Acct 301 Week 4 Midterm Package - 3 Different Set Essay

868 Words Jun 29th, 2015 4 Pages
ACCT 301 Week 4 Midterm Package - 3 Different Set

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ACCT 301 Week 4 Midterm Exam Versions 1
• Page 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? (Points : 12)
2. (TCO 2) Suppose your company sold $50,000 in merchandise to a customer for cash. How does this transaction impact the accounting equation? (Points : 12)
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
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5. Question (TCO 2) Which pair of accounts follows the rules of debit and credit, in relation to increases and decreases, in the same manner?
6. Question (TCO 2) The principle purpose of posting is which of the following?
7. 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
8. Question (TCO 3) The following information was taken from Hurlbert Company cash budget for the month of June:
9. Question (TCO 11) Managerial accounting information does which of the following?
10. Question (TCO 11) Which one of the following is not a direct material?
11. Question (TCO 11) Sales commissions are classified as which of the following?
12. Question (TCO 11) Manufacturing costs include which of the following?
13. Question (TCO 11) Neeley Manufacturing Company reported the following year-end information:
14. Question (TCO 5) What effect do changes in activity have on fixed costs per unit?
15. Question (TCO 5) Which one of the following is not an assumption of CVP analysis?

ACCT 301 Week 4 Midterm Exam Versions 3
1. Question (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?
2. Question (TCO 5) How much sales are required to earn a target income of $70,000, if total fixed costs are $100,000 and the contribution margin ratio is 40%?
3. Question (TCO

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