2024 – ACCT 304 Midterm Exam Intermediate Accounting I ACCT 304 Week 4 Midterm Set 1

ACCT 304 Midterm Exam Intermediate Accounting I

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ACCT 304 Week 4 Midterm Set 1:

1. (TCO 1) Which of the following has the authority to set accounting standards in the United States?
2. (TCO 2) The conceptual framework’s qualitative characteristic of faithful representation includes:
3. (TCO 3) A sale on account would be recorded by:
4. (TCO 3) When a tenant makes an end-of-period adjusting entry credit to the “Prepaid rent” account:
5. (TCO 3) Permanent accounts would not include:
6. (TCO 4) Noncurrent assets include:
7. (TCO 4) The acid-test ratio is also known as the:
8. (TCO 5) Popson Inc. incurred a material loss which was not unusual in character, but was clearly an infrequent occurrence. This loss should be reported as:
9. (TCO 5) On June 1, 2013, Romano Inc. changed the estimated useful life of its office equipment from 20 to 12 years. This change would be accounted for:
10. (TCO 5) In the operating activities section of the statement of cash flows, we start with net income:
11. (TCO 5) The Maytag Corporation’s income statement includes income from continuing operations, a loss from discontinued operations, and extraordinary items. Earnings per share information would be provided for:
12. (TCO 5) Expenses in an income statement prepared under International Financial Reporting Standards:
13. (TCO 4) The balance sheet reports:
14. (TCO 4) Which of the following groups is not among the external users for whom financial statements are prepared?
15. (TCO 5) What would be Misty’s net income for the current year?
16. (TCO 4) Listed below are account balances (in $millions) taken from the records of Symphony Stores. All of these are permanent accounts, except the last two that have yet to be closed. The installment receivables are current. Symphony uses
17. (TCO 4) Briefly explain the purpose of the disclosure note on significant accounting policies. Provide two examples of what might be found in this note.
18. (TCO 2) What is the SEC and how is it involved with accounting standard setting?
19. (TCO 5) Give an example of a non-cash financing and investing activity and explain when and how it would be reported in the financial statements
20. (TCO 3) Describe what is meant by unearned revenues and give two examples

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ACCT 304 Week 4 Midterm Set 2:

1. (TCO 1) One of the implications of technology in HRM is
2. (TCO 1) All of these are workforce diversity characteristics, except
3. (TCO 2) A small distribution organization uses a payroll company to provide employee compensation services and keep timesheet records and employee attendance history. This situation is an example of
4. (TCO 2) A large manufacturing organization with 20 geographically dispersed production facilities recently cut its HRM staff by 60%. Each site has a few generalists, but specialist needs in recruiting and selection planning, employment law, training, and benefits administration have been consolidated into one location. This situation is an example of
5. (TCO 3) A company used a personality test to select job candidates for customer service positions. There were 40 male candidates and 20 female candidates. It appeared that 30 men passed the personality test, and five women passed the personality test. Was there evidence of disparate impact against female candidates with this personality test?
6. (TCO 3) Under Title VII, the first measure of determining potentially discriminatory practices is
7. (TCO 3) Which of the following laws extended leave for family matters?
8. (TCO 4) Sharon, vice president of human resources for a large textile firm, is in a strategic restructuring meeting. The discussion topics include which one of the three production facilities to close. There are 40 employees at each of the facilities. When asked, “What should we tell the employees?” Sharon responds
9. (TCO 5) Leona has gathered job analysis data with a structured questionnaire for managerial jobs in remote locations of her firm. Exit interviews have produced comments such as, “You should have told me what was really expected.” She wants to use an additional collection technique to avoid misrepresentation in job descriptions. Leona’s boss told her, “Be thorough. Job analysis time and cost are nothing compared to the cost of replacing these managers.” Which method should she use?
10. (TCO 4) Which of the following is not one of the guidelines for administering discipline?
11. (TCO 5) This job analysis method requires job incumbents to record their daily activities.
12. (TCO 5) Where does job analysis occur in the strategic planning process?
13. (TCO 6) Jane is the director of recruiting for a large corporation. Which of the following is a warning signal that her efforts are not effective?
14. (TCO 6) A benefit of a good recruiting program is indicated by which of the following?
15. (TCO 6) What is the difference between a conditional job offer and a permanent job offer?
16. (TCO 6) Which of the following is an individual who is recruited as an alternative to do specific work at a location on or off the company’s premises?
17. (TCO 7) In the selection process, the employment testing should occur after
18. (TCO 7) Why are performance simulation tests used more often today instead of written tests in the selection process?
19. (TCO 7) Application forms typically include all of the following except
20. (TCO 8) Which is not an on-the-job training method?
21. (TCO 8) What is an employee development method that involves exercises such as case studies, decision games, and role plays?
22. (TCO 8) Shannon is in line for a senior vice president position at a large hotel conglomerate. She has just received a letter appointing her to the national environmental task force for water and electricity conservation
23. (TCO 9) Hector is a research scientist in a large company. He refuses to go to staff meetings but volunteers to attend conventions where he receives recognition for his accomplishments. He holds 17 patents (more than two for each year he has been with his company, and they are proudly displayed on his office wall), but will not work with his manager on quarterly goals. What is Hector’s Holland vocational preferences type?
24. (TCO 9) Career stages are important to employee development. The traditional stages are
25. (TCO 9) Melissa prefers solitary work to large groups, asking questions rather than answering them, and making her own rules instead of following others. What Holland vocational preference model best

(TCO 3) Explain the role of EEOC

(TCO 7) You are trying to get a job as a recruiter for an HR department for a large, multinational company. One of the questions you are asked in your interview is to describe the following types of recruiting methods, explain when you would most likely use each of them (i.e., what kind of jobs), and why (at least one reason each.) What would you say if the methods were online recruiting, career fairs, and employment agencies?

(TCO 8) You have just been promoted at the BBB Company and now have the responsibility of the employee orientation program. What components should be covered in the program? Explain what would be covered in your employee orientation program.