Accounting Midterm Essay - 1760 Words

ACCT112 Midterm Assignment – Week 9 Due at the end of week 9. There are 70 marks. This assignment is worth 20 % of the total grade. True or False: (15 Marks) 1. In spite of its weaknesses, the cost principle is most often used because it is the most reliable basis of valuation. TRUE 2. The going concern assumption assumes the company will continue to operate for at least two years. TRUE 3. The economic entity assumption states that economic events can be identified with a particular unit of accountability. FALSE 4. The monetary unit assumption states that transactions that can be measured in terms of money should be recorded in the accounting records. TRUE 5. The drawings account is a subdivision of†¦show more content†¦d. Debit a revenue account for $500. 9. A furniture factorys employees work overtime to finish an order that is sold on February 28. The office sends a statement to the customer in early March and payment is received by mid-March. The overtime wages should be expensed in a. February. b. March. c. the period when the workers receive their cheques. d. either in February or March depending on when the pay period ends. 10. Jacob’s Company has a June 30 year end. On June 28, Jacob’s provided consulting services to Jennings Company. Jacob’s billed Jennings on July 2 for $800 related to these services. On July 5, Jennings paid the invoice in full. Jacob’s only cost related to this sale was $250 in salaries expense. Jacob’s paid the salaries on July 3. Assuming Jacob’s Company has a June 30 year end, the company’s profit for the Jennings’ job on the June 30 financial statements should be a. 0. b. $800. c. $550. d. $250. 11. Under the accrual basis of accounting a. cash must be received before revenue is recognized. b. net income is calculated by matching cash outflows against cash inflows. c. events that change a companys financial statements are recognized in the period they occur rather than in the period in which cash is paid or received. d. the ledger accounts must be adjusted to reflect a cash basis of accounting before financial statements are prepared under generally accepted accountingShow MoreRelatedCost Accounting Midterm2751 Words   |  12 PagesADM 3346A COST ACCOUNTING Solution Fall 2010 Midterm Examination STUDENT NAME: _________________________________________________ STUDENT NUMBER: ________________________________________________ 90 minutes INSTRUCTIONS 1. 2. 3. 4. Books and notes are not permitted, except language dictionaries. Non programmable calculators are permitted. Put all answers in the question booklet Questions concerning possible errors in the exam only will be answered. Questions Max Points Read MoreMidterm Exam Accounting 206 2775 Words   |  4 Pagesï » ¿Ateneo de Zamboanga University SCHOOL OF MANAGEMENT AND ACCOUNTANCY Accounting 206: Cost Accounting and Cost Management, Part II Midterm Examination Kelvin J. Culajara, BSA, CPA Name: _____________________________________ Date: _______________ Score: __________ Test 1: Comprehensive Problem/Reporting Assume that you are the newly-hired chief cost accountant of Wapayutana Company. As the chief officer, you are tasked to monitor the flow of costs throughout the process, and hence, you areRead MoreManagerial Accounting Midterm Paper4473 Words   |  18 PagesChapter -1 Multiple Choice Questions 21. Which of the following is not one of the three basic activities of a manager? A) Planning B) Controlling C) Directing and motivating D) Compiling management accounting reports Answer: D Level: Easy LO: 2 22. 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ManagerialRead MoreManagerial Accounting Quizes and Midterm Essay example5960 Words   |  24 Pages| Comments: | | | |   3. | Question : | (TCO 1) List and briefly describe four of the five differences between managerial accounting and financial accounting. | |    | Student Answer: |    | 1). Managerial accounting provides information for internal users, and Financial accounting is better off for external users. Typical examples of Managerial accounting reports include but not limited to various budget, labor, sales, production, material, variance analysis stating the difference betweenRead MoreMidterm Exam Accounting 598 Part 11464 Words   |  6 PagesMidterm Exam Accounting 598 Part 1 1. Earnings management issues are a primary focus of the SEC. 1a. One potential goal of earnings management is income smoothing. Briefly discuss why income smoothing might be a goal of management, including a discussion of incentives to smooth income. 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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 personRead MoreMGMT 20100 Practice Midterm Exam I1827 Words   |  8 PagesLAST NAME: _________________________ FIRST NAME___________________________ PUID________________________________Section________ Purdue University Krannert School of Management MGMT 201 – Managerial Accounting I Spring 2015 Practice Midterm Exam This practice exam consists of 30 multiple choice questions on 11 pages (including this cover page). Answer all questions. No partial credit is available for multiple choice questions. 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