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Accounting and Finance 1) The purpose of adjusting entries is to: A) Adjust the owner’s capital account for the revenue, expense and drawings recorded during the period B) Adjust daily balances in assets, liability, revenue, and expense account for the effects of business transactions C) Apply the realization principle and matching principle to transactions affecting two or more accounting periods D) Prepare revenue and expense accounts for recording the transactions of the next accounting perio
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  Accounting and Finance 1)   The purpose of adjusting entries is to: A)   Adjust the owner’s capital account for the revenue, expense and drawings recorded during the period  B)   Adjust daily balances in assets, liability, revenue, and expense account for the effects of business transactions C)   Apply the realization principle and matching principle to transactions affecting two or more accounting periods D)   Prepare revenue and expense accounts for recording the transactions of the next accounting period. 2)   An investment opportunity in which investors directly acquires a claim on a security or property called: A)   Direct investment B)   Indirect investment C)   Construction of portfolio D)    None of the above 3)   Which one of the following correctly identifies the activity categories found on a statement of cash flow? A)   Operating, income statement, financing B)   Investment, purchasing, operating C)   Financing, operating, income statement D)   Operating, investment, financing 4)   Which one of the following methods is desirable if materials price decrease and company would like to pay low taxes? A)   First in first out B)   Last in first out C)   Highest in first out D)    None of the above 5)   If 100% equity is employed in a firm’s capital structure t hen its A)   Return on equity will be equal to return on assets  B)   Return on equity will be less than return on assets C)   Return on equity will be greater than return on assets D)    None of the above   6)   If a company using percentage of revenue method for estimation of bad debts then A)   Existing balance of allowances for doubtful account (either debit or credit) should consider before preparing adjusting entry B)   Ignore the existing balance of allowances for doubtful account (either debit or credit)while preparing adjusting entry C)   Only debit balance of allowances for doubtful account consider before preparing adjusting entry D)   Only credit balance of allowances for doubtful account consider before preparing adjusting entry 7)   Which of the following statement is not consistent with generally accepted accounting principles relating to asset valuation? A)   Assets are srcinally recorded in accounting records at their cost to the business entity. B)   Subtracting total liabilities form total assets indicates wha t the owner’s equity in the business is worth under certain market conditions C)   Accountants assumes that asset such as office supplies, land, and buildings will be used in business operations rather than sold at current market price D)   Accountants prefer to base the valuation of assets upon objective, verifiable evidence rather than upon appraisals or personal opinion. 8)   If beginning and ending merchandize inventories are $1000 and $2600 respectively, and the cost of goods sold is $3400, net purchases would be: A)   $3700 B)   $3100 C)   $3400 D)    None of the above 9)   If a firm's total debt ratio is 35 percent, this means that ______ of the firm's assets are financed by equity financing. A)   55% B)   35% C)   65% D)    Not enough information to answer question 10)   A transaction causes $520,000 decrease in both assets and owner’s equity. This transaction would have been:  A)   Purchase of a delivery truck for $520,000 cash B)   An asset with a cost of $520,000 was destroyed by fire C)   Repayment of a $520,000 bank loan D)   Collection of a $520,000 accounts receivable   11)   Hercules Inc. presently has current assets totaling $600,000 and a current ratio of 2.5 to 1. Compute the current ratio immediately after Pisces pay $30,000 of its accounts payable. A)   3 to 1 B)   3.3 to 1 C)   2.7 to 1 D)   2.25 to 1   12)   A firm has sales of $2.4 million and 10% of the sales are for cash. The year end accounts receivable balance is $180,000? What is the average collection period? (Use a 360-day year)  Comprehensive Examination March 2013 Page 2 of 16 A)   40days B)   50days C)   60days D)    None of the above 13)   LBPL has assets of $1 Million and turns its assets 1.5 times per year. Return on assets is 12%. What is the profit margin? A)   6.67% B)   5.67% C)   8%` D)    None of the above 14)   Ms.Viny placed $100 in a saving account paying 8% interest compounded semi annually. How much money will be in the account at the end of 2 years? A)   $161.07 B)   $116.64 C)   $164.60 D)   $None of the above 15)   Ms. Marcs has an opportunity to receive $3000 one-year from now. If she can earn 10% on her investments in the normal course of events what is the most she should pay now for this opportunity? A)   $2727 B)   $2772 C)   $7277 D)    None of the above 16)   Jan Jacob can borrow $2000 to be repaid in equal annual end of year amounts of $514.14 for the next 5 years. She wants to find the interest rate on loan. A)   7% B)   8% C)   9% D)   6% 17)   If the goods purchased under the credit term 5/10 n/60 compute the annualized cost of giving up a cash discount. A)   33% B)   36.73% C)   47.36% D)   38%   18)   Stocks 40,000 ($40 par); paid in capital in excess of par value common, $100,000; and retained earnings, $200,000. Assuming only one class of stock, the book value per share is: A)   $340 B)   $140 C)   $40 D)    None of the above 19)   Uni Lever has issued its own $50,000, 90 day, non-interest bearing note to a bank. If the note is discounted at 9%, the  proceeds to Allen are: A)   50,000 B)   48875 C)   45,550 D)    None of the above  Comprehensive Examination March 2013 Page 3 of 16 Management and Marketing 1)   Entrepreneurs can be best described as A)    possessing managerial knowledge and experience. B)   exhibiting moderate to high risk-taking behavior. C)   focusing on the established present. D)   displaying a low-to-medium tolerance for ambiguity. 2)   Which function in the management process is commonly referred to as the primary management function? A)   Organizing B)   Staffing C)   Controlling D)   Planning 3)   According to research, the typical manager's day is best described as A)   rational and logical. B)   consisting largely of reflective planning. C)   carefully scheduled. D)   consisting of constant interruptions. 4)   Changing his major three times, Scott earned his college degree after retaking four classes and spending twice as much as his family had budgeted. In terms of the definition of management, Scott was A)   effective but not efficient. B)    partly effective and partly efficient. C)    both effective and efficient. D)   ineffective but efficient. 5)   Which of the following are closely associated with TQM? A)   Design-it-in and inspect-it-in B)   Inspect-it-in and build-it-in C)   Build-it-in and fix-it D)   Build-it-in and design-it-in   6)   Economics and management are closely related because of their common focus on A)   employees. B)   resources. C)    budgets. D)    profitability.   7)   What is(are) always required by organizational objectives or goals? A)   Management approval B)   Financial resources C)   Job descriptions D)   Collective action   8)   What is the process of working with and through others to achieve organizational objectives in a changing environment called? A)   Controlling B)   Organizing C)   Leading D)   Planning   9)   Managerial _________ tell us what managers generally do, whereas managerial _________ tell us more precisely how managers carry them out. A)   goals; desires B)   skills; functions C)   visions; goals D)   functions; skills 10)   The study of management and the study of _______ are closely related. A)   economics B)   sociology C)    philosophy D)   geography 11)   Smart marketers recognize that marketing activities within the company can be as important as or even more important than marketing activities directed outside the company this refers to A)   Relationship marketing B)   Internal marketing C)   Four P’s of marketing  D)   Societal marketing 12)   The rationale of Niche marketing is one of following A)   Identifying the larger market share of small market segment B)   Identifying the smaller market share of large market segment C)   Identifying the larger market share of large market segment D)   Identifying the smaller market share of small market segment  Comprehensive Examination March 2013 Page 4 of 16 13)   In business markets “system buying” refers to buying one of the following  A)   Buying the computer system hardware B)   Buying the computer system software C)   Buying a total solution to a problem from a seller D)   Buying single items from different suppliers 14)   Demographic segmentation refers to segmentation based on one of the following variables A)   Age B)   Occasions C)   Benefits D)   Geographic area 15)   The brand equity can be measured as A)   Market value minus financial value B)   Financial value minus market value C)   Financial value minus promotional cost D)   Factory overhead cost minus marketing cost 16)   Competitive advantage can be defined as A)   Company’s ability to produce products sim ilar to competitors products B)   Company’s ability to produce substandard products  C)   Company’s ability to perform in one or more ways that competitors cannot do  D)   All of above 17)   In promotional campaigns changing the marketing communication programs for each local market is known as A)   Sales promotion B)   Public relations C)   Communication adaptation D)   Integrated marketing   18)   Private label brand means A)   Brands that producers develop for their products B)   Brands that suppliers develop C)   Brands that customers develop D)   Brands that retailers and wholesalers develop 19)   Skimming pricing strategy means A)   Adopting pricing above the competition B)   Adopting pricing equal to the competition C)   Adopting pricing below the competition D)   Adopting pricing regardless of competition   20)   When one channel member’s actions prevents the channel from achieving its goal, is known as A)   Channel development B)   Channel coordination C)   Channel power D)   Channel conflict   Research and Economics 1)   Scientific Method of inquiry A)   Uses observation and experiments. B)   Depends on logical reasoning. C)   Involves both observations and reasoning for seeking the truth. D)   Uses existing theories for explanation and understanding of the real world problems. 2)   Which form of reasoning is the process of drawing a specific conclusion from a set of premises? A)   rationalism B)   deductive reasoning C)   inductive reasoning D)    probabilistic 3)   What is the final step of a scientific investigation? A)   Analyze data. B)   Collect data. C)   Report the findings. D)   Determine whether the hypothesis was supported. 4)   A variable that is presumed to cause a change in another variable is called a(n): A)   Categorical variable. B)   Dependent variable. C)   Independent variable. D)   Intervening variable.
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