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ACCT 301 Midtern Exam 3 Different Sets

ACCT 301 Midtern Exam 3 Different Sets

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ACCT 301 Midtern Exam 3 Different Sets

ACCT 301 Week 4 Midterm Exam Set 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)

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 Set 2

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

The amounts of changes in retained earnings during the period

The causes of changes in retained earnings during the period

The time period following the one shown for the income statement

Beginning retained earnings on the first line of the statement

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?

auditor’s report

management discussion and analysis section

notes to the financial statements

president’s state of the company report

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