ACCT 301 final exam

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Devry University

Week 8 : Final Exam - Final Exam

Page 1

1. (TCO 1) What is the accounting equation? Suppose your company sold $12,000 in merchandise to a customer for cash. How does this transaction impact the accounting equation? (Points : 17)

2. (TCO 2) What are the four basic financial statements? Describe the balance sheet, and explain why it is important. (Points : 17)

3. (TCO 3) What is the Sarbanes-Oxley Act? Do you think this act has more importance for the accounting profession or for investors? Why? (Points : 17)

4. (TCO 4) What is horizontal analysis of financial statements? How does horizontal analysis differ from vertical analysis? (Points : 17)

1. (TCO 8) Why is capital budgeting important? What is the IRR method? How is it calculated? (Points : 26)

2. (TCO 9) What are five different types of decisions that could use incremental analysis? What are the relevant costs in a make-or-buy decision? (Points : 26)

3. (TCO 10) How is a transfer price determined? Describe the cost-based method. Do you think it is better than the market-based method? (Points : 26)

4. (TCO 11) What are direct materials? Give an example of a direct material. How do direct materials differ from indirect materials? Give an example of an indirect material. (Points : 26)

1. (TCO 5) What is CVP analysis? Why is this an important analysis for a company to perform? (Points : 26)

2. (TCO 6) What is an operating budget? What does it result in? What is the first step in completing an operating budget? (Points : 26)

3. (TCO 7) What is responsibility accounting? What is a cost center? How does a cost center differ from a profit center? (Points : 26)

Page2

1. (TCO 8) Why is capital budgeting important? What is the IRR method? How is it calculated? (Points : 26)

2. (TCO 9) What are five different types of decisions that could use incremental analysis? What are the relevant costs in a make-or-buy decision? (Points : 26)

3. (TCO 10) How is a transfer price determined? Describe the cost-based method. Do you think it is better than the market-based method? (Points : 26)

4. (TCO 11) What are direct materials? Give an example of a direct material. How do direct materials differ from indirect materials? Give an example of an indirect material. (Points : 26)

1. (TCO 5) What is CVP analysis? Why is this an important analysis for a company to perform? (Points : 26)

2. (TCO 6) What is an operating budget? What does it result in? What is the first step in completing an operating budget? (Points : 26)

3. (TCO 7) What is responsibility accounting? What is a cost center? How does a cost center differ from a profit center? (Points : 26)

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