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Econ B 251 Exam #2 questions and answers What are goods in which when demand increases, income increases?Normal goods What are goods in which when demand decreases, income increases?Inferior goods What is maximizing happiness or satisfaction from consuming a bundle of goods and services subject to income and prices?Consumer optimum What is the price of good in terms of another good?Relative price What is the total benefit (happiness) received from consuming some goo...

MBA 5100- Exam 1 questions and answers Manufacturing businessbuys raw materials, uses labor and machinery to transform them into finished products, and sells the finished products to individuals or other businesses Merchandising businessbuys finished products made by other businesses and resells them to individuals or other businesses

MBA Principles Accounting trial Exam questions and answers Which of the following statements support the reliability and usefulness of financial information?Accounting information is likely to be accurate. Accounting information is likely to be objective Accounting information is likely to be consistent. Which of the following statements correctly describes how accounting helps managers?Accounting centralizes and organizes processes. Bob plans to allow certain customers to ...

MBA Accounting trial questions and answers Primary SEC filing requirements10K Annual, 10Q Quarterly Benefits of disclosureLower costs of funds and labor Economic benefits form reliable disclosures Costs of disclosure.Preparation and dissemination, competitive disadvantages, litigation potential, and political costs GAAP vs. IFRSBoth are prepared using accrual accounting and utilize similar conceptual frameworks. Both require the same set of financial statements: a bal...

MBA Accounting questions and answers CHAPTER 11 What is the primary purpose of the statement of cash flow? A. To provide information about the cash flow from operations for a period B. To provide information about firm profitability C. To provide pro forma information that helps users predict future cash flows D. To provide information about where a company's cash comes from and where it goesD. To provide information about where a company's cash comes from and where...

MBA Accounting Final Exam questions and answers Standard Cost isis a budget for the production of one unit of product or service perfect or ideal standard isone that can be attained only under nearly perfect operating conditions practical standards areexpected to be attained under normal conditions cost variance isthe difference between the actual cost with the budgeted or standard cost Direct materials price variance isactual quantity(actual price - standard price) ...

MBA 5100 - Quiz 5 questions and answers a bank reconciliation should be prepared periodically becauseany differences between the depositor's records and the bank's records should be determined, and any errors made by either party should be discovered and corrected. Day Time Company records the receipts from cash sales of $41,200 as $12,400. What adjustment is required by the bank?no adjustment needed A cashed check for $1,900 was erroneously recorded by the bank as $9,1...

MBA 5100 - Ch 2 questions and answers Generally Accepted Accounting Principles (GAAP)a set of accounting standards that is used in the preparation of financial statements transactionA business activity that changes assets, liabilities, or owner's equity accounting equationAssets = Liabilities + Stockholder's Equity income statementA financial statement showing the revenue and expenses for a fiscal period. statement of stockholder's equitya financial statement...

MBA 5100- Exam 1 questions and answers Manufacturing businessbuys raw materials, uses labor and machinery to transform them into finished products, and sells the finished products to individuals or other businesses Merchandising businessbuys finished products made by other businesses and resells them to individuals or other businesses Service businessprovides intangible services, rather than tangible products Manufacturing (cars and trucks)General Motors is what type of ...

MBA 704 last exam (Ch. 15) questions and answers organizational culturesystem of shared assumptions, values, and beliefs that indicate what is appropriate and inappropriate in an organization; an organization's biggest asset and liability; control mechanism for employee behavior assumptionstaken for granted beliefs about human nature and reality; deepest level valuesshared principles, standards, and goals; second level artifactsthe visible and tangible elements of cul...