# Accounting provides information to - Expert Answers

Accounting provides information to:

managers.

government.

investors.

All of the above.

Which is an advantage of a sole proprietorship form of business?

There is limited personal risk.

The business can continue indefinitely.

The owner makes all the decisions.

All of the above.

If total assets are $35,000 and total liabilities are $8,000, Capital must equal:

12000

27000

8000

20000

Revenue, expenses, and withdrawals are subdivisions of:

assets.

liabilities.

owner's equity.

All of the above.

A formal account that has columns for date, explanation, post reference, debit, and credit is called the:

T account.

standard account form.

ledger.

chart of accounts.

An account that would be decreased by a credit is:

cash.

fees earned.

capital.

accounts payable.

The time period for which a statement of owner's equity is prepared is a(n):

calendar year.

accounting period.

fiscal period.

accounting cycle

Financial statements that are prepared for a period shorter than a year are called:

accounting period statements.

fiscal year statements.

interim statements.

journal statements.

How are explanations distinguished in the journal?

They are underlined.

They are in bold print.

They are indented below the credit entries.

They are written at the margin, in line with the debit entries.

Prepaid Rent is considered to be a(n):

liability.

asset.

contra-asset.

revenue.

Solve the following equation. Determine whether the equation is an identity, conditional equation, or an inconsistent equation: 7(x - 4) = x + 2

{-7 ,conditional}

{7, Identity}

{5, conditional}

{2, inconsistent equation}

Solve the following equation. Determine whether the equation is an identity, conditional equation, or an inconsistent equation: 7x + 13 = 2(2x - 5) + 3x + 23

Ø; conditional equation

Ø; Inconsistent equation

Ø; identity equation

{-1}; Inconsistent equation

Determine the value of A so that the line whose equation is Ax + y - 2 = 0 is perpendicular to the line containing the points (1, -3) and (-2, 4).

– 3/7

5/9

–2/5

3/8

Find the horizontal asymptote as x -- 8 and then describe what this means in practical terms. F(x) = 150x + 120/0.05x + 1; the number of bass, f(x), after x months in a lake that was stocked with 120 bass.

the number of bass, f(x), after y months in a lake that was stocked with 130 bass

the number of bass, f(x), after x months in a lake that was stocked with 120 bass

the number of bass, f(x), after x months in a lake that was stocked with 140 bass

the number of bass, f(x), after x months in a lake that was stocked with 150 bass

Solve the following logarithmic equation. Be sure to reject any value of x that is not in the domain of the original logarithmic expressions. Give the exact answer. Then, where necessary, use a calculator to obtain a decimal approximation, to two decimal places, for the solution:

{16/2}

{62/3}

{9/3}

{11/5}

Solve the following system:

{(4, -1)}

{(1, -3)}

{(4, -2)}

{(1, -5)}

Solve the following system of equations using matrices:

{(t, t 1, t)}

{(t, t 0, t)}

{(t, t - 2, t)}

{(t, t - 1, t)}

Solve for x only using Cramer’s Rule.

x = 7

x = 9

x = 2

x = -3

For the following ellipses determine location of its foci.

foci at (0, 2 + v11), (0, 2 - v11)

foci at (0, 5 + v21), (0, 5 - v21)

foci at (0, 3 + v25), (0, 3 - v25)

foci at (0, 1 + v36), (0, 1 - v36)

You are taking a multiple-choice test that has five questions. Each of the questions has three answer choices, with one correct answer per question. If you select one of these three choices for each question and leave nothing blank, in how many ways can you answer the questions?

198 ways

290 ways

243 ways

364 ways

Is Drug B superior to the currently used Drug A in treating pancreatitis?

Observational

Case-controlled observational

Double blind experiment

Single blind experiment

A survey of 100 dog owners showed that the average dog ‘checked the mail’ eleven times during an evening walk. Which question most probably represents the purpose of the study?

How many ‘mail check stops’ can a dog be expected to make on an evening walk?

How many dog owners take dogs for an evening walk?

How many dogs ‘check the mail’ on an evening walk?

How many pet owners have dogs?

A bar graph in which the bars are arranged in frequency order is a:

dotplot.

pie chart.

line chart.

pareto chart.

Six football players, all defensive linemen, decide that they will gain an average of 10 pounds over the summer. At the start of the season, only five showed up for the weigh-in. They had gained 9, 13, 11, 6, and 7 pounds. How many pounds does the last person have to gain in order that the group can attain its goal?

12 pounds

14 pounds

13 pounds

14.5 points

The heights of 10 randomly selected fourth grade boys are (in inches) are 53, 53, 54, 56, 56, 56, 50, 57, 59, and 56. Find the sample standard deviations to 2 decimal places.

2.67

2.54

3.54

2.56

Salesmen for the ABC Plastics Company drive an average of 240 miles per day with a standard deviation of 36 miles. If samples of 25 daily mileages are taken, what is the standard deviation of the distribution of sample means?

6.8

7.0

7.1

7.2

In 2003, the U.S. death rate was 1.2 per 100,000 people due to motorcycle accidents. Motorcycles in the U.S. were involved in fatal crashes at the rate of 35.0 per 100 million miles driven. If the population of the U.S. is 300,000,000, what is the expected number of deaths due to motorcycle accidents?

3600

10500

1200

11700

In one city, there are 1,780 5-year old children of whom 556 live with one parent only. Among a sample of 615 of the 5-year old children from this city, 226 live with one parent only. Find the population proportion of 5-year olds who live with only one parent.

0.35

556

0.37

0.31

A manufacturer wishes to test the claim that one of its pancake mixes has a mean weight that does not equal 24 ounces as advertised. Determine the conclusion of the hypothesis test assuming that the results of the sampling lead to rejection of the null hypothesis.

Conclusion: Support the claim that the mean is greater than 24 ounces.

Conclusion: Support the claim that the mean is not equal to 24 ounces.

Conclusion: Support the claim that the mean is equal to 24 ounces.

Conclusion: Support the claim that the mean is less than 24 ounces.

A 95% confidence interval for the mean of a normal population is found to be 17.6 < µ < 23.6. What is the margin of error?

2

2.7

3

4

managers.

government.

investors.

All of the above.

Which is an advantage of a sole proprietorship form of business?

There is limited personal risk.

The business can continue indefinitely.

The owner makes all the decisions.

All of the above.

If total assets are $35,000 and total liabilities are $8,000, Capital must equal:

12000

27000

8000

20000

Revenue, expenses, and withdrawals are subdivisions of:

assets.

liabilities.

owner's equity.

All of the above.

A formal account that has columns for date, explanation, post reference, debit, and credit is called the:

T account.

standard account form.

ledger.

chart of accounts.

An account that would be decreased by a credit is:

cash.

fees earned.

capital.

accounts payable.

The time period for which a statement of owner's equity is prepared is a(n):

calendar year.

accounting period.

fiscal period.

accounting cycle

Financial statements that are prepared for a period shorter than a year are called:

accounting period statements.

fiscal year statements.

interim statements.

journal statements.

How are explanations distinguished in the journal?

They are underlined.

They are in bold print.

They are indented below the credit entries.

They are written at the margin, in line with the debit entries.

Prepaid Rent is considered to be a(n):

liability.

asset.

contra-asset.

revenue.

Solve the following equation. Determine whether the equation is an identity, conditional equation, or an inconsistent equation: 7(x - 4) = x + 2

{-7 ,conditional}

{7, Identity}

{5, conditional}

{2, inconsistent equation}

Solve the following equation. Determine whether the equation is an identity, conditional equation, or an inconsistent equation: 7x + 13 = 2(2x - 5) + 3x + 23

Ø; conditional equation

Ø; Inconsistent equation

Ø; identity equation

{-1}; Inconsistent equation

Determine the value of A so that the line whose equation is Ax + y - 2 = 0 is perpendicular to the line containing the points (1, -3) and (-2, 4).

– 3/7

5/9

–2/5

3/8

Find the horizontal asymptote as x -- 8 and then describe what this means in practical terms. F(x) = 150x + 120/0.05x + 1; the number of bass, f(x), after x months in a lake that was stocked with 120 bass.

the number of bass, f(x), after y months in a lake that was stocked with 130 bass

the number of bass, f(x), after x months in a lake that was stocked with 120 bass

the number of bass, f(x), after x months in a lake that was stocked with 140 bass

the number of bass, f(x), after x months in a lake that was stocked with 150 bass

Solve the following logarithmic equation. Be sure to reject any value of x that is not in the domain of the original logarithmic expressions. Give the exact answer. Then, where necessary, use a calculator to obtain a decimal approximation, to two decimal places, for the solution:

{16/2}

{62/3}

{9/3}

{11/5}

Solve the following system:

{(4, -1)}

{(1, -3)}

{(4, -2)}

{(1, -5)}

Solve the following system of equations using matrices:

{(t, t 1, t)}

{(t, t 0, t)}

{(t, t - 2, t)}

{(t, t - 1, t)}

Solve for x only using Cramer’s Rule.

x = 7

x = 9

x = 2

x = -3

For the following ellipses determine location of its foci.

foci at (0, 2 + v11), (0, 2 - v11)

foci at (0, 5 + v21), (0, 5 - v21)

foci at (0, 3 + v25), (0, 3 - v25)

foci at (0, 1 + v36), (0, 1 - v36)

You are taking a multiple-choice test that has five questions. Each of the questions has three answer choices, with one correct answer per question. If you select one of these three choices for each question and leave nothing blank, in how many ways can you answer the questions?

198 ways

290 ways

243 ways

364 ways

Is Drug B superior to the currently used Drug A in treating pancreatitis?

Observational

Case-controlled observational

Double blind experiment

Single blind experiment

A survey of 100 dog owners showed that the average dog ‘checked the mail’ eleven times during an evening walk. Which question most probably represents the purpose of the study?

How many ‘mail check stops’ can a dog be expected to make on an evening walk?

How many dog owners take dogs for an evening walk?

How many dogs ‘check the mail’ on an evening walk?

How many pet owners have dogs?

A bar graph in which the bars are arranged in frequency order is a:

dotplot.

pie chart.

line chart.

pareto chart.

Six football players, all defensive linemen, decide that they will gain an average of 10 pounds over the summer. At the start of the season, only five showed up for the weigh-in. They had gained 9, 13, 11, 6, and 7 pounds. How many pounds does the last person have to gain in order that the group can attain its goal?

12 pounds

14 pounds

13 pounds

14.5 points

The heights of 10 randomly selected fourth grade boys are (in inches) are 53, 53, 54, 56, 56, 56, 50, 57, 59, and 56. Find the sample standard deviations to 2 decimal places.

2.67

2.54

3.54

2.56

Salesmen for the ABC Plastics Company drive an average of 240 miles per day with a standard deviation of 36 miles. If samples of 25 daily mileages are taken, what is the standard deviation of the distribution of sample means?

6.8

7.0

7.1

7.2

In 2003, the U.S. death rate was 1.2 per 100,000 people due to motorcycle accidents. Motorcycles in the U.S. were involved in fatal crashes at the rate of 35.0 per 100 million miles driven. If the population of the U.S. is 300,000,000, what is the expected number of deaths due to motorcycle accidents?

3600

10500

1200

11700

In one city, there are 1,780 5-year old children of whom 556 live with one parent only. Among a sample of 615 of the 5-year old children from this city, 226 live with one parent only. Find the population proportion of 5-year olds who live with only one parent.

0.35

556

0.37

0.31

A manufacturer wishes to test the claim that one of its pancake mixes has a mean weight that does not equal 24 ounces as advertised. Determine the conclusion of the hypothesis test assuming that the results of the sampling lead to rejection of the null hypothesis.

Conclusion: Support the claim that the mean is greater than 24 ounces.

Conclusion: Support the claim that the mean is not equal to 24 ounces.

Conclusion: Support the claim that the mean is equal to 24 ounces.

Conclusion: Support the claim that the mean is less than 24 ounces.

A 95% confidence interval for the mean of a normal population is found to be 17.6 < µ < 23.6. What is the margin of error?

2

2.7

3

4

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