BUS 475 Final Exam Guide 3/uophelp

5) The conceptual framework developed by the Financial AccountingStandards Board __________.6) What is the preparation of reports for each level of responsibility inthe company’s organization chart called?7) The cost principle requires that when assets are acquired, they berecorded at __________.8) If a company reports a net loss, it __________.9) The major reporting standard for management accounts is__________.10) The primary purpose of the statement of cash flows is to__________.11) Managerial accounting __________.12) A well-designed activity-based costing system starts with__________.13) Balance sheet accounts are considered to be __________.14) As Plant Controller, you are trying to determine which costs overwhich you have the most control on a day to day basis. Your goal is toachieve better profitability. The Plant Operations Manager suggests thatoverhead is the easiest area to directly reduce costs. Which of thefollowing items would be classified as manufacturing overhead?15) There are two types of markets in which firms face somecompetition yet are still able to have some control over the prices oftheir products. The names given to these market structures are

__________.16) Lekeisha's income exceeds her expenditures. Lekeisha is a__________.17) A tax on an imported good is called a __________.18) Lucy starts her own psychiatric practice, but her expenditures toopen the practice exceed her income. Lucy is a __________.19) One characteristic of an oligopoly market structure is:20) When, in a particular market, the law of demand and the law ofsupply both apply, the imposition of a binding price ceiling in thatmarket causes quantity demanded to be __________.21) When a firm sells a good or a service, the sale contributes to thenation’s income __________.22) The open-economy macroeconomic model includes __________.23) Most economists use the aggregate demand and aggregate supplymodel primarily to analyze __________.24) In the market for foreign-currency exchange in the open economymacroeconomic model, the amount of net capital outflow represents thequantity of dollars __________.25) Which of the following is not correct?

A. A potential cost of deficits is that they reduce national saving,thereby reducing growth of the capital stock and output growth.26) The Federal Reserve will tend to tighten monetary policy when__________.27) Which of the following statements about GDP is correct?28) The most dominant areas in the global economy include:29) The term used to refer to all kinds of differences including religiousaffiliation, age, disability status, economic class and lifestyle in additionto gender, race, ethnicity and nationality