Question & Answer

Identify the two types of control charts for variables.

Distinguish between a current liability, such as accounts payable, and a provision.

In casting experiments performed using a certain alloy and type of sand mold, it took 155 sec for a cube-shaped casting to solidify. The cube was 50 mm on a side. (a) Determine the value of the mold constant in Chvorinov's rule. (b) If the same alloy and mold type were used, find the total solidification time for a cylindrical casting in which the diameter = 30 mm and length = 50 mm

Why will additional advertising lead to smaller and smaller increases in sales?

What are some of the major challenges facing the accountingprofession?

1.      Match each primary value chain activity with its definition. a.       Marketing and sales activities b.      Service activities c.       Operations d.      Outbound logistics   e.       Inbound logistics

What is concurrent engineering and what are its important components?

Duff is really interested in decreasing their tax liability and tends to be somewhat tax aggressive. A friend of a friend told Duff that cash transactions are more difficult for the IRS to identify and, thus, tax. Duff is contemplating using this “strategy” of not reporting cash collected in their business to minimize the tax liability. Is this tax planning? What are the risks with this strategy?

Define tensile strength of a material.

What is the full disclosure principle in accounting? Why has disclosure increased substantially in the last 10 years?

1.       : Would you expect the structure of a company such as eBay, which operates almost entirely online, to differ from the structure of a bricks-and-mortar company, such as General Motors, which uses the Internet for some things, such as customer service and business-to-business transactions? Why or why not?

A fire destroys all of the merchandise of Assante Company on February 10, 2014. Presented below is information compiled up to the date of the fire. Inventory, January 1, 2014 $ 400,000 Sales revenue to February 10, 2014 1,950,000 Purchases to February 10, 2014 1,140,000 Freight-in to February 10, 2014 60,000 Rate of gross profi t on selling price 40% What is the approximate inventory on February 10, 2014?

What is meant by liquidity? Rank the following assets from one to five in order of liquidity. (a) Goodwill. (b) Inventory. (c) Buildings. (d) Short-term investments. (e) Accounts receivable.

Name the five main types of material transport equipment.

Brecker Company leases an automobile with a fair value of $10,906 from Emporia Motors, Inc., on the following terms: 1. Non-cancelable term of 50 months. 2. Rental of $250 per month (at end of each month). (The present value at 1% per month is $9,800.) 3. Estimated residual value after 50 months is $1,180. (The present value at 1% per month is $715.) Brecker Company guarantees the residual value of $1,180. 4. Estimated economic life of the automobile is 60 months. 5. Brecker Company’s incremental borrowing rate is 12% a year (1% a month). It is impracticable to determine Emporia’s implicit rate. Instructions (a) What is the nature of this lease to Brecker Company? (b) What is the present value of the minimum lease payments? (c) Record the lease on Brecker Company’s books at the date of inception. (d) Record the first month’s depreciation on Brecker Company’s books (assume straight-line). (e) Record the first month’s lease payment.

How does solidification of alloys differ from solidification of pure metals?

What effects will the following have on the equilibrium rate of interest? (You should consider which way the demand and/or supply curves of money shift.)          (a)  Banks find that they have a higher liquidity ratio than they need.          (b)  A rise in incomes.          (c)  A growing belief that interest rates will rise from their current level.

Under what conditions must an employer accrue a liability for the cost of compensated absences?

What are some of the additives that are combined with rubber during compounding?

For each of the following cases, indicate (a) to what rate columns, and (b) to what number of periods you would refer in looking up the interest factor. 1. In a future value of 1 table Annual Number of Rate Years Invested Compounded a. 9% 9 Annually b. 12% 5 Quarterly c. 10% 15 Semiannually 2. In a present value of an annuity of 1 table Annual Number of Number of Frequency of Rate Years Involved Rents Involved Rents a. 9% 25 25 Annually b. 10% 15 30 Semiannually c. 12% 7 28 Quarterly

Cruise Industries purchased $10,800 of merchandise on February 1, 2014, subject to a trade discount of 10% and with credit terms of 3/15, n/60. It returned $2,500 (gross price before trade or cash discount) on February 4. The invoice was paid on February 13. Instructions (a) Assuming that Cruise uses the perpetual method for recording merchandise transactions, record the purchase, return, and payment using the gross method. (b) Assuming that Cruise uses the periodic method for recording merchandise transactions, record the purchase, return, and payment using the gross method. (c) At what amount would the purchase on February 1 be recorded if the net method were used?

Hoki Poki, a cash-method general partnership, recorded the following items for its current tax year: Rental real estate income $2,000 Sales revenue $70,000 §1245 recapture income $8,000 Interest income $2,000 Cost of goods sold ($38,000) Depreciation – MACRS ($9,000) Supplies expense ($1,000) Employee wages ($14,000) Investment interest expense ($1,000) Partner’s medical insurance premiums paid by Hoki Poki ($3,000) As part of preparing Hoki Poki’s current-year return, identify the items that should be included in computing its ordinary business income (loss) and those that should be separately stated. [Hint: See Schedule K-1 and related preparer’s instructions at www.irs.gov.]

Explain how finance companies benefit from offering consumers a credit card. (LO2)

1.    : This chapter described studies that show that people work harder and better for managers who put the interests of others above their own. Do you believe being more of a “giver” than a “taker” will translate into greater career success for these managers? Discuss

Assume that the economy is at potential output and the natural rate of unemployment and that inflation is at the target rate set for the central bank by the government. In each of the following scenarios apply the integrated EAPC, DAD/DAS and IS/MP framework to analyse the economy’s adjustment path. (a) A temporary fall in aggregate demand under the assumption that inflationary expectations remain anchored. (b) A temporary fall in aggregate demand where inflationary expectations are based on the rate of inflation in the previous period. (c) A temporary positive supply shock where inflationary expectations are based on the rate of inflation in the previous period.