str 581 final exam answers


81) In a process cost system,
A.  a Work in Process account is maintained for each product.
B.  one Work in Process account is maintained for all the processes, similar to a job order cost system.
C.  a materials requisition must identify the job on which the materials will be used.
D.  a Work in Process account is maintained for each process.
82) The proprietorship form of business organization
A.  must have at least two owners in most states.
B.  is classified as a separate legal entity. 
C.  generally receives favorable tax treatment relative to a corporation.
D.  combines the records of the business with the personal records of the owner.
83) Identify which one of the following statements is false.
  A.  Owners’ equity solely represents the profits made by an organization in the current period.
 B.  Assets are economic resources that are expected to benefit future cash inflows or reduce future cash outflows.
 C.  Liabilities are economic obligations or claims against the assets of an organization by outsiders.
 D.  Assets must always equal the sum of liabilities and owners’ equity. 
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.  ability to raise capital for expansion
B.  desire to limit the owner’s personal liability
C.  the prestige of operating as a corporation
D.  the ease in transferring shares of the corporation’s stock  
85) _____ are sections of the balance sheet.
  A.  Revenues, assets, and liabilities 
 B.  Assets, liabilities, and expenses
 C.  Expenses, revenues, and owners’ equity
 D.  Assets, liabilities, and owners’ equity
86) 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
87) Diversity training programs are generally intended to provide a vehicle for _____.
A.  focusing on individual differences
B.  increasing awareness and examining stereotypes
C.  eliminating group learning
D.  socializing otherwise unmanageable employees
E.  balancing work/life conflicts 
88) Which country does the text describe as becoming the largest producer and consumer of many of the world's goods?
  A.  Canada
 B.  Japan
 C.  Mexico
 D.  Ecuador
 E.  China
89) Which of the following is not one of the Caux Round Table Principles for International Business?
  A.  Support for Multilateral Trade.
 B.  Avoidance of Illicit Operations.
 C.  Promotion of Multiculturalism.
 D.  Responsibility of Business Beyond Shareholders Toward Stakeholders.
 E.  Respect for the Environment. 
90) One study found that manufacturing labor costs about ___ an hour in China, compared to ____ dollars in the United States.
  A.  About $2; about 15
 B.  Less than $1; about 15
 C.  Less than $1; about 25
 D.  Less than $1; about 40
E.  $2; about 25 



Total 500 Questions from 5 set of actual exams (5 sets x 100 questions) with double checked answers

final exam str 581
str 581 final exam answers
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str 581 final
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