Which of the following statements about financial accounting is false?
Group of answer choices
Financial accounting is catered to all user groups, including managers, tax authorities, and investors.
Financial accounting primarily seeks to provide useful information to existing and potential investors, lenders, and other creditors.
Financial accounting helps solve agency problems between capital providers and company managers.
Financial accounting helps reduce information imbalances between company insiders and company outsiders.
QUESTION 5 Which of the following statements about the endowment effect is correct? 0 A. The endowment effect implies that the utility function needs to include ownership. 0 B. The endowment effect implies that a consistent utility function based only on allocations exists. 0 C. The endowment effect shows that preferences are transitive. O D.The endowment effect shows that preferences are not complete. Question #1 [15 Points] Endowment income is a critical part of the annual budget at colleges and universities. The top 10 universities in terms of endowment income are shown below. Amounts are in billions of dollars. University Endowment ($billion) University Endowment ($billion) Columbia 7.2 Princeton 16.4 Harvard 36.6 Stanford 17.2 M.I.T. 10.1 Texas 16.1 Michigan 7.6 Texas A&M 6.7 Northwestern 7.2 Yale 22.9 (a) What is the mean endowment for these 10 universities. Show your work. [4 Points] (b) What is the median endowment? Show your work. [3 Points] (c) What is the mode endowment? [2 Points] (d) Compute the first and third quartiles. Show your work. [6 Points]Question 2: Consider a country producing milk and cookies using labor and capital as inputs described by a Heckscher-Ohlin model. The following table provides outputs for goods and factor endowments before and after a change in the endowments. Output and Endowments Initial After Endowment Change Milk Output, QM 100 gallons 1 10 gallons Cookie Output, Qc 100 pounds 80 pounds Labor Endowment, L 4000 hours 4200 hours Capital Endowment, K 1000 hours 1000 hours a) Calculate and rank the magnification effect for quantities in response to the endowment change. b) Which product is capital intensive? Show why. c) Which product is labor intensive? Show why.QUESTION 9 lip-ohm 5:1th The purchase of raw materials on account in a process costing system is recorded with a: 0 Debit to Purchases and credit to Cash. 0 Debit to Purchases and a credit to Accounts Payable. 0 Debit to Ftavv Materials Inventory and a credit to Accounts Payable. 0 Debit to Accounts Payable and a credit to Flaw Materials Inventory. 0 Debit to Work in Process Inventory and a credit to Accounts Payable. QUESTION 10 #90010! album Wilturner Company incurs $74,000 of labor related directly to the product in the Assembly Department, $23,000 of labor not directly related to the product but related to the Assembly Department as a whole, and $10,000 of labor for services that help production in both the Assembly and Finishing departments. The journal entries to record the labor would include: 0 Debit Work in Process Inventory $?4,000; debit Factory Overhead $33,000. 0 Debit Work in Process Inventory $?4,000; debit Wages Expense 5533.000. O Debit Work in Process Inventory $91000; debit Wages Expense 3510.000. 0 Debit Work in Process Inventory $107,000. 0 Debit Work in Process Inventory $91000; debit Factory Dverhead $10.000. Which of the following statements is FALSE? O A. Both credit cards and debit cards are financial innovation responses to changes in supply conditions. O B. A firm issuing credit cards earns income from loans it makes to credit card holders and from payments made by stores on credit card purchases. O C. Credit cards have become extremely popular that in addition to VISA and Mastercard, nonfinancial institutions such as General Motors and Walmart have entered into the credit card business. O D. Debit cards are a spin off from credit cards and purchases on debit cards is immediately deducted from the card holder's bank account, making it a higher cost in processing transactions. Reset Selection
