... a. True b. False 2. Errors in the sales forecast can be offset by similar errors in costs and income forecasts. Thus, as long as the errors are not large, sales forecast accuracy is not critical to the firm. a. True b. False 3. As a firm's sales grow its current asset accounts tend to increase. For instance, as sales increase the firm's inventories increase and its level of accounts payable will increase. Thus, spontaneously generated funds will arise from transaction accounts that increase as sales increase. a. True b. False 4. The term "spontaneously generated funds" generally refers to increases in the cash account that result from growth in sales, assuming the firm is operating with a positive profit margin. a. True b. False 5. An increase in the firm's inventory balance will normally require additional financing unless the increase is matched by an equally large decrease in some other asset account. a. True b. False 6. One of the key steps in the development of pro forma financial statements is to identify those assets and liabilities which increase spontaneously with net income. a. True b. False 7. Pro forma financial statements, as discussed in the text, are used primarily to assess a firm's historical performance. a. True b. False 8. The first, and most critical, step in constructing a set of pro forma financial statements is the sales...
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...argument in which assuming the premises are true, it is impossible for the the conclusion to be false, conclusion necessarily follows the premises. Invalid Deductive argument: argument in which the premises are true, it is possible for the argument to be false, conclusion doesn’t necessarily follow the premises. Sound Argument: When an argument is shown to be valid and all premises are true then it is sound. Unsound argument: when an argument is invalid or at least one of a valid arguments premises are false. Cogent Argument: An inductive argument is cogent when the argument is strong and the premises are true. Uncogent: an argument is un-cogent if either the argument is weak or it has at least one false premise. Strong Argument: given premises are true it is unlikely for conclusion to be false. Weak argument: argument is weak when assuming premises are true that it is likely the conclusion is false. Tautology: A statement that is necessarily true. “Ethan is tall or he is not tall”. Contingent Statement: statements that are either true or false, their truth tables have both true and false values. Non-contingent statement: statements thats truth values don’t depend on truth values of components. “Tautologies, self-contradictions”. Self-contradiction: a statement that is necessarily false. “2 is an even number and the number 2 is not an even number. Contradictory statements: statements that have opposing values on every line of their respective truth tables. Consistent Statements: statements...
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...responsible for providing information. True False 2. A financial statement audit is a systematic process of objectively obtaining and evaluating evidence. True False True False True False True False 3. Auditors should conduct their work with an attitude of professional skepticism. 4. A bank using Milton Company's financial statements to determine the creditworthiness of a potential loan to Milton is a good example of the need for unbiased reporting. 5. An integrated audit requires the auditor to assess the effectiveness of internal controls. 6. In all states, a CPA must have completed at least 150 hours of college semester hours to receive their license. True False 7. The Center for Audit Quality was started by the International Federation of Accountants. True False 8. The Center for Audit Quality has the primary authority to set auditing standards. True False 9. In an audit, management is considered the “client”. True False 10. Auditing is the process of attesting to assertions about economic actions and events. True False 11. Auditing is the process of verifying the accuracy of the financial statements. True False 12. Internal auditing only provides assurance about internal control effectiveness. True False 13. Auditing exists...
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... material found in chapters 1 through 7. Please answer all questions using a Scantron form and a number 2 pencil. Remember to put your name and 234 on your Scantron. Good luck. Dr.B MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) The perspective of development that examines adolescent development through the lens of brain processes is the 1) _________ A) social-cognitive perspective. B) psychoanalytic perspective. C) cognitive neuroscience perspective. D) behavioral perspective. 2) Vygotsky'ʹs sociocultural theory emphasizes 2) _________ A) cognitive neuroscience processes. B) the interconnectedness of the influences of development. C) daily reinforcements one receives in the environment. D) how cognitive development proceeds as a result of social interactions. 3) Which of the following is a criticism of the Piaget'ʹs cognitive perspective? 3) _________ A) Piaget'ʹs cognitive perspective overemphasizes the universality of cognitive stages. B) Piaget'ʹs cognitive perspective focuses too much on unconscious influences. C) Piaget'ʹs cognitive perspective focuses too much on operant learning. D) Piaget'ʹs cognitive perspective overemphasizes schemes. 4) Adolescents are more likely to conform to ________ on...
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...completes the statement or answers the question. 1)Some countries outlaw ________, a practice in which a company prices its products lower than they are priced at home. 1) _______ A)gray marketing B)dumping C)black marketing D)parallel importing E)countertrading TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false. 2)A casual research design tracks the responses of the same sample of respondents over time. 2) _______ TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false. 4)Problem recognition is the first step in the buying decision process in the business market. 4) _______ MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 5)Why would a company adopt an undifferentiated targeting strategy when there is so much evidence of the benefits of a differentiated strategy? 5) _______ A)to take advantage of economies of scale B)to remove the need for disintermediation C)to move a product to the next stage of its product life cycle D)to more efficiently focus on its CRM strategy E)all of the above TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false. 6)The evaluation stage for a product is longer for an impulse purchase than it is for a shopping product. 6) _______ MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 7)Brand managers are responsible for ________. 7) _______ A)production B)finance...
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...Chapter 1- Financial Statements 1. Defined as a structures representation of the financial position and financial performance of an entity and intended to meet the needs of users who are not in position to require an entity to prepare reports tailored to their particular needs of information . a. Financial reports b. General Purpose financial Statements c. Audit Reports d. Non-financial reports *Answer: B-General Purpose Financial Statements 2. Interested in information which enables them to determine whether their loans and interest thereon will be paid when due. a. Suppliers/ Trade creditors b. Lenders c. Customers d. Investors *Answer: B- Lenders 3. Term which means process of reporting an asset, liability, income, or expense on the face of the financial statements of an equity. a. Auditing b. Realization c. Recognition d. Measurement *Answer: C- Recognition 3. Which one is not a general feature of financial statement? a. Offsetting b. Accrual basis c. Consistency of presention d. Recognition of expenses *Answer: D 4. User who is a provider of risks capital and their advisers are concerned with the risk inherent in and return provided by their investments. a. Consultants b. Investors c. Lenders d. Trade Creditors *Answer: B 5. These users require information to regulate the activities of an entity when it comes to taxes and policies and are interested in the allocation of resources of the entity. a. Public b. Investors c. Employees ...
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...Team a) i,ii,iii are true and iv is false b) i,,iv are true and ii is false c) i,ii are true and iii,iv are false d) ii,iii,iv are true and i is false Question 2 : Test planning has which of the following major tasks? i. Determining the scope and risks, and identifying the objectives of testing. ii. Determining the test approach (techniques, test items, coverage, identifying and interfacing the teams involved in testing , testware) iii. Reviewing the Test Basis (such as requirements, architecture, design, interface) iv. Determining the exit criteria. a) i,ii,iv are true and iii is false b) i,,iv are true and ii is false c) i,ii are true and iii,iv are false d) ii,iii,iv are true and i is false Question 3 : Evaluating testability of the requirements and system are a part of which phase:- a) Test Analysis and Design b) Test Planning and control c) Test Implementation and execution d) Evaluating exit criteria and reporting Question 4 : One of the fields on a form contains a text box which accepts alphabets in lower or upper case. Indentify the invalid Equivalance class value. a. CLASS b. cLASS c. CLass d. CLa01ss Question 5 : In a system designed to work out the tax to be paid: An employee has £4000 of salary tax free. The next £1500 is taxed at 10% The next £28000 is taxed at 22% Any further amount is taxed at 40% Which of these groups of numbers would fall into the same equivalence class? a) £4800; £14000; £28000 b) £5200; £5500; £28000 ...
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...1. Which of the following SQL statements will create a new role named PRCLERK? A) CREATE prclerk; B) CREATE ROLE prclerk; C) CREATE ROLE prclerk ON payroll; D) CREATE ROLE prclerk WITH SELECT ANY TABLE PRIVILEGE; Points Earned: | 2.0/2.0 | | Correct Answer(s): | B | 2. The asterisk symbol (*) can be used in a SELECT statement to indicate that all rows in the table should be displayed in the results. A) True B) False Points Earned: | 2.0/2.0 | | Correct Answer(s): | False | 3. An index is implicitly created when a NOT NULL constraint is added to a table. A) True B) False Points Earned: | 2.0/2.0 | | Correct Answer(s): | False | 4. Commands used to modify data are called ____ commands. A) data control language (DCL) B) data manipulation language (DML) C) data modification language (DML) D) data definition language (DDL) Points Earned: | 2.0/2.0 | | Correct Answer(s): | B | 5. SQL*Plus can only be accessed via an internet interface. A) True B) False Points Earned: | 2.0/2.0 | | Correct Answer(s): | False | 6. The DISTINCT keyword can be used to indicate that duplicate data should be suppressed in the results of a query. A) True B) False Points Earned: | 2.0/2.0 | | Correct Answer(s): | True | 7. The precision of a NUMBER does not include the decimal point itself in the total number of digits that can be stored in a column. A) True B) False Points Earned: | 0.0/2.0 | | Correct Answer(s):...
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...True/False Questions 1. A Comprehensive Annual Financial Report (CAFR) would include an introductory section, management's discussion and analysis, basic financial statements, required supplementary information other than MD&A, combining and individual fund statements, narrative explanations, and statistical section. Answer: True 2. The three major sections of a CAFR are the Introductory, Financial, and Statistical sections. Answer: True 3. The introductory and statistical sections of a CAFR are required to be audited. Answer: False 4. State and local governments are not required to prepare a CAFR. Answer: True 5. Combining statements are required whenever a non-major column is used in one of the fund financial statements. Answer: True 6. A complete CAFR includes combining financial statements to reflect major funds. Answer: True 7. In addition to the government-wide statements, governments are required to prepare fund financial statements for governmental, proprietary and fiduciary funds. Answer: True 8. In addition to the government-wide statements, governments are required to prepare fund financial statements for governmental funds only. Answer: False 9. The General Fund is not always considered to be a major fund when preparing fund basis financial statements. Answer: False 10. With respect to fund basis financial statements, governmental funds are considered to be...
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...Chapter 01 Financial Statements and Business Decisions True / False Questions 1. Accounting is a system that collects and processes financial information about an organization and reports that information to decision makers. True False 2. Assets on the balance sheet are recorded at market value or replacement cost. True False 3. In accounting and reporting for a business entity, the accounting and reporting for the business must be kept separate from other economic affairs of its owners. True False 4. The accounting period in which service revenue is recognized (i.e., revenue for services rendered) is generally the period in which the cash is collected. True False 5. Total assets are $70,000, total liabilities, $40,000 and contributed capital is $20,000; therefore, retained earnings are $15,000. True False 6. The payment of a cash dividend to stockholders increases stockholders' equity. True False 7. The accounting model for the balance sheet is: Assets + Liabilities = Stockholders' Equity. True False 8. A decision maker who wants to understand a company's financial statements must carefully read the notes to the financial statements because the notes provide useful supplemental information. True False 9. The financial statement that shows an entity's economic resources and its liabilities is the statement of cash flows. True False 10. Companies prepare...
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...Chapter 01 Financial Statements and Business Decisions True / False Questions 1. Accounting is a system that collects and processes financial information about an organization and reports that information to decision makers. True False 2. Assets on the balance sheet are recorded at market value or replacement cost. True False 3. In accounting and reporting for a business entity, the accounting and reporting for the business must be kept separate from other economic affairs of its owners. True False 4. The accounting period in which service revenue is recognized (i.e., revenue for services rendered) is generally the period in which the cash is collected. True False 5. Total assets are $70,000, total liabilities, $40,000 and contributed capital is $20,000; therefore, retained earnings are $15,000. True False 6. The payment of a cash dividend to stockholders increases stockholders' equity. True False 7. The accounting model for the balance sheet is: Assets + Liabilities = Stockholders' Equity. True False 8. A decision maker who wants to understand a company's financial statements must carefully read the notes to the financial statements because the notes provide useful supplemental information. True False 9. The financial statement that shows an entity's economic resources and its liabilities is the statement of cash flows. True False 10. Companies prepare...
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...Financial Reporting for Governmental and Not-for-Profit Entities True / False Questions 1. Special purpose governments generally provide a wider range of services to their residents than do general purpose governments. True False 2. Examples of general purpose governments include cities, towns, and public schools that receive tax revenue to finance the services they provide. True False 3. The Governmental Accounting Standards Board (GASB) is the body authorized to establish accounting principles for all state and local governments, both general purpose and special purpose. True False 4. The Governmental Accounting Standards Board (GASB) is the body authorized to establish accounting principles for all government entities. True False 5. The Financial Accounting Standards Board (FASB) is the body authorized to establish accounting principles for all colleges and universities and health care entities. True False 6. Neither governmental nor not-for-profit entities have residual equity that can be distributed to owners. True False 7. A characteristic common to governmental and not-for-profit organizations is that they do not exist to provide goods or services at a profit or profit equivalent. True False 8. The needs of users of government financial reports are the same as those of users of business entity financial reports. True False 9. The Federal Accounting Standards Advisory Board (FASAB) recommends...
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...(Difficulty: E = Easy, M = Medium, and T = Tough) True-False Easy: (1.2) Goal of firm Answer: b Diff: E [i]. The proper goal of the financial manager should be to maximize the firm's expected profit, since this will add the most wealth to each of the individual shareholders (owners) of the firm. a. True b. False (1.2) Goal of firm Answer: b Diff: E [ii]. If a firm has a single owner, we may say that the proper goal of a financial manager would be to maximize the firm's earnings per share. a. True b. False (1.2) Managerial incentives Answer: b Diff: E [iii]. Executive stock options are shares of stock awarded to managers on the basis of corporate performance. a. True b. False (1.2) Social welfare and finance Answer: b Diff: E [iv]. The goal of maximizing stock price is a detriment to society in that few of the actions that result in maximization of stock price also benefit society. a. True b. False (1.2) Social welfare and finance Answer: a Diff: E [v]. If a firm's managers want to maximize stock price it is in their best interests to operate efficient, low-cost plants, develop new and safe products that consumers want, and maintain good relationships with customers, suppliers, creditors, and the communities in which they operate. a. True b. False (1.3) Agency Answer: b Diff: E [vi]. An agency relationship exists when one or more persons hire another person...
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...Test Bank for Data Structures with Java John R. Hubbard Anita Huray University of Richmond Chapter 1 Object-Oriented Programming Answer “True” or “False”: 1. An analysis of the profitability of a software solution would be done as part of the feasibility study for the project. 2. The best time to write a user manual for a software solution is during its maintenance stage. 3. The requirements analysis of a software project determines what individual components (classes) will be written. 4. In a large software project it is preferable to have the same engineers write the code as did the design. 5. In the context of software development, “implementation” refers to the actual writing of the code, using the design provided. 6. Software engineers use “OOP” as an acronym for “organized operational programming”. 7. The term “Javadoc” refers to the process of “doctoring” Java code so that it runs more efficiently. 8. Software engineers use “UML” as an acronym for “Unified Modeling Language”. 9. UML diagrams are used to represent classes and the relationships among them. 10. The “is-a” relationship between classes is called composition. 11. The “contains-a” relationship between classes is called aggregation. 12. The “has-a” relationship between classes is called inheritance. 1 Test Bank 2 13. A “mutable” class is one whose objects can be modified by the objects of other classes. 14...
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...in Political Economy True / False Questions 1. A country's political economy and culture are independent of each other. True False 2. It is not possible to have democratic societies that emphasize a mix of collectivism and individualism. True False 3. The communists believed that socialism could be achieved by democratic means, and turned their backs on violent revolution and dictatorship. True False 4. In an individualist society, the welfare of society is best served by letting people pursue their own economic self-interest. True False 5. The central message of collectivism is that individual economic and political freedoms are the ground rules on which a society should be based. True False 6. There is a global trend of societies shifting from individualism toward collectivism. True False 7. It is possible to have a democratic state where collective values predominate. True False 8. It is possible to have a totalitarian state that is hostile to collectivism and where some degree of individualism is encouraged. True False 9. The most practical form of democracy is direct democracy. True False 10. Most modern democratic states practice representative democracy. True False 11. In a market economy, if demand for a product exceeds supply, prices will rise, signaling to producers to produce more. True False 12. The number of command...
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