Mid-Term%20A_final0 - Do NOT open your exam until you are...

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1 Do NOT open your exam until you are told to do so! While you are waiting please do the following: 1) Keep your exam closed but pull out your bubble-sheet 2) Using your pencil, fill in x your last name & first initial x your net id (this is the same as your Enterprise ID & is the first part of your University email address) x Your section number TA Section Number Jeff Bubble Sheet Input AD1- 8 am 001 Jeff AD2- 9 am 002 Antoinette AD3- 10 am 003 Antoinette AD4-11 am 004 Jimmy AD5-12 pm 005 Jimmy AD6- 1 pm 006
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2 1. Explain how the following general journal entry affects the accounting equation. A. Both assets and equity increase. B. Both liabilities and assets increase. C. Assets increase and liabilities decrease. D. Liabilities increase and equity decreases. 2. York Corporation plans to sell 40,000 units of its single product in March. The company has 1,000 units in its March 1 finished-goods inventory and would like to plan such that 2,000 completed units are on hand in inventory on March 31. On the basis of this information, how many units does York plan to produce during March? A. 40,000 units. B. 41,000 units C. 42,000 units D. 43,000 units E. None of the above 3. Midwest Motors manufactures automobiles. Which of the following would be classified as direct materials by the company? A. Sheet metal used in the automobile's body. B. Tires. C. Drill bits used in the fabrication department D. A & B would both be considered direct materials E. All of the above would be classified as direct materials 4. The accounting equation can be stated as: A. A + L - OE = 0. B. A - L + OE = 0. C. -A + L - OE = 0. D. A - L - OE = 0.
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3 5. Please identify which of the following statements are true: A. Corrective controls focus on preventing an error or irregularity. B. The attitudes and actions of top management typically do affect the climate of an enterprise, even though they (top management) have little day-to-day interactions with the typical employee C. An internal control is an activity performed to minimize a risk that has been identified as potentially jeopardizing the achievement of a business objective(s). D. Both (b) & (c) are true E. None of the above Raw Materials Please use these problem facts to answer questions 6-8 Willow Corporation, a manufacturer of custom cabinetry, had the following inventory balances at the beginning and end of 20X1: Work-in-process Finished Goods 50,000 100,000 150,000 50,000 200,000 0 During 20X1 the company purchased $200,000 of raw materials (on account) and incurred $150,000 of direct labor. Throughout the year, MOH is applied to production jobs using a pre-determined overhead rate of $2.00 of MOH per direct labor dollar. At the end of the year any under-or-over applied MOH is written off to cost of goods sold. The POHR was calculated using the following budgeted totals for 20X1: budgeted direct labor dollars =
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This note was uploaded on 04/28/2011 for the course ACCY 202 taught by Professor Staff during the Fall '08 term at University of Illinois, Urbana Champaign.

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Mid-Term%20A_final0 - Do NOT open your exam until you are...

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