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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