ACCT 346 Midterm Exam Solution 100% Correct Answers

ACCT 346 Midterm Exam Solution 100% Correct Answers


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(TCO 1) Managerial accounting stresses accounting concepts and procedures that are relevant to preparing reports for

(TCO 1) Which of the following costs does not change when the level of business activity changes?

(TCO 1) You own a car and are trying to decide whether or not to trade it in and buy a new car. Which of the following costs is an opportunity cost in this situation?

(TCO 1) Shula’s 347 Grill has budgeted the following costs for a month in which 1,600 steak dinners will be produced and sold: materials, $4,080; hourly labor (variable), $5,200; rent (fixed), $1,700; depreciation, $800; and other fixed costs, $600. Each steak dinner sells for $14.00 each. What is the budgeted fixed cost per unit?

(TCO 1) Which of the following costs is not part of manufacturing overhead?

(TCO 1) Product costs

(A) are also called manufacturing costs
(B) are considered an asset until the finished goods are sold.
(c) become an expense when the goods are sold.
(d) All of the above answers are correct.

(TCO 1) Red Runner’s Work in Process Inventory account has a beginning balance of $50,000 and an ending balance of $40,000. Direct materials used are $70,000 and direct labor used totals $35,000. Cost of goods sold totals $135,000. Manufacturing overhead applied is $20,000. How much is cost of goods manufactured?

(TCO 2) BCS Company applies manufacturing overhead based on direct labor cost. Information concerning manufacturing

(TCO 2) During 2011, Madison Company applied overhead using a job-order costing system at a rate of $12 per direct labor hours. Estimated direct labor hours for the year were 150,000, and estimated overhead for the year was $1,800,000. Actual direct labor hours for 2011 were 140,000 and actual overhead was $1,670,000.
What is the amount of under or over applied overhead for the year?

(TCO 3) Which of the following describes the differences between job-order and process costing?

(TCO 3) The Blending Department began the period with 45,000 units. During the period the department received another 30,000 units from the prior department and completed 60,000 units during the period. The remaining units were 75% complete. How much are equivalent units in The Blending Department’s work in process inventory at the end of the period?

TCO 3) Ranger Glass Company manufactures glass for French doors. At the start of May, 2,000 units were in-process. During May, 11,000 units were completed and 3,000 units were in process at the end of May. These in-process units were 90% complete with respect to material and 50% complete with respect to conversion costs. Other information is as follows:

Work in process, May 1:
Direct material	$36,000
Conversion costs	$45,000
Costs incurred during May:
Direct material	$186,000
Conversion costs	$255,000

How much is the cost per equivalent unit for direct materials?

(TCO 4) Total costs were $75,800 when 30,000 units were produced and $95,800 when 40,000 units were produced. Use the high-low method to find the estimated total costs for a production level of 32,000 units

ACCT 550 Midterm Exam 100% Correct Answers

ACCT 550 Midterm Exam 100% Correct Answer


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(TCO A) The quality of information that gives assurance that is reasonably free of error and bias and is complete is

TCO A) Issuance of common stock for cash affects which basic element of financial statements?

(TCO B) Retained earnings at 1/1/1X was $150,000 and at 12/31/1X it was $200,000. During 2010, cash dividends of $50,000 were paid and a stock dividend of $30,000 was issued. Both dividends were properly charged to retained earnings. You are to provide the missing closing entry. Please indicate DR (debit) or CR (credit) to the left of the account title, and place a comma between the account title and the amount of the adjustment.

(TCO D) The balance sheet contributes to financial reporting by providing a basis for all of the following except

(TCO A) The cash method of accounting

(TCO A) Which of the following is an ingredient of relevance?

TCO A) Information is neutral if it

(TCO A) Which of the following is not a basic element of financial statements?

(TCO A) Issuance of common stock for cash affects which basic element of financial statements?

(TCO A) What is the quality of information that enables users to better forecast future operations?

(TCO D) Balance sheet information is useful for all of the following except to

(TCO A) The Financial Accounting Standards Board employs a “due process” system, which

(TCO A) The quality of information that gives assurance that is reasonably free of error and bias and is complete is

(TCO D) The net assets of a business are equal to

(TCO A) Why are some of the major differences between iGAAP and U.S. GAAP? Explain in detail.

(TCO C) (TCO C) Blue Corp. reports operating expenses in two categories: (1) selling and (2) general and administrative. The adjusted trial balance at December 31, 201X, included the following expense accounts.

Accounting and legal fees	$150,000
Advertising	$125,000
Freight-out	$65,000
Interest	$80,000
Loss on sale of long-term investments	$35,000
Officers’ salaries	$200,000
Rent for office space	$160,000
Sales salaries and commissions	$110,000

One half of the rented premises are occupied by the sales department.
How much of the expenses listed above should be included in Perry’s general and administrative expenses for 201X?

(TCO C) An income statement shows “income before income taxes and extraordinary items” in the amount of $3,000,000. The income taxes payable for the year are $1,500,000, including $260,000 that is applicable to an extraordinary gain. Thus, what is the “income before extraordinary items”?

(TCO C) Ivy Co. had the following account balances.

Sales	$ 120,000
Cost of goods sold	70,000
Salary expense	15,000
Depreciation expense	20,000
Dividend revenue	5,000
Utilities expense	6,000
Rental revenue	30,000
Interest expense	10,000
Advertising expense	15,000

What would Ivy report as total expenses in a single-step income statement?

(TCO B) Prepaid rent at 1/1/1X was $25,000. During 201X, rent payments of $123,000 were made and charged to “rent expense.” The 201X income statement shows as a general expense the item “rent expense” in the amount of $122,000. You are to prepare the missing adjusting entry that must have been made, assuming reversing entries are not made. Please indicate DR (debit) or CR (credit) to the left of the account title, and place a comma between the account title and the amount of the adjustment.

(TCO B) Retained earnings at 1/1/1X was $150,000 and at 12/31/1X it was $200,000. During 2010, cash dividends of $50,000 were paid and a stock dividend of $30,000 was issued. Both dividends were properly charged to retained earnings. You are to provide the missing closing entry. Please indicate DR (debit) or CR (credit) to the left of the account title, and place a comma between the account title and the amount of the adjustment.

(TCO B) Retained earnings at 1/1/1X was $90,000 and at 12/31/1X it was $210,000. During 201X, cash dividends of $50,000 were paid and a stock dividend of $40,000 was issued. Both dividends were properly charged to retained earnings. You are to provide the missing closing entry. Please indicate DR (debit) or CR (credit) to the left of the account title, and place a comma between the account title and the amount of the adjustment.

(TCO B) Unearned rent at 1/1/1X was $6,000 and at 12/31/1X was $15,000. The records indicate cash receipts from rental sources during 201X amounted to $40,000, all of which was credited to the Unearned Rent Account. You are to prepare the missing adjusting entry. Please indicate DR (debit) or CR (credit) to the left of the account title, and place a comma between the account title and the amount of the adjustment.

(TCO D) Which of the following is not an acceptable major asset classification?

(TCO D) An example of an item that is not an element of working capital is

(TCO A) Which of the following is true with regard to the element “comprehensive income”?

(TCO D) The current assets section of the balance sheet should include

(TCO D) Hall Corp.’s trial balance reflected the following account balances at December 31, 201X.
Accounts receivable (net)

Accounts receivable (net)	$24,000
Trading securities	6,000
Accumulated depreciation on equipment and furniture	15,000
Cash	11,000
Inventory	30,000
Equipment	25,000
Patent	4,000
Prepaid expenses	2,000
Land held for future business site	18,000

In Hall’s December 31, 201x balance sheet, what is the current assets total?

ACCT 212 Midterm Exam Solution 100% Correct Answers

ACCT 212 Midterm Exam Solution 100% Correct Answers


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(TCO 1) The Accounting Equation is used to develop the organizations financial reports. (1) Describe what liabilities are (10 points) and (2) provide an example of a liability account. (10 points)

(TCO 1) The financial statements present a company to the public in financial terms. (1) Which financial statement identifies how well the company performed during the year (10 points) and (2) explain what information this financial statement provides. (10 points)

(TCO 1) The accounting profession follows a set of guidelines for measurement and disclosure of financial information called the Generally Accepted Accounting Principles (GAAP). (1) Explain what the Entity Assumption is (10 points) and (2) provide an example of its application. (10 points)

(TCO 2) Transaction analysis results in the development of a journal entry. A building is purchased for $35,000. (1) Name the accounts impacted and how using the format account name/debit or credit/dollar amount (10 points) and (2) explain how the Accounting Equation is impacted. (10 points)

(TCO 3) Adjusting Entries are required at the end of the period to ensure that accrual accounting principles are applied. At the beginning of the month $350 of office supplies were purchased. There was not a beginning balance and the one purchase was the only one for the month. At the end of the month $100 of supplies remained. Develop the adjusting entry. (1) Name the accounts impacted and how using the format account name/debit or credit/dollar amount (10 points) and (2) explain how the Accounting Equation is impacted. (10 points)

(TCO 5) Internal Controls are required to safeguard assets and to ensure ethical business practices. (1) Identify and explain the reason for any two of the five components of internal control (10 points) and (2) provide examples of how your two selected components of internal control will meet the goal of safeguarding assets and promoting ethical business practices. (15 points)

(TCO 5) The bank account as a control device that helps to protect cash. One of the requirements is to conduct periodic bank statement reconciliations. Using the following data, complete the bank statement reconciliation for Acorn Plumbing, Inc. (Use the format shown on page 255 of your textbook) (25 points)

HRM 593 Employment Law Midterm Exam Answers

HRM 593 Employment Law Midterm Exam Answers


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(TCO B) Porter, Co. has recently instituted a policy of promoting only from within its employee pool. For years, the company hired for advanced positions internally and externally. At the time when Porter, Co. instituted this new policy of promoting exclusively internally, its workforce of 200 individuals was 80% male and 20% female. The available labor pool of 3,000 qualified individuals from which Porter, Co. might recruit for advanced positions, were it looking outside as well as within, was 50% male and 50% female. Should Porter, Co. have any cause for concern over the legality of the new promotions policy? Explain in detail and support your conclusion with analysis of potential legal liability, suggested revisions, and explanation of possible consequences.

(TCO H) Kramer, a African-American male, enters into an employment contract with Bonzai Consulting for a three-year term. Shortly after the commencement of the term, it was made clear to Kramer by some of his Caucasian colleagues that he was not welcome. Kramer was frequently locked out of his office, his work was sabotaged, and his mail was intercepted and destroyed. All of these actions rendered him ineffective and led to his eventual dismissal. Kramer sues. Analyze the cause of action, legal basis for his claim, the viability of his claim, measures that should have been taken by the company to minimize or avoid liability, and use applicable law to support your response and conclusion.

(TCO A) Emmanuel & Peterson is an extremely busy law firm specializing in litigation. In order to keep up with the workload, the firm refuses to hire anyone as a secretary who is unable to type at least 65 words per minute. As a result, there are no male secretaries working for the firm. A group of male applicants files litigation that challenges this policy. Explain the legal basis for the suit, the likelihood of prevailing in the cause of action, and the defenses available to the firm.

PA 571 (Nonprofit Org Management) Midterm Exam Answers

PA 571 (Nonprofit Org Management) Midterm Exam Answers




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Question :
(TCO A) Which answer includes the three major categories of nonprofit organizations?
Points Received:
5 of 5
2.
Question :
(TCO A) Which statement is true?
Points Received:
5 of 5
3.
Question :
(TCO E) Generally, a nonprofit organization is not able to offer a salary comparable to what would be offered by a for-profit business for a similar position. What is a reason for this discrepancy?
Points Received:
5 of 5
4.
Question :
(TCO F) You have just been promoted to Volunteer Coordinator at your organization. This is a newly created position so you are responsible for developing all aspects related to volunteer management. What should you include in the New Volunteer Welcome Packet?
Points Received:
5 of 5
5.
Question :
(TCO F) A nonprofit organization may decide to develop and use a volunteer job description for each position to be filled by a volunteer. Which of the following is a reason that a nonprofit may decide to do so?
Points Received:
5 of 5
6.
Question :
(TCO B) You are on the Board Development Committee of a local nonprofit community center. There are two openings on the Board of Directors, and your committee is in charge of filling those slots. What characteristic in the prospective board member would you most like to see from among the choices below?
Points Received:
5 of 5
7.
Question :
(TCO B) Turnover on the board of directors of a nonprofit organization is in many cases normal and may in ways even be desirable. But to help ensure some stability in the relationship between the board and the executive director, which one of the following tools might be of some help?
Points Received:
5 of 5
8.
Question :
(TCO E) Per the Week 2 lecture, a starting place for a nonprofit organization to look for potential candidates for employment is
Points Received:
5 of 5
1.
Question :
(TCO E) Imagine that you are the Executive Director of a nonprofit organization whose mission is to save the rain forests in Brazil. You plan to raise money for your mission by selling memberships in your organization. You have decided that in order to reach your goals, you need to hire a marketing manager. You have interviewed several qualified people, all of whom are currently marketing memberships in for-profit organizations and making about the same income that your position will pay. Assuming you could not offer more money, what would you say or do that could make a top candidate accept your offer?
Points Received:
5 of 5
2.
Question :
(TCO A) Nonprofit organizations are keenly interested in the results of political processes. What restrictions, if any, are placed upon charities when entering the political arena?
Points Received:
5 of 5
3.
Question :
(TCO F) What item might be most likely to be included in a volunteer job description?
Points Received:
5 of 5
4.
Question :
(TCO A) Charitable organizations include
Points Received:
5 of 5
5.
Question :
(TCO F) Volunteers are often an integral part of a nonprofit organization. Which one is not a common reason why nonprofits use volunteers?
Points Received:
5 of 5
6.
Question :
(TCO B) When it comes to recruiting new board members, where is a good starting place?
Points Received:
5 of 5
7.
Question :
(TCO A) Which one of the following statements is true?
Points Received:
5 of 5
8.
Question :
(TCO F) As a paid employee to a local nonprofit organization, you have just been promoted to Volunteer Coordinator. You know that the organization has had a difficult time keeping its volunteers. Which one is the best recommendation you might make to help retain more volunteers?
Points Received:
5 of 5
1.
Question :
(TCO A) The three main legal forms that a nonprofit organization may take are as (1) a corporation, (2) a trust, or (3) an unincorporated association. For purposes of this question, please focus only on a corporation. Please describe briefly the steps that would be needed for an organization to form a new corporation in which to conduct its operations.
Points Received:
10 of 20
Page 9 of the text.
2.
Question :
(TCO B) The Duty of Obedience is one of the three duties imposed on board member of a nonprofit organization under contemporary general standards. Please define this duty and discuss three examples of actions that a board member should do to help meet this duty.
Points Received:
20 of 20
3.
Question :
(TCO G) In Week 2, you should have retrieved and analyzed the mission statements of two nonprofit organizations. Based on your analysis, discuss how a nonprofit’s mission statement may help the board and the executive director of the organization lead the volunteers and employees.
Points Received:
20 of 20

MIS 535 Midterm Exam Solution-All Possible Questions

MIS 535 Midterm Exam Solution-All Possible Questions

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(TCO A) Domino’s upgraded Pulse Evolution system incorporated a Pizza Tracker functionality that shows the progression of individual pizza orders. This is an example of using information systems to achieve which business objective? (Points :10)
Customer and supplier intimacy
Survival
Improved decision making
Operational excellence
(TCO A) Cloud computing (Points :10)
Is the same as e-commerce
Reduces the size of IT organizations
Increases special software, other than a browser, to be installed on each computer

(TCO A) Networking and telecommunications technologies, along with computer hardware, software, data management technology, and the people required to run and manage them, constitute an organization’s (Points : 10)
Data management environment
Networked environment
IT infrastructure
Information system

(TCO A) The hardware and software used to transfer data in an organization is called (Points : 10)
data management technology
networking and data management technology
data and telecommunications technology
networking and telecommunications technology

(TCO B) Internet technology (Points :10)

(TCO B) The value chain model (Points :10)

(TCO B) For which of the following industries has the Internet as a whole been a disruptive technology? (Points :10)


(TCO C) The difference between competitors because of the wide availability of information.(Points :10)


(TCO C) Which common database challenge is illustrated by the text’s discussion of receiving multiple pieces of the same direct mail advertising with an identical address? (Points :10)


(TCO D) Which of the following is not an example of the emerging mobile computing platforms? (Points : 10)


(TCO A) Define operational excellence. How can information systems help achieve it? (Points : 25) 


TCO A) What is the difference between information technology and information systems? Describe some of the functions of information systems.


(TCO A) List and describe the four information systems serving each of the major functional areas of a business (Points : 20)

(TCO B) List three organizational factors that can prevent a firm from fully realizing the benefits of a new information system, and provide examples of each. (Points : 20)


(TCO B) How have mobile devices and social media changed the work environment? (Points : 25) 


(TCO C) The small publishing company you work for wants to create a new database for storing information about all of its author contracts. What factors will influence how you design the database? (Points : 25) 


(TCO C) What types of relationships are possible in a relational database? Describe and give an example of each (Points : 25)



(TCO D) What is Web 3.0, and how do you think Web 3.0 developments could impact businesses?


(TCO D) Describe and explain the idea of network neutrality. Are you in favor of network neutrality? Why or why not? (Points : 25) 


(TCO D)Describe the effect of cloud computing on traditional IT infrastructure.

MGMT 303 Midterm Exam Solution – All Possible Questions

MGMT 303 Midterm Exam Solution – All Possible Questions


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(TCO 1) The _____ approach of going green is a good example of the firm’s social responsibility in addition to demonstrating the highest degree of environmental sensitivity.  (Points : 5)


2. (TCO 2) The Ford Motor Company sold an auto parts company because profitability was low. The main environmental dimension considered was (Points : 5)

3. (TCO 3) The_____ approach of going green is a good example of the firm’s social responsibility in addition to demonstrating the highest degree of environmental sensitivity. (Points : 5)

. 4. (TCO 4) Which of the following is usually the first type of international business in which a company gets involved? (Points : 5)

5. (TCO 5) If Delta Airlines decides to buy a regional carrier, this would be an example of a(n) _____ plan. (Points : 5)


6. (TCO 6) Identify the statement that is TRUE when comparing large and small businesses. (Points : 5)

(TCO 1) Identify four skills that a manager needs in order to perform the job efficiently and effectively. Provide brief comments on each. (Points : 10)

(TCO 2) Explain the differences among mergers, acquisitions, and alliances. (Points : 10)


(TCO 3) Briefly explain the four different approaches to social responsibility that an organization can adopt. (Points: 10)

. (TCO 4) What are the connections between GATT and the WTO? Explain the role of the WTO.

(TCO 7) Briefly explain the situational influences on organizational design. (Points : 10)

(TCO 4) Describe three environmental challenges of international management. (Points : 15)

(TCO 5) Identify a company and write a brief SWOT analysis for that company. (Points : 15)

(TCO 6) Briefly describe industries in which small businesses seem to be most effective and why this seems to be the case. In what area are small businesses least successful in comparison to large businesses? (Points: 15)

. (TCO 7) In what ways are virtual and learning organizations different from the typical organization? (Points : 15)

(TCO 1) One example of a firm studying it’s _____ is an annual assessment of its labor supply.

(TCO 3) Which of the following is the MOST common approach to the management of ethics?

(TCO 6) Identify the statement that is TRUE when comparing large and small businesses