China
C. Japan
D. Ecuador
E. Mexico
88) The centerpiece of most diversity programs is _____.
A. employee commitment
B. human resource personnel
C. top management commitment
D. employee satisfaction
E. training
89) Which social responsibility theory has been advocated by Novel Prizewinning economist Milton Friedman?
A. Moral minimum
B. Corporate citizenship
C. Maximizing profits
D. Corporate social audit
E. Stakeholder interest
90) Although the U.S. has had a longstanding agreement with ___________, after the passage of NAFTA, _________ became the United States' second largest trading partner.
A. Canada, Venezuela
B. Canada, Mexico
C. Mexico, Canada
D. Mexico, Venezuela
E. Great Britain, Paraguay
Total 500 Questions from 5 set of actual exams (5 sets x 100 questions) with double checked answers
final exam str 581
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str 581 final exam
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str 581 final exam
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