Randall Grahm, the owner of Bonny Doon Vineyards, made a name for his wines by injecting an irreverent sense of humor into everything associated with the winery. One of the ________ he used was to host a black mask dinner this fall to celebrate "the death of wine corks" when his company decided to use screw tops.
A. action programs
B. strategic postures
C. organizational structures
D. control mechanisms
E. marketing objectives
Answer: A
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In a vertical analysis of the income statement, the 100% amount is
a. Net income b. Gross profit c. Operating income d. Net sales
Answer the following statements true (T) or false (F)
1. If a contingency that is probable can be reasonably estimated, a liability is recorded and an expense is accrued. 2. Only contingencies that are probable and can be estimated are recorded as a liability and an accrued expense. 3. A contingency was evaluated at year-end. Management felt it was probable that this would become an actual liability and the amount could be reasonably estimated. If this is reported on the balance sheet, it could be considered a violation of generally accepted accounting principles. 4. Contingencies that are probable but cannot be estimated are recorded as liabilities and disclosed in the notes to the financial statements. 5. Under IFRS, "probable" is defined as more than a 50% chance.
A company issued 7%, 5-year bonds with a par value of $100,000. The market rate when the bonds were issued was 7.5%. The company received $97,947 cash for the bonds. Using the effective interest method, the amount of interest expense for the first semiannual interest period is:
A. $3,705.30. B. $3,500.00. C. $3,673.01. D. $7,346.03. E. $7,000.00.
Which of the following is not one of the perspectives used to analyze performance using the balanced scorecard?
A. Innovation and learning B. Internal process C. Customer D. Number of employees E. Financial/owners