Acct 301 Week 4 Midterm Package - 3 Different Set

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 as a part of fraud? (Points : 12)

4. (TCO 4) What is horizontal analysis of financial statements? How does horizontal analysis differ from vertical analysis? (Points : 12)

• Page 2

1. (TCO 3) Separation of duties is a key feature in an internal control system. Why is separation of duties such an important internal control? Give an example of separation of duties as an internal control. (Points : 24)

2. . (TCO 1) Describe the balance sheet. Why is this statement important to the company, creditors, and investors? (Points : 24)

3. (TCO 4) Name and describe one liquidity ratio. What does this ratio measure? What is the formula for this ratio? (Points : 24)

ACCT 301 Week 4 Midterm Exam Versions 2

1. Question (TCO 1) The retained earnings statement shows all of the following except which one?

2. 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?

3. 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?

4. Question (TCO 4) A useful measure of solvency is which of...