ACCT
301 Midterm Exam 100% Correct Answers
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ACCT 301 Midterm Exam 100% Correct
Answers
(TCO 1) Which pair of accounts
follows the rules of debit and credit, in relation to increases and decreases,
in the same manner?
(TCO 2) Which of the following is
not part of the recording process?
(TCO 3) Two individuals at a retail
store work the same cash register. You evaluate this situation as which of the
following?
(TCO 4) The retained earnings
statement shows all of the following except which one?
(TCO 5) In the annual report, where
would a financial statement reader find out if the company’s financial
statements give a fair depiction of its financial position and operating
results?
(TCO 6) Using the following balance
sheet and income statement data, what is the earnings per share?
(TCO 4) A useful measure of solvency
is which of the following?
(TCO 11) Managerial accounting does
which of the following?
(TCO 11) Which one of the following
is not a direct material?
(TCO 11) Which of the following are
period costs?
(TCO 11) Ranger Company reported
total manufacturing costs of $65,000, manufacturing overhead totaling $13,000,
and direct materials totaling $16,000. How much is direct labor cost?
(TCO 11) McNally Manufacturing
Company reported the following year-end information:
(TCO 5) Which one of the following
is not an assumption of CVP analysis?
(TCO 5) A company has total fixed
costs of $210,000 and a contribution margin ratio of 30%. How much sales are
necessary to break even?
(TCO 5) How much sales are required
to earn a target income of $90,000, if total fixed costs are $100,000 and the
contribution margin ratio is 40%?
(TCO 6) Which one of the following
is not a benefit of budgeting?
(TCO 6) Under what situation might a
budget be most effective?
(TCO 6) What three differences exist
between long-range planning and budgeting?
(TCO 6) Which one of the following
is a source of information used to prepare the budgeted income statement?
(TCO 7) When is a static budget most
appropriate in evaluating a manager’s performance?
(TCO 7) Which type of center is the
toy department in a Wal-Mart store?
(TCO 7) The best measure of the
performance of the manager of a profit center is which of the following?
(TCO 7) An investment center
generated a contribution margin of $200,000, controllable fixed costs of
$100,000 and sales of $1,000,000. The center’s average operating assets were
$400,000. How much is the return on investment?
(TCO 11) Assume you have just taken
a position as controller for a new company that manufactures and sells wrought
iron wall hangings. Although the founder of the company, who is the president
and CEO, is a great artisan, she has very limited knowledge of accounting.
Instructions
To help your new boss better understand accounting for a manufacturing organization, prepare a response to her in which you: (1) identify, (2) describe, and (3) provide examples of the three manufacturing costs used in accounting for a manufacturing company.
Instructions
To help your new boss better understand accounting for a manufacturing organization, prepare a response to her in which you: (1) identify, (2) describe, and (3) provide examples of the three manufacturing costs used in accounting for a manufacturing company.
(TCO 4) Are short-term creditors,
long-term creditors, and stockholders primarily interested in the same
characteristics of a company? Explain.
(TCO 1) Management’s views on the
company’s short-term debt paying ability, expansion financing, and results of
operations are found in which of the following?
(TCO 3) Joe is a warehouse
custodian, and also maintains the accounting record of the inventory held at
the warehouse. An assessment of this situation indicates
(TCO 11) Neeley Manufacturing
Company reported the following year-end information
(TCO 5) What effect do changes in
activity have on fixed costs per unit?
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