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ACC556 Financial Accounting for Managers

Midterm Exam Part 1

Question 1 Lankston Company began the year by issuing $90,000 of common stock for cash. The company recorded revenues of $825,000, expenses of $720,000, and paid dividends of $45,000. What was Lankston’s net income for the year?

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Selected Answer:

$105,000

Answer:

$105,000

Question 2 Marvin Services Corporation had the following accounts and balances:

Accounts payable $18,000 Equipment $21,000

Accounts receivable 3,000 Land 21,000

Buildings ? Unearned service revenue 6,000

Cash 9,000 Total stockholders’ equity ?

If the balance of the Buildings account was $45,000 and the equipment was sold for $21,000, what would be the total of stockholders’ equity?

Question 3 An advantage of using the periodic inventory system is that it requires less record keeping than the perpetual inventory system.

Question 4 Financing activities include the purchase or sale of long-lived assets or the purchase or sale of investment securities.

Question 5 The economic resources that are owned by a business are called stockholders’ equity.

Question 6 Requiring employees to take vacations is a weakness in the system of internal controls because it does not promote operational efficiency.

Question 7 An aging of accounts receivable schedule is based on the premise that the longer the period an account remains unpaid, the greater the probability that it will eventually be collected.

Question 8 A concentration of credit risk is a threat of nonpayment from a single customer or class of customers that could adversely affect the financial health of the company.

Question 9To obtain maximum benefit from a bank reconciliation, the reconciliation should be prepared by the employee authorized to sign checks.

Question 10Owners of business firms are the only people who need accounting information.

ACC556 Financial Accounting for Managers

Midterm Exam Part 2

Question 1Which of these would cause the inventory turnover ratio to increase the most?

Question 2Which one of the following is not an objective of a system of internal controls?

Question 3 A merchandiser will earn an operating income of exactly $0 when

Question 4 Which of the following is least likely to help a company minimize losses as credit standards are relaxed?

Question 5 Dobler Company gathered the following reconciling information in preparing its June bank reconciliation:

Cash balance per books, 6/30 $8,400

Deposits in transit 600

Notes receivable and interest collected by bank 1,480

Bank charge for check printing 50

Outstanding checks 3,000

NSF check 280

The adjusted cash balance per books on June 30 is

Question 6 A company usually determines the amount of supplies used during a period by:

Question 7 All of the following are true regarding the management and monitoring of cash except

Question 8 What is an advantage of using the multiple-step income statement?

Question 9 Which statement is in?

Question 10 Receivables are

ACC556 Financial Accounting for Managers

FINAL Exam Part 1

Question 1 A budget can be used as a basis for evaluating performance.

Question 2 Intangible assets are rights, privileges, and competitive advantages that result from ownership of long-lived assets without physical substance.

Question 3 The master budget reflects management’s long-term plans encompassing five years or more.

Question 4 On January 1, 2014, Ermler Company, a calendar-year company, issued $1,000,000 of notes payable, of which $250,000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2014, is

Question 5 A company whose current liabilities exceed its current assets may have a liquidity problem.

Question 6 The market rate of interest is often called the

Question 7 The partnership form of business organization

Question 8 On January 1, a machine with a useful life of five years and a residual value of $15,000 was purchased for $75,000. What is the depreciation expense for year 2 under straight-line depreciation?

Question 9 During 2014, Phelps Corporation reported net sales of $3,000,000, net income of $1,320,000, and depreciation expense of $80,000. Phelps also reported beginning total assets of $1,000,000, ending total assets of $1,500,000, plant assets of $800,000, and accumulated depreciation of $500,000. Phelps’s asset turnover ratio is

Question 10 Under the corporate form of business organization

ACC556 Financial Accounting for Managers

FINAL Exam Part 2

Question 1If the board of directors authorizes a $100,000 restriction of retained earnings for a future plant expansion, the effect of this action is to

Question 2 A revenue generally

Question 3 Holden Packaging Corporation began business in 2014 by issuing 80,000 shares of $5 par common stock for $8 per share and 20,000 shares of 6%, $10 par preferred stock for par. At year end, the common stock had a market value of $10. On its December 31, 2014 balance sheet, Holden Packaging would report

Question 4 Assume the following sales data for a company:

2015 $910,000

2014 $770,000

2013 700,000

If 2013 is the base year, what is the percentage increase in sales from 2013 to 2014?

Question 5 Which one of the following items is not necessary in preparing a statement of cash flows?

Question 6 Which of the following is not typically a characteristic experienced by a company during the growth phase of the corporate life cycle?

Question 7 Quincy Corp. earned controllable margin of $500,000 on sales of $6,400,000. The division had average operating assets of $5,200,000. The company requires a return on investment of at least 8%. How much is residual income?

Question 8 The date on which a cash dividend becomes a binding legal obligation is on the

Question 9 A manager of a cost center is evaluated mainly on

Question 10 A flexible budget

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