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DeVry NY ACCT 301 Week 4 Midterm Exam Set 2

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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 statement;2. 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;$5.00;4. 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 prepared;7. 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 violated;8. Question: (TCO 3) The following information was taken from Hurlbert Company cash budget for the month of June;Beginning cash balance $23,000;Cash receipts 31,000;Cash disbursements 39,000;If 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;$0;9. 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 year;10. 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 labor;12. 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 overhead;13. Question: (TCO 11) Neeley Manufacturing Company reported the following year-end information;Beginning work in process inventory $1,080,000;Beginning raw materials inventory 300,000;Ending work in process inventory 900,000;Ending raw materials inventory 480,000;Raw materials purchased 960,000;Direct labor 900,000;Manufacturing overhead 600,000;Neeley 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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