Study guides, Class notes & Summaries

Accounting 333 Exam 1 Complete Review Solution Characteristics of Useful Information - ANS-Relevant, Reliable, Complete, timely ,understandable, verifiable, accessible Transaction - ANS-An agreement between 2 entities to exchange goods or services Revenue cycle - ANS-Where goods and services are sold for cash Expenditure cycle - ANS-Where companies purchase inventory for resale Production/ conversion cycle - ANS-Where raw. Materials are transformed into finished goods Financing cycle - A...

ACCOUNTING 333 CHAPTER 1 PRACTICE QUIZ The treasurer and the controller of a corporation generally report to the: o president. o board of directors. o chief executive officer. o chief financial officer. o chairman of the board. 2. Which one of these best describes the key difference between the duties of the controller and those of the treasurer? o Separation of duties related to assets versus those related to debt and equity o Separation of authority over tax records versus accounting ...

ACCOUNTING 333 CHAPTER 3 PRACTICE QUIZ. 1. Financial ratios that measure a firm's ability to pay its bills over the short run without undue stress are often referred to as: o asset management ratios. o liquidity measures. o leverage ratios. o profitability ratios. o utilization ratios. 2. Which one of these measures a firm's long-run ability to meet its obligations? o Cash ratio o Total asset turnover o Quick ratio o Return on equity o Equity multiplier 3. Which ratio measures...

ACCOUNTING 333 CHAPTER 1 PRACTICE QUIZ The treasurer and the controller of a corporation generally report to the: o president. o board of directors. o chief executive officer. o chief financial officer. o chairman of the board. 2. Which one of these best describes the key difference between the duties of the controller and those of the treasurer? o Separation of duties related to assets versus those related to debt and equity o Separation of authority over tax records versus accounting ...

ACCOUNTING 333 CHAPTER 3 PRACTICE QUIZ. 1. Financial ratios that measure a firm's ability to pay its bills over the short run without undue stress are often referred to as: o asset management ratios. o liquidity measures. o leverage ratios. o profitability ratios. o utilization ratios. 2. Which one of these measures a firm's long-run ability to meet its obligations? o Cash ratio o Total asset turnover o Quick ratio o Return on equity o Equity multiplier 3. Which ratio measures...

ACCOUNTING 333 CHAPTER 1 PRACTICE QUIZ The treasurer and the controller of a corporation generally report to the: o president. o board of directors. o chief executive officer. o chief financial officer. o chairman of the board. 2. Which one of these best describes the key difference between the duties of the controller and those of the treasurer? o Separation of duties related to assets versus those related to debt and equity o Separation of authority over tax records versus accountin...

ACCOUNTING 333 CHAPTER 3 PRACTICE QUIZ. 1. Financial ratios that measure a firm's ability to pay its bills over the short run without undue stress are often referred to as: o asset management ratios. o liquidity measures. o leverage ratios. o profitability ratios. o utilization ratios. 2. Which one of these measures a firm's long-run ability to meet its obligations? o Cash ratio o Total asset turnover o Quick ratio o Return on equity o Equity multiplier 3. Which ratio measures...

ACCOUNTING 333 FINAL CONCEPTUAL COMPREHENSIVE AND NEW MATERIAL UPGRADED EXAM 2023/2024 contribution margin - CORRECT ANSWER-Revenue - Variable Costs contribution margin ratio - CORRECT ANSWER-Contribution Margin / Revenue breakeven point (units) - CORRECT ANSWER-total fixed costs / CM per unit breakeven point (revenue) - CORRECT ANSWER-total fixed costs / CM ratio target profit (units) - CORRECT ANSWER-(Target Profit + Total Fixed Costs) / CM per unit target profit (revenue) - CORRECT A...

ACCOUNTING 333 QUESTION AND 100% CORRECT ANSWERS 2023/2024 The relevance of a particular cost to a decision is determined by the: (CMA adapted) - CORRECT ANSWER-potential effect on the decision Fixed costs are always classified as sunk costs in differential cost analysis - CORRECT ANSWER-False Albany Industries produces two products. Information about the products is as follows: Product 1 Product 2 Units produced and sold 5,200 11,200 Selling price per unit $ 23 $ 21 Variable cost p...