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DeVry NY ACCT 301 Week 4 Midterm Exam Set 3

1. Question : (TCO 5) A company has total fixed costs of $210,000 and a contribution margin ratio of 30%. How much sales are necessary to break even?

 Student Answer:   $125,000

    $630,000

     $700,000

    $54,000



2. Question : (TCO 5) How much sales are required to earn a target income of $70,000, if total fixed costs are $100,000 and the contribution margin ratio is 40%?

 Student Answer:   $400,000

    $200,000

DeVry NY ACCT 504 Week 4, Midterm Exam 2 (2014)

Page 1

1. (TCO A, B, C) External users want answers to all of the following questions except: (Points : 3)

        Is the company earning satisfactory income?

        Will the company be able to pay its debts as they come due?

        Did the company use a budget to plan its expenses?

        How does the company compare in profitability with competitors?

DeVry NY ACCT 301 Week 4 Midterm Exam Set 2

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

 Student Answer:   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

DeVry NY ACCT 504 Week 4, Midterm Exam 3

1. (TCO A, B, C) Which of the following statements concerning users of accounting information is incorrect? (Points : 3)

       Management is considered an internal user.

       Present and prospective creditors are considered external users.

       Regulatory authorities such as the SEC are considered internal users.

       Taxing authorities are considered external users.

DeVry NY ACCT 504 Week 4, Midterm Exam 4

1. Merchandising businesses that sell to retailers are known as:

a. brokers

b. companies

c. wholesalers

d. service firms.

2. Which of the following companies would be most likely to use a perpetual inventory system?

a. grain company

b. supermarket

c. clothing store

d. jewellery dealer

DeVry NY ACCT 301 Week 4 Midterm Exam Set 2

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

 Student Answer:   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

Preferred Products has the following cost information

Preferred Products has the following cost information available for 2009:

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