Comprehensive Assessment in Accounting, Economics, and Management

An extensive evaluation covering key principles in accounting, economic theories, and business management.

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Comprehensive Assessment in Accounting, Economics, and Management1) The income statement and balance sheet columns of Pine Company's worksheet reflects thefollowing totals:Income StatementBalance SheetDr.Cr.Dr.Cr.Totals$58,000$48,000$34,000$44,000Closing entriesare necessary for __________.A.temporary accounts onlyB.permanent accounts onlyC.permanent or real accounts onlyD.both permanent and temporary accountsRead more:http://blog.accountingcoach.com/closing-entries-2/2) As Plant Controller, you are trying to determine which costs over which you have the mostcontrol on a day to day basis. Your goal is to achieve better profitability. The Plant OperationsManager suggests that overhead is the easiest area to directly reduce costs. Which of thefollowing items would be classified as manufacturing overhead?A.General corporate liability insuranceB.Factory janitorC.The western division’s vice president’s salaryD.Cost of landscaping the corporate officeRead more:http://www.investorwords.com/2942/manufacturing_overhead.html3) Which list below best describes the major services performed by public accountants?A.Employee training, auditing, bookkeepingB.Bookkeeping, mergers, budgetsC.Cost accounting, production scheduling, recruitingD.Auditing, taxation, management consultingRead more:http://www.collegeboard.com/csearch/majors_careers/profiles/careers/106541.html4) The conceptual framework developed by the Financial Accounting Standards Board__________.A.are rules that all accountants must followB.was approved by a vote of all accountantsC.is legally binding on all accountantsD.is viewed as providing a constitution for setting accounting standards for financial reportingRead more:http://www.investopedia.com/terms/f/fasb.asp5) In what situations will a static budget be most effective in evaluating a manager'seffectiveness?

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