A manager discovers by chance that a newly hired employee has strong beliefs that are very different from the manager's and from those of most of the other employees. The manager's best course of action would be to:

• A.Facilitate the reassignment of the new hire as quickly as possible before this situation becomes disruptive.
• B.Ask the rest of the team for their reaction and act according to the group consensus.
• C.Take no action unless the new hire's behavior is likely to cause harm to the organization.
• D.Try to counsel the new hire into more reasonable beliefs.

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If a manufacturer has established a limit on the number of defects that are tolerable in the final assembly of its product, which of the following quality control procedures should be employed?
I. Inspect completed goods for compliance with established tolerances.
II. Review sales returns for defects not detected during the final inspection process.
III. Compare materials and machinery specifications with original product designs.
IV.
Establish a quality circle that includes management and subordinates to discuss labor efficiency.

• A.I, III, and IV.
• B.II and III only.
• C.I, II, and III.
• D.Ill and IV only.

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The correct order of the following steps of the accounting cycle is:

• A.Posting, closing, adjusting, reversing.
• B.Posting, adjusting. closing. Reversing
• C.Posting, reversing, adjusting, closing.
• D.Adjusting, posting. closing. Reversing

Correct Answer: B

The order of the steps in the accounting cycle is identification and measurement of transactions and other events required to be recognized, journalization, posting from the journals to the ledgers, the development of a trial balance, adjustments to produce an adjusted trial balance. statement presentation, closing, taking a post closing trial balance optional), and making reversing enterprise optional).

On October 1, year 1, the entity paid us$ 18,000 to renew its only insurance policy for a 3year period beginning on that date this transaction has not been recorded. salaries and wages of us$1,700 have been incurred but not paid as of December 31,year1.at December 31,year 1,the balance per bank statement was US$12,000.outstanding cheaks amounted to US $,900.interest of US $40 was credited to the entity's account by the bank during December, but has not yet been entered on the books.

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What is the total contribution to corporate profits generated by Division A before allocation of central corporate expenses?

• A.US $18,000
• B.US $20,000
• C.US $30,000
• D.US $90,000

Correct Answer: C

Division As total contribution to corporate pr: ruits includes everything except the central corporate expense allocation. Thus, the total contribution is US $31'_1,000 $150,000 sales
* $10,000 other revenue - $30,000 direct materials - $20,000 direct labor- $5,001'_i variable overhead - $25,000 fixed overhead - $15,000 variable S '.A e i n-,e - $35,000 fixed c .-,:{-pease).

C:\Documents and Settings\usernwz1\Desktop\1.PNG A and B, are autonomous divisions of a corporation. They have no beginning or ending
inventories, and the number of units produced is equal to the number of un1Ls sold. Following is financial information relating to the two divisions:

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The practice of recording advanced payments from customers as liabilities is an application of the:

• A.Going concern assumption.
• B.Monetary unit assumption.
• C.Historic cost principle.
• D.Revenue recognition principle.

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