________ refers to the total market value of all goods and services provided in a country's economy in a year by both residents and nonresidents of that country.
A. Gross output
B. Gross investment
C. Gross domestic product
D. Gross fixed capital formation
E. Gross national income
Answer: C
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Which one of the following steps in the accounting cycle is optional rather than required?
a. Business transactions are recorded b. Adjustments are recorded c. The accounts are closed d. Work sheets are prepared
________ is the tendency to interpret information in a way that will fit our preconceptions
A) Selective retention B) Cognitive dissonance C) Selective distortion D) Subliminal perception E) Selective embellishment
The primary objective in setting transfer prices is to ________.
A) maximize profits for the company as a whole B) maximize profits for the selling division C) minimize the cost to the purchasing division D) maximize profits for the purchasing division
All of the following regarding the current ratio are true except:
A. Current ratio helps to assess a company's ability to pay its debts in the near future. B. Current ratio does not affect a creditor's decision on whether to allow a company to buy on credit. C. Current ratio can reveal challenges in covering short-term obligations if it is less than 1. D. Current ratio can affect a creditor's decision about whether to lend money to a company. E. Current ratio is calculated by dividing current assets by current liabilities.