ACCT 301 Week 3 and Week 6 Quiz

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ACCT 301 Week 3 Quiz1. Question : (TCO 1) Which of the following would not be
considered an external user of accounting data for XYZ Company?
2. Question : (TCO 1) The cost of assets consumed or services used is also known as
_________.
3. Question : (TCO 1) The financial statement that summarizes the changes in
retained earnings for a specific period of time is the _____.
4. Question : (TCO 1) Pinson Company began the year with retained earnings of
$210,000. During the year, the company recorded revenues of $300,000, expenses
of $228,000, and paid dividends of $24,000. What was Pinsons retained earnings at
the end of the year?
5. Question : (TCO 4) Which of the following statements is not true?
6. Question : (TCO 4) Using the following balance sheet and income statement data,
what is the current ratio? Current assets $7,000 Net income $12,000 Current
liabilities 4,000 Stockholders equity 21,000 Total assets 30,000 Total liabilities
9,000 Average common shares outstanding was 10,000

7. Question : (TCO 4) Using the following balance sheet and income statement data,
what is the total amount of working capital? Current assets $7,000 Net income
$12,000 Current liabilities 4,000 Stockholders equity 21,000 Total assets 30,000
Total liabilities 9,000 Average common shares outstanding was 10,000
8. Question : (TCO 4) Using the following balance sheet and income statement data,
what is the debt to total assets ratio? Current assets $7,000 Net income $12,000
Current liabilities 4,000 Stockholders equity 21,000 Total assets 30,000 Total
liabilities 9,000 Average common shares outstanding was 10,000
9. Question : (TCO 2) Powers Company paid its office rent of $1,000 with cash. As a
result of this event, _________.
10. Question : (TCO 2) Which accounts normally have debit balances?
11. Question : (TCO 2) In the first month of operations, the total of the debit entries
to the cash account amounted to $700 and the total of the credit entries to the cash
account amounted to $300. The cash account has a ____
12. Question : (TCO 2) A trial balance would only help in detecting which one of the
following errors?
13. Question : (TCO 3) From an internal control standpoint, the asset most
susceptible to improper diversion and use is _________
14. Question : (TCO 3) Ron Jones has been a trusted employee for over 10 years. He
is responsible for ordering merchandise inventory, receiving the inventory items,
and authorizing the payment for these items. Which internal control principle, if any,
is being violated?
15. Question : (TCO 3) A check written by the company for $167 is incorrectly
recorded by a company as $176. On the bank reconciliation, the $9 error should be
_________

ACCT 301 Week 6 Quiz

1.

Question: (TCO 9) Which one of the following stages of the management

decision-making process is properly sequenced?
2.

3.

Question: (TCO 9) When is incremental analysis most useful?

Question: (TCO 9) Which of the following will never be a relevant cost?

4. Question: (TCO 9) A company is deciding whether or not to replace some old

equipment with new equipment. Which of the following is not considered in the
incremental analysis?

5. Question: (TCO 9) It costs Lannon Fields $14 of variable costs and $6 of

allocated fixed costs to produce an industrial trash can that sells for $30. A buyer in
Mexico offers to purchase 2,000 units at $18 each. Lannon has excess capacity and
can handle the additional production. What effect will acceptance of the offer have
on net income?
6.

Question: (TCO 9) Wishnell Toys can make 1,000 toy robots with the following
costs:
Direct Materials $70,000
Direct Labor 26,000
Variable Overhead 15,000
Fixed Overhead 15,000

The company can purchase the 1,000 robots externally for $120,000. The avoidable
fixed costs are $5,000 if the units are purchased externally. What is the cost savings
if the company makes the robots?
7.

Question: (TCO 9) All of the following are relevant to the sell or process-further
decision, except for __________.
8.

Question: (TCO 8) Most of the capital budgeting methods use __________.

9.

Question: (TCO 8) The capital budgeting decision depends in part on the

__________.
10. Question: (TCO 8) The cash-payback technique __________.

11. Question: (TCO 8) All of the following statements about intangible benefits in
capital budgeting are correct, except that they __________
12. Question: (TCO 8) The profitability index __________.
13. Question: (TCO 8) Post audits of capital projects __________.
14. Question: (TCO 8) A company has a minimum required rate of return of 9% and
is considering investing in a project that costs $50,000 and is expected to generate
cash inflows of $20,000 at the end of each year for 3 years. The profitability index
for this project is __________
15. Question: (TCO 8) Disadvantages of the annual rate of return method include all
of the following, except that