A+ Answers of the following Questions

1) Relevant costs for target costing include:
A) variable manufacturing costs.
B) variable manufacturing and variable non manufacturing costs.
C) all fixed costs.
D) all future costs, both variable and fixed.

2) Which BEST describes the control function in a management accounting and control system?
A) MACS seeks out areas that are out-of-control but not for corrective action.
B) MACS achieves cost reduction targets that are continually adjusted downward.
C) MACS guides and motivates employees to achieve organizational objectives.
D) MACS ensures performance standard goals are being met.

3) The five stages in the process of keeping an organization in control are:
A) planning, implementing, measuring, evaluating and correcting.
B) planning, executing, monitoring, evaluating and correcting.
C) budgeting, implementing, monitoring, evaluation and feedback.
D) budgeting, executing, measuring, feedback and evaluation.

1. If a case becomes moot, the court
A. can give a nonbinding opinion for precedent purposes.
B. must wait for the case to be ripe before deciding it.
C. must postpone deciding the case.
D. must dismiss the case. 

2. Which of the following best describes the requirements of a partnership?
A. An association of persons, owning property, sharing gross receipts.
B. An association of persons, owning and managing a business in order to make a profit.
C. An association of persons.
D. An association of persons, owning property in order to make a profit.

3. If attorney-client confidentiality is breached, the opposing counsel
A. can’t question the attorney about any topic related to the lawsuit.
B. can question the client about any topic relevant to the lawsuit.
C. can ask either attorney or client about subjects directly related to the confidentiality
that was breached.
D. can’t ask either attorney or client about topics, except for the exact subject of the confidentiality that was breached.

1. The concept of in personam jurisdiction is that:
A court has the power to enforce a judgment against a particular person.
A party has a personal stake in the outcome of a particular case.
Special requirements must be met in nonbusiness cases involving individuals.
The case has been filed at the correct location within the state.

2. Which of the following is a false statement?
In a limited partnership, the liability of the limited partner generally is limited to the amount of capital he or she has invested in the partnership.
In most states, limited liability partnerships are available to all types of business people.
In winding up a general partnership, creditors are paid before partners receive their capital contributions.
A partnership technically legally “dissolves” when a partner ceases to be associated with the carrying on of partnership business.

3. If the buyer breaches the contract before the goods are completed, the seller can:
Complete the goods and resell them.
Stop work on the goods and resell them as scrap.
Recover damages from the buyer.
A, B and C.

1. Which of the following statements is false?
Only the government may enforce antitrust law.
Private parties, including injured consumers, may enforce the antitrust laws.
The antitrust laws provide for both criminal and civil sanctions.
Successful anti-trust plaintiffs can recover three times their actual damages.

2. Great Furniture Company makes and sells furniture. To avoid liability for most implied warranties, their sales agreements should conspicuously note that their goods are sold
“as is.”
by a merchant.
for cash only.
in perfect condition.

3. Unless specifically agreed upon by the partners, which of the following rights do partners not have?
Participation in management.
Sharing in partnership profits.
Salaries or other compensations.
The return of capital.

1. For which of the following warranties must the seller be a merchant?
Express warranties.
Implied warranty of merchantability.
Implied warranty of fitness for a particular purpose.
Implied warranty of title.

2. Which of the following is not required to form a contract?
An offer and acceptance.
A signature by each party.
Consideration.
Legality of the contract object.

3. A contractual clause establishing an amount of prospective damages for breach is best described legally as
Mitigation of damages
Liquidated damages
Against the law
Limitation of damages