ACCT 301 Midterm Exam
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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?
2. (TCO 2) Suppose your company sold $50,000 in merchandise to a customer for cash. How does this transaction impact the accounting equation?
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?
4. (TCO 4) What is horizontal analysis of financial statements? How does horizontal analysis differ from vertical analysis?
5. (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.
6. (TCO 1) Describe the balance sheet. Why is this statement important to the company, creditors, and investors?
7. (TCO 4) Name and describe one liquidity ratio. What does this ratio measure? What is the formula for this ratio?
ACCT 301 Midterm Exam 2
1. (TCO 1) The retained earnings statement shows all of the following except which one?
2. (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. (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. (TCO 4) A useful measure of solvency is which of the following?
5. (TCO 2) Which pair of accounts follows the rules of debit and credit, in relation to increases and decreases, in the same manner?
6. (TCO 2) The principle purpose of posting is which of the following?
7. (TCO 3) Joe is a warehouse...