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1. Negative cash flow from financing activities on the statement of cash flows means that a company has ________.
a) paid a large cash dividend to shareholders
b) bought additional property, plant and equipment
c) sold additional shares of common stock
d) paid more for operating expenses than it collected from customers
2. Positive cash flow from operating activities on the statement of cash flows means that a company has ________.
a.bought additional property, plant and equipment
b.paid a large cash dividend to shareholders
c.sold additional shares of common stock
d.collected more from customers than it paid for operating expenses
3. Koak and Pepsee are the only producers of soft drinks: TCk = 100 + 5q & TCp=100+10q The market demand for soft drinks is: Q = 1000 10P.
a) If the firms behave as Cournot competitors, find the Nash equilibrium price, output per firm, and profit per firm.
b) If the firms behave as Stackelberg competitors, with Koak the leader, find the Nash equilibrium price, output per firm, and profit per firm.
c) If the firms collude to maximize their combined profit, find the price, output per firm, and profit per firm assuming they split the profits evenly.
4. Jay Pembroke started a business. During the first month (April 20–), the following transactions occurred.
1. Invested cash in business, $18,000.
2. Bought office supplies for $4,600: $2,000 in cash and $2,600 on account.
3. Paid one-year insurance premium, $1,200.
4. Earned revenues totaling $3,300: $1,300 in cash and $2,000 on account.
5. Paid cash on account to the company that supplied the office supplies in transaction (b), $2,300.
6. Paid office rent for the month, $750.
7. Withdrew cash for personal use, $100
5. The measurement focus and basis of accounting that are most unlike those used by business entities are those used by
6. Under the dual-track accounting approach used in the text, which of the following transactions or events would be recorded in the general journal for governmental activities at the government-wide level
a.Recording the annual budget, property tax levy, and payroll.
b.Recording the property tax levy, issuance of tax anticipation notes, and accrual of interest on long-term debt at year-end.
c.Recording the property tax levy, payroll, and encumbrances for purchase orders.
d.Recording the property tax levy, encumbrances for purchase orders, and payment of interest on long-term debt.
7. Which of the following would result in the amortization of a bond discount or premium
a.Bonds are issued: No; Bonds are held as investments: No
b.Bonds are issued: No; Bonds are held as investments: Yes
c.Bonds are issued: Yes; Bonds are held as investments: No
d.Bonds are issued: Yes; Bonds are held as investments: Yes
8. Which of the following funds are governmental funds
a.General Fund, special revenue funds, capital projects funds, debt service funds, and private-purpose trust funds.
b.General Fund, special revenue funds, private-purpose trust funds.
c.General Fund, special revenue funds, debt service funds, capital projects funds, and permanent funds.
d.General Fund, special revenue funds, capital projects funds, debt service funds, and internal service funds.
9. When the budget of a government is adopted and Estimated Revenues exceed Appropriations, the excess is
a.Credited to Budgetary Fund Balance.
b.Debited to Budgetary Fund Balance.
c.Debited to Reserve for Encumbrances.
d.Credited to Reserve for Encumbrances.
10. The Financial Accounting Standards Board has the responsibility for setting accounting and financial reporting standards for
a.All not-for-profit organizations that are nongovernmental and business entities.
b.All special purpose governments.
c.All not-for-profit organizations.
d.All federal government agencies.
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11. On the due date for bond interest, the debt service fund journal entry (or entries) will include a debit to
b.Interfund Transfers In.
12. . Which of the following is a proprietary fund
a.Special revenue fund.
b.Investment trust fund.
c.Debt service fund.
d.Internal service fund.
13. . Which of the following distinguishes governments from nongovernmental not-for-profit organizations
a.Absence of profit motive.
b.The power to enact and enforce a tax levy.
c.Resource providers do not expect benefits proportional to the resources provided.
d.Absence of a defined ownership interest that can be sold, transferred, or redeemed.
14. Generally accepted accounting principles applicable to state and local governments require that
a.Only governmental funds and proprietary funds should be provided.
b.Only those funds required by law, GASB standards, and sound financial administration should be provided.
c.Only those funds required by law should be provided.
d.All categories of funds must be provided.
15.In late June, the Everready Construction Co. submitted a $600,000 progress billing on a construction contract. On July 2, the bill was approved for payment, subject to a five percent retention, as provided by the contract. Construction expenditures should be debited when
a.The bill is approved for payment.
b.The bill is received.
c.The bill is paid (except for the five percent retention).
d.The final five percent of the bill is paid
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