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When capital is increased in the double-entry method of accounting, the result is: Mark one answer:

(A)A credit

(B)A debit

(C)It is dependent on the situation

(D)There is not enough information to determine the answer.

(E)None of the above

The Correct Answer

A static budget contains which of the following amounts?

(A)Actual costs for actual output. (B)Actual costs for budgeted output. (C)Budgeted costs for actual output. (D)Budgeted costs for budgeted output.

Correct Answer: D

Doug’s Doohickeys sells hardware. His sales have finally reached $1,000,000 annually after years of hard work. Now his accountant has discovered a mistake-Doug misclassified a $2 expense several months ago. His accountant decides to ignore it. What accounting concept does he use to justify this? Mark one answer:

(A)The going concern concept (B)The materiality concept (C)The money measurement concept (D)The matching concept (E)The time is money concept

Correct Answer: B

Which one of the following is least likely an advantage associated with a wholly owned foreign subsidiary?

(A)Protection of proprietary information. (B)Ability to coordinate activities of the subsidiary with other activities. (C)Ability to maintain quality control. (D)Minimizes capital investment required.

Correct Answer: D

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