MULTIPLE CHOICE QUESTIONS

1) What is the initial default date for transactions when a company data file is opened? a. The source document date b. The current computer dates c. The date of the last transaction entered d. The date of the last QuickBooks session

2) To be available for selection as the source of a cheque, accounts must be defined as which of the following types? a. Asset accounts b. Bank accounts c. Cash accounts d. Current Asset accounts

3) Which button should be clicked after changing an amount on a cheque? a. Next b. Update c. Clear Splits d. Recalculate

4) What should you press to display the Transaction Journal report of a saved transaction? a. Ctrl + J b. Ctrl + W c. Ctrl + Y d. Ctrl + T

5) When customers pay for purchases immediately and do not have an account in QuickBooks, their purchases should be entered as: a. Bills b. Sales receipts c. Statements d. Received payments

6) Which account are cash receipts are recorded into as a debit entry by default? a. Bank Chequing b. Cash in Bank c. Funds for Deposit d. Undeposited Funds

7) Which columns are mandatory when displaying a customized sales receipt? a. Item, Amount, Tax Code b. Item, Description, Quantity c. Item, Quantity, Description d. Quantity, Amount, Tax Code

8) Which of the following symbols is used to separate a customer name from a job name? a. / b. – c. : d. \

9) Which of the following statements is true regarding the audit trail in QuickBooks? a. When a transaction is deleted, it is removed from the audit trail b. When a previously saved transaction is changed, the original transaction will be removed from the audit trail c. The audit trail is used to confirm that all entries have been recorded without errors d. The audit trail cannot be turned off

10) Which of the following transactions would typically be recorded in the QuickBooks general journal? a. Purchase of office supplies b. Year-end adjustment for depreciation on equipment c. Sale of merchandise to a one-time customer d. Payment of telephone expenses

11) Which type of account is listed first in the Chart of Accounts? a. Liability b. Equity c. Asset d. Revenue

12) Which button should you click if you need to enter a transaction with more than two journal entry lines into the Account Register? a. Splits b. Add c. Account d. Activities

13) When entering a transaction in the account register, which type of account should you start with? a. Balance Sheet b. Revenue c. Income Statement d. Retained Earnings

14) Which of the following would you use to access the Chart of Accounts? a. Ctrl + Enter b. Alt + C c. Ctrl + C d. Ctrl + A

15) Which button would you press to bring up the QuickBooks calculator when entering a General Journal transaction? a. % b. + c. ! d. @

16) Which of the following could you use to access the General Journal from the Chart of Accounts? a. Select the account and choose General Journal from the View menu b. Highlight an account and choose Make General Journal Entries from the Activities button c. Double-click on one of the accounts used in the transaction d. Click the General Journal icon in the Home window

17) If a new account is created while entering a purchase, which account type is selected by default? a. Bank b. Payable c. Inventory d. Expense

18) What is the “Other” payee type used for? a. Vendors who supply inventory goods b. One-time customers c. Payees who do not supply or buy goods or services d. Vendors who supply non-inventory goods

19) Which of the following would allow you to access the Account Listing report? a. Choose the Reports menu, then choose List and click Account Listing b. Choose the Report Centre from the Icon bar, then choose the Company & Financial category and click Account Listing

20) Which form should be used to pay a vendor for a cash purchase? a. Write Cheques b. Pay Vendor c. Pay Bills d. Enter Bills

21) How are the bills to be paid listed by default? a. By date due b. Alphabetically by vendor name c. By invoice number d. By amount due

22) Where is the Vendor List located? a. On the Home window b. In the Company Snapshot c. In the Vendor Centre d. On the Company Menu

23) When entering vendor information, which key should you press to move to the next line in the address box? a. Tab b. Shift c. Insert d. Enter

24) When a purchase will exceed the specified credit limit for a vendor, QuickBooks will: a. Allow the purchase to go through with no indication that the limit has been exceeded b. Flag the purchase for review c. Display a warning message d. Prevent the purchase from being recorded

25) Which frequency should be chosen for a memorized transaction with an irregular cycle? a. Annually b. Monthly c. Weekly d. Never

26) Which keyboard shortcut is used to access the Memorized Transaction List? a. Ctrl + T b. Ctrl + M c. Ctrl + Enter d. Ctrl + L

27) To display invoices for only one vendor when paying bills: a. Choose to show all bills, then place a checkmark next to any outstanding bill for the vendor in the list b. Select the vendor name in the Filter By field c. Click the Vendor Name button at the bottom of the Pay Bills window d. Select the vendor name in the Sort By field

28) What is the default aging interval for invoices listed in the Accounts Payable Aging Report? a. 30 days b. 90 days c. 120 days d. 60 days

29) To open the original transaction from a report such as the Vendor Balance Detail Report: a. Select the transaction and press Insert on the keyboard b. Double-click on the transaction line c. Select the transaction and press Ctrl + T d. Right-click on the transaction line and choose Open

30) What is the keyboard shortcut to open the Create Invoices form? a. Ctrl + C b. Ctrl + I c. Alt + C d. Ctrl + V

31) Which form should be used to record customer payments on a previously entered invoice? a. Sales Receipt b. Sales Deposits c. Invoice Payments d. Receive Payments

32) When a customer payment amount is entered, how is the amount applied to outstanding invoices by default? a. Spread evenly among all invoices b. Applied to the most recent invoice first c. Applied to the oldest invoice first d. Applied to the largest invoice first

33) Which Deposit To account should be selected in the Receive Payments form if the cheque will be held for deposit later? a. Undeposited Funds b. Bank Chequing c. Funds on Hold d. Bank Deferral

34) Which of the following could be changed on the deposit form for a recorded bank deposit? a. Account for deposit b. Customer name c. Deposit amount d. Customer account

35) Which report should be printed and included with the deposit when it is taken to the bank? a. Customer Deposit Detail b. Deposit Slip c. Deposit Summary d. Bank Statement

36) Which of the following represents the transaction created when an NSF cheque is recorded? a. Increase Bank Chequing Decrease Accounts Receivable b. Increase Accounts Payable Decrease NSF Expense c. Increase NSF Expense Decrease Accounts Payable d. Increase Accounts Receivable Decrease Bank Chequing

37) By default, the Accounts Receivable Aging Summary Report is sorted by: a. Amount due b. Customer name c. Invoice number d. Date due

38) What is the default aging interval for customer accounts? a. 60 days b. 90 days c. 30 days d. 180 days

39) Which report shows the invoices that are overdue as of a specific date, along with the contact name and phone number for each customer? a. Customer Aging Detail Report b. Collections Report c. Open Invoices Report d. Customer Balances Detail Report

SHORT ANSWER REVIEW QUESTIONS

1. What is the difference between the QuickAdd and Setup options for adding a Customer to the Customer List?

2. How would you add a Sales Receipts icon to the Icon bar? 3. What is the procedure for editing a cheque that has already been recorded?

4. What is the difference between deleting and voiding a cheque?

5. How can reports be accessed in QuickBooks?

6. How are memorized reports used in QuickBooks?

7. How can an error in a General Journal entry be corrected after the entry is recorded?

8. Explain how to add a new General Ledger account while entering transaction information.

9. Why is it often easier to complete General Journal entries by using the Make General Journal Entries form than it is to use the Register?

10. Explain how to add a journal transaction in the Account Register that involves both a Balance Sheet and Income Statement account.

11. What is the Vendor Centre? 12. How should an invoice be corrected if an error is discovered while entering payment?

12. How can the Transaction Journal Report be viewed for a payment entered through the Pay Bills form?

13. Why would a company choose to assign types to vendors in the Vendors List?

14. Explain how to memorize an unrecorded bill entry transaction.

15. What is the Customer Centre?

16. Why would a business wait to print invoices in batches instead of printing them as they are created?

17. What is an NSF cheque?

18. Why would terms of sale be changed for a customer who paid with an NSF cheque?

The general fund budget (in billions of dollars) for a U.S. state for 1988 (period 1) to 2011 (period 24) follows.

Develop a linear trend equation for this time series to forecast the budget (in billions of dollars). (Round your numerical values to three decimal places.)

T_t =

(c)What is the forecast (in billions of dollars) for period 25? (Round your answer to two decimal places.)

$    billion

A certain company produces and sells frozen pizzas to public schools throughout the eastern United States. Using a very aggressive marketing strategy, they have been able to increase their annual revenue by approximately $10 million over the past 10 years. But increased competition has slowed their growth rate in the past few years. The annual revenue, in millions of dollars, for the previous 10 years is shown.

(b) Using Minitab or Excel, develop a quadratic trend equation that can be used to forecast revenue (in millions of dollars). (Round your numerical values to three decimal places.)

T_t =

(c) Using the trend equation developed in part (b), forecast revenue (in millions of dollars) in year 11. (Round your answer to two decimal places.)

$  million

The study of ethics and philosophy is one that brings many different kinds of "thinkers" together. One person's philosophy on ethics is another person's philosophy on evil. We will be working this term on constructing personal ethical bases and understanding how ethical codes (both personal and professional) are created and followed. To start us thinking about the different areas of philosophy and ethics, and how we fit into the different molds or world views, let's imagine the following scenario: It is 2019. The federal law banning female circumcision is still under appeal in the courts. You are a nurse assisting a plastic surgeon at a local hospital. The plastic surgeon comes from a country where they practice "female circumcision". This practice is also sometimes called "female genital mutilation".

Fire Eyes: Female Circumcision, Written by Soraya Mire, Directed by Soraya Mire, Ethnographer Soraya Mire, Narrated by Carol Christiansen (New York, NY: Filmakers Library, 1995), 57 minutes

You are not a member of the doctor's culture, but reside in a state where this practice is still legal. The plastic surgeon has agreed to perform this practice on a young girl, the daughter of a friend of the surgeon. The friend has authorized the procedure. The girl only knows this is a custom. You did not know that today you would be asked to assist in this procedure. You can refuse to participate (your job may be on the line in the future due to that decision). Or, you can assist the surgeon. What ought you to do? We now want to examine the ethical issues involved. To do this, let's look at the role of relativism, moral truths, and other issues. Initial Post Instructions For the initial post, address the following questions: What would a subjective moral relativist say about what this doctor is doing? Do you agree with the subjective moral relativist? Why or why not? Examine what a cultural moral relativist would say here. Do you agree with the cultural relativist? Why or why not? Name and evaluate general criticisms of cultural relativism as being the wrong moral approach. Is there an objective moral truth about any of the possible actions by the nurse and/or doctor in this case? Why or why not?

Use the data in Table 3.7 to estimate the two equations given previously, and use the output to answer the questions below related to each equation,

From the first equation

1.  Goldpricet=β1+β2CPIt+ut

β1= Answer (2 decimals)

β2= Answer (2 decimals)

r2= Answer (4 decimals)

SSR= Answer (0 decimals)

From the second equation,

2.  NYSEindext=β1+β2CPIt+ut

β1= Answer (2 decimals)

β2= Answer (2 decimals)

r2= Answer (4 decimals)

SST= Answer (0 decimals

​Recently, fixed mortgage rates have been at historical lows due to the housing slowdown. The data table linked below shows the​ 30-year fixed average mortgage rate for the month of December every year between 1987 and 2010. Use these data to complete parts a through e below.

Year   Rate_(%)
1987   10.76
1988   10.82
1989   9.87
1990   9.63
1991   8.55
1992   8.24
1993   7.06
1994   7.49
1995   7.02
1996   7.2
1997   6.67
1998   6.39
1999   7.53
2000   7.57
2001   6.52
2002   6.34
2003   6.49
2004   6.29
2005   6.64
2006   6.48
2007   6.29
2008   5.44
2009   5.22
2010   5.01

    k=1   k=1   k=2   k=2   k=3   k=3
n   d L   d U   d L   d U   d L   d U
15   1.08   1.36   0.95   1.54   0.82   1.75
16   1.10   1.37   0.98   1.54   0.86   1.73
17   1.13   1.38   1.02   1.54   0.90   1.71
18   1.16   1.39   1.05   1.53   0.93   1.69
19   1.18   1.40   1.08   1.53   0.97   1.68
20   1.20   1.41   1.10   1.54   1.00   1.68
21   1.22   1.42   1.13   1.54   1.03   1.67
22   1.24   1.43   1.15   1.54   1.05   1.66
23   1.26   1.44   1.17   1.54   1.08   1.66
24   1.27   1.45   1.19   1.55   1.10   1.66
25   1.29   1.45   1.21   1.55   1.12   1.66

a. Forecast the average December mortgage rate in 2011 using a trend projection.

​(Round to two decimal places as​ needed.)

b. Calculate the MAD for this forecast.

​(Round to two decimal places as​ needed.)

c. Determine the Durbin-Watson statistic.

​(Round to two decimal places as​ needed.)

d. Identify the critical values.

dL=

dU=

​(Round to two decimal places as​ needed.)

Describe how revenues and expenses are grouped for planning and control in the financial statements.

I'm interested in a t-test of looking at the means for the <30 group in comparison to the other age groups. Do I need to run four t tests, one for <30 with each age group? The data below details the percentage of giving by age group for each of the 32 years listed. Thank you!

The general fund budget (in billions of dollars) for a U.S. state for 1988 (period 1) to 2011 (period 24) follows.

Develop a linear trend equation for this time series to forecast the budget (in billions of dollars). (Round your numerical values to three decimal places.)

T_t =

(c) What is the forecast (in billions of dollars) for period 25? (Round your answer to two decimal places.)

$  billion

A certain company produces and sells frozen pizzas to public schools throughout the eastern United States. Using a very aggressive marketing strategy, they have been able to increase their annual revenue by approximately $10 million over the past 10 years. But increased competition has slowed their growth rate in the past few years. The annual revenue, in millions of dollars, for the previous 10 years is shown.

Using Minitab or Excel, develop a quadratic trend equation that can be used to forecast revenue (in millions of dollars). (Round your numerical values to three decimal places.)

T_t =

(c) Using the trend equation developed in part (b), forecast revenue (in millions of dollars) in year 11. (Round your answer to two decimal places.)

$  million

From the same Texas Department of Insurance data on closed claims for medical malpractice liability insurance referred to in Problem 1, we can estimate the number of claims in each year of injury that will be closed in the next 16 years. We obtain the following data. Here the estimated dollars per claim for each year have been adjusted to 2007 dollars to account for inflation, so the values are all compatible. Texas was said to have had a “medical malpractice liability crisis” starting in about 1998 and continuing until the legislature passed tort reforms effective in September 2003, which put caps on certain noneconomic damage awards. During this period premiums increased greatly and doctors left high-risk specialties such as emergency room service and delivering babies, and left high-risk geographical areas as well causing shortages in doctors in certain locations. The data from 1994 until 2001 is the following:

1. Calculate the mean or average number of claims per year for medical malpractice insurance in Texas over the four-year period 1994–1997.
2. Calculate the mean or average number of claims per year for medical malpractice insurance in Texas over the four-year period 1998–2001.
3. Calculate the mean or average dollar value per claim per year for medical malpractice insurance in Texas over the four-year period 1994–1997 (in 2009 dollars).
4. Calculate the mean or average dollar value per claim per year for medical malpractice insurance in Texas over the four-year period 1998–2001 (in 2009 dollars).
5. Looking at your results from (a) to (e), do you think there is any evidence to support the conclusion that costs were rising for insurers, justifying the rise in premiums?

FOR1. Open file Nuclear Power. Select data for Canada. Address the following questions.

a. Provide a plot of the data over time in the space below. (2 pts)

[plot here]

b. Choose an appropriate forecasting model and forecast for the next 3 periods (provide forecast in the table below). Explain model selection approach. (8 pts)

c. Using the same data, forecast the next 3 periods in the time series using the 5-period moving average and indicate the values below. (3 pts)

d. Using the same data, forecast for the next 3 periods in the time series using the single exponential smoothing technique with a smoothing constant of 0.3 and indicate the values below. (3 pts)

e. Compare results from models b, c and d. Which forecast model do you recommend to use for the next 3 periods? Justify your recommendation (6 pts)

DATA: