ACCT 301 Midterm Exam 100% Correct Answers
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(TCO 1) 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 4) The retained earnings statement shows all of the following except which one?
(TCO 5) 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 6) Using the following balance sheet and income statement data, what is the earnings per share?
(TCO 4) A useful measure of solvency 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:
(TCO 5) Which one of the following is not an 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...