In the context of an audit of financial statements, substantive procedures are audit procedures that

In the context of an audit of financial statements, substantive procedures are audit procedures that  a. May be eliminated under certain conditions. b....

Hawkins requested permission to communicate with the predecessor auditor and review certain portions of the predecessor auditor's working papers. The prospective client's refusal to permit this will bear directly on Hawkins' decision concerning the

Hawkins requested permission to communicate with the predecessor auditor and review certain portions of the predecessor auditor's working papers. The...

Name three Sarbanes-Oxley Act requirements of the members and duties of the audit committee of a public company.

Name three Sarbanes-Oxley Act requirements of the members and duties of the audit committee of a public company. -MEMBER OF THE BOARD OF DIRECTORS...

_____ is the term for the written agreement that documents the understanding between the auditor and the client regarding the responsibilities of both parties.

_____ is the term for the written agreement that documents the understanding between the auditor and the client regarding the responsibilities of both...

Write out the acronym (i.e., memory device) that you learned to help you remember the 10 GAAS standards. I'm only asking for the acronym, not the standards themselves.

Write out the acronym (i.e., memory device) that you learned to help you remember the 10 GAAS standards. I'm only asking for the acronym, not the standards...

Which of the following statements best describes the role of audit risk in a financial statement audit?

Which of the following statements best describes the role of audit risk in a financial statement audit? A. Audit risk indicates that the auditor...

Which of the following best describes the concept of audit risk?

Which of the following best describes the concept of audit risk? A. The risk of the auditor being sued because of association with an audit client. B....

Which of the following statements best describes the role of materiality in a financial statement audit?

Which of the following statements best describes the role of materiality in a financial statement audit? A. Materiality refers to the "material"...

Which one of the following statements best describes the concept of materiality?

Which one of the following statements best describes the concept of materiality?  A. Materiality is determined by reference to specific quantitative...

Evidence is relevant if it:

Evidence is relevant if it: A. Signals the true state of a management assertion. B. Applies to the period being audited. C. Relates to the audit...

Evidence is reliable if it:

Evidence is reliable if it: A. Signals the true state of a management assertion. B. Applies to the period being audited. C. Relates to the audit assertion...

When conducting a financial statement audit, the auditor must gather evidence about management's assertions and ascertain the degree of correspondence between those assertions and established criteria. What are the established criteria to which financial statement auditors generally compare management's assertions?

When conducting a financial statement audit, the auditor must gather evidence about management's assertions and ascertain the degree of correspondence...

The definition of auditing refers to auditing as a "systematic process of objectively obtaining and evaluating evidence regarding assertions" What is meant by "systematic process"?

The definition of auditing refers to auditing as a "systematic process of objectively obtaining and evaluating evidence regarding assertions" What is...

Which of the following best describes the general character of the subset of generally accepted auditing standards classified as standards of reporting?

Which of the following best describes the general character of the subset of generally accepted auditing standards classified as standards of reporting? A....

Which of the following best describes the general character of the subset of generally accepted auditing standards classified as standards of field work?

Which of the following best describes the general character of the subset of generally accepted auditing standards classified as standards of field...

Which of the following best describes the general character of the subset of generally accepted auditing standards classified as general standards?

Which of the following best describes the general character of the subset of generally accepted auditing standards classified as general standards? A....

Which of the following represents the combined sum of direct materials and direct labor?

Which of the following represents the combined sum of direct materials and direct labor? a) conversion costs b) period costs c) prime costs d) fixed...

Which of the following represents the combined sum of direct labor and manufacturing overhead?

Which of the following represents the combined sum of direct labor and manufacturing overhead? a) conversion costs b) period costs c) prime costs d)...

Which of the following is both a prime cost and a conversion cost?

Which of the following is both a prime cost and a conversion cost? a) manufacturing overhead b) direct materials c) direct labor d) selling expenses...

For a manufacturing business, which of the following would be considered a period cost?

For a manufacturing business, which of the following would be considered a period cost? a) indirect materials b) factory utilities c) direct labor d)...

Which of the following correctly describes the accounting for advertising costs?

Which of the following correctly describes the accounting for advertising costs? a) advertising costs are product costs are expensed as incurred b)...

Which of the following correctly describes the accounting for administrative expenses of a manufacturing company?

Which of the following correctly describes the accounting for administrative expenses of a manufacturing company? a) administrative costs are product...

In a manufacturing firm, which of the following is an example of a period cost?

In a manufacturing firm, which of the following is an example of a period cost? Answer: advertising expens...

Period costs are the:

Period costs are the: Answer: costs that are incurred and expensed during the same accounting perio...

Product costs are expensed:

Product costs are expensed: Answer: when the products are consumed to sol...

Goods that have been started in the manufacturing process but are not yet complete are included in:

Goods that have been started in the manufacturing process but are not yet complete are included in: Answer: the work-in process inventory accou...

For a manufacturing company, which of the following is a period cost?

For a manufacturing company, which of the following is a period cost? a) direct materials b) office rent c) wages expense of factory workers d)...

What is total quality management (TQM)?

What is total quality management (TQM)? Answer: a philosophy of supplying customers with superior products and service...

Which of the following describes a system in which suppliers deliver materials at the time they are needed and finished units are completed when customer orders need to be filled?

Which of the following describes a system in which suppliers deliver materials at the time they are needed and finished units are completed when customer...

Which of the following statements is true of financial accounting?

Which of the following statements is true of financial accounting? Answer: it provides information to investors needed for their investment dec...

Management accounting information of a company is primarily used by:

Management accounting information of a company is primarily used by: Answer: its employees to plan and control operation...

Moore Sales purchased some equipment for $50,000 by issuing a 6-month Note Payable. How would this transaction be shown on the statement of cash flows?

Moore Sales purchased some equipment for $50,000 by issuing a 6-month Note Payable. How would this transaction be shown on the statement of cash flows? ...

Which is a cash outflow for a financing activity on the statement of cash flows?

Which is a cash outflow for a financing activity on the statement of cash flows? Answer: payment of dividend...

Which section of the statement of cash flows include activities that increase and decrease long-time liabilities and stockholders equity?

Which section of the statement of cash flows include activities that increase and decrease long-time liabilities and stockholders equity? Answer:...

Which section of the statement of cash flows include activities that affect Net Income on the income statement? (assume indirect method is used)

Which section of the statement of cash flows include activities that affect Net Income on the income statement? (assume indirect method is used) Answer:...

Which section of the statement of cash flows include activities that create income, revenue, and expenses of the business?

Which section of the statement of cash flows include activities that create income, revenue, and expenses of the business? Answer: operating se...

Restricted stock units (RSUs):

Restricted stock units (RSUs): a. are reported as part of shareholders' equity if payable in shares rather than cash. b. are reported as part of...

The company earned $48 million during 2006. At the end of the year, the board of directors declared and paid the contracted amount of preferred dividends as well as $3 per share to common shareholders. No dividends had been declared or paid during 2005. On January 5, the company distributed a 3 for 2 common stock split effected in the form of a stock dividend. What is the balance in retained earnings to be reported on the 2006 balance sheet?

The company earned $48 million during 2006. At the end of the year, the board of directors declared and paid the contracted amount of preferred dividends...

At the beginning of 2006, Priester Dental Supplies had outstanding 4 million shares of $100 par, 8% cumulative, non-participating preferred stock and 20 million shares of $1 par common stock. During 2006, Priester declared and paid cash dividends of $100 million. No dividends had been declared or paid during 2005. On January 12, Priester issued a 5% common stock dividend when the quoted market price the common stock was $20 per share. What amount of cash did Priester distribute to common shareholders?

At the beginning of 2006, Priester Dental Supplies had outstanding 4 million shares of $100 par, 8% cumulative, non-participating preferred stock and...

What amount should CD report as additional paid-in capital in its December 31, 2006, balance sheet?

What amount should CD report as additional paid-in capital in its December 31, 2006, balance sheet? A) $37 million B) $56 million C) $58 million D)...

What amount should Pharaoh report as additional paid-in capital in its December 31, 2006, balance sheet?

What amount should Pharaoh report as additional paid-in capital in its December 31, 2006, balance sheet? A) $37 million B) $56 million C) $58 million D)...

During 2006, Jetson declared and paid cash dividends of $45 million. The company also declared and issued a stock dividend. No other changes occurred in shares outstanding during 2006. What was Jetson's net income for 2006?

During 2006, Jetson declared and paid cash dividends of $45 million. The company also declared and issued a stock dividend. No other changes occurred...

Chapman Chairs, a family-owned corporation, declared and distributed a property dividend from its overstocked inventory in place of its usual cash dividend. The inventory's carrying value exceeded its fair value. The excess is:

Chapman Chairs, a family-owned corporation, declared and distributed a property dividend from its overstocked inventory in place of its usual cash dividend....

Westside Shipping issued "preemptive rights" to its existing shareholders without consideration whereby each shareholder is offered the opportunity to buy a percentage of any new shares issued equal to the percentage of shares he/she owns at the time. When Westside issues the rights, which of the following accounts will be increased?

Westside Shipping issued "preemptive rights" to its existing shareholders without consideration whereby each shareholder is offered the opportunity...

Sanderson Sofas, a family-owned corporation, issued 6.75% bonds with a face amount of $12 million, together with 2 million shares of its $1 par value common stock, for a combined cash amount of $22 million. The market value of Sanderson's stock cannot be determined. The bonds would have sold for $9 million if issued separately. Sanderson should record for paid-in capital - excess of par on the transaction in the amount of:

Sanderson Sofas, a family-owned corporation, issued 6.75% bonds with a face amount of $12 million, together with 2 million shares of its $1 par value...

On January 5, 2007, Holmes purchased 1 million treasury shares for $9 million. Immediately after the purchase of the shares, the balances in the paid-in capital— excess of par and retained earnings accounts are:

On January 5, 2007, Holmes purchased 1 million treasury shares for $9 million. Immediately after the purchase of the shares, the balances in the paid-in...

On January 5, 2007, Epsom purchased and retired 1 million shares for $9 million. Immediately after retirement of the shares, the balances in the paid-in capital - excess of par and retained earnings accounts are:

On January 5, 2007, Epsom purchased and retired 1 million shares for $9 million. Immediately after retirement of the shares, the balances in the paid-in...

Motorsports Company retires shares it buys back. In its first share repurchase transaction, Motorsports purchased stock for more than the price at which the stock was originally issued. What is the effect of the purchase of the stock on each of the following?

Motorsports Company retires shares it buys back. In its first share repurchase transaction, Motorsports purchased stock for more than the price at which...

What is the effect of the declaration and subsequent issuance of a stock split (not effected in the form of a stock dividend) on each of the following?

What is the effect of the declaration and subsequent issuance of a stock split (not effected in the form of a stock dividend) on each of the following? A)...

Encore Industries owned investment securities with a carrying amount of $45 million on August 12. At that time, Encore's board of directors declared a property dividend consisting of these securities. The fair value of the securities was as follows:

Encore Industries owned investment securities with a carrying amount of $45 million on August 12. At that time, Encore's board of directors declared...

At the beginning of 2013, Priester Dental Supplies had outstanding 4 million shares of $100 par, 8% cumulative, non-participating preferred stock and 20 million shares of $1 par common stock. During 2013, Priester declared and paid cash dividends of $100 million. No dividends had been declared or paid during 2012. On January 12, Priester issued a 5% common stock dividend when the quoted market price the common stock was $20 per share. What amount of cash did Priester distribute to common shareholders?

At the beginning of 2013, Priester Dental Supplies had outstanding 4 million shares of $100 par, 8% cumulative, non-participating preferred stock and...

Westside Shipping issued "preemptive rights" to its existing shareholders without consideration whereby each shareholder is offered the opportunity to buy a percentage of any new shares issued equal to the percentage of shares he/she owns at the time. When Westside issues the rights, which of the following accounts will be increased?

Westside Shipping issued "preemptive rights" to its existing shareholders without consideration whereby each shareholder is offered the opportunity...

Sanderson Sofas, a family-owned corporation, issued 6.75% bonds with a face amount of $12 million, together with 2 million shares of its $1 par value common stock, for a combined cash amount of $22 million. The market value of Sanderson's stock cannot be determined. The bonds would have sold for $9 million if issued separately. Sanderson should record for paid-in capital - excess of par on the transaction in the amount of:

Sanderson Sofas, a family-owned corporation, issued 6.75% bonds with a face amount of $12 million, together with 2 million shares of its $1 par value...

Gabriel Company views share buybacks as treasury stock. In its first treasury stock transaction, Gabriel purchased treasury stock for more than the price at which the stock was originally issued. What is the effect of the purchase of the treasury stock on each of the following?

Gabriel Company views share buybacks as treasury stock. In its first treasury stock transaction, Gabriel purchased treasury stock for more than the...

Motorsports Company retires shares it buys back. In its first share repurchase transaction, Motorsports purchased stock for more than the price at which the stock was originally issued. What is the effect of the purchase of the stock on each of the following?

Motorsports Company retires shares it buys back. In its first share repurchase transaction, Motorsports purchased stock for more than the price at which...

Dunavant Service Company views share repurchases as treasury stock. Dunavant purchased shares and then later sold the shares at more than their acquisition price. What is the effect of the sale of the treasury stock on each of the following?

Dunavant Service Company views share repurchases as treasury stock. Dunavant purchased shares and then later sold the shares at more than their acquisition...

What is the effect of the declaration and subsequent issuance of a stock split (effected in the form of a stock dividend) on each of the following?

What is the effect of the declaration and subsequent issuance of a stock split (effected in the form of a stock dividend) on each of the following? A)...

What is the effect of the declaration and subsequent issuance of a stock split (not effected in the form of a stock dividend) on each of the following?

What is the effect of the declaration and subsequent issuance of a stock split (not effected in the form of a stock dividend) on each of the following? A)...

What is the effect of the declaration and subsequent issuance of a 5% stock dividend on each of the following?

What is the effect of the declaration and subsequent issuance of a 5% stock dividend on each of the following? A) Retained earnings: no effect; Paid-in...

Fancy Imports applies International Financial Reporting Standards. The company issued shares of the company's Class B stock. Fancy Imports should report the stock in the company's statement of financial position

Fancy Imports applies International Financial Reporting Standards. The company issued shares of the company's Class B stock. Fancy Imports should report...

Which of the terms or phrases listed below is more associated with financial statements prepared in accordance with U.S. GAAP than with International Financial Reporting Standards?

Which of the terms or phrases listed below is more associated with financial statements prepared in accordance with U.S. GAAP than with International...

At the beginning of 2016, Priester Dental Supplies had outstanding 4 million shares of $100 par, 8% cumulative, non-participating preferred stock and 20 million shares of $1 par common stock. During 2016, Priester declared and paid cash dividends of $100 million. No dividends had been declared or paid during 2015. On January 12, Priester issued a 5% common stock dividend when the quoted market price the common stock was $20 per share. What amount of cash did Priester distribute to common shareholders?

At the beginning of 2016, Priester Dental Supplies had outstanding 4 million shares of $100 par, 8% cumulative, non-participating preferred stock and...

The corporate charter of CD, Inc. authorized the issuance of 6 million, $1 par common shares. During 2016, its first year of operations, CD had the following transactions: -Sold 4 million shares at $15 -Purchased 1 million treasury shares at $18 per share -resold the 1 million treasury shares at $20 What amount should CD report as additional paid-in capital in its December 31, 2016, balance sheet?

The corporate charter of CD, Inc. authorized the issuance of 6 million, $1 par common shares. During 2016, its first year of operations, CD had the...

The corporate charter of Pharaoh Tent Co. authorized the issuance of 6 million, $1 par common shares. During 2016, its first year of operations, Pharaoh had the following transactions: What amount should Pharaoh report as additional paid-in capital in its December 31, 2016, balance sheet?

The corporate charter of Pharaoh Tent Co. authorized the issuance of 6 million, $1 par common shares. During 2016, its first year of operations, Pharaoh...

The following data were reported in the shareholders' equity section of the Jetson Company's comparative balance sheets for the years ended December 31: During 2016, Jetson declared and paid cash dividends of $45 million. The company also declared and issued a stock dividend. No other changes occurred in shares outstanding during 2016. What was Jetson's net income for 2016?

The following data were reported in the shareholders' equity section of the Jetson Company's comparative balance sheets for the years ended December...

Chapman Chairs, a family-owned corporation, declared and distributed a property dividend from its overstocked inventory in place of its usual cash dividend. The inventory's book value exceeded its fair value. The excess is:

Chapman Chairs, a family-owned corporation, declared and distributed a property dividend from its overstocked inventory in place of its usual cash dividend....

Westside Shipping issued "preemptive rights" to its existing shareholders without consideration whereby each shareholder is offered the opportunity to buy a percentage of any new shares issued equal to the percentage of shares he/she owns at the time. When Westside issues the rights, which of the following accounts will be increased?

Westside Shipping issued "preemptive rights" to its existing shareholders without consideration whereby each shareholder is offered the opportunity...

Sanderson Sofas, a family-owned corporation, issued 6.75% bonds with a face amount of $12 million, together with 2 million shares of its $1 par value common stock, for a combined cash amount of $22 million. The market value of Sanderson's stock cannot be determined. The bonds would have sold for $9 million if issued separately. Sanderson should record for paid-in capital - excess of par on the transaction in the amount of:

Sanderson Sofas, a family-owned corporation, issued 6.75% bonds with a face amount of $12 million, together with 2 million shares of its $1 par value...

Gabriel Company views share buybacks as treasury stock. In its first treasury stock transaction, Gabriel purchased treasury stock for more than the price at which the stock was originally issued. What is the effect of the purchase of the treasury stock on each of the following?

Gabriel Company views share buybacks as treasury stock. In its first treasury stock transaction, Gabriel purchased treasury stock for more than the...

Motorsports Company retires shares it buys back. In its first share repurchase transaction, Motorsports purchased stock for more than the price at which the stock was originally issued. What is the effect of the purchase of the stock on each of the following?

Motorsports Company retires shares it buys back. In its first share repurchase transaction, Motorsports purchased stock for more than the price at which...

Dunavant Service Company views share repurchases as treasury stock. Dunavant purchased shares and then later sold the shares at more than their acquisition price. What is the effect of the sale of the treasury stock on each of the following?

Dunavant Service Company views share repurchases as treasury stock. Dunavant purchased shares and then later sold the shares at more than their acquisition...

What is the effect of the declaration and subsequent issuance of a stock split (effected in the form of a stock dividend) on each of the following?

What is the effect of the declaration and subsequent issuance of a stock split (effected in the form of a stock dividend) on each of the following? Retained...

What is the effect of the declaration and subsequent issuance of a stock split (not effected in the form of a stock dividend) on each of the following?

What is the effect of the declaration and subsequent issuance of a stock split (not effected in the form of a stock dividend) on each of the following? Retained...

What is the effect of the declaration and subsequent issuance of a 5% stock dividend on each of the following?

What is the effect of the declaration and subsequent issuance of a 5% stock dividend on each of the following? Retained earnings Paid in Capital a....

Encore Industries owned investment securities with a book value of $45 million on August 12. At that time, Encore's board of directors declared a property dividend consisting of these securities. The fair value of the securities was as follows:

Encore Industries owned investment securities with a book value of $45 million on August 12. At that time, Encore's board of directors declared a property...

Bossidy and Charan believe that to excel at execution, a leader should

Bossidy and Charan believe that to excel at execution, a leader should  A. be hands-off once the strategy is set. B. micromanage the tactics. C....

Which of the following is not a behavior of a leader who executes?

Which of the following is not a behavior of a leader who executes?  A. Reward the doers. B. Insist on realism. C. Follow through. D. Know yourself. E....

Which of the following is not a question that Bossidy and Charan believe a strong strategic plan must address?

Which of the following is not a question that Bossidy and Charan believe a strong strategic plan must address?  A. How will deviations from...

According to Bossidy and Charan, which business process is most important for effective execution?

According to Bossidy and Charan, which business process is most important for effective execution? A. Strategy B. People C. Alignment D. Operations E....

According to Bossidy and Charan, effective ______ requires managers to build a foundation for it within three core process: people, strategy, and operations.

According to Bossidy and Charan, effective ______ requires managers to build a foundation for it within three core process: people, strategy, and operations.  A....

A recent survey found that the top concern among CEOs worldwide is

A recent survey found that the top concern among CEOs worldwide is  A. profit growth. B. customer loyalty. C. excellence in execution. D. stimulating...

Apple's iPad has a very high percentage of the market for tablet computers, and this is also a quickly growing market. Thus, using the BCG matrix, the iPad would be classified as a

Apple's iPad has a very high percentage of the market for tablet computers, and this is also a quickly growing market. Thus, using the BCG matrix, the...

Daniel is assessing his company's portfolio of products. One of them is the best-selling brand of mayonnaise, although this is now a slow-growing market. If Daniel uses the BCG matrix, he would classify this product as a

Daniel is assessing his company's portfolio of products. One of them is the best-selling brand of mayonnaise, although this is now a slow-growing market....

Which of the following strategy tools suggests that an organization will do better in fast-growing markets in which it has a high market share rather than in slow-growing markets in which it has a low market share?

Which of the following strategy tools suggests that an organization will do better in fast-growing markets in which it has a high market share rather...

_____ refers to the idea that the economic value of separate, related businesses under one ownership and management is greater together than the businesses are worth separately.

_____ refers to the idea that the economic value of separate, related businesses under one ownership and management is greater together than the businesses...

Which of the following is most likely to use a diversification strategy?

Which of the following is most likely to use a diversification strategy?  A. A tax preparation business B. A flower shop C. A lawn service D....

Time Warner runs different divisions specializing in television, music, and publishing. Time Warner is using a(n) ______ strategy.

Time Warner runs different divisions specializing in television, music, and publishing. Time Warner is using a(n) ______ strategy.  A. stability B....

The benefit of the single-product strategy for a company is

The benefit of the single-product strategy for a company is  A. synergy. B. focus. C. isolated systems. D. differentiation. E. lower costs. Answer:...

Which of the following carmakers pursues a focused-differentiation strategy?

Which of the following carmakers pursues a focused-differentiation strategy?  A. Ferrari B. Ford C. Volkswagen D. Honda E. Kia Answer:...

An organization that offers unique, superior products or services to a narrow market is pursuing a strategy of

An organization that offers unique, superior products or services to a narrow market is pursuing a strategy of  A. cost leadership. B. differentiation. C....

An organization that keeps costs and prices low in targeting a narrow market is pursuing a strategy of

An organization that keeps costs and prices low in targeting a narrow market is pursuing a strategy of  A. cost leadership. B. differentiation. C....

Timex Group USA makes inexpensive but reliable watches sold throughout the United States and is an example of an organization pursuing a _________ strategy.

Timex Group USA makes inexpensive but reliable watches sold throughout the United States and is an example of an organization pursuing a _________ strategy.  A....

An example of a firm that pursues a differentiation strategy is

An example of a firm that pursues a differentiation strategy is  A. Cartier. B. Lexus. C. Bic. D. A regional discount gas station chain. E. Home...

An organization that is offering unique, superior products or services to a wide market is pursuing a strategy of

An organization that is offering unique, superior products or services to a wide market is pursuing a strategy of  A. cost leadership. B. differentiation. C....

An organization is developing a low-cost line of environmentally friendly cleaning products that it intends to distribute internationally. Here, the organization is following a ______ strategy.

An organization is developing a low-cost line of environmentally friendly cleaning products that it intends to distribute internationally. Here, the...

Porter's competitive strategies include

Porter's competitive strategies include  A. prospector, defender, analyzer, and reactor. B. growth, stability, and retrenchment. C. cost leadership,...

Oil companies must be aware of other firms' development of ethanol products since this is an example of which one force in Porter's model for industry analysis?

Oil companies must be aware of other firms' development of ethanol products since this is an example of which one force in Porter's model for industry...

Which of the following is not one of the forces that affects industry competition, according to Porter's model for industry analysis?

Which of the following is not one of the forces that affects industry competition, according to Porter's model for industry analysis?  A. Threats...

Creation of alternative hypothetical but equally likely future conditions is called

Creation of alternative hypothetical but equally likely future conditions is called  A. contingency planning. B. trend analysis. C. balancing...

A time-series forecast, which is used to predict long-term trends, cyclic patterns, and seasonal variations, is one type of

A time-series forecast, which is used to predict long-term trends, cyclic patterns, and seasonal variations, is one type of  A. organizational...

A vision or projection of the future is called a(n)

A vision or projection of the future is called a(n)  A. trend. B. forecast. C. contingency. D. strategy. E. opportunity. Answer:...

Alexis has prepared a report that details how prices for several raw materials her firm uses in production have risen by up to 30% in the last year. Her report would be an input into the __________ part of a SWOT analysis.

Alexis has prepared a report that details how prices for several raw materials her firm uses in production have risen by up to 30% in the last year....

Environmental factors that the organization may exploit for a competitive advantage are known as

Environmental factors that the organization may exploit for a competitive advantage are known as  A. organizational strengths. B. organizational...

The skills and capabilities that give the organization advantages in executing strategies in pursuit of its mission are known as

The skills and capabilities that give the organization advantages in executing strategies in pursuit of its mission are known as  A. organizational...

Amanda has just determined that her employees will require extensive training if they are to acquire the necessary technological expertise to produce a new product line. She has discovered one of her firm's

Amanda has just determined that her employees will require extensive training if they are to acquire the necessary technological expertise to produce...

A manager assessing the organization's access to capital is involved in analysis of

A manager assessing the organization's access to capital is involved in analysis of  A. strengths. B. weaknesses. C. opportunities. D. threats. E....

Analysis of changing demographics of the U.S. population would be part of the assessment of a company's

Analysis of changing demographics of the U.S. population would be part of the assessment of a company's  A. strengths. B. weaknesses. C. opportunities. D....

When analyzing the "T" in SWOT analysis, a manager might take note of

When analyzing the "T" in SWOT analysis, a manager might take note of  A. the firm's cash flow problems. B. a competitor's new product. C. employee...

When analyzing the "O" in SWOT analysis, a manager might take note of

When analyzing the "O" in SWOT analysis, a manager might take note of  A. favorable government regulations. B. absenteeism among employees. C....

When analyzing the "W" in SWOT analysis, a manager might take note of

When analyzing the "W" in SWOT analysis, a manager might take note of  A. a decrease in consumer demand. B. a competitor's bankruptcy. C. high...

When analyzing the "S" in a SWOT analysis, a manager might take note of

When analyzing the "S" in a SWOT analysis, a manager might take note of  A. a decrease in the size of the market. B. competitors' new products. C....

A situational analysis is also known as

A situational analysis is also known as  A. strategic control. B. SWOT analysis. C. trend analysis. D. contingency planning. E. forecasting....

Careful monitoring of an organization's internal and external environment to detect early signs of opportunities and threats that may influence the firm's plans is called

Careful monitoring of an organization's internal and external environment to detect early signs of opportunities and threats that may influence the...

Rafaela is interested in learning more about what one of her competitors is doing so that she can anticipate its upcoming moves and react quickly. Which of the following would you suggest to her for this purpose?

Rafaela is interested in learning more about what one of her competitors is doing so that she can anticipate its upcoming moves and react quickly. Which...

Which of the following is not a likely source of information for competitive intelligence?

Which of the following is not a likely source of information for competitive intelligence?  A. Competitors' press releases B. Industry gossip C....

Gaining information about one's competitors' activities so that you can anticipate their moves and react appropriately is called

Gaining information about one's competitors' activities so that you can anticipate their moves and react appropriately is called  A. strategic...

Which of the following is not one of Bryan Barry's recommendations to keep a strategic plan on track?

Which of the following is not one of Bryan Barry's recommendations to keep a strategic plan on track?  A. Keep moving. B. Engage people. C. Keep...

______ consists of monitoring the execution of strategy and making adjustments, if necessary.

______ consists of monitoring the execution of strategy and making adjustments, if necessary.  A. Mission translation B. Strategic control C....

Actively selling strategic plans to middle and supervisory managers, rather than just announcing them, is helpful for

Actively selling strategic plans to middle and supervisory managers, rather than just announcing them, is helpful for  A. situation analysis. B....

The process of choosing among different strategies and altering them to best fit the organization is called

The process of choosing among different strategies and altering them to best fit the organization is called  A. strategy formulation. B. contingency...

After film manufacturer Kodak failed to reinvent itself and declared bankruptcy in 2012, it decided to focus on its business of making inkjet printers as part of a ______ strategy.

After film manufacturer Kodak failed to reinvent itself and declared bankruptcy in 2012, it decided to focus on its business of making inkjet printers...

A fine luggage maker was struggling with heavy debt and a sharp decline in customers, and it eventually declared bankruptcy. The company followed which grand strategy?

A fine luggage maker was struggling with heavy debt and a sharp decline in customers, and it eventually declared bankruptcy. The company followed which...

Recently ConocoPhillips, America's third-biggest oil company, spun off its refineries, pipelines, and chemicals division to form a new company called Phillips 66. Now ConocoPhillips will concentrate on its upstream operations. This is a variation of which of these grand strategies?

Recently ConocoPhillips, America's third-biggest oil company, spun off its refineries, pipelines, and chemicals division to form a new company called...

An Iowa ethanol production company has been suffering from a combination of lower demand for gasoline (into which its product is mixed) and higher corn prices (which is the largest input cost). It has responded by selling off land, buildings, and some of its reserve product inventory. This is a variation of which of these grand strategies?

An Iowa ethanol production company has been suffering from a combination of lower demand for gasoline (into which its product is mixed) and higher corn...

A grand strategy that involves reduction in the organization's efforts is the ______ strategy.

A grand strategy that involves reduction in the organization's efforts is the ______ strategy.  A. retrenchment B. reorganization C. downsizing D....

Faisal has been running a commercial real estate business for nearly 30 years. As he approaches retirement, he is content to simply lease the commercial space he currently has, rather than make new deals to develop additional properties. Faisal is using which grand strategy?

Faisal has been running a commercial real estate business for nearly 30 years. As he approaches retirement, he is content to simply lease the commercial...

High Peaks Skate and Snowboard is a small shop that provides equipment for Utah snowboarders in winter months. It has decided to increase advertising during this period in the Salt Lake Tribune and the Park Record in Park City, as well as to sponsor a new on-mountain competition. It is following which strategy?

High Peaks Skate and Snowboard is a small shop that provides equipment for Utah snowboarders in winter months. It has decided to increase advertising...

Computer technology corporation Dell recently acquired Quest software, an IT management software provider, in order to expand upon its software expertise and offerings. Dell is pursuing a(n) ______ strategy.

Computer technology corporation Dell recently acquired Quest software, an IT management software provider, in order to expand upon its software expertise...

The common grand strategies are

The common grand strategies are  A. star, question mark, cash cow, and dog. B. cost-leadership, differentiation, cost focus, and focused differentiation. C....

Which of the following is a question that should be answered by a company's mission statement?

Which of the following is a question that should be answered by a company's mission statement? A. Will it inspire enthusiasm and encourage commitment? B....

Which of the following should be included in a good vision statement?

Which of the following should be included in a good vision statement?  A. Firm's attitude toward its employees. B. Geographical areas in which...

Which of the following is not a stage in the strategic-management process?

Which of the following is not a stage in the strategic-management process?  A. Conduct a trend analysis. B. Maintain strategic control. C. Establish...

Which of the following steps of the strategic-management process is the source of its feedback loop?

Which of the following steps of the strategic-management process is the source of its feedback loop? A. Carry out the strategic plan. B. Maintain...

Which of the following best represents a currently popular strategy among big companies like Apple, Google, and Amazon?

Which of the following best represents a currently popular strategy among big companies like Apple, Google, and Amazon?  A. Become involved in...

Milo owns and manages a small bike repair store. In order to determine if strategic planning will be likely to help his business, Milo should primarily assess

Milo owns and manages a small bike repair store. In order to determine if strategic planning will be likely to help his business, Milo should primarily...

Anne runs a small bakery on the main street of a resort town. Though hers was the only bakery around, the business had been suffering during the economic slowdown, and she was contemplating whether she should attempt strategic planning. Anne should be aware of what research finding regarding strategic planning?

Anne runs a small bakery on the main street of a resort town. Though hers was the only bakery around, the business had been suffering during the economic...

A small firm is likely to benefit significantly from strategic planning

A small firm is likely to benefit significantly from strategic planning  A. regardless of the nature of its industry or market. B. when it is...

Consumers can use a national company called Service Magic to receive bids from quality providers of a variety of services, including home remodel, landscaping, plumbing, and housecleaning. Service Magic charges service providers for the leads it provides to them monthly. Which of the following is the source of Service Magic's strategic position?

Consumers can use a national company called Service Magic to receive bids from quality providers of a variety of services, including home remodel, landscaping,...

Which of the following statements about strategy and strategic positioning is false?

Which of the following statements about strategy and strategic positioning is false?  A. Many customers with broad needs can be a source of...

__________ means performing different activities from rivals or performing similar ones in different ways.

__________ means performing different activities from rivals or performing similar ones in different ways.  A. Competitive planning B. Distinctive...

Which of the following is not an area in which a company needs to get and stay ahead in order to sustain a competitive advantage?

Which of the following is not an area in which a company needs to get and stay ahead in order to sustain a competitive advantage?  A. Talented...

Which of the following is not a typical cause of bad planning?

Which of the following is not a typical cause of bad planning? A. Information overload. B. Inadequate planning budgets. C. Ineffective group dynamics. D....

Which of the following statements about strategic planning and strategic management is true?

Which of the following statements about strategic planning and strategic management is true?  A. Strategic planning is rarely used in the current...

Which of the following would be considered a reason for adopting strategic management and strategic planning?

Which of the following would be considered a reason for adopting strategic management and strategic planning?  A. To enhance employee loyalty. B....

Effective strategic management involves

Effective strategic management involves  A. only top management. B. only top and middle management. C. only middle and lower management levels. D....

"Find out what customers want, then provide it to them as cheaply and quickly as possible" is Walmart's

"Find out what customers want, then provide it to them as cheaply and quickly as possible" is Walmart's  A. growth plan. B. technical plan. C....

A ______ represents an "educated guess" about what must be done in the long term for survival or the prosperity of the organization or its principal parts.

A ______ represents an "educated guess" about what must be done in the long term for survival or the prosperity of the organization or its principal...

Which of the following is an ethical concern of accountants?

Which of the following is an ethical concern of accountants? a. Earnings manipulation. b. Conservative accounting. c. Industry practices. d. None...

What would be an advantage of having all countries adopt and follow the same accounting standards?

What would be an advantage of having all countries adopt and follow the same accounting standards? a. Consistency. b. Comparability. c. Lower preparation...

What is not a reason that accounting standards may differ across countries?

What is not a reason that accounting standards may differ across countries? a. Governments. b. Language. c. Culture. d. Past Practice. Answer:...

What is "expectation gap"?

What is "expectation gap"? a. The difference between what the public thinks the accountant is not doing and what the accountant knows they don't do. b....

What is a possible danger if politics plays too big a role in accounting standard setting?

What is a possible danger if politics plays too big a role in accounting standard setting? a. Accounting standards that are not truly generally...

What is not a source of pressure that may influence the accounting standard setting process?

What is not a source of pressure that may influence the accounting standard setting process? a. Congress. b. Lobbyist. c. CPA firms. d. None...

The purpose of the International Accounting Standards Board is to

The purpose of the International Accounting Standards Board is to a. issue enforceable standards which regulate the financial accounting and reporting...

Financial accounting standard-setting in the United States

Financial accounting standard-setting in the United States a. can be described as a social process which reflects political actions of various interested...

Which of the following is not considered a component of generally accepted accounting principles?

Which of the following is not considered a component of generally accepted accounting principles? a. FASB Implementation Guides. b. Widely recognized...

What is the purpose of a FASB Staff Position?

What is the purpose of a FASB Staff Position? a. Provide interpretation of existing standards. b. Provide a consensus on how to account for new and...

Rule 203 of the Code of Professional Conduct addresses:

Rule 203 of the Code of Professional Conduct addresses: a. ethical requirements. b. financial statements should be based on generally accepted accounting...

Which of the following publications does not qualify as a statement of generally accepted accounting principles?

Which of the following publications does not qualify as a statement of generally accepted accounting principles? a. Statements of financial standards...

Which of the following is not a part of generally accepted accounting principles?

Which of the following is not a part of generally accepted accounting principles? a. FASB Interpretations b. CAP Accounting Research Bulletins c....

The most significant current source of generally accepted accounting principles is the

The most significant current source of generally accepted accounting principles is the a. AICPA. b. SEC. c. APB. d. FASB. Answer:...

Generally accepted accounting principles

Generally accepted accounting principles a. include detailed practices and procedures as well as broad guidelines of general application. b. are...

The following are part of the "due process" system used by the FASB in the evolution of a typical FASB Statement of Financial Accounting Standards:

The following are part of the "due process" system used by the FASB in the evolution of a typical FASB Statement of Financial Accounting Standards: 1....