Devry ACCT 301 Midterm Latest



Devry ACCT 301 Midterm Latest

ACCT 301 Midterm

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

(TCO 1) In the annual report, where would a financial statement reader find out if the company’s financial statements give a fair depiction of its financial position and operating results?

(TCO 4) Using the following balance sheet and income statement data, what is the earnings per share?

Current assets $ 9,000 Net income $ 12,000
Current liabilities 4,000 Stockholders’ equity 27,000
Average assets 44,000 Total liabilities 6,000
Total assets 30,000
Average common shares outstanding was 10,000

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

(TCO 2) Which pair of accounts follows the rules of debit and credit, in relation to increases and decreases, in the same manner?

(TCO 2) Which of the following is not part of the recording process?

(TCO 3) Two individuals at a retail store work the same cash register. You evaluate this situation as which of the following?

(TCO 3) The following information was taken from Niland Company cash budget for the month of April:

Beginning cash balance $30,000
Cash receipts 27,000
Cash disbursements 34,000

If the company has a policy of maintaining end of the month cash balance of $25,000, the amount the company would have to borrow is which of the following?

(TCO 11) Managerial accounting does which of the following?

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

(TCO 11) Which of the following are period costs?

(TCO 11) Ranger Company reported total manufacturing costs of $65,000, manufacturing overhead totaling $13,000, and direct materials totaling $16,000. How much is direct labor cost?

(TCO 11) McNally Manufacturing Company reported the following year-end information:

Beginning work in process inventory $ 46,000
Beginning raw materials inventory 24,000
Ending work in process inventory 50,000
Ending raw materials inventory 20,000
Raw materials purchased 680,000
Direct labor 240,000
Manufacturing overhead 100,000

How much is McNally Manufacturing’s cost of goods manufactured for the year?

(TCO 5) Which statement below describes a variable cost?

(TCO 5) Which one of the following is notan assumption of CVP analysis?

(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?

(TCO 5) How much sales are required to earn a target income of $90,000, if total fixed costs are $100,000 and the contribution margin ratio is 40%?

(TCO 6) Which one of the following is not a benefit of budgeting?

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

(TCO 6) What three differences exist between long-range planning and budgeting?

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

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

(TCO 7) Which type of center is the toy department in a Wal-Mart store?

(TCO 7) The best measure of the performance of the manager of a profit center is which of the following?

(TCO 7) An investment center generated a contribution margin of $200,000, controllable fixed costs of $100,000 and sales of $1,000,000. The center’s average operating assets were $400,000. How much is the return on investment?

(TCO 11) Assume you have just taken a position as controller for a new company that manufactures and sells wrought iron wall hangings. Although the founder of the company, who is the president and CEO, is a great artisan, she has very limited knowledge of accounting.

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

(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.
(a) Determine the contribution margin in dollars, per unit, and as a ratio
(b) Using the contribution margin technique, compute the break-even point in dollars and in


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