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Acc 497 Final Exam Question And Answers

6211 words - 25 pages

BUSINESS ENVIRONMENT AND CONCEPTS
Section 1: Business Structure
1. The uniform law, issued in 1984 by the Committee on Corporate Laws of the American Bar Association, that regulates the formation, operation, and termination of corporations is
A. The Model Business Corporation Act
B. The Uniform Commercial Code
C. The Revised Model Business Commercial Code
D. The Standard Incorporation Act

2. Which of the following statements is true?
A. The exchange of stock for services rendered is not a taxable transaction.
B. The repeal of Sec. 351 would result in more existing businesses being incorporated.
C. Section 351 was enacted to allow taxpayers to incorporate without incurring adverse ...view middle of the document...

An increase in production but a decrease in employment
D. A decrease in production, but an increase in employment

5. A table that shows the relationship between the price of a good and the quantity demanded of that good is called
A. a price-quantity table
B. a complementary table
C. a demand schedule
D. an equilibrium schedule

6. If policymakers increase aggregate demand, the price level
A. falls, but unemployment rises
B. and unemployment fall
C. and unemployment rise
D. rises, but unemployment falls

BUSINESS ENVIRONMENT AND CONCEPTS
Section 3: Financial Management
7. Which table would show the largest factor for an interest rate of 8% for five periods?
A. Future value of an ordinary annuity of 1
B. Present value of an ordinary annuity of 1
C. Future value of an annuity due of 1
D. Present value of an annuity due of 1

8. Financial service
A. is concerned with the duties of the financial manager
B. involves the design and delivery of advice and financial products
C. provides guidelines for the efficient operation of the business
D. handles accounting activities related to data processing

To download the Complete Final Exam answers of Class ACC 497 Check ACC 497 Complete Final Exam Answers

9. As the interest rate increases for any given period, the future value interest factor will
A. decrease
B. increase
C. remain unchanged
D. move toward 1

10. The specific cost of each source of long-term financing is based on ________ and ________ costs.
A. before-tax; historical
B. after-tax; historical
C. before-tax; book value
D. after-tax; current

11. At the operating break-even point, ________ equals zero.
A. sales revenue
B. fixed operating costs
C. variable operating costs
D. earnings before interest and taxes

BUSINESS ENVIRONMENT AND CONCEPTS
Section 4: Information Technology (IT) Implications in the Business Environment
12. Justifying expenditures for new technologies is especially difficult because
A. you do not know how many jobs will be affected
B. expenses are often recurring and are difficult to estimate
C. many benefits are intangible and are not easily known or measured
D. justifying a new technology is no different from any other capital budgeting problem

13. The hardware of a computer system includes the computer itself and other devices that help the computer perform its tasks. These other devices are commonly also called
A. helper equipment
B. peripheral equipment
C. secondary equipment
D. accessory equipment

14. Software that enables businesses and government agencies to transmit and manipulate financial data on an organization-wide basis best describes
A. communication software
B. CAD software
C. enterprise resource planning (ERP) software
D. programming software

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15. A simple diagram that shows estimated completion times versus actual completion times for the various activities in a systems...

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