acct 301 final exam 495876

1.(TCO 1) What is the accounting equation? Suppose your company sold $12,000 in merchandise to a customer for cash. How does this transaction impact the accounting equation?(Points : 17)

2.(TCO 2) What are the four basic financial statements? Describe the balance sheet, and explain why it is important.(Points : 17)

3.(TCO 3) What is the Sarbanes-Oxley Act? Do you think this act has more importance for the accounting profession or for investors? Why?(Points : 17)

4.(TCO 4) What is horizontal analysis of financial statements? How does horizontal analysis differ from vertical analysis?(Points : 17)

1.(TCO 5) What is CVP analysis? Why is this an important analysis for a company to perform?(Points : 26)

2.(TCO 6) What is an operating budget? What does it result in? What is the first step in completing an operating budget?(Points : 26)

3.(TCO 7) What is responsibility accounting? What is a cost center? How does a cost center differ from a profit center?(Points : 26)

1.(TCO 5) What is CVP analysis? Why is this an important analysis for a company to perform? (Points : 26)

2.(TCO 6) What is an operating budget? What does it result in? What is the first step in completing an operating budget? (Points : 26)

3.(TCO 7) What is responsibility accounting? What is a cost center? How does a cost center differ from a profit center? (Points : 26)