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ACCT 301 Week 6 Quiz

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1.    (TCO 9) Which one of the following stages of the management decision-making process is properly sequenced? 

2.    (TCO 9) When is incremental analysis most useful? 

3.    (TCO 9) Which of the following will never be a relevant cost?

4.    (TCO 9) A company is deciding whether or not to replace some old equipment with new equipment. Which of the following is not considered in the incremental analysis?

5.    (TCO 9) It costs Lannon Fields $14 of variable costs and $6 of allocated fixed costs to produce an industrial trash can that sells for $30. A buyer in Mexico offers to purchase 2,000 units at $18 each. Lannon has excess capacity and can handle the additional production. What effect will acceptance of the offer have on net income? 

6.    (TCO 9) Wishnell Toys can make 1,000 toy robots with the following costs:

Direct Materials $70,000
Direct Labor 26,000
Variable Overhead 15,000
Fixed Overhead 15,000
The company can purchase the 1,000 robots externally for $120,000. The avoidable fixed costs are $5,000 if the units are purchased externally. What is the cost savings if the company makes the robots?

7.    (TCO 9) All of the following are relevant to the sell or process-further decision, except for __________

8.    (TCO 8) Most of the capital budgeting methods use __________

9.    (TCO 8) The capital budgeting decision depends in part on the __________

10.    (TCO 8) The cash-payback technique __________

11.    (TCO 8) All of the following statements about intangible benefits in capital budgeting are correct, except that they __________

12.    (TCO 8) The profitability index __________.

13.    (TCO 8) Post audits of capital projects __________

14.    (TCO 8) A company has a minimum required rate of return of 9% and is considering investing in a project that costs $50,000 and is expected to generate cash inflows of $20,000 at the end of each year for 3 years. The profitability index for this project is __________

15.    (TCO 8) Disadvantages of the annual rate of return method include all of the following, except that __________

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ACCT 301 Week 4 Midterm – 3 Sets

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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 : 12)

1. (TCO 3) Separation of duties is a key feature in an internal control system. Why is separation of duties such an important internal control? Give an example of separation of duties as an internal control. (Points : 24)

2. . (TCO 1) Describe the balance sheet. Why is this statement important to the company, creditors, and investors? (Points : 24)

3. (TCO 4) Name and describe one liquidity ratio. What does this ratio measure? What is the formula for this ratio? (Points : 24)

1. Question (TCO 1) The retained earnings statement shows all of the following except which one?

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?

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?

4. Question (TCO 4) A useful measure of solvency is which of the following?

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?

6. Question (TCO 2) The principle purpose of posting is which of the following?

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

8. Question (TCO 3) The following information was taken from Hurlbert Company cash budget for the month of June:

9. Question (TCO 11) Managerial accounting information does which of the following?

10. Question (TCO 11) Which one of the following is not a direct material?

11. Question (TCO 11) Sales commissions are classified as which of the following?

12. Question (TCO 11) Manufacturing costs include which of the following?

13. Question (TCO 11) Neeley Manufacturing Company reported the following year-end information:

14. Question (TCO 5) What effect do changes in activity have on fixed costs per unit?

15. Question (TCO 5) Which one of the following is not an assumption of CVP analysis?

 

1. Question (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. Question (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. Question (TCO 6) For which one of the following budgeting aspects does the budget committee generally have the responsibility?

4. Question (TCO 6) Under what situation might a budget be most effective?

5. Question (TCO 6) How does long-range planning compare to a master budget?

6. Question (TCO 6) Which one of the following is a source of information used to prepare the budgeted income statement?

7. Question (TCO 7) When is a static budget most appropriate in evaluating a manager’s performance?

8. Question (TCO 7) Which type of center is the housekeeping department of a manufacturing company?

9. Question (TCO 7) For which of the following is an investment center manager responsible?

10. Question (TCO 7) Merck Pharmaceuticals is evaluating its Vioxx division, an investment center. The division has a $45,000 controllable margin and $300,000 of sales. How much will Merck’s average operating assets be when its return on investment is 10%?

11. Question (TCO 11) Financial and managerial accounting are both concerned with the economic events of an enterprise. Similarities between financial and managerial accounting do exist, but they have a different focus. Briefly distinguish between financial and managerial accounting as they relate to (1) the primary users, (2) the type and frequency of reports, (3) the purpose of reports, and (4) the content of reports.

12. Question (TCO 4) Are short-term creditors, long-term creditors, and stockholders primarily interested in the same characteristics of a company? Explain.

13. Question (TCO 5) In the month of September, Nixon Company sold 800 units of product. The average sales price was $30. During the month, fixed costs were $7,200 and variable costs were 60% of sales.

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ACCT 301 Week 2 Quiz

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  1. (TCO 1) Which of the following would not be considered an external user of accounting data for XYZ Company?
  1. (TCO 1) The cost of assets consumed or services used is also known as _________.
  1. (TCO 1) The financial statement that summarizes the changes in retained earnings for a specific period of time is the _________.
  1. (TCO 1) Pinson Company began the year with retained earnings of $210,000. During the year, the company recorded revenues of $300,000, expenses of $228,000, and paid dividends of $24,000. What was Pinson’s retained earnings at the end of the year?
  1. (TCO 4) Which of the following statements is not true?
  1. (TCO 4) Using the following balance sheet and income statement data, what is the current ratio?

Current assets $7,000 Net income $12,000

Current liabilities 4,000 Stockholders’ equity 21,000

Total assets 30,000 Total liabilities 9,000

Average common shares outstanding was 10,000

  1. (TCO 4) Using the following balance sheet and income statement data, what is the total amount of working capital?

Current assets $7,000 Net income $12,000

Current liabilities 4,000 Stockholders’ equity 21,000

Total assets 30,000 Total liabilities 9,000

Average common shares outstanding was 10,000

 

  1. (TCO 4) Using the following balance sheet and income statement data, what is the debt to total assets ratio?

Current assets $7,000 Net income $12,000

Current liabilities 4,000 Stockholders’ equity 21,000

Total assets 30,000 Total liabilities 9,000

Average common shares outstanding was 10,000

 

  1. (TCO 2) Powers Company paid its office rent of $1,000 with cash. As a result of this event, _________.
  1. (TCO 2) Which accounts normally have debit balances?
  1. (TCO 2) In the first month of operations, the total of the debit entries to the cash account amounted to $700 and the total of the credit entries to the cash account amounted to $300. The cash account has a _________
  1. (TCO 2) A trial balance would only help in detecting which one of the following errors?
  1. (TCO 3) From an internal control standpoint, the asset most susceptible to improper diversion and use is _________
  1. (TCO 3) Ron Jones has been a trusted employee for over 10 years. He is responsible for ordering merchandise inventory, receiving the inventory items, and authorizing the payment for these items. Which internal control principle, if any, is being violated?
  1. (TCO 3) A check written by the company for $167 is incorrectly recorded by a company as $176. On the bank reconciliation, the $9 error should be _________

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ACCT 301 Week 1 To Week 7 Discussion Questions

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Week 2 DQ 1. Internal Control - Describe what you think is the most important control activity that a company can implement. Why do you think that the one you chose is the most important?

Week 2 DQ 2. Fraud - Describe one of the three elements that are present when fraud occurs. Of the three elements, which do you think is present first in an ethical situation?

Week 3 DQ 1 Horizontal and Vertical Analysis - Go to Yahoo! Finance at the following URL http://finance.yahoo.com/. Enter the name of your favorite public company in the box in the upper left-hand corner, and click on Get Quotes. Click on the income statement or balance in the bottom left-hand corner of your favorite company. Perform a horizontal or vertical analysis of one of the line items on its income statement or balance sheet. What does this information tell you?

Week 3 DQ 2 Ratio Analysis - Go to Yahoo! Finance at the following URL http://finance.yahoo.com/. Enter the name of your favorite public company in the box in the upper left-hand corner, and click on Get Quotes. Explore the information given for your favorite company by clicking on the links on the left-hand side of the screen. What information do you find interesting?

Week 4 DQ 1 Managerial Accounting - This week, we are shifting our focus from financial accounting to managerial accounting. How do the content and verification of the reports differ between managerial and financial accounting?

Week 4 DQ 2 - What is CVP analysis? How is it useful to managers?

Week 5 DQ 1 Incremental Analysis - What is incremental analysis? How is it used by management?

Week 5 DQ 2 Relevant Costs - Our lecture states that relevant costs can also be viewed as avoidable costs. What does this mean? This is a very difficult concept, so help your classmates understand it!

Week 6 DQ 1 Budgeting - Why is budgeting important for a company? What are some reasons that a company would not prepare a budget?

Week 6 DQ 2 Responsibility Accounting - Describe responsibility accounting and its purpose. What conditions are necessary for responsibility accounting to be used effectively?

Week 7 DQ 1 Capital Budgeting – Discuss the capital budgeting process and the inputs that are used in capital budgeting.

Week 7 DQ 2 Transfer Pricing - What is the transfer price? Why is determining a fair transfer price important for division managers?

Week 8 - Looking Ahead  Class, looking back over the Terminal Course Objectives for this course, what are you looking forward to learning more about throughout your education and career?

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