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BUS 302L Exams Questions and Answers
BUS 302L Exams Questions and Answers
[Show more]BUS 302L Exams Questions and Answers
[Show more]Because of scarcity, every economic decision involves 
Answer> 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: 
Answer> the enjoyment and exerci...
Preview 3 out of 17 pages
Add to cartBecause of scarcity, every economic decision involves 
Answer> 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: 
Answer> the enjoyment and exerci...
Budgets are 
Answer> Used by individual, staffs, managers department. 
Management accountant place more emphasis on which of the following: 
Answer> future activities 
A listing of line item that the organization will use to classify its accounting 
information is? 
Answer> balance sheet 
...
Preview 2 out of 14 pages
Add to cartBudgets are 
Answer> Used by individual, staffs, managers department. 
Management accountant place more emphasis on which of the following: 
Answer> future activities 
A listing of line item that the organization will use to classify its accounting 
information is? 
Answer> balance sheet 
...
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 for...
Preview 3 out of 19 pages
Add to cartA 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 for...
Economic profit is equal to: 
a. Total revenue minus the explicit cost of producing goods and services. 
b. Total revenue minus the implicit cost of producing goods and services. 
c. Total revenue minus the opportunity cost of producing goods and services. 
d. Average revenue minus the average cost ...
Preview 4 out of 42 pages
Add to cartEconomic profit is equal to: 
a. Total revenue minus the explicit cost of producing goods and services. 
b. Total revenue minus the implicit cost of producing goods and services. 
c. Total revenue minus the opportunity cost of producing goods and services. 
d. Average revenue minus the average cost ...
Comparing actual outcomes with budget outcomes, then following up, is an 
example of a 
Answer> Controlling activities 
Which of the following is typically a starting point for the budget process? 
Answer> a sales budget 
Tax accounting is generally most used by: 
Answer> Internal revenue ...
Preview 3 out of 18 pages
Add to cartComparing actual outcomes with budget outcomes, then following up, is an 
example of a 
Answer> Controlling activities 
Which of the following is typically a starting point for the budget process? 
Answer> a sales budget 
Tax accounting is generally most used by: 
Answer> Internal revenue ...
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...
Preview 3 out of 30 pages
Add to cartIn 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...
Offer Requirements 
Answer> 1. intent to contract 
2. definiteness of terms 
3. communicated 
*NOT ADS 
Firm Offer Requirements (Merchant Rule) 
Answer> 1. be made by an offeror who is merchant 
2. be contained in a signed writing 
3. give assurances that the offer will be kept open 
(max 90 d...
Preview 3 out of 16 pages
Add to cartOffer Requirements 
Answer> 1. intent to contract 
2. definiteness of terms 
3. communicated 
*NOT ADS 
Firm Offer Requirements (Merchant Rule) 
Answer> 1. be made by an offeror who is merchant 
2. be contained in a signed writing 
3. give assurances that the offer will be kept open 
(max 90 d...
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 for...
Preview 3 out of 28 pages
Add to cartA 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 for...
Which phrase best describes the current role of the managerial accountant? 
Answer> Managerial accountants facilitate the decision-making process within 
an organization. 
An example of qualitative data is: 
Answer> customer satisfaction 
Product and service costing information is prepared fo...
Preview 2 out of 15 pages
Add to cartWhich phrase best describes the current role of the managerial accountant? 
Answer> Managerial accountants facilitate the decision-making process within 
an organization. 
An example of qualitative data is: 
Answer> customer satisfaction 
Product and service costing information is prepared fo...
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