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DeVry NY ACCT 301 Week 4 Midterm Exam Set 2

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Question;1. Question: (TCO 1) The retained earnings statement shows all of the following except which one? Student Answer: The amounts of changes in retained earnings during the period The causes of changes in retained earnings during the period The time period following the one shown for the income statement Beginning retained earnings on the first line of the statement2. Question: (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? Student Answer: auditor?s report management discussion and analysis section notes to the financial statements president?s state of the company report 3. Question: (TCO 4) For 2010, Fielder Corporation reported net income of $30,000, net sales $400,000, and average share outstanding 6,000. There were no preferred stock dividends. What was the 2010 earnings per share? Student Answer: $4.66 $0.20 $66.67 $5.004. Question: (TCO 4) A useful measure of solvency is which of the following? Student Answer: current ratio earnings per share return on assets ratio debt to total assets ratio 5. Question: (TCO 2) Which pair of accounts follows the rules of debit and credit, in relation to increases and decreases, in the same manner? Student Answer: Accounts Payable and Rent Expense Repair Expense and Notes Payable Prepaid Insurance and Advertising Expense Service Revenues and Equipment 6. Question: (TCO 2) The principle purpose of posting is which of the following? Student Answer: help identify errors made in the journal accumulate the effects of journalized transactions in the individual accounts enter transactions directly into the ledger help determine if the financial statements are ready to be prepared7. Question: (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 ______________________. Student Answer: documentation procedures are violated independent internal verification is violated segregation of duties is violated establishment of responsibility is violated8. Question: (TCO 3) The following information was taken from Hurlbert Company cash budget for the month of June:Beginning cash balance $23,000Cash receipts 31,000Cash disbursements 39,000If the company has a policy of maintaining end of the month cash balance of $20,000, the amount the company would have to borrow is which of the following? Student Answer: $12,000 $5,000 $15,000 $09. Question: (TCO 11) Managerial accounting information does which of the following? Student Answer: pertains to the entity as a whole and is highly aggregated must be prepared according to generally accepted accounting principles pertains to subunits of the entity and may be very detailed is prepared only once a year10. Question: (TCO 11) Which one of the following is not a direct material? Student Answer: A tire used for a lawn mower Plastic used in the covered case for a home PC Steel used in the manufacturing of steel-radial tires Lubricant for a ball-bearing joint for a large crane 11. Question: (TCO 11) Sales commissions are classified as which of the following? Student Answer: overhead costs period costs product costs indirect labor12. Question: (TCO 11) Manufacturing costs include which of the following? Student Answer: direct materials and direct labor only direct materials and manufacturing overhead only direct labor and manufacturing overhead only direct materials, direct labor, and manufacturing overhead13. Question: (TCO 11) Neeley Manufacturing Company reported the following year-end information:Beginning work in process inventory $1,080,000Beginning raw materials inventory 300,000Ending work in process inventory 900,000Ending raw materials inventory 480,000Raw materials purchased 960,000Direct labor 900,000Manufacturing overhead 600,000Neeley Manufacturing Company's cost of goods manufactured for the year is which of the following? Student Answer: $2,280,000 $2,460,000 $2,100,000 $2,640,000 14. Question: (TCO 5) What effect do changes in activity have on fixed costs per unit? Student Answer: No effect. Fixed costs per unit stay the same at every activity level. An inverse effect. A directly proportional effect. It depends on the particular level of activity.15. Question: (TCO 5) Which one of the following is not an assumption of CVP analysis? Student Answer: All units produced are sold. Cost classifications are reasonably accurate. Factors other than changes in activity may affect costs. The sales mix remains constant.

 

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