Devry ACCT 301 (Essentials of Accounting)

Week 4 Midterm Exam Set 2 (15 MCQ’s)

1. (TCO 1) The retained earnings statement shows all of the following except which one?
2. (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. (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. (TCO 4) A useful measure of solvency is which of the following?
5. (TCO 2) Which pair of accounts follows the rules of debit and credit, in relation to increases and decreases, in the same manner?
6. (TCO 2) The principle purpose of posting is which of the following?
7. (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. (TCO 3) The following information was taken from Hurlbert Company cash budget for the month of June:
9. (TCO 11) Managerial accounting information does which of the following?
10. (TCO 11) Which one of the following is not a direct material?
11. (TCO 11) Sales commissions are classified as which of the following?
12. (TCO 11) Manufacturing costs include which of the following?
13. (TCO 11) Neeley Manufacturing Company reported the following year-end information:
14. (TCO 5) What effect do changes in activity have on fixed costs per unit?
15. (TCO 5) Which one of the following is notan assumption of CVP analysis?