Question & Answer

There are 19 correct answers in the following multiple-choice questions (some questions have multiple answers that are correct). To attain a perfect score on the quiz, all correct answers must be given. Each correct answer is worth 1 point. Each omitted answer or wrong answer reduces the score by 1 point, and each additional answer beyond the correct number of answers reduces the score by 1 point. Percentage score on the quiz is based on the total number of correct answers. 9.1 Anisotropic means which one of the following: (a) composite materials with composition consisting of more than two materials, (b) properties are the same in every direction, (c) properties vary depending on the direction in which they are measured, or (d) strength and other properties are a function of curing temperature? 9.2 The reinforcing phase is the matrix within which the secondary phase is imbedded: (a) true or (b) false? 9.3 Which one of the following reinforcing geometries offers the greatest potential for strength and stiffness improvement in the resulting composite material: (a) fibers, (b) flakes, (c) particles, or (d) infiltrated phase? 9.4 Wood is which one of the following composite types: (a) CMC, (b) MMC, or (c) PMC? 9.5 Which of the following materials are used as fibers in fiber-reinforced plastics (four best answers): (a) aluminum oxide, (b) boron, (c) cast iron, (d) E-glass, (e) epoxy, (f) Kevlar 49, (g) polyester, and (h) silicon? 9.6 Which of the following metals are used as the matrix material in fiber-reinforced MMCs (two best answers): (a) aluminum, (b) copper, (c) iron, (d) magnesium, and (e) zinc? 9.7 Which of the following metals are used as the matrix metals in nearly all WC cemented carbides and TiC cermets (two correct answers): (a) aluminum, (b) chromium, (c) cobalt, (d) lead, (e) nickel, (f) tungsten, and (g) tungsten carbide? 9.8 Ceramic matrix composites are designed to overcome which of the following weaknesses of ceramics (two best answers): (a) compressive strength, (b) hardness, (c) hot hardness, (d) modulus of elasticity, (e) tensile strength, and (f) toughness? 9.9 Which one of the following polymer types are most commonly used in polymer matrix composites: (a) elastomers, (b) thermoplastics, or (c) thermosets? 9.10 Which of the following materials are not composites (two correct answers): (a) cemented carbide, (b) phenolic molding compound, (c) plywood, (d) Portland cement, (e) rubber in automobile tires, (f) wood, and (g) 1020 steel?

Describe the types of expenses that constitute miscellaneous itemized deductions and explain why these expenses rarely produce any tax benefits.

What are some of the operations required in sand casting after the casting is removed from the mold?

What is a tool-chip thermocouple?

For a recent 2-year period, the balance sheet of Santana Dotson Company showed the following stockholders’ equity data at December 31 (in millions). 2014 2013 Additional paid-in capital $ 931 $ 817 Common stock 545 540 Retained earnings 7,167 5,226 Treasury stock 1,564 918 Total stockholders’ equity $7,079 $5,665 Common stock shares issued 218 216 Common stock shares authorized 500 500 Treasury stock shares 34 27 Instructions (a) Answer the following questions. (1) What is the par value of the common stock? (2) What is the cost per share of treasury stock at December 31, 2014, and at December 31, 2013? (b) Prepare the stockholders’ equity section at December 31, 2014.

Explain how estimation of service lives can result in unrealistically high carrying values for fixed assets.

There are 15 correct answers in the following multiple choice questions (some questions have multiple answers that are correct). To attain a perfect score on the quiz, all correct answers must be given. Each correct answer is worth 1 point. Each omitted answer or wrong answer reduces the score by 1 point, and each additional answer beyond the correct number of answers reduces the score by 1 point. Percentage score on the quiz is based on the total number of correct answers. 10.1 Sand casting is which of the following types: (a) expendable mold or (b) permanent mold? 10.2 The upper half of a sand-casting mold is called which of the following: (a) cope or (b) drag? 10.3 In casting, a flask is which one of the following: (a) beverage bottle for foundrymen, (b) box which holds the cope and drag, (c) container for holding liquid metal, or (d) metal which extrudes between the mold halves? 10.4 In foundry work, a runner is which one of the following: (a) channel in the mold leading from the downsprue to the main mold cavity, (b) foundryman who moves the molten metal to the mold, or (c) vertical channel into which molten metal is poured into the mold? 10.5 Turbulence during pouring of the molten metal is undesirable for which of the following reasons (two best answers): (a) it causes discoloration of the mold surfaces, (b) it dissolves the binder used to hold together the sand mold, (c) it increases erosion of the mold surfaces, (d) it increases the formation of metallic oxides that can become entrapped during solidification, (e) it increases the mold filling time, and (f) it increases total solidification time? 10.6 Total solidification time is defined as which one of the following: (a) time between pouring and complete solidification, (b) time between pouring and cooling to room temperature, (c) time between solidification and cooling to room temperature, or (d) time to give up the heat of fusion? 10.7 During solidification of an alloy when a mixture of solid and liquid metals is present, the solid-liquid mixture is referred to as which one of the following: (a) eutectic composition, (b) ingot segregation, (c) liquidus, (d) mushy zone, or (e) solidus?   10.8 Chvorinov's rule states that total solidification time is proportional to which one of the following quantities: (a) (A/V) n , (b) Hf, (c) Tm, (d) V, (e) V/A, or (f) (V/A) 2 ; where A = surface area of casting, Hf = heat of fusion, Tm = melting temperature, and V = volume of casting? 10.9 A riser in casting is described by which of the following (three correct answers): (a) an insert in the casting that inhibits buoyancy of the core, (b) gating system in which the sprue feeds directly into the cavity, (c) metal that is not part of the casting, (d) source of molten metal to feed the casting and compensate for shrinkage during solidification, and (e) waste metal that is usually recycled? 10.10 In a sand-casting mold, the V/A ratio of the riser should be (a) equal to, (b) greater than, or (c) smaller than the V/A ratio of the casting itself? 10.11 Which of the following riser types are completely enclosed within the sand mold and connected to the main cavity by a channel to feed the molten metal (two correct answers): (a) blind riser, (b) open riser, (c) side riser, and (d) top riser?

What are the components of an interest rate? Why is it important for accountants to understand these components?

Choice of transfer price The following information relates to a new computer chip that Hand Held has developed for its new mobile phone that contains a personal organiser:       The variable costs of the mobile phone division will be incurred whether it buys from the chip division or from an outside supplier.   Required (a)        What is the highest price that the managers of the mobile phone division would want to pay the chip division for the chip? Explain. (b)        If the chip division is working at full capacity and cannot produce additional units, what transfer price for the chip would be best for the entity as a whole? Explain. (c)        If the chip division is not operating at capacity and has no prospect of reaching capacity, what is the lowest price its managers would typically be willing to sell chips to the mobile phone division?

What are the differences between an explicit and an implicit tax?

What were the causes of the credit crunch and the banking crisis of 2008?

In the previous problem, propose a way of scheduling to meet the weekly demand if there were four machines instead of three.

Describe the like-kind property requirements for real property for purposes of qualifying for a like-kind exchange. Explain whether land held for investment by a corporation will qualify as like-kind property with land held by an individual for personal use.

Parsons Inc. has proposed a change from the completedcontract to the percentage-of-completion method for financial reporting purposes. The auditor indicates that a change would be permitted only if it is to a preferable method. What difficulties develop in assessing preferability?

In what ways may free trade have harmful cultural effects on developing countries?

Sesame Company purchased a computer system for $74,000 on January 1, 2013. It was depreciated based on a 7-year life and an $18,000 salvage value. On January 1, 2015, Sesame revised these estimates to a total useful life of 4 years and a salvage value of $10,000. Prepare Sesame’s entry to record 2015 depreciation expense.

A turning operation is to be performed on a 20 hp lathe that has an 87% efficiency rating. The roughing cut is made on alloy steel whose hardness is in the range 325 to 335 HB. The cutting speed is 375 ft/min, feed is 0.030 in/rev, and depth of cut is 0.150 in. Based on these values, can the job be performed on the 20 hp lathe? Use Table 21.2 to obtain the appropriate unit horsepower value

A resistance spot-welding operation is performed on two pieces of 0.040 in thick sheet steel (low carbon). The unit melting energy for steel = 150 Btu/in3. Process parameters are: current = 9500 A and time duration = 0.17 sec. This results in a weld nugget of diameter = 0.19 in and thickness = 0.060 in. Assume the resistance = 100 micro-ohms. Determine (a) the average power density in the interface area defined by the weld nugget, and (b) the proportion of energy generated that went into formation of the weld nugget.

When the COVID-19 epidemic struck unexpectedly at the end of 2019, company closures and instructions to stay at home severely disrupted the economy. Write a short essay outlining how COVID-19 has affected the growth and use of fintech. Do you think this terrible episode had a positive effect on the growth and use of fintech, or did it generate more problems than fintech could solve?

Answer the following multiple-choice questions. 1. GAAP stands for: (a) governmental auditing and accounting practices. (b) generally accepted attest principles. (c) government audit and attest policies. (d) generally accepted accounting principles. 2. Accounting standard-setters use the following process in establishing accounting standards: (a) Research, exposure draft, discussion paper, standard. (b) Discussion paper, research, exposure draft, standard. (c) Research, preliminary views, discussion paper, standard. (d) Research, discussion paper, exposure draft, standard. 3. GAAP is comprised of: (a) FASB standards, interpretations, and concepts statements. (b) FASB financial standards. (c) FASB standards, interpretations, EITF consensuses, and accounting rules issued by FASB predecessor organizations. (d) any accounting guidance included in the FASB Codification. 4. The authoritative status of the conceptual framework is as follows. (a) It is used when there is no standard or interpretation related to the reporting issues under consideration. (b) It is not as authoritative as a standard but takes precedence over any interpretation related to the reporting issue. (c) It takes precedence over all other authoritative literature. (d) It has no authoritative status. 5. The objective of financial reporting places most emphasis on: (a) reporting to capital providers. (b) reporting on stewardship. (c) providing specific guidance related to specific needs. (d) providing information to individuals who are experts in the field. 6. General-purpose financial statements are prepared primarily for: (a) internal users. (b) external users. (c) auditors. (d) government regulators. 7. Economic consequences of accounting standard-setting means: (a) standard-setters must give first priority to ensuring that companies do not suffer any adverse effect as a result of a new standard. (b) standard-setters must ensure that no new costs are incurred when a new standard is issued. (c) the objective of financial reporting should be politically motivated to ensure acceptance by the general public. (d) accounting standards can have detrimental impacts on the wealth levels of the providers of financial information. 8. The expectations gap is: (a) what financial information management provides and what users want. (b) what the public thinks accountants should do and what accountants think they can do. (c) what the governmental agencies want from standard-setting and what the standard-setters provide. (d) what the users of financial statements want from the government and what is provided.

New financial technologies are widely used in regulated sectors like finance and banking. Do you think that regulatory scrutiny hinders financial innovation and could even impede its progress, or do you think regulations shouldn’t have an impact on the advancement of fintech? (LO5)

Simmons Corporation owns stock of Armstrong, Inc. Prior to 2014, the investment was accounted for using the equity method. In early 2014, Simmons sold part of its investment in Armstrong, and began using the fair value method. In 2014, Armstrong earned net income of $80,000 and paid dividends of $95,000. Prepare Simmons’s entries related to Armstrong’s net income and dividends, assuming Simmons now owns 10% of Armstrong’s stock.

Explain the advantage of a swap option to a financial institution that wants to swap fixed payments for floating payments. (LO2)

1. Do poor people gain more from a cut in income tax with an elastic or an inelastic supply of labour? Is the supply of unskilled workers likely to be elastic or inelastic? 2. Draw two diagrams like Figure 11.13, one with a steep demand curve and one with a shallow demand curve. How does the elasticity of demand affect the incidence of the income tax?

An orthogonal machining operation removes metal at 1.8 in3 /min. The cutting force in the process = 300 lb. The work material has a thermal diffusivity = 0.18 in2 /sec and a volumetric specific heat = 124 in-lb/in3 -F. If the feed f = to = 0.010 in and width of cut = 0.100 in, use the Cook formula to compute the cutting temperature in the operation given that ambient temperature = 70°F.