CORRECT WELL DETAILED
When the costs of supplies increase in an industry, the low cost leader_____ -
ANSWER is the only firm able to pay the higher prices and continue to earn average or
above average returns
Accounts Payable - ANSWER current liability account in which a company records the
amounts it owes to suppliers or vendors for goods or services that it recieved on credit
accounts receivable - ANSWER current asset account in which a company records the
amounts it has a right to collect from customers who received goods or services on credit
what is the cost of goods sold? - ANSWER the total cost of merchandise sold during a
period
owners equity - ANSWER one of the three main sections of a sole proprietorship's
balance sheet
cash - ANSWER includes the following: currency and coins, checks received from
customers but not yet deposited, checking accounts, and petty cash
cash equivalents - ANSWER short-term high liquidity investments with a maturity date
that was 3 months or less at the time of purchase. Ex) money market accounts, U.S. Treasury
Bills, and commercial paper
1
, when a business erroneously records expenses as assets, it has violated the measurement of
_____ - ANSWER classification
lying by omission involves intentionally - ANSWER withholding material facts
The Federal Highway Administration uses notice-and-comment rulemaking. this process
begins with - ANSWER the publication of a notice of proposed rulemaking
one way human resource planning links to strategic planning is by providing a set of inputs
into the ______ - ANSWER strategy formulation process
which of the following is not one of W. Edwards Deming's 14 points? - ANSWER the
only performance standard is zero defects
operating statement is another name for the ______ - ANSWER Income Statement
Purchases, returns and allowances, and purchase discounts are classified as _______ on the
income statement - ANSWER contra-cost accounts
law of supply - ANSWER states that the quantity of a good supplied (I.E. the amount
owners or producers offer for sale) rises as the market price rises, and falls as the price falls
population sampling - ANSWER the process of taking a subset of subjects that is
representative of the entire population. the sample must have sufficient size to warrant
statistical analysis
what is principles of accounting - ANSWER the broad underlying concepts which guide
accountants when preparing financial statements
what is equity? - ANSWER it indicates an ownership interest in a business
2
When the costs of supplies increase in an industry, the low cost leader_____ -
ANSWER is the only firm able to pay the higher prices and continue to earn average or
above average returns
Accounts Payable - ANSWER current liability account in which a company records the
amounts it owes to suppliers or vendors for goods or services that it recieved on credit
accounts receivable - ANSWER current asset account in which a company records the
amounts it has a right to collect from customers who received goods or services on credit
what is the cost of goods sold? - ANSWER the total cost of merchandise sold during a
period
owners equity - ANSWER one of the three main sections of a sole proprietorship's
balance sheet
cash - ANSWER includes the following: currency and coins, checks received from
customers but not yet deposited, checking accounts, and petty cash
cash equivalents - ANSWER short-term high liquidity investments with a maturity date
that was 3 months or less at the time of purchase. Ex) money market accounts, U.S. Treasury
Bills, and commercial paper
1
, when a business erroneously records expenses as assets, it has violated the measurement of
_____ - ANSWER classification
lying by omission involves intentionally - ANSWER withholding material facts
The Federal Highway Administration uses notice-and-comment rulemaking. this process
begins with - ANSWER the publication of a notice of proposed rulemaking
one way human resource planning links to strategic planning is by providing a set of inputs
into the ______ - ANSWER strategy formulation process
which of the following is not one of W. Edwards Deming's 14 points? - ANSWER the
only performance standard is zero defects
operating statement is another name for the ______ - ANSWER Income Statement
Purchases, returns and allowances, and purchase discounts are classified as _______ on the
income statement - ANSWER contra-cost accounts
law of supply - ANSWER states that the quantity of a good supplied (I.E. the amount
owners or producers offer for sale) rises as the market price rises, and falls as the price falls
population sampling - ANSWER the process of taking a subset of subjects that is
representative of the entire population. the sample must have sufficient size to warrant
statistical analysis
what is principles of accounting - ANSWER the broad underlying concepts which guide
accountants when preparing financial statements
what is equity? - ANSWER it indicates an ownership interest in a business
2
