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ACCOUNTING
During December, Desimone Auction Co. completed the following transactions: $$ \begin{matrix} \text{Dec 1 } & \text{Desimone received \$23,000 cash and issued common stock to the stockholders. }\\ \text{5} & \text{Paid monthly rent, \$1,900. }\\ \text{9} & \text{Paid \$7,000 cash and signed a \$28,000 note payable to purchase land for an office site. }\\ \text{10} & \text{Purchased supplies on account, \$1,100.}\\ \text{19} & \text{Paid \$700 on account.}\\ \text{22} & \text{Borrowed \$19,000 from the bank for business use. Desimone signed a note payable to the bank in the name of the business. }\\ \text{31} & \text{Service revenue earned during the month included \$14,000 cash and \$6,000 on account. }\\ \text{31} & \text{Paid employees’ salaries (\$2,500), advertising expense (\$1,300), and utilities expense (\$1,700). }\\ \text{31} & \text{Declared and paid a cash dividend of \$2,500.}\\ \end{matrix} $$ Desimone’s business uses the following accounts: Cash, Accounts Receivable, Supplies, Land, Accounts Payable, Notes Payable, Common Stock, Dividends, Service Revenue, Salary Expense, Rent Expense, Advertising Expense, and Utilities Expense. Journalize each transaction of Desimone Auction Co. Explanations are not required. Post to these T-accounts: Cash, Accounts Payable, and Notes Payable. After these transactions, how much cash does the business have? How much in total liabilities does it owe?
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Terms in this set (34)
Which of the following is an example of a tangible resource?
A. Brands, company image, and reputational assets.
B. Relationships.
C. Financial resources.
D. Human assets and intellectual capital.
E. Company culture and incentive system.
C
A
linked and closely integrated set of competitive assets centered around one or more cross-functional
capabilities is known as a
A. ability nexus.
B. resource bundle.
C. ability cluster.
D. competition packet.
E. skill cluster.
B
Which of the following is a tangible resource for a company?
A. Brands, company image, and reputational assets.
B. Relationships.
C. Company culture and
incentive system.
D. Technological assets.
E. Human assets and intellectual capital.
D
The VRIN tests for a sustainable competitive advantage ask if a resource has all of the following
characteristics except:
A. valuable.
B. rare.
C. inimitable.
D. non-substitutable.
E. All of the above are part of the VRIN tests.
E
Broadly speaking, resources can be divided into two main categories:
A. waxing and waning.
B. visible and invisible.
C. strong and weak.
D. profitable and unprofitable.
E. tangible and intangible
E
____________ makes it very hard to figure out how a complex resource contributes to competitive
advantage and therefore exactly what to imitate.
A. Tangible assets
B. Causal
ambiguity
C. Social ambiguity
D. Social complexity
E. Intangible assets
B
Which of the following is an example of an intangible resource?
A. Financial resources.
B. Technological assets.
C. Physical resources.
D. Organizational resources.
E. Human assets and intellectual capital.
E
Which of the following
is a common liquidity ratio?
A. Working capital.
B. Return on total assets.
C. Inventory turnover.
D. Times-interest-earned (or coverage) ratio.
E. Debt-to-assets ratio.
A
(Sales revenues-operating expenses)/sales revenues=
A. Net profit margin.
B. Net return on sales.
C. Gross profit margin.
D. Net return on income
E. Operating profit margin
E
A company's resources and capabilities represent its _______________ and are big determinants of its
competitiveness and ability to succeed in the marketplace.
A. business level strategy
B. competitive assets
C. value chain
D. strategic position
E. generic strategy
B
Which of the following is not an example of an intangible resource?
A.
Relationships.
B. Financial resources.
C. Company culture and incentive system.
D. Human assets and intellectual capital.
E. Brands, company image, and reputational assets.
B
___________________ provides managers with a powerful tool for sizing up the company's
competitive assets and determining whether they can provide the foundation necessary for competitive
success in the marketplace.
A.
SWOT analysis
B. Strategic Group Map assessment
C. Resource and capability analysis
D. VRIN analysis
E. PESTEL analysis
C
The ongoing capacity of a company to modify its existing resources and capabilities and create new
ones is commonly referred to as
A. market adaptability.
B. a competitive flexibility.
C. strategic responsiveness.
D. an adjustability skill.
E. a dynamic
capability.
E
A ___________ is an activity that a company has learned to perform with proficiency—a capability in
other words.
A. core competence
B. distinctive competence
C. skill
D. competence
E. strength
D
A ____________ is a productive input or competitive asset that is owned or controlled by the
firm.
A. strength
B. capability
C. skill
D. resource
E. tool
D
Which of the following is a common leverage ratio?
A. Times-interest-earned (or coverage) ratio
B. Inventory turnover
C. Price-to-earnings ratio
D. Total return on assets
E. Current ratio
A
A ___________ is the capacity of a firm to
perform some internal activity competently.
A. skill
B. capability
C. strength
D. resource
E. tool
B
Organizational capabilities are developed and enabled through the deployment of a company's
resources or some combination of its resources.
A. True
B. False
A
A sustainable competitive advantage occurs
when a firm
A. achieves a low-cost competitive position compared to its market rivals.
B. gains a durable advantage over market rivals despite the best efforts of competitors
to overcome the advantage.
C. achieves superior profitability compared to its market rivals.
D. gains any type of advantage over market rivals.
E. manages to differentiate itself compared to its market rivals.
B
Which of
the following is not an example of a tangible resource?
A. Physical resources.
B. Human assets and intellectual capital.
C. Financial resources.
D. Technological assets.
E. Organizational resources.
B
_____________ is a potent tool for improving a company's own internal activities that is based on
learning how other companies perform them and borrowing their "best practices."
A. Process
Maximization
B. Six Sigma Management
C. Total Quality Management
D. Business Process Reengineering
E. Benchmarking
E
(Sales Rev-COGS)/Sales Rev =
A. Net return on sales.
B. Gross profit margin.
C. Operating profit margin.
D. Net profit margin.
E. Net return on income
B
Which of the following is a
common activity ratio?
A. Days of inventory
B. Total-debt-to-assets ratio
C. Total return on assets
D. Working capital
E. Price-to-earnings ratio
A
The primary activities and the related support activities of how a company creates customer value is
commonly referred to as its
A. value chain.
B. core competence.
C. distinctive competence.
D. profit formula.
E. competitive
strategy.
A
Sluggish financial performance and second-rate market accomplishments almost always signal weak
strategy, weak execution, or both.
A. True
B. False
A
Which of the following is not a primary activity in a company value chain?
A. Human resource management.
B. Supply chain management.
C. Sales and
marketing.
D. Operations.
E. Distribution.
A
Which of the following is not a common indicator of how well a company's strategy is working?
A. Whether the company's overall financial strength and credit rating are improving
or declining.
B. Whether senior management's overall compensation is improving or declining
relative to other firms in the industry.
C. Whether the firm's profit margins
are increasing or decreasing and how well its
margins compare to rival firms' margins.
D. Whether the firm's image and reputation with its customers are growing stronger
or weaker.
E. Whether the company is acquiring new customers at an attractive rate as well as
retaining its customers.
B
A ___________ is a competitively important activity that a company performs better than its rivals—it
thus
represents a competitively superior internal strength.
A. core competence
B. distinctive competence
C. competence
D. strength
E. skill
B
Which of the following is not a functional component of a single-business company's strategy?
A. sales, marketing, and distribution strategies.
B. production strategy.
C. R&D, technology, product design strategy.
D. executive compensation
strategy.
E. human resource strategy.
D
Organizational capabilities are typically developed and enabled independently of the company's
resources.
A. True
B. False
B
Which of the following is not a strategic approach managers can pursue to reduce the costs of internally
performed value chain activities and improve
a company's cost competitiveness?
A. Outsource activities.
B. Raise product prices.
C. Eliminate some cost producing activities altogether.
D. Implement the use of best practices.
E. Invest in productivity enhancing, cost-saving technological improvements.
B
A ______________ is an activity that a company performs proficiently that is also central to its strategy
and competitive success.
A.
distinctive competence
B. competence
C. strength
D. core competence
E. skill
D
Which of the following is a common profitability ratio?
A. Total return on assets
B. Times-interest-earned (or coverage) ratio
C. Working capital
D. Inventory turnover
E. Debt-to-assets ratio
A
The task of getting a clear
fix on what strategic and competitive challenges confront the company,
which of the company's competitive shortcomings need fixing, and what specific problems merit frontburner
attention by company managers typically results in the creation of a
A. worry list.
B. SWOT analysis.
C. forecast scenario.
D. strategic issue analysis.
E. opportunity-gap assessment.
A
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Verified questions
QUESTION
Calculate the required rate of return for Mudd Enterprises assuming that investors expect a 3.6% rate of inflation in the future. The real risk-free rate is 1.0%, and the market risk premium is 6.0%. Mudd has a beta of 1.5, and its realized rate of return has averaged 8.5% over the past 5 years.
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QUESTION
What are some differences in the analysis for a replacement project versus that for a new expansion project?
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QUESTION
If a firm goes from zero debt to successively higher levels of debt, why would you expect its stock price to rise first, then hit a peak, and then begin to decline?
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QUESTION
Allison and Leslie, who are twins, just received $10,000 each for their 25th birthday. They both have aspirations to become millionaires. Each plans to make a$5,000 annual contribution to her “early retirement fund” on her birthday, beginning a year from today.Allison opened an account with the Safety First Bond Fund, a mutual fund that invests in high-quality bonds whose investors have earned 8% per year in the past. Leslie invested in the high-quality bonds whose investors have earned 8% per year in the past. Leslie invested in the investors have earned an average of 13% per year in the fund’s relatively short history. a. If the two women’s funds earn the same returns in the future as in the past, how old will each be when she becomes a millionaire? b. How large would Allison’s annual contributions have to be for her to become a millionaire at the same age as Leslie, assuming their expected returns are realized? c. Is it rational or irrational for Allison to invest in the bond fund rather than in stocks?
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