Business & Finance

To the extent that an ethical hierarchy exists, ________ have the highest authority.
societal norms
legal rules
organizational norms
personal norms

13. A cost center is a business segment:
that usually evaluates employee performance by comparing the center’s actual costs with target or standard costs for the amount and type of work done.
in which interperiod cost comparisons can be misleading if the output level and production mix are constant.
that usually includes individual stores within a department-store chain.

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14. The five stages in the process of keeping an organization in control are:
planning, implementing, measuring, evaluating and correcting.
planning, executing, monitoring, evaluating and correcting.
budgeting, implementing, monitoring, evaluation and feedback.
budgeting, executing, measuring, feedback and evaluation.

15. Corporate annual reports typically do not contain which of the following?
management discussion and analysis
SEC statement expressing an opinion
accompanying foot notes
auditor’s report
that should be evaluated solely on its ability to control and reduce costs.

16. Financial budgets are prepared:
to specify expectations for selling, purchasing, and production.
to evaluate the financial results of the proposed decisions.
so that financial statements can be prepared for shareholders.
to plan for production capacity.

17. ________ occur(s) when managers ask subordinates to discuss their ideas about the budget, but no joint decision-making occurs.
Traditional budgeting
Stretch targets
The beyond budgeting approach
Budget slack

18. All of the following encourage ethical behavior among employees EXCEPT:
having a system for employees to point out violations of the organization’s code of ethics without fear of retribution.
dealing promptly and consistently with persons who violate the organization’s code of ethics.
exemplary behavior demonstrated by senior management.
protecting whistle blowers who report unethical behavior who have also acted unethically.

19. Which of the following items appear on the corporate income statement before income from continuing operations?
cumulative effect of a change in accounting principle
income tax expense
extraordinary gain
loss on discontinued operations

20. A balance sheet that displays only component percentages is called
trend balance sheet
comparative balance sheet
condensed balance sheet
common-sized balance sheet

21. L&M Manufacturing produces a single product that sells for $16. Variable (flexible) costs per unit equal $11.20. The company expects the total fixed (capacity-related) costs to be $7,200 for the next month at the projected sales level of 20,000 units. In an attempt to improve performance, management is considering a number of alternative actions. Each situation is to be evaluated separately.
Suppose that L&M Manufacturing’s management believes that a 10% reduction in the selling price will result in a 30% increase in sales. If this proposed reduction in selling price is implemented, then:
profit will decrease by $12,800 in a month.
profit will increase by $12,800 in a month.
profit will decrease by $32,000 in a month.
profit will increase by $32,000 in a month.

22. When a subordinate is caught padding an expense report, the supervisor should FIRST:
ignore the incident if it is the first offense.
report the incident to the personnel department.
confront the employee and ask him to submit a corrected expense report.
take action that complies with the organization’s code of ethics.

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