COMP 598 Final Exam

ACCT 301 Week 3 and Week 6 Quiz

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ACCT 301 Week 3 and Week 6 Quiz

ACCT 301 Week 3 and Week 6 Quiz

ACCT 301 Week 3 Quiz1. Question : (TCO 1) Which of the following would not be considered an external user of accounting data for XYZ Company?
2. Question : (TCO 1) The cost of assets consumed or services used is also known as _________.
3. Question : (TCO 1) The financial statement that summarizes the changes in retained earnings for a specific period of time is the _____.
4. Question : (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?
5. Question : (TCO 4) Which of the following statements is not true?
6. Question : (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
7. Question : (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
8. Question : (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
9. Question : (TCO 2) Powers Company paid its office rent of $1,000 with cash. As a result of this event, _________.
10. Question : (TCO 2) Which accounts normally have debit balances?
11. Question : (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 ____
12. Question : (TCO 2) A trial balance would only help in detecting which one of the following errors?
13. Question : (TCO 3) From an internal control standpoint, the asset most susceptible to improper diversion and use is _________
14. Question : (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?
15. Question : (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 _________

ACCT 301 Week 6 Quiz
1.    Question: (TCO 9) Which one of the following stages of the management decision-making process is properly sequenced?
2.    Question: (TCO 9) When is incremental analysis most useful?
3.    Question: (TCO 9) Which of the following will never be a relevant cost?
4.    Question: (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.    Question: (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.    Question: (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.    Question: (TCO 9) All of the following are relevant to the sell or process-further decision, except for __________.
8.    Question: (TCO 8) Most of the capital budgeting methods use __________.
9.    Question: (TCO 8) The capital budgeting decision depends in part on the __________.
10. Question:  (TCO 8) The cash-payback technique __________.
11. Question:  (TCO 8) All of the following statements about intangible benefits in capital budgeting are correct, except that they __________
12. Question:  (TCO 8) The profitability index __________.
13. Question:  (TCO 8) Post audits of capital projects __________.
14. Question:  (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 __________

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