Buildings and trucks are examples of long-term assets. true or false

Was based on people buying and selling, rather than manufacturing, goods.

Suppose the following information is true : MUcar = 36,000, MUcoke = 1.5, MUhouse = 450,000, Pcar = $12,000, and Phouse = $150,000, what must the price of coke be if the consumer is in equilibrium? a. $3. b. $0.30. c. $50. d. $0.50 e. $5.

One of the differences in accounting for a process costing system compared to a job order system is that the amounts used to transfer goods from one department to the next comes from the cost of production report instead of job cost cards. a. trueb.

By purchasing stock, you then become part owner of the company. True False

When does an account become uncollectible? a. when accounts receivable is converted into notes receivable b. when a discount is available on notes receivable c. there is no general rule for when an account becomes uncollectible d.

The chapter says that for consumers as a group, Quiznos sandwiches are normal goods and Subway sandwiches are inferior goods.

Suppose that a firm produces 200,000 units a year and sells them all for $10 each. The explicit costs of production are $1,500,000 and the implicit costs of production are $300,000. The firm has an accounting profit of: a.

John has applied overhead of $80,000 and actual overhead of $70,600 for the month of November. He applies overhead based on direct labor hours, and that amounts to 10,000 hours for the month of November.

Under market organization, individuals can communicate their preferences to other decision makers directly, through communication, but not indirectly, through their choice of whom to transact with. A) True B) False

If you die without a valid will: the federal court decides how the property should be distributed. the IRS confiscates your property. your relatives or friends will get the property. the state's law of descent and distribution becomes your will.