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business
business communication essentials

Questions and Answers of Business Communication Essentials

(Appendixes1) SALES RETURNS. Swan and Bloom, Inc., is a wholesaler of novelty items to small stores. All sales are on credit with no discount offered. During March, Swan and Bloom accepted the
(Appendixes1) SALES, SALES RETURNS, AND SALES ALLOWANCES. The contractor sales department of a Builders’ Square store in suburban Chicago had the following salesrelated transactions on a recent
(Appendixes1) SALES RECORDED NET. Using the data in Exercise 6-27, assume that Nevada records sales gross. LO8 REQUIRED:1. Prepare the entries to record this sale in Nevada’s journal.2. Prepare the
(Appendixes1) SALES RECORDED GROSS. Nevada Company sold merchandise with a list price of $12,500 to Small Enterprises on terms 3/15, n/30. Nevada records sales net of discount. LO2 REQUIRED:1.
(Appendixes1) EFFECTS OF SALES DISCOUNTS. Castore Security Systems makes all sales on credit, with terms 2/10, n/30. During 19x9, the list price (prediscount) of goods sold was $720,000. Customers
(Appendixes1) DISCOUNT POLICY AND GROSS MARGIN. Compton Electronics sells Motorola cellular phones. During 19x8, Compton sold 1,000 units for $300 per unit. Each unit costs Compton $180. At present,
(Appendixes1) ETHICS AND INVENTORIES. Mary Cravens is an accountant for City Appliance Corporation. One of Mary’s responsibilities is developing the ending inventory amount for the calculation of
(Appendixes1) ERRORS IN ENDING INVENTORY. From time to time, business newspapers report that the management of a company has misstated its profits by knowingly establishing an incorrect amount for
(Appendixes1) INCOME EFFECTS OF UNCOLLECTIBLE ACCOUNTS. The credit manager and the accountant for Goldsmith Company are attempting to assess the effect on net income of writing off $100,000 of
(Appendixes1) INTERNAL CONTROL FOR SALES. Yancy’s Hardware has three stores. Each store manager is paid a salary plus a bonus on the sales made by his or her store. On January 5, 19x6, Bill Slick,
(Appendixes1) INTERNAL CONTROL FOR SALES. Gateway 2000 is a large mail-order computer and software business located in South Dakota. Most of Gateway’s customers call on its toll-free phone line and
(Appendixes1) FINANCIAL ANALYSIS OF RECEIVABLES. A chain of retail stores located in Kansas and Nebraska has requested a loan from First Chicago. The balance sheet of the retail chain shows
(Appendixes1) SALES DISCOUNT POLICIES. Consider three businesses, all of which offer price reductions to their customers. The first is an independently owned Shell service station located at a busy
(Appendixes1) Identify the accounting items for which adjustments are made to the purchase price of goods acquired for resale when determining the cost of purchases. Assume that the firm uses the
(Appendixes1) Describe the difference between F.O.B. shipping point and F.O.B. destination. LO56
(Appendixes1) Why are adjustments made to the gross purchase price of goods acquired for resale? LO90
(Appendixes1) What are the components of cost of goods available for sale and of cost of goods sold? Assume that the firm uses the gross method of recording purchase discounts. LO45
(Appendixes1) How do the periodic and perpetual inventory accounting systems differ from each other? LO64
(Appendixes1) Write the formulas for the calculation of accounts receivable turnover and inventory turnover. What do these calculations tell us about accounts receivable and inventory? LO53
(Appendixes1) Name the two allowance methods used to compute uncollectible account expense. For each method, how is uncollectible account expense computed and what does the balance of the allowance
(Appendixes1) Why is the allowance procedure preferred over the direct write-off procedure for uncollectible accounts? LO77
(Appendixes1) What kind of account is allowance for uncollectible accounts? What does it represent? LO86
(Appendixes1) Why does the accountant make an entry to record uncollectible account expense in the period of sale rather than in the period in which an account is determined to be uncollectible? LO25
(Appendixes1) Describe the documents that underlie the typical accounting system for sales. Give an example of a failure of internal control that might occur if these documents were not properly
(Appendixes1) Why do readers of financial statements prefer the separate disclosure of gross sales revenue and sales returns and allowances to the disclosure of a single net sales revenue amount? LO61
(Appendixes1) What are sales allowances? How do sales allowances differ from sales discounts? LO22
(Appendixes1) What are sales returns? Why do sales returns occur? LO86
(Appendixes1) What are trade discounts and quantity discounts? From an accounting viewpoint, how does the effect of trade and quantity discounts on selling (or invoice) price differ from the effect
(Appendixes1) What is a sales discount? How can sales discounts be recorded? LO9
(Appendixes1) Be familiar with management's responsibilities for reporting on internal control under Section 404 of the Sarbanes-Oxley Act. LO8
9. The introduction to the summer project report begins with:(a) a description of the problem(b) the methodology to be followed(c) a description of the company’s business and major environmental
8. Written feedback on the draft of the summer project report is given by:(a) other students (b) the two guides(c) the company CEO (d) the placement head
7. The summer project is carried out in the:(a) sponsoring organization(b) classroom(c) institute’s library(d) institute’s computer lab
6. The findings of the summer project report are often valuable to the host company as they are based on:(a) actual work done on a live project(b) theory(c) work done in the summer term(d) the
5. The summer project proposal is submitted by:(a) the faculty guide (b) the industry guide(c) the institute’s director (d) the student
4. The topic/subject of the summer project report is assigned by:(a) the institute (b) the company(c) other students (d) outside experts
3. The summer project report is submitted for:(a) the record of the institute(b) evaluation by both the supervisors(c) purchase by industry(d) the use of other students
2. The summer project report is written:(a) upon completion of the project done during the summer term(b) at the beginning of the project(c) during the project(d) at any time
1. The submission of the summer project report is:(a) optional(b) compulsory(c) on the request of the sponsoring organization(d) the faculty guide’s choice
5. Consider the value of an abstract or executive summary as a part of a summer project report.
4. Why should there be two guides, one from industry and the other from academia, to supervise summer training?Could it lead to communication misunderstandings?
3. To what extent would your classroom learning help in completing the summer project report?
2. Reflect on the communication opportunities you would create for yourself by working in an organization.
1. Consider what you would learn about business communication from doing an industry-based summer project.
10. Discuss the different types of research design in a summer project report.
9. How does the host company benefit from the summer project and the reports of students from different institutions?
8. What, according to you, is the advantage of doing a summer project in a company?
7. Is it necessary to include your guides’ certificates of approval for submission and evaluation of the report?
6. What are the essential elements of a summer project report?
5. How would you frame a proposal for your summer project?
4. What is the role of the summer project guides? Discuss.
3. Give some guidelines for selecting the topic for a summer project.
2. Discuss the objectives of the summer project and the summer project report.
1. Bring out the chief differences between a summer project report and long, formal business reports.
10. In the conclusions section of an industry-based case study, the recommended action plan is fully analysed in terms of its:(a) viability (b) feasibility(c) benefit to the company (d) all of the
9. The ability to think critically reflects a:(a) questioning mind (b) thoughtfulness(c) sharp business sense (d) holistic personality
8. The first requirement for being able to write an analysis of a theoretical case is thorough knowledge of the concerned:(a) case (b) subject(c) objective (d) methodology
7. In a case study, the executive summary is placed:(a) at the end(b) at the beginning(c) with the recommendations(d) as part of the introduction
6. The executive summary helps the decision-maker:(a) avoid reading the case fully(b) learn about the problem(c) learn about various solutions to the problem(d) Both (b) and (c)
5. In the scientific study of a problem, opinions are not allowed because they are not:(a) facts (b) widely known(c) written (d) subjective
4. Logical links between two events/facts are established by discovering:(a) casual links (b) causal links(c) hypothetical links (d) traditional links
3. All case studies involve documentation of the process of:(a) strategic decision-making(b) exploring alternative choices(c) storytelling(d) evaluating a problem
2. Cases dealing with an organization’s experiences and efforts to solve problems are described as:(a) organizational cases (b) theoretical cases(c) functional cases (d) factual cases
1. A case, in management studies, gives an account of:(a) a manager’s personal problems(b) a manager’s interpersonal problems(c) management problems(d) social events in the company
5. What do you understand by the phrase ‘analytical ability’?
4. Reflect on the central importance of hypotheses in a case.
3. How would one distinguish a problem from its symptoms when analysing a case?
2. If there are no right or wrong answers to the questions raised by a case, then how do we evaluate the quality of a case analysis?
1. What is the essential difference you have found between your approach to real-life business problems and the approach of a working manager actually confronting these problems?
10. How do you arrive at the ‘best course of action’? Discuss.
9. Define a factual case and show how it differs from a theoretical case.
8. Discuss the main characteristics of theoretical cases.Illustrate your answer with suitable examples.
7. ‘A written analysis of a case is an analytical and evaluative piece of writing’. Discuss.
6. To what extent is a case study a problem-solving project seeking a correct solution?
5. Do you agree that a case can be used to illustrate several different concepts? Give some examples of cases you have studied.
4. What according to you is the most important characteristic of a good case study?
3. Discuss the process of developing a written case analysis.
2. What abilities are required when analysing a case?
1. What are the academic benefits of a case study?
10. The first objective in a group discussion is to:(a) catch the group’s attention(b) prove your superiority(c) create sub-groups(d) act as a self-appointed leader of the group
9. The group discussion evaluates the candidate’s ability to:(a) control others(b) argue with others(c) lead others(d) confer with others on a given subject
8. The left part of our brain controls:(a) imagination (b) emotions(c) creativity (d) logic and reasoning
7. In an interview when you do not know an answer, you should:(a) bluff(b) remain quiet(c) admit you do not know the answer(d) keep guessing
6. Tease or stress questions are intended to judge:(a) the candidate’s stress level(b) the candidate’s intelligence quotient(c) how the candidate handles them(d) the candidate’s technical skill
5. A summary placed at the beginning of the CV acts as a:(a) synopsis(b) preface(c) letter of recommendation(d) statement of objectives
4. The application letter is:(a) a summary of your qualifications and experiences(b) a statement of your job objective(c) a foreword(d) a description of your core strengths and suitability for the job
3. The résumé of a fresh graduate is generally:(a) one page long (b) three pages long(c) two pages long (d) half a page
2. The application letter and the résumé perform:(a) the same task (b) two different tasks(c) two opposite tasks (d) overlapping tasks
1. The best way to apply for a job is to submit a résuméthat is:(a) suitable for any job(b) specifically written for that particular job(c) full of personal information(d) self-recommending
2. Write an Objectives section for your résumé.
1. Prepare a set of arguments on the following group discussion topics:(a) Politics and professional education(b) India—vision 2020(c) Promises and eggs are meant to be broken(d) India as a cricket
5. The process of job hunting requires three steps: writing and sending a résumé to the target company, participating in the group discussion, and attending a personal interview. How would you
4. What is the advantage of including a summary in your résumé?
3. If you are preparing for an interview, what should you consider necessary with regards to grooming?
2. At an interview, the chairman of the selection committee tells you that they will get back to you. What does this communicate to you?
1. List your strengths and identify one main strength that can be used as your ‘selling strength’.
10. What does the group discussion test?
9. Does the résumé have to have an Objectives section in the beginning? How is this section written?
8. How does someone become the leader of a group discussion?
7. What traits are evaluated by the panelists of an interview board? Elaborate with examples.

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