Midterm Exam Essay Example for Free

Midterm Exam Essay 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 wer e 60% of sales.

Descartes, Leibniz, And Spinoza Essay -- essays research papers

If these great thinkers (Descartes, Spinoza, and Leibniz) were to discuss instead the soul’s connection to the body, what might each say (both on his own behalf and in response to the other)? Would they find any places where they might agree? If not, why not? (These are, after all, smart guys!)   Ã‚  Ã‚  Ã‚  Ã‚  Though this sort of meeting would strike me as a debate with as furiously disparate and uncompromising ideals as one would find in a meeting of Andrew Weil, Jerry Falwell, and David Duke, I expect that the philosophers would find some surprisingly common ground. Descartes, the Christian outcast, Spinoza, the Jewish outcast, and Leibniz, the creative mathematician all acknowledge that what we know better than anything is the mind. Given this, we can deduce that any knowledge we acquire of our perceived bodies does not necessarily relate to some external reality, physical substance, or biological bodies. However, from this point on the three scholars meander off in separate definitive arguments.   Ã‚  Ã‚  Ã‚  Ã‚  Descartes reasons in â€Å"Meditations on the First Philosophy: In Which the Existence of God and the Distinction Between Mind and Body are Demonstrated† that mind and body are real, extant, and separate products of God. He does this by suggesting that if the body were not real, then God would be deceiving us, which is unlikely from a perfect god. He also arrives at a proof for his mind’s existence by postulating the famous cogito, ...

Mgt602 Case Study Sample

Starbuck’ Strategy and Internal Initiatives to Return to Profitable Growth Shangze Li MGT 602 National University April 13, 2012 Starbuck’s Strategic Analysis Mission From the stuff of the textbook, there are some content about Starbucks’ mission statement. Howard Schultze who is the chairman and CEO of Starbucks would like their mission statement to convey a strong sense of organizational purpose and to articulate Starbucks’ fundamental beliefs and guiding principles. They renewed their mission statement in October, 2008.It is â€Å"To inspire and nurture the human spirit- one person, one cup, and one neighborhood at a time here are the principles of how we live that every day† (Thompson, 2012). The strategic mission of Starbucks is to establish Starbucks as the most recognized and respected brand name in coffee and for the company to be admired for its corporate responsibility. Starbucks has six corporate values as its own internal guideline. Firs tly, provide a great work environment and treat each other with respect and dignity.Secondly, embrace diversity as essential component in their business approaches. Thirdly, apply the highest standards of excellence to the purchasing process. Fourthly, roast and deliver fresh coffee. Fifthly, develop enthusiastically satisfied customers all of the time. Sixthly, contribute positively to communities and environment, and recognize that profitability is essential to their future success. As such, Starbucks uses these principles as a guideline for all employees to achieve the company’s goals (Starbucks, 2012). Store Expansion StrategyThompson mentioned Starbucks’ expansion strategy in this case. From 1993, Starbucks began their geographic expansion strategy to target areas. They believed â€Å"Starbucks everywhere† strategy cut down on delivery and management costs. The data showing that their operating margin was 14. 3% in fiscal 2007, but declining store sales and depressed economic conditions had driven the margin down to 6. 0% in fiscal 2008 and 7. 5% in fiscal 2009. In 1995, Starbucks began entering into licensing agreements for store locations in areas where it did not have ability to locate its own outlets.Till September 2009, Starbucks had company-operated and licensed stores in 50 countries and expected to open 200 new stored internationally in fiscal 2010 (Thompson, 2012). Revenue growth is decreasing because Starbucks lacks experienced management. Schultz has never led a growth effort of such magnitude and is just learning what the job of DEO is all about. Additionally, the US economic slowdown makes Starbucks experience a steeper fall and the customers are more price sensitive the past year. Customers lose their jobs, they don’t have money to drink coffee in Starbucks.According to this situation, Starbucks should reduce their US expansion efforts. Continued aggressive expansion in the United States by adding as many new stor e locations as in the past will inevitably act to cannibalize existing locations same store sales. The specialty coffee industry in the United State has entered the mature stage. One of the qualities inherent to the mature stage of the industry lifecycle is overcapacity. Any significant expansion efforts in an environment where overcapacity is present will be met with failure.By reducing their expansion efforts in the United States, Starbucks can redirect the capital saved into their international expansion efforts. The international market provides an ideal target for expansion and the penetration rate of specialty coffee in many nations is low and these countries have the potential market share capacity (Larson, 2008). Business Strategy From the mid-1990, Starbucks started their products strategy. The strategic objectives were to capitalize on Starbucks’ growing brand awareness and brand-name strength and create a broader foundation for sustained long-term growth in revenue s and profits (Thompson, 2012).Starbucks should start new independent business unit for new products, with decentralization for products-group structure. They should reduce cross functional tasks to reduce confusion between employees and increase efficiency. Starbucks gets the outsiders of their board to gain potential new ideas in new business. Exploring new business is a blue ocean strategy and gets a first mover advantage (Paydirect, 2012). Marketing Starbucks had spent relatively little money on advertising, preferring instead to build the brand cup by cup with customers and depend on word of mouth and the appeal of its storefronts.Adverting expenditures were $126. 3million in fiscal 2009, versus $129. 0 million in fiscal in 2008. Starbucks stepped up advertising efforts in 2008 to combat the strategic initiatives of McDonald’s and several other fast-food chains to begin offering premium coffees and coffee drinks at prices below those charged by Starbucks (Thompson, 2012) . Store Ambience Starbucks should create a store atmosphere that fits the local settings and by training baristas to increase the personal connection between themselves and their customers.Starbucks encourage s feedback from their customers to induce a family like feeling and instructs all baristas to greet every customer. To further increase this emotional connection with their customers, Starbucks can implement digital picture frames in all store locations and uploads local customer photos and perhaps even customer supplied family photos, customers have the option of uploading some of their family photos into the digital picture frames Starbucks gives them the chance to personalize their local coffee shop and joins a community (Larson, 2008).Research and development Starbucks can continue in their research and development strategy by being the technological leader in the coffee retail business (Thompson, 2012). Starbucks should continually improve the coffee’s variety. Maga zine consumer reports rated McDonald’s drip coffee as tasting better than that of Starbucks in 2009. To ensure the quality of their coffee, Starbucks should continually analyze their brewing systems and practices and considers renovations.The brewing process should at all times be judged based upon its ability to bring out the complexities and distinctive flavors of the world’s different exotic specialty coffees. Starbucks introduces their Tazo tea brand into the Japanese market. After a successful trial run in Japan, Tazo is brought into the US markets. Starbucks should diversify in related business to secure its own business, as customers have brand preference such as Macdonald, Donuts and so on (Paydirect, 2012). FinanceIn March 2010, Starbucks announced it first-ever cash dividend of $0. 10 per share to be paid quarterly starting with the second quarter of fiscal 2010. Net revenues increased 8. 6 percent in the second quarter of fiscal 2010 compared with the same q uarter in fiscal 2009 (Thompson, 2012). Starbucks should use the best of their economies of scale to reduce costs. Starbucks should start new independent business unit for analyze the cost and return of new coffee’s product which is a cost driver.Accountants and auditors should follow the corporate governance to control some unnecessary expense and use performance test to identify the financial competitive advantage (Paydirect, 2012). Starbucks should evaluate their performance substantively and symbolically to avoid any accumulative financial losses to take quick corrective actions. The best evaluation method for Starbucks will be measuring ROI for any new investment they made and for the old investments as well. Starbucks should measures net profit for each store to separate between profitable and non-profitable stores.Hence, Starbucks will have a clear financial positioning (Paydirect, 2012). Reference Larson, R. C. (2008). Starbucks a strategic analysis. Retrieved on Sep 22,2012 from http:// coe. brown. edu/documents/starbucksastrategicanalysis_ R. Larson_honors_2009. pdf Paydirect. (2012). About Us. starbucks. Retrieved from Sep 20, 2012 from http://www. starbucks. com/about-us Thompson, A. A. , Peteraf, M. A. , Gamble, J. E. , Strickland III, A. J. (2012). Crafting and Executing Strategy: concepts and cases: global edition. New York, NY: McGraw-Hill/Irwin.

The Lives Of Rural Poverty - 823 Words

Families, especially children, who are living in rural poverty are by the very definition isolated from others. Not only are they isolated physically from their peers and resources they are also isolated from the research community. Their very existence is only recognized by those who happen to have direct contact with them: the few hundred people that live in their town, the 50 students in their school or the family members who reside under one-roof (which often is well above the â€Å"traditional† family of four). To many, their lives resemble something from a history book where families lived in the woods separated sometimes by miles and they spend most of their time working on their farms or in a mill. Students often remark that going to school in a small town â€Å"seems like everyone knows you and your business† but the question is anyone doing anything with â€Å"what they know† to help these students succeed? According to the National Center for Children in Poverty, since 2013, families of four with incomes below $23,624 are referred to as poor. Children living in households with twice this income are referred to as low income. In the United States, 22% of children live in poor families and 44% live in low-income families. If you isolate NH, 11% of children are living in poverty and 28% live in low-income households (National Center for Children Living in Poverty, 2013). That is roughly 31 million children in the United States and 15 million in NH living in poverty. While mostShow MoreRelatedInsular Poverty Essay1448 Words   |  6 PagesEnglish 102 Insular Poverty 11/3/2012 Nobody wants to be considered to be below the poverty line. Unfortunately, for fourteen percent of the people in this country, that is their reality. Fourteen percent of the people currently living in the United States’ basic needs for food, clothing, and shelter are not being met. 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