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PUB3716 III, MODULE
MCQ MULTPLE CHOICE QUESTIONS:
QUESTIONS
1. Select an alternative that contains the type of a control procedure during which
financial transactions are first authorised by middle managers before being
authorised by senior managers from the list provided below.
(1) Proof of authorisation.
(2) Dual authorisation.
(3) Supporting documentation.
(4) Programmed decisions.
2. Select an alternative that contains a control procedure that is used to detect errors in
the recording of transactions from the list provided below.
(1) Detective controls.
(2) Standard procedures.
(3) Directive controls.
(4) Reconciliation.
alternative that contains the type of a control procedure during which
financial transactions are first authorised by middle managers before being
authorised by senior managers from the list provided below.
The price of a commodity falls from Rupees 50 to Rupees 30 resulting in an increase in the purchase of the commodity from 200 to 220 units. Calculate the price elasticity of demand.
_______agreements guide the trading conduct of nations that may not have similar legal foundations or business customs.
- trade
- cooperation
- production
- none of these
Two-country trade model: China and US The demand and supply of autos in China are as follows: Dc = 2000 - 0.02 P, Sc 1200 + 0.03 P The demand and supply of autos in US are as follows: Dus = 1800 - 0.02 P, Sus=1400 + 0.03 P Calculate: a. In the absence of trade, what are the equilibrium price and quantity of autos in China and US? Assume there are no transportation costs. With trade, what is the equilibrium price in the international market? How many autos are traded at this price? How many autos are produced b. and consumed in each country with trade? What is the welfare effect of free trade on each country?
Suppose that the production of $200 worth of bicycle in China requires $100 worth of components, components. Given this information, calculate the effective rate of protection for China's bicycle China's nominal tariff rates for importing these goods are 50 percent for bicycle and 10 percent for industry.
FS Corp estimates that its demand function is as: Q = 620 – 12P + 20A + 10Y - 8P* where Q - quantity demanded per month, P - product’s price (in £), A- firm’s advertising expenditures (in £1000 per month), Y-per capita disposable income (in £1000), and P* - price of GT Corp.
a) During the next two years, per capita disposable income is expected to increase by £4,000 and GT is expected to increase its price by £6. Estimate the effect this will this have on FS’s sales volume, stating any necessary assumptions.
b) If FS wants to change its advertising by enough to offset the above effects, by how much must it do so
c) If FS’s current price is £50 and it spends £10,000 per month on promotion, while per capita income is £25,000 and GT’s price is £60, calculate the promotional elasticity of demand at the end of two years with the change in advertising.
d) What can be said about the relationship between the products of FS and GT
Calculate the quantity demanded when: (0) P= N500, (i) P= N1000, (ii) PeN1500 and
(iv) P=N2000.
For PPF with variable costs, when does specialization stops?
Which one of the following alternatives is correct?
- A. To ensure that compliance is followed, the financial statements of partnerships must be prepared according to IFRS.
- B. When recording the valuation adjustments, if the value of a liability is decreased, the valuation account credited with the amount of a decrease.
- C. An existing goodwill account balance is transferred to the partners’ capital accounts on admission of a new partner.
- D. The fair value of the assets of a partnership is equal to the total equity of a partnership.
- E. The selling price of the partnership business is determined by the value of its assets.
