Acc 561 final exam 1 - Study guides, Class notes & Summaries

ACC 561 FINAL EXAM 3 1. At September 1, 2017, Baxter Inc. reported Retained Earnings of $423,000. During the month, Baxter generated revenues of $60,000, incurred expenses of $36,000, purchased equipment for $15,000 and paid dividends of $6,000. What is the balance in Retained Earnings at September 30, 2017 $441,000 credit 2. The investigation of materials price variance usually begins in the Purchasing department 3. Scorpion Production Company planned to use 1 yard of plastic per unit b...

STR 581 Week 4 Capstone Final Exam Part 2 1. Complete the Capstone Final Examination, Part 2. You are allowed one attempt to complete the examination, which is timed and must be completed in 3 hours. Results are auto-graded and sent to your instructor. Resources: Course Materials from ACC/561 and FIN/571, Capstone Exam Review Note: The automated final exam was designed in Google Chrome and is best viewed in the latest version of the browser. If you do not use the latest version of Googl...

QNT 561 FINAL EXAM Q&A (2 sets) Set 1 • A market researcher is interested in determining the average income for families in San Mateo County, California. To accomplish this, she takes a random sample of 300 families from the county and uses the data gathered from them to estimate the average income for families of the entire county. This process is an example of o Inferential statistics • If x is a binomial random variable with n=10 and p=0.8, what is the probability that x is equal t...

ACC 561 FINAL EXAM 1

ACC 561 FINAL EXAM 1(Questions And Answers)1. Danner Corporation reported net sales of $650,000, $720,000, and $780,000 in the years 2016, 2017, and 2018, respectively. If 2016 is the base year, what percentage do 2018 sales represent of the base? a. 2018 net sales / base year 2016 net sales = 780,000 / 650,000 = 1.2 1.2 x 100% = 120% The answer is 120% 2. Ben Gordon, Inc. manufactures 2 products, wheels and seats. The company has estimated its overhead in the assembling department to be $...

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ACC 561 FINAL EXAM 1

ACC 561 FINAL EXAM 1) The statement of cash flows is used for _____. A. showing the relationship of net income to changes in current assets B. determining a company’s acceptable level of debt financing C. revealing commitments that may restrict future courses of action D. evaluating the creditworthiness of the organization 2) Nonoperating items on the income statement _____. A. are revenues and expenses arising from adjusting entries B. include interest income and expense C. appear on...

ACC 561 FINAL EXAM 1 1. Question 1 The entry to record the acquisition of raw materials on account is: Correct (B) Raw Materials Inventory&... 2. Question 2 Which of the following statements concerning users of accounting information is incorrect? Correct (D) Regulatory authorities ... 3. Question 3 The Mac Company has four plants nationwide that cost $350 million. The current fair value of the plants is $300 million. The plants will be reported as assets at: Correct (A) $350 milli...