Page |1
Acct 2302 Midterm Questions and Correct
Answers/ Latest Update / Already Graded
The ability to generate future revenues and meet long-term
obligations is referred to as:
Ans: Solvency
Evaluation of company performance can include comparison and/or
assessment of all but which of the following:
Ans: External user needs and demands
A corporation reported cash of $14,000 and total assets of $178,300 on
its balance sheet. Its common-size percent for cash equals:
Ans: 7.85%
Clairmont Industries reported Net income of $283,000 and average
Total assets of $637,000. The Return on total assets is
Ans: 44.4%
A company had a market price of $39.40 per share, earnings per share
of $2.20, and dividends per share of $1.35. Its price-earnings ratio
equals:
All rights reserved © 2025/ 2026 |
, Page |2
Ans: 17.9
An approach to managing inventories and production operations such
that units of materials and products are obtained and provided only as
they are needed is called:
Ans: Just-in-time manufacturing
Raw materials that are tangible components of the finished product
and can be separately and readily traced through the manufacturing
process are called:
Ans: Direct materials
A manufacturing company has a beginning finished goods inventory of
$27,800, cost of goods manufactured of $58,000, and an ending
finished goods inventory of $27,100. The cost of goods sold for this
company is:
Ans: $58,700
Woke Company's direct materials costs are $3,700,000, its direct labor
costs total $7,630,000, and its factory overhead costs total $5,630,000.
Its prime costs total:
Ans: $11,330,000
All rights reserved © 2025/ 2026 |
Acct 2302 Midterm Questions and Correct
Answers/ Latest Update / Already Graded
The ability to generate future revenues and meet long-term
obligations is referred to as:
Ans: Solvency
Evaluation of company performance can include comparison and/or
assessment of all but which of the following:
Ans: External user needs and demands
A corporation reported cash of $14,000 and total assets of $178,300 on
its balance sheet. Its common-size percent for cash equals:
Ans: 7.85%
Clairmont Industries reported Net income of $283,000 and average
Total assets of $637,000. The Return on total assets is
Ans: 44.4%
A company had a market price of $39.40 per share, earnings per share
of $2.20, and dividends per share of $1.35. Its price-earnings ratio
equals:
All rights reserved © 2025/ 2026 |
, Page |2
Ans: 17.9
An approach to managing inventories and production operations such
that units of materials and products are obtained and provided only as
they are needed is called:
Ans: Just-in-time manufacturing
Raw materials that are tangible components of the finished product
and can be separately and readily traced through the manufacturing
process are called:
Ans: Direct materials
A manufacturing company has a beginning finished goods inventory of
$27,800, cost of goods manufactured of $58,000, and an ending
finished goods inventory of $27,100. The cost of goods sold for this
company is:
Ans: $58,700
Woke Company's direct materials costs are $3,700,000, its direct labor
costs total $7,630,000, and its factory overhead costs total $5,630,000.
Its prime costs total:
Ans: $11,330,000
All rights reserved © 2025/ 2026 |
