A01 Week-1 Discussion

Define, compare and contrast sole proprietorships, partnerships, and corporations?

A01 Online Exam 8_11 SCORE 100 Percent

Question 1 of 205.0 Points
Outstanding checks __________.
A.  have been subtracted on the bank records but not the checkbook records
B.  have not been presented to the bank for payment and have not been subtracted from the checkbook
C.  have not been presented to the bank for payment but have been subtracted in the checkbook
D.  have been returned to the business for non-payment

Question 2 of 205.0 Points
Internal control over a company's assets should include which of the following?
  A.  Responsibilities and duties of employees will be divided.
  B.  All cash receipts will be deposited into the bank the same day they arrive.
  C.  All cash payments will be made by check (except petty cash..
  D.  All of these answers are correct.

Question 3 of 205.0 Points
The bank statement shows __________.
A.  the beginning bank balance of the cash at the start of the month
B.  the checks the bank has paid and any deposits received
C.  any other charges or additions to the bank balance
  D.  All of these answers are correct.

Question 4 of 205.0 Points
From the bank reconciliation no entry was recorded for deposits in transit. This would cause __________.
A.  assets to be overstated
B.  assets to be understated
C.  no impact since deposits in transit are already included in the balance per books
D.  no impact since deposits are not recorded on the books

Question 5 of 205.0 Points
Scotch Services received a credit memorandum from the bank. During the bank reconciliation they should __________.
A.  increase their cash account on the company's books
B.  decrease their cash account on the company's books
C.  increase the ending cash balance on the bank statement
D.  decrease the ending cash balance on the bank statement

Question 6 of 205.0 Points
The journal entry to reverse the entry of a customer's nonsufficient funds check would include a __________.
A.  debit to Cash
B.  credit to Cash
C.  debit to Accounts Payable
D.  credit to Accounts Receivable

Question 7 of 205.0 Points
Advantages of on-line banking include __________.
A.  convenience
B.  transaction speed
C.  effectiveness
  D.  All of the above answers are correct.

Question 8 of 205.0 Points
The bank statement included bank charges. On the bank reconciliation, the item is __________.
A.  an addition to the balance per company books
B.  an addition to the balance per bank statement
C.  a deduction from the balance per bank statement
D.  a deduction from the balance per company books

Question 9 of 205.0 Points
The bank charged another company's check against our account, this would be included on the bank reconciliation as a(n. __________.
A.  addition to the balance per books
B.  subtraction from the balance per books
C.  addition to the balance per bank
D.  subtraction from the balance per bank

Question 10 of 205.0 Points
A nonsufficient funds check was returned to your company. How does the bank treat this on your bank statement?
  A.  It is added to the bank balance.
  B.  It is shown as a debit memo.
  C.  It is shown as a credit memo.
  D.  None of these answers are correct.

Question 11 of 205.0 Points
 Determine the adjusted cash balance per bank for Santa's Packaging on November 30, from the following information.

Cash balance on the bank statement
$2,350
Customer's check returned—NSF
500
Customer's note collected by the bank
600
Deposits in transit, November 30
1,400
Outstanding checks, November 30
2,650
A.  $1,250
B.  $1,100
C.  $1,550
D.  $1,350

Question 12 of 205.0 Points
Which item should be added to the company's book balance during the bank reconciliation?
A.  deposit in transit
B.  check outstanding
C.  bank service charge
D.  note collected by the bank

Question 13 of 205.0 Points
An example of an internal control is __________.
A.  the use of a bank account
B.  the use of pre-numbered checks
C.  the use of checks with reference source documents
  D.  All of these answers are correct.

Question 14 of 205.0 Points
Calculate, from the following information the adjusted cash balance at the end of April.

Bank statement ending cash balance
$2,000
General ledger cash balance ending
3,250
Bank monthly service charge
45
Deposits in transit
2,500
Outstanding checks
1,500
NSF check returned with bank statement
205
A.  $3,000
B.  $4,250
C.  $4,000
D.  $5,500

Question 15 of 205.0 Points
How would outstanding checks be handled when reconciling the ending cash balance per the bank statement to the correct adjusted cash balance?
  A.  They would be added to the balance of the bank statement.
  B.  They would be subtracted from the balance of the bank statement.
  C.  They would be added to the balance per books.
  D.  They would be ignored.

Question 16 of 205.0 Points
Which item(s. will require a journal entry to update the balance in the Cash account?
A.  checks outstanding and deposits in transit
B.  bank service charges, note collected by the bank, and deposits in transit
C.  bank service charges, note collected by the bank, and error made by Accounting Services
  D.  None of these answers are correct.

Question 17 of 205.0 Points
A restrictive endorsement on a check __________.
A.  can be further endorsed by someone else
B.  is the safest endorsement for businesses
C.  permits the bank to use its best judgment
  D.  None of these answers are correct.

Question 18 of 205.0 Points
Which of the following bank reconciliation items would be reflected in a journal entry?
A.  error made by the bank
B.  outstanding checks
C.  bank service charges
D.  deposit in transit
Question 19 of 205.0 Points
Endorsing a check __________.
A.  guarantees payment
B.  transfers the right to deposit or transfer cash
C.  cancels the transaction
  D.  All of these answers are correct.

Question 20 of 205.0 Points
Company policy for internal control should include all of the following EXCEPT for what?
  A.  Employees will be rotated.
  B.  Monthly bank statements should be sent to and reconciled by the same employees who authorize payments and write checks.
  C.  The owner (or responsible employee. signs all checks after receiving authorization to pay from the departments concerned.
  D.  At time of payment, all supporting invoices or documents will be stamped "paid."

A01 Lesson 2 Exam SCORE 100 PERCENT

Question 1 (5 points)
 
When services are rendered but payment is not made, which account would be increased?
Question 1 options:

accounts receivable

accounts payable

cash

withdrawal
Question 2 (5 points)
 
Go Blue Retail Store collected $12,000 of its accounts receivable. The expanded accounting equation changes include __________.
Question 2 options:

cash and capital increase, $12,000

cash and revenue increase, $12,000

cash increases and accounts receivable decreases $12,000

accounts receivable decreases and capital increases $12,000
Question 3 (5 points)
 
A company has the following balances in its asset accounts: Cash, $750; Accounts Receivable, $125; Equipment, $2,000; Supplies, $875. The amount of the company's total assets is __________.
Question 3 options:

$875

$1,750

$2,875

$3,750
Question 4 (5 points)
 
An accounting report that shows the changes in capital during the accounting period is __________.
Question 4 options:

a balance sheet

an income statement

a statement of owner's equity

All of these answers are correct.
Question 5 (5 points)
 
Which of the following transactions has no effect on owner's equity?
Question 5 options:

paying salaries expense

equipment purchase

billing for services rendered

a withdrawal
Question 6 (5 points)
 
The increase or decrease in the owner's equity is reported on the __________.
Question 6 options:

income statement

statement of owner's equity

balance sheet

All of these answers are correct.
Question 7 (5 points)
 
The payment of accounts payable would __________.
Question 7 options:

increase both assets and liabilities

increase assets and decrease liabilities

decrease both assets and liabilities

decrease assets and increase liabilities
Question 8 (5 points)
 
Ryan withdrew cash from the business to pay his personal cell phone bill. The expanded accounting equation changes include __________.
Question 8 options:

increase in both cash and withdrawal

decrease in both cash and withdrawal

decrease in cash and increase in withdrawal

increase in cash and decrease in withdrawal
Question 9 (5 points)
 
The financial statement that shows revenue and expenses for a period of time is the __________.
Question 9 options:

balance sheet

income statement

statement of owner's equity

statement of cash flows
Question 10 (5 points)
 
A company has $4,500 in its Revenue account at the end of a period. The Expenses are as follows: Rent, $750; Utilities, $150; Salaries, $2,400; Insurance, $225. The net income (loss. for the period is __________.
Question 10 options:

$3,600

($2,100.

$975

($1,425.
Question 11 (5 points)
 
Carrie billed her legal clients $6,000 for legal work completed during the month. This transaction will __________.
Question 11 options:

cause a $6,000 increase in revenues and liabilities

cause a $6,000 increase in revenues and a decrease in liabilities

cause a $6,000 increase in assets and revenues

not be recorded until the cash is collected
Question 12 (5 points)
 
Which of the following is not one of the four basic financial statements?
Question 12 options:

Statement of Cash Flows

Income Statement

Statement of Company Position

Balance Sheet
Question 13 (5 points)
 
The net income or net loss is calculated on the __________.
Question 13 options:

balance sheet

statement of owner's equity

income statement

None of the above answers are correct.
Question 14 (5 points)
 
The statement of owner's equity contains the __________.
Question 14 options:

owner's capital for the beginning of the period

liabilities of the company

total amount owed by credit customers

balance in the cash account
Question 15 (5 points)
 
The financial statement that shows business results in terms of revenue and expenses is __________.
Question 15 options:

an income statement

a balance sheet

a statement of owner's equity

the statement of cash flows
Question 16 (5 points)
 
Which of the following statements is prepared first?
Question 16 options:

Statement of Owner's Equity

Balance Sheet

Income Statement

None of the above
Question 17 (5 points)
 
An expense should be recorded when __________.
Question 17 options:

the bill is paid

the expense is incurred

a bill is received in the mail

None of the above answers are correct.
Question 18 (5 points)
 
If 'Ol Fashioned Toys' revenues are less than its expenses during the accounting period, then __________.
Question 18 options:

owner's withdrawals decrease net income

net income causes liabilities to decrease

the business will incur a loss

owner's withdrawals increase owner's equity
Question 19 (5 points)
 
If a company's revenues are higher than its expenses, it will cause __________.
Question 19 options:

an increase in owner's equity

a decrease in owner's equity

an increase in assets

no effect on owner's equity
Question 20 (5 points)
 
BPK Industries has a net income for the period of $2,500. The balance in the Owner's Capital account for the beginning of the period is $5,000 and the owner has withdrawn $1,650 for personal expenses. The balance in the Owner's Capital account at the end of the period will be __________.
Question 20 options:

$5,850

$7,500

$850

$9,150

A01 Exam 8 (second set)

Question 1 (5 points)
 
The drawee is the __________.
Question 1 options:

person who writes the check

bank that drawer has an account with

the person to whom the check is payable

the person who reconciles the account
Question 2 (5 points)
 
A nonsufficient funds check was returned to your company. How does the bank treat this on your bank statement?
Question 2 options:

It is added to the bank balance.

It is shown as a debit memo.

It is shown as a credit memo.

None of these answers are correct.
Question 3 (5 points)
 
Which of the following bank reconciliation items would be reflected in a journal entry?
Question 3 options:

error made by the bank

outstanding checks

bank service charges

deposit in transit
Question 4 (5 points)
 
A restrictive endorsement on a check __________.
Question 4 options:

can be further endorsed by someone else

is the safest endorsement for businesses

permits the bank to use its best judgment

None of these answers are correct.
Question 5 (5 points)
 
The bank statement shows __________.
Question 5 options:

the beginning bank balance of the cash at the start of the month

the checks the bank has paid and any deposits received

any other charges or additions to the bank balance

All of these answers are correct.
Question 6 (5 points)
 
From the bank reconciliation no entry was recorded for deposits in transit. This would cause __________.
Question 6 options:

assets to be overstated

assets to be understated

no impact since deposits in transit are already included in the balance per books

no impact since deposits are not recorded on the books
Question 7 (5 points)
 
Endorsing a check __________.
Question 7 options:

guarantees payment

transfers the right to deposit or transfer cash

cancels the transaction

All of these answers are correct.
Question 8 (5 points)
 
Which item(s. will require a journal entry to update the balance in the Cash account?
Question 8 options:

checks outstanding and deposits in transit

bank service charges, note collected by the bank, and deposits in transit

bank service charges, note collected by the bank, and error made by Accounting Services

None of these answers are correct.
Question 9 (5 points)
 
 Determine the adjusted cash balance per bank for Santa's Packaging on November 30, from the following information.
 
Cash balance on the bank statement    $2,350
Customer's check returned—NSF    500
Customer's note collected by the bank    600
Deposits in transit, November 30    1,400
Outstanding checks, November 30    2,650
Question 9 options:

$1,250

$1,100

$1,550

$1,350
Question 10 (5 points)
 
How would outstanding checks be handled when reconciling the ending cash balance per the bank statement to the correct adjusted cash balance?
Question 10 options:

They would be added to the balance of the bank statement.

They would be subtracted from the balance of the bank statement.

They would be added to the balance per books.

They would be ignored.
Question 11 (5 points)
 
If the written amount on the check does not match the amount expressed in figures, the bank may __________.
Question 11 options:

pay the amount written in words

return the check unpaid

contact the drawer to see what was meant

All of these answers are correct.
Question 12 (5 points)
 
The check is written and signed by the __________.
Question 12 options:

drawer

drawee

payee

payer
Question 13 (5 points)
 
Advantages of on-line banking include __________.
Question 13 options:

convenience

transaction speed

effectiveness

All of the above answers are correct.
Question 14 (5 points)
 
Which item should be added to the company's book balance during the bank reconciliation?
Question 14 options:

deposit in transit

check outstanding

bank service charge

note collected by the bank
Question 15 (5 points)
 
 Calculate, from the following information the adjusted cash balance at the end of April.

Bank statement ending cash balance    $2,000
General ledger cash balance ending    3,250
Bank monthly service charge    45
Deposits in transit    2,500
Outstanding checks    1,500
NSF check returned with bank statement    205
Question 15 options:

$3,000

$4,250

$4,000

$5,500
Question 16 (5 points)
 
Scotch Services received a credit memorandum from the bank. During the bank reconciliation they should __________.
Question 16 options:

increase their cash account on the company's books

decrease their cash account on the company's books

increase the ending cash balance on the bank statement

decrease the ending cash balance on the bank statement
Question 17 (5 points)
 
On a bank reconciliation, deposits added to the bank side are called __________.
Question 17 options:

deposits in transit

late deposits

deposits on hold

outstanding deposits
Question 18 (5 points)
 
Company policy for internal control should include all of the following EXCEPT for what?
Question 18 options:

Employees will be rotated.

Monthly bank statements should be sent to and reconciled by the same employees who authorize payments and write checks.

The owner (or responsible employee. signs all checks after receiving authorization to pay from the departments concerned.

At time of payment, all supporting invoices or documents will be stamped "paid."
Question 19 (5 points)
 
The bank statement included bank charges. On the bank reconciliation, the item is __________.
Question 19 options:

an addition to the balance per company books

an addition to the balance per bank statement

a deduction from the balance per bank statement

a deduction from the balance per company books
Question 20 (5 points)
 
A full endorsement on a check __________.
Question 20 options:

is the same as a blank endorsement

can be endorsed only by the person or company named in the original endorsement

is the safest endorsement for businesses

does none of the above

XECO212-week-7 DQ2----2019

Assume the government is running a budget deficit. Should the government raise taxes to balance the budget? Should the government decrease spending to balance the budget? What are the pros and cons of each action?

XECO212-International_Trade_Simulation.....

Assignment: International Trade Simulation

Complete the International Trade Simulation.

Write a 1,050- to 1,250-word report advising the President of Rodamia making recommendations for international trade. Address the following:

o List at least one advantage and one limitation of international trade you encountered in the simulation.

o Define absolute and comparative advantage in your own words.

o Explain how absolute and comparative advantages were used in your simulation.

o Describe the influences affecting foreign exchange rates.

XECO212-International Trade Simulation Assignment Week-8...-2019

Part I.  After completing your trade simulation answer the following questions (keep in mind that you can complete the simulation as many times as you wish):

1.       What is an absolute advantage? (2 points)

2.       What is a comparative advantage? (2 points)

3.       What is the country's maximum amount of corn and cheese it can produce (PPF)? Fill out the table below  for Uthania and Alphazia (4 points) 

	Cheese	Corn
Rodamia	8	4
Uthania
Alphazia

4.       What is the opportunity cost of production of one unit of cheese and 1 unit of corn for Uthania and Alphazia? (4 points)

	Opportunity costs of producing
	1unit of cheese	1 unit of corn
Rodamia	1/2 unit of corn	2 units of cheese
Uthania
Alphazia

5.       What is the country's maximum amount of watches and DVD players it can produce (PPF)? Fill out the table below  for Rodamia, Suntize, and Uthania (6 points) 

 

	Watches	DVD players
Rodamia
Suntize
Uthania

6.       What is the opportunity cost of production of 1 unit of watches and 1 unit of DVD players for Suntize and Uthania ? Fill out the table; follow the answers from your trade simulation. (4 points)

	Opportunity costs of producing
	1 unit of watches	1 unit of DVD players
Rodamia	2/3 units of DVD players	1.5 units of watches
Suntize
Uthania

 

7.       Does comparative advantage imply the country has the lowest opportunity cost of production? (2 points)

Yes___    No___

8.       According to the information from questions 1-6,  fill out the following table for the lowest opportunity cost (comparative advantage), lowest cost (absolute advantage) that is which country is able to produce the maximum units. You should put the relevant country in each cell ( 6 points) :

	Cheese	Corn	Watches	DVD Player
Absolute advantage	Alphazia
Comparative advantage	Rodamia

9.       Will you import corn or cheese to Rodamia?  From which country? Why? Does the simulation support your choice?(4 points)

10.   Will you import watches or DVD players? From which country? Why? (4 points)

11.   Will you impose a tariff or quota against dumping watches? (Check one) (3 points))

Tariff___________   Quota_________ I will not impose tariff or quota________

12.   Explain your answer for question 10.  Why did not impose a tariff or quota? Also indicate how much of quota or tariff you decided to impose?  (3 points)

13. Will you impose a tariff to protect your corn industry?  Yes___ No___(3 points)

14.  Justify your answer for question 13.   (3 points)

15. If you were to write a report to the president of Rodamia would you recommend a free trade (FTA) or trade with some restrictions? Explain your answer. (5 points)

16. Do Lisa Blake and Walter Barnes support Free Trade? Why or why not? What do they agree and disagree on? (5 Points)

17. What would be advantages of free trade for Rodamia? List at least 2 advantages. (5 points)

18. What are the limitations of free trade for Rodamia? List at least 2 limitations. (5 points)

19. How would trade affect Rodamia's currency and exchange rate? (5 points)

20. What role do comparative and absolute advantages play in the trade agreement? Explain your logic and give example from the simulation (9 points)