ACCT 301 Midterm Exam Essay

786 Words Sep 12th, 2014 4 Pages
ACCT 301 Midterm Exam

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ACCT 301 Midterm Exam 1
1. (TCO 1) Suppose your company sold $25,000 in merchandise to a customer for cash. How does this transaction impact the accounting equation? (Points : 12)
2. (TCO 2) Suppose your company sold $50,000 in merchandise to a customer for cash. How does this transaction impact the accounting equation? (Points : 12)
3. (TCO 3) Rationalization is one of the components of the fraud triangle. What types of rationalization could a person use to justify misconduct? How can a company protect itself from rationalization as a part of fraud? (Points : 12)
4. (TCO 4) What is horizontal analysis of financial statements? How does horizontal analysis differ from vertical analysis? (Points
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An assessment of this situation indicates
8. (TCO 3) The following information was taken from Hurlbert Company cash budget for the month of June:
9. (TCO 11) Managerial accounting information does which of the following?
10. (TCO 11) Which one of the following is not a direct material?
11. (TCO 11) Sales commissions are classified as which of the following?
12. (TCO 11) Manufacturing costs include which of the following?
13. (TCO 11) Neeley Manufacturing Company reported the following year-end information:
14. (TCO 5) What effect do changes in activity have on fixed costs per unit?
15. (TCO 5) Which one of the following is not an assumption of CVP analysis?

ACCT 301 Midterm Exam 3
1. (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?
2. (TCO 5) How much sales are required to earn a target income of $70,000, if total fixed costs are $100,000 and the contribution margin ratio is 40%?
3. (TCO 6) For which one of the following budgeting aspects does the budget committee generally have the responsibility?
4. (TCO 6) Under what situation might a budget be most effective?
5. (TCO 6) How does long-range planning compare to a master budget?
6. (TCO 6) Which one of the following is a source of information used to prepare the budgeted income statement?
7. (TCO 7) When is a static budget most appropriate in evaluating a manager’s performance?
8. (TCO 7)

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