Description of interviewee. Your description should be in a narrative format.

· Description of interviewee. Your description should be in a narrative format. Do not just list the items below and provide the answers to each. Write the information out like a story. For example, “I will be interviewing John Smith. John is a 42 year old African-American male, who is currently married with 3 children. He attended the University of Phoenix, where he obtained his Bachelors Degree in Finance and currently owns his own accounting business. He is the oldest of 4 children. I would describe his socioeconomic status as upper middle class. I chose to interview John because he has overcome many obstacles in his life and has been an inspiration to me to further my education. He is also my uncle, so I feel comfortable asking him personal questions.”
§ Your description should include the following elements:
· Name
· Age
· Gender
· Race/Ethnicity
· Socioeconomic status
· Marital status
· Parental status
· Highest education obtained
· Occupation
· Family of origin size and placement (birth order)
· Reason why you chose this person
· List of interview questions found in Appendix A. You can add your own questions to this list based on the topics we have covered in class. Only submit the interview questions, not the responses.
· Permission of interviewee for the interview. The Consent Form is located in the Main forum, titled “Consent Form for CheckPoint: Interview Outline.”
Post as an attachment in the Assignments section
N

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Creditors’ claims on the assets of a company are called: (Points : 2)

1. Creditors’ claims on the assets of a company are called: (Points : 2)
Net losses
Expenses
Revenues
Equity
Liabilities

2. The primary objective of financial accounting is: (Points : 2)
To serve the decision-making needs of internal users
To provide financial statements to help external users analyze and interpret an organization’s activities
To monitor and control company activities
To provide information on both the costs and benefits of managing products and services
To know what, when and how much to produce

3. Assets created by selling goods and services on credit are: (Points : 2)
Accounts payable
Accounts receivable
Liabilities
Expenses

4. The debt ratio is used: (Points : 2)
To measure the amount of equity relative to the expenses
To reflect the risk associated with a company’s debts
Only by banks when a business applies for a loan
To determine how much debt a firm should pay off

5. Net Income: (Points : 2)
Decreases equity
Represents the amount of assets owners put into a business
Equals assets minus liabilities
Is the excess of revenues over expenses
Represents the owners’ claims against assets

6. Internal users of accounting information include: (Points : 2)
Shareholders
Customers
Creditors
Government regulators
Line Supervisor

7. The principle that (1) requires revenue to be recognized at the time it is earned, (2) allows the inflow of assets associated with revenue to be in a form other than cash and (3) measures the amount of revenue as the cash plus the cash equivalent value of any non-cash assets received from customers in exchange for goods or services is called the: (Points : 2)
Going-concern principle
Cost principle
Revenue recognition principle
Objectivity principle
Business entity principle

8. Risk is: (Points : 2)
Net income divided by average total assets
The reward for investment
The uncertainty about the expected return that will be earned from an investment
Unrelated to expected return

9. Source documents include all of the following except: (Points : 2)
Sales tickets
Ledgers
Checks
Purchase orders
Bank statements

10. An example of an operating activity is: (Points : 2)
Paying wages
Purchasing office equipment
Borrowing money from a bank
Selling stock
Paying off a loan

11. Which accounting assumption assumes that all accounting information is reported monthly or yearly? (Points : 2)
Business entity assumption
Monetary unit assumption
Value assumption
Cost assumption
Time period assumption

12. Distributions of assets by a business to its stockholders are called: (Points : 2)
Dividends
Expenses
Assets
Retained earnings
Net Income

13. Which of the following elements are found on the income statement? (Points : 2)
Cash
Accounts Receivable
Common Stock
Retained Earnings
Salaries Expense

14. If Beginning Retained Earnings was $184,300, the company distributed $46,000 in dividends and Ending Retained Earnings was $345,000, what was the net income for the period? (Points : 2)
$154,700
$206,700
$114,700
$575,300
$160,700

15. The financial statement that shows: beginning and ending retained earnings balances and the effects of net income (loss) and a dividend for the period is the: (Points : 2)
Statement of financial position
Statement of cash flows
Balance sheet
Income statement
Statement of retained earnings

16. The approach to preparing financial statements based on recognizing revenues when they are earned and matching expenses to those revenues is: (Points : 2)
Cash basis accounting
The matching principle
The time period principle
Accrual basis accounting
Revenue basis accounting

17. Which of the following accounts would not be on the post closing trial balance? (Points : 2)
Accounts Payable
Accounts Receivable
Common Stock
Dividends

18. Financial statements are typically prepared in the following order: (Points : 2)
Balance sheet, statement of retained earnings, income statement
Statement of retained earnings, balance sheet, income statement
Income statement, balance sheet, statement of retained earnings
Income statement, statement of retained earnings, balance sheet

19. If accrued salaries were recorded on December 31 with a credit to Salaries Payable, the entry to record payment of these wages on the following January 5 would include: (Points : 2)
A debit to Cash and a credit to Salaries Payable
A debit to Cash and a credit to Prepaid Salaries
A debit to Salaries Payable and a credit to Cash
A debit to Salaries Payable and a credit to Salaries Expense
No entry would be necessary on January 5

20. The accrual basis of accounting: (Points : 2)
Is generally accepted for external reporting since it is more useful for most business decisions
Is flawed because it gives complete information about cash flows
Recognizes revenues when received in cash
Recognizes expenses when paid in cash
Eliminates the need for adjusting entries at the end of each period

21. Unearned revenue is reported on the financial statements as: (Points : 2)
A revenue on the balance sheet
A liability on the balance sheet
An unearned revenue on the income statement
An asset on the balance sheet
An operating activity on the statement of cash flows

22. A trial balance prepared after the closing entries have been journalized and posted is the: (Points : 2)
Unadjusted trial balance
Post-closing trial balance
General ledger
Adjusted trial balance
Work sheet

23. On April 1, 2011, a company paid the $1,350 premium on a three-year insurance policy with benefits beginning on that date. What will be the insurance expense on the annual income statement for the year ended December 31, 2011? (Points : 2)
$1,350
$450
$1,012.50
$337.50
$37.50

24. The special account used only in the closing process to temporarily hold the amounts of revenues and expenses before the net difference is added to (or subtracted from) the retained earnings account is the: (Points : 2)
Income Summary account
Closing account
Balance column account
Contra account

25. On June 30, 2011, Apricot Co. paid $5,000 cash for management services to be performed over a two-year period. Apricot follows a policy of recording all prepaid expenses to asset accounts at the time of cash payment. The adjusting entry on December 31, 2011 for Apricot would include: (Points : 2)
A debit to an expense for $1,250
A debit to a prepaid expense for $1,250
A credit to an expense for $3,750
A debit to a prepaid expense for $3,750

26. An account linked with another account that has an opposite normal balance and that is subtracted from the balance of the related account is a(n): (Points : 2)
Accrued expense
Contra account
Accrued revenue
Intangible asset
Adjunct account

27. A company earned $2,000 in net income for October. Its net sales for October were $10,000. Its profit margin is: (Points : 2)
2%
20%
200%
500%
$8,000

28. On April 30, 2011, a three-year insurance policy was purchased for $18,000 with coverage to begin immediately. What is the amount of insurance expense that would appear on the company’s income statement for the year ended December 31, 2011? (Points : 2)
$500
$4,000
$6,000
$14,000
$18,000

29. The Retained Earnings account has a credit balance of $17,000 before closing entries are made. If total revenues for the period are $55,200, total expenses are $39,800 and dividends are $9,000, what is the ending balance in the Retained Earnings account after all closing entries are made? (Points : 2)
$8,000
$15,400
$23,400
$17,000
$32,400

30. On January 1, Able Company purchased equipment costing $135,000 with an estimated salvage value of $10,500, and an estimated useful life of five years. What is the amount that should be recorded as depreciation on December 31? (Points : 2)
$27,000
$24,900
$29,100
$135,000

31. A company had $43 missing from petty cash which was not accounted for by petty cash receipts. The correct procedure is to: (Points : 2)
Debit Cash Over and Short for $43
Credit Cash Over and Short for $43
Debit Petty Cash for $43
Credit Petty Cash for $43
Credit Cash for $43

32. Physical inventory counts: (Points : 2)
Are not necessary under the perpetual system
Are necessary to measure and adjust for inventory shrinkage
Must be taken at least once a month
Require the use of hand-held portable computers

33. The full disclosure principle: (Points : 2)
Requires that when a change in inventory valuation method is made, the notes to the financial statements report the type of change, why it was made and its effect on net income
Requires that companies use the same accounting method for inventory valuation period after period
Is not subject to the materiality principle
Is only applied to retailers
Is also called the consistency principle

34. Acme-Jones Corporation uses a LIFO perpetual inventory system.
August 2, 25 units were purchased at $12 per unit.
August 5, 10 units were purchased at $13 per unit
August 15, 12 units were sold at $25 per unit.
August 18, 15 units were purchased at $14 per unit.
What was the amount of the ending inventory for the month of August? (Points : 2)
$496.00
$486.00
$492.57
$300.00
$510.00

35. Days’ sales in inventory: (Points : 2)
Is also called days’ stock on hand
Focuses on average inventory rather than ending inventory
Is used to measure solvency
Is calculated by dividing cost of goods sold by ending inventory
Is a substitute for the acid-test ratio

36. Which of the following procedures would weaken the control over cash receipts that arrive through the mail? (Points : 2)
After the mail is opened, a list (in triplicate) of the money received is prepared with a record of the sender’s name, the amount and an explanation of why the money is sent
The bank reconciliation is prepared by a person who does not handle cash or record cash receipts
For safety, only one person should open the mail and that person should immediately deposit the cash received in the bank
The cashier should not also be the record keeper who records the amounts received in the accounting records
All of the above are good internal control procedures over cash receipts that arrive through the mail

37. Given the following information, determine the cost of goods sold at December 31 using the LIFO periodic inventory method.
December 2: 5 units were purchased at $7 per unit.
December 9: 10 units were purchased at $9.40 per unit.
December 11: 12 units were sold at $35 per unit
December 15: 20 units were purchased at $10.15 per unit
December 22: 18 units were sold at $35 per unit (Points : 2)
$284.70
$332.10
$281.25
$290.70
$297.00

38. Which of the following is the most serious limitation of internal controls? (Points : 2)
Computer error
Human fraud or human error
Cost-benefit principle
Cybercrime
Management fraud

39. A company had sales of $375,000 and its gross profit was $157,500. Its cost of goods sold equal: (Points : 2)
$(217,000)
$375,000
$157,500
$217,500

40. Toys “R” Us had cost of goods sold of $9,421 million, ending inventory of $2,089 million and average inventory of $1,965 million. Its days’ sales in inventory equals: (Points : 2)
0.21
4.51
4.79
76.1 days
80.9 days

41. A company had sales of $695,000 and its cost of goods sold of $278,000. Its gross margin equals: (Points : 2)
$(417,000)
$695,000
$278,000
$417,000

42. The impact of technology on internal controls includes which of the following: (Points : 2)
Reduced processing errors
Elimination of the need for regular audits
Elimination of the need to bond employees
More efficient separation of duties
Elimination of fraud

43. The inventory valuation method that tends to smooth out erratic changes in costs is: (Points : 2)
FIFO
Weighted average
LIFO
Specific identification
WIFO

44. A company had expenses other than cost of goods sold of $51,000. Determine sales and gross profit given cost of goods sold was $25,000 and net income was $60,000. (Points : 2)
Sales: $136,000; Gross Profit: $111,000
Sales: $136,000; Gross Profit: $85,000
Sales: $85,000; Gross Profit: $136,000
Sales: $111,000; Gross Profit: $136,000
Sales: $60,000; Gross Profit: $25,000

45. Which inventory valuation method assigns a value to the inventory on the balance sheet that approximates current cost and also mimics the actual flow of goods for most businesses? (Points : 2)
FIFO
Weighted average
LIFO
Specific identification
First In Still Here

46. ABC Corporation had total quick assets $5,888,000, current assets $11,700,000 and current liabilities $8,000,000. Its acid-test ratio equals: (Points : 2)
0.50
0.68
0.74
1.50
2.20

47. The credit terms 2/10, n/30 are interpreted as: (Points : 2)
2% cash discount if the amount is paid within 10 days, with the balance due in 30 days
10% cash discount if the amount is paid within 2 days, with balance due in 30 days
30% discount if paid within 2 days
30% discount if paid within 10 days
2% discount if paid within 30 days

48. Goods on consignment: (Points : 2)
Are goods shipped by the owner to the consignee who sells the goods for the owner
Are reported in the consignee’s books as inventory
Are goods shipped to the consignor who sells the goods for the owner
Are not reported in the consignor’s inventory since they do not have possession of the inventory

49. Merchandise inventory includes: (Points : 2)
All goods owned by a company and held for sale
All goods in transit
All goods on consignment
Only damaged goods
Only items that are on the shelf

50. The conservatism principle: (Points : 2)
Requires that when there are more than one equally likely estimate of amounts expected to be received or paid in the future, then the less optimistic amount should be used
Requires that a company use the same accounting methods period after period
Requires that revenues and expenses be reported in the period in which they are earned or incurred
Requires that all items of a material nature be included in financial statements
Requires that all inventory items be reported at full cost

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Essay about starting a sporting goods business in Canada. Need about 80 words for the below two sections.

Essay about starting a sporting goods business in Canada. Need about 80 words for the below two sections.

· Make strategy selection
· Select and justify an appropriate mode of entry for your global product or service

Discussion questions – need about 50 words for the below two sections

· What are some issues and trends in global sociocultural issues? Why must a company be sensitive to the sociocultural environment within the host country? What affect does sociocultural sensitivity have on a company’s operations or sales within a host country?

· What are the major staffing policies that global organizations must consider? How must an organization choose among these staffing policies? How do you assess the effect of implementing a specific staffing policy?
Essay about starting a sporting goods business in Canada. Need about 80 words for the below two sections.
· Make strategy selection
· Select and justify an appropriate mode of entry for your global product or service
Discussion questions – need about 50 words for the below two sections
· What are some issues and trends in global sociocultural issues? Why must a company be sensitive to the sociocultural environment within the host country? What affect does sociocultural sensitivity have on a company’s operations or sales within a host country?
· What are the major staffing policies that global organizations must consider? How must an organization choose among these staffing policies? How do you assess the effect of implementing a specific staffing policy?

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Imagine you are in charge of development for a developing country and were approached by a multinational corporation interested in locating in your country.

Imagine you are in charge of development for a developing country and were approached by a multinational corporation interested in locating in your country.
Identify some of the benefits and some of the costs to the host country from allowing a multinational corporation to locate in a country with a developing economy. Discuss with your classmates if developmental assistance from world developmental agencies, such as the World Bank or the United Nations, would be preferable to private investment.
Reference: Chapter 17, section 17.5: Help From The Private Sector: Multinationals.
Guided Response: Review several of your classmates’ posts and respond to at least two of them. In your reply, discuss how the concerns listed in their posts regarding private foreign investment could be alleviated through aide from world development agencies.

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Explain the basic idea underlying the contingency view.

1.Explain the basic idea underlying the contingency view.

2.What role do social forces play in the theory of management? Explain

3.You are a middle manager helping to implement a new corporate cost-cutting strategy, and you’re meeting skepticism, resistance, and in some cases, outright hostility from your subordinates. In what ways might you or the company have been able to avoid this situation? Where do you go from here?

4.Discuss how ethical organizations are created through ethical leadership and organizational structures and systems.

5.Some people argue that the matrix structure should be adopted only as a last resort because the dual chains of command can create more problems than they solve. Discuss. Do you agree or disagree? Why?

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The Love Lab”

The Love Lab”
For this assignment, view the “The Love Lab” video in the Module 5 topic materials.
Write a 1,000-1,500-word reaction essay that addresses the following questions:
1. Do you agree with Gottman’s assessment of what it takes to sustain a relationship?
2. How do you feel about “The Love Lab” video? Why?
3. Do you feel there is a “formula” to successful relationships?
4. How do ideas from “The Love Lab” video compare with those presented in the Utne article?
The Love Lab”
For this assignment, view the “The Love Lab” video in the Module 5 topic materials.
Write a 1,000-1,500-word reaction essay that addresses the following questions:
1. Do you agree with Gottman’s assessment of what it takes to sustain a relationship?
2. How do you feel about “The Love Lab” video? Why?
3. Do you feel there is a “formula” to successful relationships?
4. How do ideas from “The Love Lab” video compare with those presented in the Utne article?

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All of the following are mechanisms which reduce the adverse selection problem except ____.

All of the following are mechanisms which reduce the adverse selection problem except ____.
a.
warranties from established enterprises with non-redeployable assets
b.
high interest rates
c.
large collateral requirements
d.
brand names and product-specific promotions and retail displays
e.
higher prices in repeat customer transactions

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What constitutes a middle class family?

What constitutes a middle class family? For the nation as a whole, what are the dangers
of a shrinking middle class?

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Price is constant or given to the individual firm selling in a purely competitive market because.

11) Price is constant or given to the individual firm selling in a purely competitive market because
A. the firm’s demand curve is downward sloping
B. of product differentiation reinforced by extensive advertising
C. each seller supplies a negligible fraction of total supply
D. there are no good substitutes for its product
12) The most important pricing strategy for a perfectly competitive firm is
A. minimizing cost
B. maximizing sales
C. product differentiation
D. advertising
13) Which of the following is a nonprice barrier of entry?

A. Huge sunk cost
B. Discounts
C. Product differentiation
D. Advertising
14) A third-degree price discrimination can be applied to which of the following market structures?
A. A monopoly
B. An oligopoly
C. A monopolistic competition
D. A perfect competition
15) Investing in R&D is more likely to occur in markets where
A. firms have monopoly power protected by regulatory barriers
B. markets are closely competitive markets with close to zero economic profits
C. markets are oligopoly markets with strong collusion agreements
D. markets are monopolistic competitive markets
16) All economies of scale are achieved at the minimum of
A. average total cost
B. total cost
C. average variable cost
D. average fixed cost
17) Inflation is undesirable because it

A. arbitrarily redistributes real income and wealth
B. invariably leads to hyperinflation
C. usually is accompanied by declining real GDP
D. reduces everyone’s standard of living in the same proportion
18) An economy’s aggregate demand curve shifts leftward or rightward by more than changes in initial spending because of the
A. net export effect
B. wealth effect
C. real-balances effect
D. multiplier effect
19) Suppose productivity rises in a particular economy, but wages stay the same. Other things equal,

A. the demand curve will shift leftward
B. the supply curve will shift rightward
C. the supply curve will shift leftward
D. expenditures curve will shift rightward
20) If personal taxes were decreased and resource productivity increased simultaneously, the equilibrium
A. output would rise
B. output would fall
C. price level would necessarily fall
D. price level would necessarily rise
21) Expansionary fiscal policy is so named because it

A. involves an expansion of the nation’s money supply
B. can only be attained by expanding government consumption
C. is aimed at achieving greater price stability
D. can motivate an expansion of real GDP
22) Suppose the price level is fixed, the MPC is .5, and the GDP gap is a negative $100 billion. To achieve full-employment output (exactly), government should
A. increase government expenditures by $100 billion
B. increase government expenditures by $50 billion
C. reduce taxes by $50 billion
D. reduce taxes by $200 billion
23) GDP understates the value of output produced by an economy because it

A. includes transactions that do not take place in organized markets, such as home cooked meals
B. includes environmental degradation caused by increased output production
C. excludes value added from the underground economy, such as tips taken under the table
D. excludes the value of the wages and benefits of government employee
24) Other things equal, a decrease in the real interest rate will
A. shift the investment demand curve to the right
B. shift the investment demand curve to the left
C. move the economy upward along its existing investment demand curve
D. move the economy downward along its existing investment demand curve
25) Other things equal, a decrease in corporate income taxes will

A. decrease the market price of real capital goods
B. have no effect on the location of the investment demand curve
C. shift the investment demand curve to the right
D. shift the investment demand curve to the left
26) Inflation in U.S. prices will cause
A. an increase in the demand for U.S. dollars and an appreciation in the exchange rate
B. an increase in the supply of U.S. dollars and a depreciation in the exchange rate
C. a decrease in the demand for U.S. dollars and a depreciation in the exchange rate
D. a decrease in the supply of U.S. dollars and an appreciation in the exchange rate
27) The quantity theory of money states that
A. the money supply divided by the velocity of money equals the price level divided by real output
B. the money supply times the velocity of money equals the price level times real output
C. the money supply times the price level equals real output divided by the velocity of money
D. the money supply times the price level equals real output times the velocity of money
28) Suppose that U.S. prices rise 4% over the next year while prices in Mexico rise 6%. According to the purchasing power parity theory of exchange rates, what should happen to the exchange rate between the dollar and the peso?
A. The dollar should depreciate.
B. The peso should appreciate.
C. The peso should depreciate.
D. The dollar will be revalued.
29) A rise in the domestic interest rate leads to capital
A. outflows and exchange rate appreciation
B. outflows and exchange rate depreciation
C. inflows and exchange rate depreciation
D. inflows and exchange rate appreciation
30) A firm under monopolistic competition will earn
A. a positive economic profit as it has some monopoly power
B. zero economic profit as it sets P = MC
C. zero economic profit as its P = ATC
D. a positive economic profit as it sets MC = MR

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