DeVry NY ACCT 301 Week 4 Midterm Exam Set 2 with 100% Correct Answers

1. Question : (TCO 1) The retained earnings statement shows all of the following except which one?Student Answer: The amounts of changes in retained earnings during the period The causes of changes in retained earnings during the period The time period following the one shown for the income statement Beginning retained earnings on the first line of the statement2. 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?Student Answer: auditor’s reportmanagement discussion and analysis sectionnotes to the financial statementspresident’s state of the company report3. 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?Student Answer: $4.66$0.20$66.67$5.004. Question : (TCO 4) A useful measure of solvency is which of the following?Student Answer: current ratioearnings per sharereturn on assets ratiodebt to total assets ratio5. Question : (TCO 2) Which pair of accounts follows the rules of debit and credit, in relation to increases and decreases, in the same manner?Student Answer: Accounts Payable and Rent ExpenseRepair Expense and Notes PayablePrepaid Insurance and Advertising ExpenseService Revenues and Equipment6. Question : (TCO 2) The principle purpose of posting is which of the following?Student Answer: help identify errors made in the journalaccumulate the effects of journalized transactions in the individual accounts enter transactions directly into the ledgerhelp determine if the financial statements are ready to be prepared7. 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 ______________________ .Student Answer: documentation procedures are violatedindependent internal verification is violatedsegregation of duties is violatedestablishment of responsibility is violated8. Question : (TCO 3) The following information was taken from Hurlbert Company cash budget for the month of June:Beginning cash balance $23,000Cash receipts 31,000Cash disbursements 39,000If the company has a policy of maintaining end of the month cash balance of $20,000, the amount the company would have to borrow is which of the following?Student Answer: $12,000$5,000$15,000$09. Question : (TCO 11) Managerial accounting information does which of the following?Student Answer: pertains to the entity as a whole and is highly aggregatedmust be prepared according to generally accepted accounting principles pertains to subunits of the entity and may be very detailedis prepared only once a year10. Question : (TCO 11) Which one of the following is not a direct material?Student Answer: A tire used for a lawn mowerPlastic used in the covered case for a home PCSteel used in the manufacturing of steel-radial tiresLubricant for a ball-bearing joint for a large crane11. Question : (TCO 11) Sales commissions are classified as which of the following?Student Answer: overhead costsperiod costsproduct costsindirect labor12. Question : (TCO 11) Manufacturing costs include which of the following?Student Answer: direct materials and direct labor onlydirect materials and manufacturing overhead onlydirect labor and manufacturing overhead onlydirect materials, direct labor, and manufacturing overhead13. Question : (TCO 11) Neeley Manufacturing Company reported the following year-end information:Beginning work in process inventory $1,080,000Beginning raw materials inventory 300,000Ending work in process inventory 900,000Ending raw materials inventory 480,000Raw materials purchased 960,000Direct labor 900,000Manufacturing overhead 600,000Neeley Manufacturing Company’s cost of goods manufactured for the year is which of the following?Student Answer: $2,280,000$2,460,000$2,100,000$2,640,00014. Question : (TCO 5) What effect do changes in activity have on fixed costs per unit?Student Answer: No effect. Fixed costs per unit stay the same at every activity level. An inverse effect.A directly proportional effect.It depends on the particular level of activity.15. Question : (TCO 5) Which one of the following is not an assumption of CVP analysis? Student Answer: All units produced are sold.Cost classifications are reasonably accurate.Factors other than changes in activity may affect costs.The sales mix remains constant.

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