Midterm Exam Essay

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Midterm Exam Essay
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  • University/College:
    University of California

  • Type of paper: Thesis/Dissertation Chapter

  • Words: 719

  • Pages: 3

Midterm Exam

1. (TCO 1) Suppose your company sold $25,000 in merchandise to a customer for cash. How does this transaction impact the accounting equation? (Points : 12) 2. (TCO 2) Suppose your company sold $50,000 in merchandise to a customer for cash. How does this transaction impact the accounting equation? (Points : 12) 3. (TCO 3) Rationalization is one of the components of the fraud triangle. What types of rationalization could a person use to justify misconduct? How can a company protect itself from rationalization as a part of fraud? (Points : 12) 4. (TCO 4) What is horizontal analysis of financial statements? How does horizontal analysis differ from vertical analysis? (Points : 12)

5. (TCO 3) Separation of duties is a key feature in an internal control system. Why is separation of duties such an important internal control? Give an example of separation of duties as an internal control. (Points : 24) 6. (TCO 1) Describe the balance sheet. Why is this statement important to the company, creditors, and investors? (Points : 24) 7. (TCO 4) Name and describe one liquidity ratio. What does this ratio measure? What is the formula for this ratio? (Points : 24)

ACCT 301 Midterm Exam 2

1. (TCO 1) The retained earnings statement shows all of the following except which one? 2. (TCO 1) Management’s views on the company’s short-term debt paying ability, expansion financing, and results of operations are found in which of the following? 3. (TCO 4) For 2010, Fielder Corporation reported net income of $30,000; net sales $400,000; and average share outstanding 6,000. There were no preferred stock dividends. What was the 2010 earnings per share? 4. (TCO 4) A useful measure of solvency is which of the following? 5. (TCO 2) Which pair of accounts follows the rules of debit and credit, in relation to increases and decreases, in the same manner? 6. (TCO 2) The principle purpose of posting is which of the following? 7. (TCO 3) Joe is a warehouse custodian, and also maintains the accounting record of the inventory held at the warehouse. An assessment of this situation indicates

8. (TCO 3) The following information was taken from Hurlbert Company cash budget for the month of June: 9. (TCO 11) Managerial accounting information does which of the following? 10. (TCO 11) Which one of the following is not a direct material? 11. (TCO 11) Sales commissions are classified as which of the following? 12. (TCO 11) Manufacturing costs include which of the following? 13. (TCO 11) Neeley Manufacturing Company reported the following year-end information: 14. (TCO 5) What effect do changes in activity have on fixed costs per unit? 15. (TCO 5) Which one of the following is not an assumption of CVP analysis?

ACCT 301 Midterm Exam 3

1. (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? 2. (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%? 3. (TCO 6) For which one of the following budgeting aspects does the budget committee generally have the responsibility? 4. (TCO 6) Under what situation might a budget be most effective? 5. (TCO 6) How does long-range planning compare to a master budget? 6. (TCO 6) Which one of the following is a source of information used to prepare the budgeted income statement? 7. (TCO 7) When is a static budget most appropriate in evaluating a manager’s performance? 8. (TCO 7) Which type of center is the housekeeping department of a manufacturing company? 9. (TCO 7) For which of the following is an investment center manager responsible?

10. (TCO 7) Merck Pharmaceuticals is evaluating its Vioxx division, an investment center. The division has a $45,000 controllable margin and $300,000 of sales. How much will Merck’s average operating assets be when its return on investment is 10%? 11. (TCO 11) Financial and managerial accounting are both concerned with the economic events of an enterprise. Similarities between financial and managerial accounting do exist, but they have a different focus. Briefly distinguish between financial and managerial accounting as they relate to (1) the primary users, (2) the type and frequency of reports, (3) the purpose of reports, and (4) the content of reports. 12. (TCO 4) Are short-term creditors, long-term creditors, and stockholders primarily interested in the same characteristics of a company? Explain. 13. (TCO 5) In the month of September, Nixon Company sold 800 units of product. The average sales price was $30. During the month, fixed costs were $7,200 and variable costs were 60% of sales.

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Midterm Exam Essay

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Midterm Exam Essay
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  • University/College:
    University of California

  • Type of paper: Thesis/Dissertation Chapter

  • Words: 1576

  • Pages: 6

Midterm Exam

The Midterm Exam questions come from Modules 1-4. You should plan to take 2 hours to complete the exam. The exam is essay. Each answer is worth 20 points for a total of 100 points. Type your responses in this document and submit to the Dropbox by Sunday 11:59 PM EST/EDT. (This Dropbox basket is linked to Turnitin.) To see how your responses will be graded, review the “Midterm and Final Exam Grading Rubric” in Doc Sharing.

1. A re-organization will require that some employees are provided severance packages while other reassigned. What interpersonal managerial roles developed by Mintzberg will a manager confronted with this employ? Explain.

The interpersonal managerial roles that will confront a manager are figurehead, leader and liaison. The manager will be confronted by the figurehead role because he is the person that is in charge, that is representing the organization in these decisions. He will also be confronted by the liaison role because he will be interacting with his peers during and possibly after these decisions are made. Lastly he will be confronted with the leader role because he is the leader of his employees and will be required to gather the information and ultimately make the decisions.

2. A manager has decided to use the Hawthorne Studies to improve productivity in an office. How would she accomplish this? Would the results be short- or long-term? Explain.

Hawthorne studies dealt with group and individual behavior in the workplace. I think that a manager can accomplish more productivity in the workplace by making job satisfaction a priority. If someone is satisfied in their job then they are more likely to be productive. A manager can make the job more satisfying by making work challenging and interesting. Simple stuff such as introducing the latest software for office tasks or having an employee challenge of who can make the most sales in a week etc. can all help. A manager can also provide a reward system for employees that do well at work. Another thing a manager can do is create a supportive work environment for employees where they can ask for help or raise concerns without fear or prejudice. I think that all these factors will raise job satisfaction and as a result reduce the turnover rate, absenteeism and create a more productive workplace. These results would be long term because old employees would stay in the job longer and new employees would appreciate the work environment.

3. Nobel Prize-winning economist Milton Friedman argued that, “there is one and only one social responsibility of business—use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game” (Friedman, 1962, p. 133). Do you agree with Friedman? Explain.

I do not agree with Friedman. Friedman was campaigning for a capitalist society where capitalism was not wrong as long as “it stays within the rules”. For a long while this idea worked and was the American way. However this is the same idea that caused the financial meltdown. The rules Friedman was referring to was an unregulated market were profit was the driving force, profit at any cost. Loans were made and taken with no common sense, ethics or regulations. Responsibility and accountability went out the window and the economy crashed. There has to be some ethics and social responsibility involved for businesses. Businesses based in America should have a social responsibility to create a particular amount of jobs and not only take advantage of China’s cheap labor to increase profit margins. Companies can profit from things like innovation, ideas, excellence not only unethical behavior. These “rules” need to be revised for our country’s future. A capitalist society that lacks rules, regulations, ethics and social responsibility has already been proven to have only short term success. We need to also think about the future.

4. Please evaluate this scenario by detailing what the manager would do for each step in the decision-making process. i) Two employees are blaming each other for a project they collaborated on which failed. ii) The department’s last three hirers all quit within six months.

The decision making process entails the identification of a problem, identification of decision criteria, allocation of weights to criteria, development of alternatives, analysis of alternatives, selection of an alternative, implementation of the alternative evaluation of decision effectiveness.

i) The first step in problem 1 would require the manager to find out why the project failed then maybe he can identify who if anyone was at fault. The second step would be to figure out the criteria that are relevant to their decisions such as whether enough research was done, was the planning done poorly etc. The third step would be to rate or put a weight to each factor found in step two as to their importance in the final decision e.g. not enough research 5, poor planning 4. The fourth step is to list the alternatives that could succeed in resolving the problem, like 1st alternative termination, second alternative training course, third etc. The fifth step would be to analyze each alternative in step four weighing up the pros and cons of each potential alternative like would termination be a benefit or liability to the company. The sixth step is choosing the best alternative after they have each been evaluated. The seventh step in the implementation of each decision, this is where the decision would be conveyed to the two employees. The eighth and final step is an evaluation to see whether if implementation of the decision took care of the problem, e.g. would projects be successful in the future.

ii) The first step would be to indentify why the workers all quit within that particular time frame. The second step would be figure out a decision criteria, e.g. need for more staff, need a new office building etc. The third step would be to allocate weight to each of the criteria’s in step two e.g. five be the highest and one be the lowest, need for more staff rated at 5 would have the better weight than a new office building rated at a three. The fourth step would be to list all the alternatives better work environment, incentives etc. The fifth step would be to analyze every alternative. The sixth step would be to choose the best alternative. Step seven would be the implementation of the alternative and step eight would be an evaluation of if the alternative fixed the problem.

5. Competition with China has eviscerated many American industries, how can women’s clothing companies compete? Car companies? Please use Michael Porter competitive advantage categories: cost leadership strategy, differentiation strategy, and niche in your answer. Explain.

I believe that American car companies can compete by implementing all three competitive strategies. American car companies can utilize a cost leadership strategy, a differentiation strategy and also a focus strategy. I think that American companies can utilize the cost leadership strategy by reducing overhead expenses and translating some of those savings into the final price of the cars. Another portion of those savings can be used towards innovation or inventing something that gives American companies an advantage such as a more powerful engine, better handling etc. One of the things that really shocked me during the financial collapse was how much the CEO and board members of these car companies were making. American car companies can also use a differentiation strategy to become competitive.

American car companies can utilize every sub category under differentiation strategy such as innovation, better customer service at its dealerships, innovative designs, technological capabilities etc. A differentiation strategy coupled with a cost leadership strategy would make American car companies competitive. The last competitive strategy is a focus strategy. This is where these car companies focus on one segment. A segment can be a geographical location, customer type etc. I think a focus strategy can help these companies market their cars to specific demographics, different financial classes, different countries etc. With a differentiation implementation of maybe new innovation or technology and better customer service at their dealerships along with focus strategies then maybe American car companies can change the way that people perceive them and become more competitive in the car industry.

I think that all American companies can utilize the three different competitive strategies. One of these strategies would impact more than another depending on different factors such as the type of company, the size, location etc. Women’s clothing can also benefit. To me it would depend on the size of the women clothing company. If it were something that’s available only within the United States then I would focus less on a focus strategy as women’s clothing is already focused towards women. A cost leadership strategy can always be helpful to become competitive by reducing overheads etc. A differentiation strategy can also be implemented but again I think that this will depend on the size of the clothing company and it’s goals.

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Midterm Exam Essay

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Midterm Exam Essay
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  • University/College:
    University of Arkansas System

  • Type of paper: Thesis/Dissertation Chapter

  • Words: 1205

  • Pages: 5

Midterm Exam

1. Cross-sectional study involves the observation of some subset of a population of items all at the same time. Groups can be compared at different ages with respect to independent variables. This study differs from the longitudinal study because it takes place at a single point in time. In a longitudinal study, the same observations are made over different periods usually spanning several years. This type of study looks into developments and trends across generations or life spans.

Cross-sectional studies can be used when a researcher has time constraints; usually this method is done in expedition trips which look at a certain group in a matter of several weeks to months. One weakness of this approach is that it does not encompass the changes over time. This becomes the strength of the longitudinal method of study. It can trace the development of a certain phenomenon or fad thru its infancy up until the time it disappears, one downside though is that it required a lot of time and effort to complete.

2. Down syndrome is caused by an abnormal cell division of the 21st chromosome. The problem occurs when there is extra genetic material from the said chromosome and is responsible for the characteristic features and developmental problems of Down syndrome. Down syndrome has several symptoms or characteristics, most common of all are: flattened facial features, protruding tongue, small head, upward slanting eyes which are unusual for the child’s ethnic group, and unusually shaped ears.

Down syndrome carries with it several risks which include heart defects, leukemia, and proneness to infectious diseases, dementia, and other problems such as gastrointestinal blockage, poor vision, or hearing loss. 3. One of the most striking risks of infants with low birth rates is that they have a 25% chance of dying before reaching the age of one. These infants also have increased risk of long term disability and impaired development, usually in terms of motor and social development.

Cigarette smokers and black people are the ones which are most likely to have low birth weight infants compared to other social classes. 4. One of the most important benefits of breast feeding is that it is the best source of nutrition for the first six months of life. It contains appropriate amounts of carbohydrates, protein, fat, and provides digestive enzymes, minerals, vitamins and most importantly, hormones that infants require. The milk from the mother also contains antibodies which shield the baby from infections.

Breastfeeding also reduces the risk of ear infections, stomach infections, and digestive problems such as constipation, skin diseases, allergy problems, and hospitalizations during the first year of life. In addition, breastfed babies may have less risk of becoming overweight or developing high blood pressure, diabetes, iron-deficiency anemia, and tooth decay. Breastfeeding in poor countries such as those in Africa is very important because infants that are not breastfed are 5 times more likely to die from infections in the first two months of life.

This is important considering that these countries do not have proper medical care for these children. 5. Piaget discusses four important factors of cognitive change, namely the sensorimotor, preoperational, concrete operational, and formal operational stages. In the sensorimotor stage, infants are born with a set of congenital reflexes that allow them to float in the heavily dense world, in addition to a drive to explore their world. In the preoperational stage, children demonstrate sparse and logically inadequate mental operations, in this stage, the child learns to use and represent objects by images and words.

There are two stages, the preconceptual and the intuitive. In the preconceptual stage, the child is marked by egocentric thinking and animistic though, while in the intuitive stage, the child starts employing mental activities to solve problems and obtain goals. In the concrete operational stage, the child learns how to use his/her logic in tackling problems; however, children can only solver problems that apply to actual objects or events. Finally, in the formal operation stage, the child acquires the ability to think abstractly and draw logical and reasonable conclusions from the information available.

6. Types of children can be described using Thomas and Chess’ model of temperament. One of these types are shy children, these children are more or less inactive, suffering from less predictable manner, have low distractibility, pulls back and cries when exposed to new things and strangers, not easily adaptive, low attention span, low levels of response, unfriendly behavior, and take little notice of changes in stimulation. Fearful children exhibit most of the negative criteria in the model of temperament, most obvious of which in their approach/avoidance.

Fearful children tend to pull back and cry sometimes even if the said stimuli are reintroduced (meaning it has been seen by the child before). Aggressive children on the other hand exhibit such traits as an increased devotion to an activity, and have intense reactions when offered stimuli. 7. There are four attachment classifications, secure, anxious avoidant, anxious resistant and disorganized. In secure attachment, the amount of care is both consistent and sufficient giving the child security everytime the parent is around, even in the presence of strangers because the child knows that the parent is there to protect and guide him/her.

In the anxious-resistant type, care given by the parent is not consistent because the child is often wary of strangers until the parents return, it means that the parent cares for the child, but is not around all the time. In the anxious-avoidant insecure attachment, the amount of care given by the parent is both inconsistent and insufficient given that the child ignores or avoids the parent. In the disorganized attachment, the care given is either classified by the child as frightening or comes from someone who is frightened.

This is caused by either a frightened caregiver, or a very aggressive caregiver. 8. Three language development theories will be compared and contrasted, Chomsky’s language acquisition device, Piaget’s cognitive constructivism, and Vygotsky’s social contructivism and language. Chomsky and Piaget sees language as something which comes with birth, Chomsky and Piaget both focused on how the child developed a language, for Chomsky, he supposes that the ability to learn language is inborn in the form of a Language Acquisition Device (LAD).

He was not able to take enough account of the influences of cognition and language have on each other’s development. In Piaget’s case, he argues that cognitive development preceded language. He focused more on the child’s cognitive development and attributes it the child’s way of representing their familiar worlds. While for Vygotsky, his main concern was the relationship between the development of thought and language, his theory melded together Chomsky and Piaget’s theory and combined them to form his theory that language is first a means of social communication, then gradually promotes both language and cognition.

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