Acct 301 Quiz

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ACCT 301 Week 3 and Week 6 Quiz Purchase here Product Description 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 Pinson’s retained earnings…show more content…
Question: (TCO 9) Which one of the following stages of the management decision-making process is properly sequenced? 2. Question: (TCO 9) When is incremental analysis most useful? 3. 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…show more content…
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

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