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ACCT 504 Accounting and Finance, Managerial Use and Analysis

Week 4 Midterm Exam Set 1

  1. (TCOs A, B, and C) Which of the following statements concerning users of accounting information is incorrect?
  2. (TCO C) Paying back long-term debt is an example of a(n)
  3. (TCO A) Resources owned by a business are referred to as
  4. (TCO A) On a classified balance sheet, prepaid expenses are classified as
  5. (TCO B) For 2012, LBJ Corporation reported net income of $40,000; net sales $1,400,000; and weighted average shares outstanding of 10,000. There were no preferred stock dividends. What was the 2012 earnings per share?
  6. (TCO D) Which of the following describes the normal balance and classification of the dividends account?
  7. (TCO E) The accrual accounting term used to indicate an item paid in advance or the receipt of cash in advance is
  8. (TCOs A and B) A perpetual inventory system would most likely be used by a(n)
  9. (TCOs A and B)LBJ Company recorded the following events involving a recent purchase of merchandise.
  10. (TCO A) In periods of rising prices, which of the following inventory methods results in the lowest income taxes?
  11. (TCO D) Describe the process of preparing a trial balance. What is the purpose of preparing a trial balance? If a trial balance does not balance, identify what might be the reasons why it does not balance. If the trial balance does balance, does that ensure that the ledger accounts are correct? Explain.
  12. (TCOs B and E) The Caltor Company gathered the following condensed data for the Year Ended December 31, 2010.
  13. (TCO D and E) Please prepare the following journal entries. Indicate which account should be debited and which account should be credited, along with the dollar amount of the debit and credit. A: Investors invest $600,000 in exchange for 30,000 shares of common stock. B: Company paid rent of $3,000. C: Company billed $5,000 for services performed. D: Company purchased supplies of $3,000. E: Company received $20,000 for services not yet performed.
  14. (TCO D) Your friend Dean has hired you to evaluate the following internal control procedures. A: Explain to your friend whether each of the numbered items below is an internal control strength or weakness. You must also state which principle relates to each of the internal controls. B: For the weaknesses, you also need to state a recommendation for improvement.

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