1. ( TCO 1 ) Suppose your company sold $ 25. 000 in ware to a client for hard currency. How does this dealing impact the accounting equation? ( Points: 12 ) 2. ( TCO 2 ) Suppose your company sold $ 50. 000 in ware to a client for hard currency. How does this dealing impact the accounting equation? ( Points: 12 ) 3. ( TCO 3 ) Rationalization is one of the constituents of the fraud trigon. What types of rationalisation could a individual usage to warrant misconduct? How can a company protect itself from rationalisation as a portion of fraud? ( Points: 12 ) 4. ( TCO 4 ) What is horizontal analysis of fiscal statements? How does horizontal analysis differ from perpendicular analysis? ( Points: 12 )
5. ( TCO 3 ) Separation of responsibilities is a cardinal characteristic in an internal control system. Why is separation of responsibilities such an of import internal control? Give an illustration of separation of responsibilities as an internal control. ( Points: 24 ) 6. ( TCO 1 ) Describe the balance sheet. Why is this statement of import to the company. creditors. and investors? ( Points: 24 ) 7. ( TCO 4 ) Name and depict one liquidness ratio. What does this ratio step? What is the expression for this ratio? ( Points: 24 )
ACCT 301 Midterm Exam 2
1. ( TCO 1 ) The maintained net incomes statement shows all of the following except which one? 2. ( TCO 1 ) Management’s positions on the company’s short-run debt paying ability. enlargement funding. and consequences of operations are found in which of the following? 3. ( TCO 4 ) For 2010. Fielder Corporation reported net income of $ 30. 000 ; net gross revenues $ 400. 000 ; and mean portion outstanding 6. 000. There were no preferable stock dividends. What was the 2010 net incomes per portion? 4. ( TCO 4 ) A utile step of solvency is which of the following? 5. ( TCO 2 ) Which brace of histories follows the regulations of debit and recognition. in relation to additions and lessenings. in the same mode? 6. ( TCO 2 ) The rule intent of poster is which of the following? 7. ( TCO 3 ) Joe is a warehouse keeper. and besides maintains the accounting record of the stock list held at the warehouse. An appraisal of this state of affairs indicates
8. ( TCO 3 ) The undermentioned information was taken from Hurlbert Company hard currency budget for the month of June: 9. ( TCO 11 ) Managerial accounting information does which of the following? 10. ( TCO 11 ) Which one of the followers is non a direct stuff? 11. ( TCO 11 ) Gross saless committees are classified as which of the following? 12. ( TCO 11 ) Fabrication costs include which of the following? 13. ( TCO 11 ) Neeley Manufacturing Company reported the undermentioned year-end information: 14. ( TCO 5 ) What consequence do alterations in activity have on fixed costs per unit? 15. ( TCO 5 ) Which one of the followers is non an premise of CVP analysis?
ACCT 301 Midterm Exam 3
1. ( TCO 5 ) A company has entire fixed costs of $ 210. 000 and a part border ratio of 30 % . How much gross revenues are necessary to interrupt even? 2. ( TCO 5 ) How much gross revenues are required to gain a mark income of $ 70. 000. if entire fixed costs are $ 100. 000 and the part border ratio is 40 % ? 3. ( TCO 6 ) For which one of the following budgeting facets does the budget commission by and large have the duty? 4. ( TCO 6 ) Under what state of affairs might a budget be most effectual? 5. ( TCO 6 ) How does long-range be aftering comparison to a maestro budget? 6. ( TCO 6 ) Which one of the followers is a beginning of information used to fix the budgeted income statement? 7. ( TCO 7 ) When is a inactive budget most appropriate in measuring a manager’s public presentation? 8. ( TCO 7 ) Which type of centre is the housekeeping section of a fabrication company? 9. ( TCO 7 ) For which of the followers is an investing centre director responsible?
10. ( TCO 7 ) Merck Pharmaceuticals is measuring its Vioxx division. an investing centre. The division has a $ 45. 000 governable border and $ 300. 000 of gross revenues. How much will Merck’s average runing assets be when its return on investing is 10 % ? 11. ( TCO 11 ) Financial and managerial accounting are both concerned with the economic events of an endeavor. Similarities between fiscal and managerial accounting do be. but they have a different focal point. Briefly distinguish between fiscal and managerial accounting as they relate to ( 1 ) the primary users. ( 2 ) the type and frequence of studies. ( 3 ) the intent of studies. and ( 4 ) the content of studies. 12. ( TCO 4 ) Are short-run creditors. long-run creditors. and shareholders chiefly interested in the same features of a company? Explain. 13. ( TCO 5 ) In the month of September. Nixon Company sold 800 units of merchandise. The mean gross revenues monetary value was $ 30. During the month. fixed costs were $ 7. 200 and variable costs were 60 % of gross revenues.
