Exam 2: Business Processes and Accounting Information

The Capital Resources Process features which of the following pairs of activities?

When a company operates in a more certain environment it tends to focus inward and have a

The Ogallah Corporation wants its bank reconciliation for March 2008 prepared and has gathered the following information. Bank Service Charge for March 2008 $46 Ogallah wrote check number 2347 for $679.23 but the check was recorded as $769.23 on Ogallah's books. The bank statement contained a NSF check that totaled $566 and the $35 charge to process the NSF check. Interest earned on checking account during March 2008 $216.39. Deposits in Transit $2,567.23. Required: Using a two-column bank reconciliation,determine the dollar amount of the error the bank made in March 2008.Assume that all adjustments to the cash per book are correct and complete.

Identify the item below that is considered non-value added time.

At July 31,Sonata Company had a general ledger cash balance of $5,900.Deposits in transit amounted to $1,200 and there was a service charge of $20.Outstanding checks totaled $1,500.What is the balance shown on the bank statement at the end of July?

The cost and effectiveness of research and development is part of which of the following balanced scorecard perspectives?

Which of the following is not one of the four business processes?

Metal Fabricators,Inc.manufactures file cabinets.Some of the company's activities are listed below.Identify the phase of the management cycle in which each activity occurs.Use (PL)for planning,(PR)for performing,and (E)for evaluating. ______ (a.) Management sets a goal of obtaining a 22% share of the total market. ______ (b.) A new customer purchases 3,000 file cabinets. ______ (c.) Based on less than expected sales volume, production of a four-drawer file cabinet is discontinued. ______ (d.) The building of a new warehouse is being considered. ______ (e.) Management decides to add desks to the product line. ______ (f.) Raw materials are purchased for production. ______ (g.) A review of customers' payment schedules reveals several problems requiring corrective action. ______ (h.) Executive salaries are paid. ______ (i.) The company decides a distribution center in Alabama is unnecessary, so it will be closed. ______ (j.) Payment is received from a customer.

Internal failure cost occurs when:

Which of the following measures the liquidity of a company?

Which of the following ratios measures the profitability of the money invested in the firm's assets?

Which of the following bank reconciliation items would require the cash on the company's books to be reduced?

A fitness center repays $10,000 it borrowed from the bank to purchase an exercise machine.This is an example of a(n):

A jet ski manufacturer pays $6,000 for six months insurance.This is an example of a(n):

Identify which of the following is not considered a cost to insure quality?

The balanced scorecard approach has four perspectives,which of the following is not one of those perspectives?

Which of the following would be part of the capital resources process?

Which of the following would not be part of the capital resources process?

Given the formula for each of the following ratios and then explain what each ratio measures. a.Return on Investment b.Quick Ratio c.Gross Margin Ratio d.Return on Owners' Equity