ACCT
301 Midterm Exam Solution Perfect Score
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ACCT 301 Midterm
Exam
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1) Which pair of accounts follows the rules of debit and credit, in relation to
increases and decreases, in the same manner?
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2) Which of the following is not part of the recording process?
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3) Two individuals at a retail store work the same cash register. You evaluate
this situation as which of the following?
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4) The retained earnings statement shows all of the following except which one?
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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?
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6) Using the following balance sheet and income statement data, what is the
earnings per share?
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4) A useful measure of solvency is which of the following?
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11) Managerial accounting does which of the following?
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11) Which one of the following is not a direct material?
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11) Which of the following are period costs?
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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?
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11) McNally Manufacturing Company reported the following year-end information:
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5) Which one of the following is not an assumption of CVP analysis?
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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?
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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%?
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6) Which one of the following is not a benefit of budgeting?
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6) Under what situation might a budget be most effective?
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6) What three differences exist between long-range planning and budgeting?
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6) Which one of the following is a source of information used to prepare the
budgeted income statement?
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7) When is a static budget most appropriate in evaluating a manager’s
performance?
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7) Which type of center is the toy department in a Wal-Mart store?
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7) The best measure of the performance of the manager of a profit center is
which of the following?
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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?
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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.
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4) Are short-term creditors, long-term creditors, and stockholders primarily
interested in the same characteristics of a company? Explain.
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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?
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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
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11) Neeley Manufacturing Company reported the following year-end information
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5) What effect do changes in activity have on fixed costs per unit?
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