MBA 620 Midterm Exam Actual Exam Newest 2025/2026 Complete Questions And Correct Detailed
Answers (Verified Answers) |Brand New Version!!
Sales of goods or services to customers - (ANSWER)Revenues
Revenues are recorded at sale, whether or not cash is received - (ANSWER)Revenue Recognition
Principle
The cost of doing business, including labor, materials, advertising, and utilities - (ANSWER)Expenses
Expenses are recorded when the products are sold - (ANSWER)Matching Principle
Resources Owned by the company - (ANSWER)Assets
Resources Owed to creditors - (ANSWER)Liabilities
Resources Left for Owners - (ANSWER)Stockholders Equity
What happens when the company borrows $1,000?
Assets (cash) ______ by $1,000
Liabilities (loan) _______ by $1,000 - (ANSWER)increase, increase
What happens when the company borrows $1,000?
Assets (cash) ______ by $1,000
Liabilities (loan) _______ by $1,000
What is this called? - (ANSWER)Double entry accounting
, MBA 620 Midterm Exam Actual Exam Newest 2025/2026 Complete Questions And Correct Detailed
Answers (Verified Answers) |Brand New Version!!
Two important functions of managers - (ANSWER)Plan, Control
Establishing and communicating goals
- Budgets
- Balanced Scorecards
- Performance incentives - (ANSWER)Planning Function
Evaluating achievement of goals
- Variance analysis
- Balanced Scorecards
- Trend analysis - (ANSWER)Control Function
Ethical Issues in Accounting (5) - (ANSWER)conflict of interest, pressure to manipulate, sins of omission,
confidentiality, whistleblowing
Revenue Recognition and Accounting Ethics:
- On December 29, 2018, a customer C agrees (verbally) to buy your product for $1.2M
- The contract is signed and the product is shipped January 3, 2019
In what year should that sale be recorded? - (ANSWER)2019
Do not change in response to a change in volume activity; no change in total cost as activity increases or
decreases (slope is zero Y = f) - (ANSWER)Fixed costs
Contain both fixed and variable cost elements (Y = f + vX)
Y-intercept = f Slope = v - (ANSWER)Mixed costs
Answers (Verified Answers) |Brand New Version!!
Sales of goods or services to customers - (ANSWER)Revenues
Revenues are recorded at sale, whether or not cash is received - (ANSWER)Revenue Recognition
Principle
The cost of doing business, including labor, materials, advertising, and utilities - (ANSWER)Expenses
Expenses are recorded when the products are sold - (ANSWER)Matching Principle
Resources Owned by the company - (ANSWER)Assets
Resources Owed to creditors - (ANSWER)Liabilities
Resources Left for Owners - (ANSWER)Stockholders Equity
What happens when the company borrows $1,000?
Assets (cash) ______ by $1,000
Liabilities (loan) _______ by $1,000 - (ANSWER)increase, increase
What happens when the company borrows $1,000?
Assets (cash) ______ by $1,000
Liabilities (loan) _______ by $1,000
What is this called? - (ANSWER)Double entry accounting
, MBA 620 Midterm Exam Actual Exam Newest 2025/2026 Complete Questions And Correct Detailed
Answers (Verified Answers) |Brand New Version!!
Two important functions of managers - (ANSWER)Plan, Control
Establishing and communicating goals
- Budgets
- Balanced Scorecards
- Performance incentives - (ANSWER)Planning Function
Evaluating achievement of goals
- Variance analysis
- Balanced Scorecards
- Trend analysis - (ANSWER)Control Function
Ethical Issues in Accounting (5) - (ANSWER)conflict of interest, pressure to manipulate, sins of omission,
confidentiality, whistleblowing
Revenue Recognition and Accounting Ethics:
- On December 29, 2018, a customer C agrees (verbally) to buy your product for $1.2M
- The contract is signed and the product is shipped January 3, 2019
In what year should that sale be recorded? - (ANSWER)2019
Do not change in response to a change in volume activity; no change in total cost as activity increases or
decreases (slope is zero Y = f) - (ANSWER)Fixed costs
Contain both fixed and variable cost elements (Y = f + vX)
Y-intercept = f Slope = v - (ANSWER)Mixed costs
