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?
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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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