Bus 302 l Study guides, Class notes & Summaries

BUS 302 L Financial Accounting exam fully solved & updated

Because of scarcity, every economic decision involves a trade-off. Ryan spends an hour studying instead of going for a bike ride. Assume studying and bike riding were Ryan's only options for that hour. The opportunity cost to him of studying is: the enjoyment and exercise he would have received from bike riding. The gains from trade are: a result of more efficient resource allocation. Which of the following would not tend to lower the price of VCRs? increasing price of ...

Under which of the following situations does strict product liability apply? a. Sale of a defective and unreasonably dangerous product. b. Manufacture of a defective and unreasonably dangerous product. c. Both (a) and (b) are correct. d. Neither (a) nor (b) are correct - Answer c. Both (a) and (b) are correct.

What type of a cost is given? a. fixed cost b. variable cost c. step cost d. mixed cost e. rent cost. - Answer b. variable cost

hat is break-even point in sales? - Answer fixed cost / (price-variable cost) 10,000 / (7.50-2.25)=1905 what is the total contribution margin? - Answer sales revenue-variable expense (7.50*20,000) - (2.25*20,000) =105,000

A test is one-tailed when the alternate hypothesis, H1 or HA, states a direction, such as: - Answer < or > H0 - Answer = 2-tailed Alternative - Answer - Population mean not equal to number - Population proportion not equal to fraction A test is two-tailed when no direction is specified in the alternate hypothesis - Answer "≠" split α

In the annual report, where would a financial statement reader find out if the company's financial statements give a fair depiction of its financial position and operating results? Answer> Auditor's report Which accounting assumption assumes that an enterprise will continue in operation long enough to carry out its existing objectives and commitments? Answer> Going Concern Assumption Johnny's Car Repair Shop started the year with total assets of $60,000 and total liabilities...

A company sells pretzels for $1.50/bag. Their February ending inventory was $1,600. Marketing prepares the following forecast: January 15,000 bags February 12,000 bags March 16,000 bags Total 43,000 bags Projected sales for April are 13,000 bags. Try to maintain 10% of the next month's forecasted sales in inventory. What is the projected for March? Answer> 13,000*10%= 1,300 March: 16,000 Feb ending inv: (1,600) =1,300+16,000-1,600 = 15,700 Same info as no 1. What is the sales b...