EXERCISE 3-23 (10 MINUTES)
|
|
|
- Winifred Miranda Henry
- 7 years ago
- Views:
Transcription
1 Solution to Chapter 3 E3 23,24,26,28,30, E3 38,31,33, P3 45 EXERCISE 3-23 (10 MINUTES) 1. Process 2. Job-order 3. Job-order (contracts or projects) 4. Process 5. Process 6. Job-order 7. Process 8. Job-order (contracts or projects) 9. Process 10. Job-order EXERCISE 3-24 (20 MINUTES) 1. Raw-material inventory, January 1... $174,200 Add: Raw-material purchases ,300 Raw material available for use... $422,500 Deduct: Raw-material inventory, January ,200 Raw material used in January... $261,300 Direct labor ,000 Total prime costs incurred in January... $651, Total prime cost incurred in January... $651,300 Applied manufacturing (70% $390,000) ,000 Total manufacturing cost for January... $924,300
2 EXERCISE 3-24 (CONTINUED) 3. Total manufacturing cost for January... $ 924,300 Add: Work-in-process inventory, January ,500 Subtotal... $1,229,800 Deduct: Work-in-process inventory, January ,300 Cost of goods manufactured... $ 903, Finished-goods inventory, January 1... $ 162,500 Add: Cost of goods manufactured ,500 Cost of goods available for sale... $1,066,000 Deduct: Finished-goods inventory, January ,100 Cost of goods sold... $ 913,900 Since the company accumulates overapplied or underapplied until the end of the year, no adjustment is made to cost of goods sold until December Applied manufacturing for January... $273,000 Actual manufacturing incurred in January ,500 Overapplied as of January $ 45,500 The balance in the Manufacturing Overhead account on January 31 is a $45,500 credit balance. NOTE: Actual selling and administrative expense, although given in the exercise, is irrelevant to the solution. EXERCISE 3-26 (15 MINUTES) 1. Applied manufacturing = total manufacturing costs 30% = $1,250,000 30% = $375,000 Applied manufacturing = direct-labor cost 80% Direct-labor cost = applied manufacturing 80% = $375,000.8 = $468, Direct-material used = total manufacturing cost
3 direct labor cost applied manufacturing = $1,250,000 $468,750 $375,000 = $406, Let X denote work-in-process inventory on December 31. Total work-in-process work-in-process cost of manufacturing + inventory, inventory, = goods cost Jan. 1 Dec. 31 manufactured $1,250, X X = $1,212,500 Work-in-process inventory on December 31 amounted to $150,000. EXERCISE 3-28 (15 MINUTES).25X = $1,250,000 $1,212,500 X = $150, (a) At 100,000 chicken volume: (b) At 200,000 chicken volume: (c) At 300,000 chicken volume:
4 2. The predetermined rate does not change in proportion to the change in production volume. As production volume increases, the $150,000 of fixed is allocated across a larger activity base. When volume rises by 100%, from 100,000 to 200,000 chickens, the decline in the rate is 45.45% [($1.65 $.90)/$1.65]. When volume rises by 50%, from 200,000 to 300,000 chickens, the decline in the rate is 27.78% [($.90 $.65)/$.90]. EXERCISE 3-30 (20 MINUTES) 1. Raw-Material Inventory Work-in-Process Inventory 295,100 23, , ,200 68, , ,000 Wages Payable 156, , ,800 Manufacturing Overhead Finished-Goods Inventory 234,000 39, ,000 Sales Revenue 171, ,500 23,400 Accounts Receivable Cost of Goods Sold 253, , JAY SPORTS EQUIPMENT COMPANY, INC. PARTIAL BALANCE SHEET AS OF DECEMBER 31, 20X2 Current assets Cash... XXX Accounts receivable... XXX Inventory Raw material... $ 68,900 Work in process ,800 Finished goods... 23,400 JAY SPORTS EQUIPMENT COMPANY, INC. PARTIAL INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 20X2 Sales revenue... $253,500
5 Less: Cost of goods sold ,600 Gross margin... $ 81,900 EXERCISE 3-38 (15 MINUTES) Work-in-Process Inventory: Tanning Department... 11,000 a Manufacturing Overhead... 11,000 a 11,000 = 25 sets x 110 sq. ft. x $4 per sq. ft. Work-in-Process Inventory: Assembly Department... 1,100 b Manufacturing Overhead... 1,100 b $1,100 = 25 sets x 4 MH x $11 per MH Work-in-Process Inventory: Saddle Department... 5,625 c Manufacturing Overhead... 5,625 c $5,625 = 25 sets x 45 DLH x $5 per DLH EXERCISE 3-31 (20 MINUTES) 1. Raw material: Beginning inventory... $142,000 Add: Purchases...? Deduct: Raw material used ,000 Ending inventory... $162,000 Therefore, purchases for the year were... $672, Direct labor: Total manufacturing cost... $1,372,000 Deduct: Direct material ,000 Direct labor and manufacturing... $ 720,000 Direct labor + manufacturing = $720,000 Direct labor + (60%) (direct labor) = $720,000 (160%) (direct labor) = $720,000 Direct labor = $720,
6 Direct labor = $450, Cost of goods manufactured: Work in process, beginning inventory... $ 160,000 Add: Total manufacturing costs... 1,372,000 Deduct: Cost of goods manufactured...? Work in process, ending inventory... $ 60,000 Therefore, cost of goods manufactured was... $1,472,000 EXERCISE 3-31 (CONTINUED) 4. Cost of goods sold: Finished goods, beginning inventory... $ 180,000 Add: Cost of goods manufactured... 1,472,000 Deduct: Cost of goods sold...? Finished goods, ending inventory... $ 220,000 Therefore, cost of goods sold was... $1,432,000 EXERCISE 3-33 (20 MINUTES) NOTE: Budgeted sales revenue, although given in the exercise, is irrelevant to the solution. 1. Predetermined rate = (a) = $32.50 per machine hour (b) = $26.00 per direct-labor hour (c) = $2.00 per direct-labor dollar or 200% of direct-labor cost *Budgeted direct-labor cost = 25,000 $13
7 2. Actual manufacturing applied manufacturing = overapplied or underapplied (a) $690,000 (22,000)($32.50) = $25,000 overapplied (b) $690,000 (26,000)($26.00) = $14,000 underapplied (c) $690,000 ($364,000 )(200%) = $38,000 overapplied Actual direct-labor cost = 26,000 $14 PROBLEM 3-45 (25 MINUTES) The completed T-accounts are shown below. (Missing amounts in problem are italicized.) Raw-Material Inventory Accounts Payable Bal. 1/1 29,400 3,500 Bal. 1/1 189, , , ,000 Bal. 12/31 50,400 1,400 Bal. 12/31 Work-in-Process Inventory Finished-Goods Inventory Bal. 1/1 23,800 Bal. 1/1 16,800 Direct 168,000 1,005, ,000 material Bal. 12/31 28,000 Direct 210,000 1,005,200 labor Mfg. 630,000 Bal. 12/31 26,600 Cost of Goods Sold 994,000 Manufacturing Overhead 633, ,000 Sales Revenue 1,134,000 Wages Payable 2,800 Bal. 1/1 Accounts Receivable 205, ,000 Bal. 1/1 15,400 7,000 Bal. 12/31 1,134,000 1,128,400 Bal. 12/31 21,000
AGENDA: JOB-ORDER COSTING
TM 3-1 AGENDA: JOB-ORDER COSTING A. The documents in a job-order costing system. 1. Materials requisition form. 2. Direct labor time ticket. 3. Job cost sheet. B. Applying overhead using a predetermined
Chapter 4. Systems Design: Process Costing. Types of Costing Systems Used to Determine Product Costs
4-1 Types of Systems Used to Determine Product Costs Chapter 4 Process Job-order Systems Design: Many units of a single, homogeneous product flow evenly through a continuous production process. One unit
n System Design Job Order Costing n What is Product Costing n Types of Product Costing n When and how to use Job-Order Costing McGraw-Hill /Irwin
2-1 Today s Lecture Management Accounting Lecture 7 (Chapter 2) Systems Design: n System Design Job Order Costing n What is Product Costing n Types of Product Costing n When and how to use n Journal entries
Job-order Costing; T-Accounts; Income Statement
JOB-ORDER COSTING 1 Job-order Costing; T-Accounts; Income Statement Gold Nest Company is a family-owned enterprise that makes birdcages in Chinatown. A popular pastime among older Chinese men is to take
There are two basic types of cost accounting systems:
CHAPTER 2 JOB ORDER COSTING Managerial Accounting, Fourth Edition 2-1 Cost Accounting Systems There are two basic types of cost accounting systems: 2-2 LO 1: Explain the characteristics and purposes of
McGraw-Hill /Irwin 2-2 A company produces many units of a single product. One unit of product is indistinguishable from other units of product.
Chapter 2-1 Chapter 2 Systems Design: Job-Order Costing McGraw-Hill /Irwin The McGraw-Hill Companies, Inc., 2007 Learning Objective LO1 To distinguish between process costing and job-order costing and
JOB ORDER COST 10 SYSTEMS AND OVERHEAD ALLOCATIONS
10-1 10-2 Chapter JOB ORDER COST 10 SYSTEMS AND OVERHEAD ALLOCATIONS To explain the purposes of cost accounting systems. LO1 10-3 10-4 Cost Accounting Systems Cost Accounting Systems Determining unit manufacturing
Exam 1 Chapters 1-3 Key
Exam 1 Chapters 1-3 Key 1. Which of the following should NOT be included as part of manufacturing overhead at a company that makes office furniture? A. Sheet steel in a file cabinet made by the company.
CHAPTER 9. Cost accounting systems CONTENTS
CHAPTER 9 Cost accounting systems CONTENTS 9.1 Job order costing and factory overhead 9.2 Job order costing 9.3 Process costing 9.4 Calculating unit costs with process costing 9.5 Cost of production reports
Quiz Chapter 3 - Solutions. 1. The manufacturing operation that would be most likely to use a job-order costing system is:
Quiz Chapter 3 - Solutions 1. The manufacturing operation that would be most likely to use a job-order costing system is: A) toy manufacturing. B) candy manufacturing. C) crude oil refining. D) shipbuilding.
Module 2: Job-order costing
Module 2: Job-order costing Required reading Overview Chapter 3, pages 69-99 This module introduces the distinctions between two methods of determining unit costs of production joborder costing and process
REVIEW FOR EXAM NO. 1, ACCT-2302 (SAC) (Chapters 16-18)
A. Chapter 16 (Managerial Accounting). 1. Purposes and Principles. (Page 956) REVIEW FOR EXAM NO. 1, ACCT-2302 (SAC) (Chapters 16-18) a. Provides economic/financial information (both historical and estimated)
Exercise 17-1 (15 minutes)
Exercise 17-1 (15 minutes) 1. 2002 2001 Sales... 100.0% 100.0 % Less cost of goods sold... 63.2 60.0 Gross margin... 36.8 40.0 Selling expenses... 18.0 17.5 Administrative expenses... 13.6 14.6 Total expenses...
Chapter 3 Notes Page 1
Chapter 3 Notes Page 1 Job-Order System There are basically two approaches to assign manufacturing costs to products produced or services rendered: Job-Order Costing and Process Costing. The approach that
Dutchess Community College ACC 204 Managerial Accounting Quiz Prep Chapter 2
Dutchess Community College ACC 204 Managerial Accounting Quiz Prep Chapter 2 Job Order Cost Accounting Peter Rivera January 2010 Disclaimer This Quiz Prep is provided as an outline of the key concepts
The Basic Framework of Budgeting
Master Budgeting 1 The Basic Framework of Budgeting A budget is a detailed quantitative plan for acquiring and using financial and other resources over a specified forthcoming time period. 1. The act of
Lanen 3e, Chapter 7: Job Costing Practice Quiz
Lanen 3e, Chapter 7: Job Costing Practice Quiz 90. A manufacturing company employs job costing to account for its costs. There are three production departments, and separate departmental overhead application
Accounting Building Business Skills. Learning Objectives: Learning Objectives: Paul D. Kimmel. Chapter Thirteen: Cost Accounting Systems
Accounting Building Business Skills Paul D. Kimmel Chapter Thirteen: Cost Accounting Systems PowerPoint presentation by Kate Wynn-Williams University of Otago, Dunedin 2003 John Wiley & Sons Australia,
CHAPTER 9 Profit Planning and Activity-Based Budgeting
CHAPTER 9 Profit Planning and Activity-Based Budgeting ANSWERS TO REVIEW QUESTIONS 9-1 A budget facilitates communication and coordination by making each manager throughout the organization aware of the
ESERCIZI. 1 PREDETERMINED OVERHEAD RATE, OVERHEAD APPLICATION At the beginning of the year, Kreskin Company estimated the following costs:
ESERCIZI 1 PREDETERMINED OVERHEAD RATE, OVERHEAD APPLICATION At the beginning of the year, Kreskin Company estimated the following costs: Overhead $450,000 Direct labor cost 600,000 Kreskin uses normal
Analysis of Inventories. Inventory: Asset or Expense?
Analysis of Inventories Inventory: Asset or Expense? Inventories normally considered assets held for sale Comprised of: Raw materials inventory Work-in-process inventory Finished goods inventory Question:
STUDENT NAME: STUDENT ID:
MIDTERM EXAM AFM 102: Introduction to Managerial Accounting Sections 001, 002, 003 and 004 February 29, 2008: 4:30 6:00 PM Instructors: Rob Ducharme; Thomas Vance STUDENT NAME: STUDENT ID: TUTORIAL: Room:
Classification of Manufacturing Costs and Expenses
Management Accounting 51 Classification of Manufacturing Costs and Expenses Introduction Management accounting, as previously explained, consists primarily of planning, performance evaluation, and decision
2-8. Identify whether each of the following items increases or decreases cash flow:
Problems 2-8. Identify whether each of the following items increases or decreases cash flow: Increase in accounts receivable Increase in notes payable Depreciation expense Increase in investments Decrease
STUDENT NAME: STUDENT ID: UWDIR/Quest Id:
MIDTERM EXAM AFM 102: Introduction to Managerial Accounting Sections 001, 002, 003 and 005 February 27, 2009: 4:30 6:00 PM Instructors: Robert Ducharme; Thomas Vance; Yutao Li STUDENT NAME: STUDENT ID:
CHAPTER 20. Job Order Cost Accounting ASSIGNMENT CLASSIFICATION TABLE. Brief. A Problems. B Problems
CHAPTER 20 Job Order Cost Accounting ASSIGNMENT CLASSIFICATION TABLE Study Objectives Questions Brief Exercises Exercises A Problems B Problems 1. Explain the characteristics and purposes of cost accounting.
Dr. Baldwin AC 314 Chapter 2
Dr. Baldwin AC 314 Chapter 2 2-16 (15 min.) Computing and interpreting manufacturing unit costs. 1. (in millions) Supreme Deluxe Regular Total Direct material cost $ 84.00 $ 54.00 $ 62.00 $200.00 Direct
Appendix 8A. General Ledger Entries to Record Variances. Direct Materials Variances. Direct Labour Variances
Appendix 8A General Ledger Entries to Record Variances Although standard costs and variances can be computed and used by management without being formally entered into the accounting records, most organizations
Instructions for E-PLAN Financial Planning Template
Instructions for E-PLAN Financial Planning Template The EPLAN template will assist you in preparing financial projections for your existing business. The template uses Microsoft Excel to prepare your projected
Chapter 5 Merchandising Operations
Chapter 5 Merchandising Operations Financial Statements of a Service Company and a Merchandiser: - Service Companies: Revenues earned through performance of services. Examples: Dentists, Accounting Firms,
SECTION IX. ACCOUNTING FOR INVENTORY
SECTION IX. ACCOUNTING FOR INVENTORY A. IAS 2 IAS 2 Inventories pertains to inventories that are: Assets held for sale in the ordinary course of business (finished goods and merchandise); Assets in the
The Measurement of the Business Income. 1 by recording revenues when earned and expenses when incurred. 2 by adjusting accounts
Recap from Week 3 The Measurement of the Business Income The primary objective of accounting is measuring the net income of the businesses according to the generally accepted accounting principles. Net
process-costing method used. Therefore, step 1 is identical under the weighted-average and FIFO methods. See Exhibit 4 5 in the text.
Process Costing: The First-In, First-Out Method 1 FIFO Method of Process Costing In this supplement to Managerial Accounting we will illustrate the first-in, first-out FIFO method of process costing using
REVIEW FOR FINAL EXAM, ACCT-2302 (SAC)
REVIEW FOR FINAL EXAM, ACCT-2302 (SAC) CHAPTER 13 1. Corporate Organization: a. Application for incorporation. b. State grants Charter or Articles of Incorporation. c. By-laws: rules and procedures of
1. a. and b. Absorption Costing
Problem 7-13 1. a. and b. Absorption Costing Variable Costing Direct materials... $48 $48 Variable manufacturing overhead... 2 2 Fixed manufacturing overhead ($360,000 12,000 units)... 30 Unit product
29.1 COST SHEET : MEANING AND ITS IMPORTANCE
29 COST SHEET You are running a factory which manufactures electronic toys. You incur expenses on raw material, labour and other expenses which can be directly attibuted to cost and which cannot be directly
Absorption Costing - Overview
Absorption Costing - Overview 1. Overview of Absorption costing and Variable Costing 2. Review how costs for Manufacturing are transferred to the product 3. Job Order Vs. Process Costing 4. Overhead Application
Lesson 5: Inventory. 5.1 Introduction. 5.2 Manufacturer or Retailer?
Lesson 5: Inventory 5.1 Introduction Whether it is a brick and mortar or digital store, for many businesses, inventory management is a key cog of their operations. Managing inventory is an important key
VOLUME 4, CHAPTER 20: JOB ORDER COST ACCOUNTING SUMMARY OF MAJOR CHANGES. All changes are denoted by blue font.
VOLUME 4, CHAPTER 20: JOB ORDER COST ACCOUNTING SUMMARY OF MAJOR CHANGES All changes are denoted by blue font. Substantive revisions are denoted by a * preceding the section, paragraph, table, or figure
Systems design: job-order costing
Chapter 3 Systems design: job-order costing Learning objectives LEARNING OBJECTIVE After studying Chapter 3, you should be able to: 1 Distinguish between process costing and job-order costing 2 Identify
Please see current textbook prices at www.rcgc.bncollege.com
BUS 106 MANAGERIAL ACCOUNTING SYLLABUS LECTURE HOURS/CREDITS: 3/3 CATALOG DESCRIPTION Prerequisite: BUS103 This course provides basic principles of managerial accounting as applied to the manufacturing
The Nature of Accounting Systems
Basic Accounting & Budgeting February 4, 2009 The Nature of Accounting Systems Accounting is the process of recording, classifying, summarizing, reporting and interpreting information about the economic
Cost Concepts and Behavior
Chapter 2 Cost Concepts and Behavior McGraw-Hill/Irwin Copyright 2011 by The McGraw-Hill Companies, Inc. All rights reserved. Learning Objectives L.O. 1 Explain the basic concept of cost. L.O. 2 Explain
Multiple Choice Questions (45%)
Multiple Choice Questions (45%) Choose the Correct Answer 1. The following information was taken from XYZ Company s accounting records for the year ended December 31, 2014: Increase in raw materials inventory
Financial Statements for Manufacturing Businesses
Management Accounting 31 Financial Statements for Manufacturing Businesses Importance of Financial Statements Accounting plays a critical role in decision-making. Accounting provides the financial framework
Lesson FA-20-020-01a. Job Cost Accounting System Part 1a
Lesson FA-20-020-01a Job Cost Accounting System Part 1a This workbook contains notes and worksheets to accompany the corresponding video lesson available online at: Permission is granted for educators
CHAPTER 10 In-Class QUIZ
CHAPTER 10 In-Class QUIZ 1. A mixed cost function has a constant component of $20,000. If the total cost is $60,000 and the independent variable has the value 200, what is the value of the slope coefficient?
Accounting for a Merchandising Business
Chapter 11 Accounting for a Merchandising Business ANSWERS TO SECTION 11.1 REVIEW QUESTIONS (text p. 428) The Merchandising Business 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 1. 2. 3. 4. 14. 15. Copyright
MANUFACTURING ACCOUNTS PRODUCTION COST STATEMENTS / BREAK-EVEN ANALYSIS CALCULATION
SESSION 12: MANUFACTURING ACCOUNTS PRODUCTION COST STATEMENTS / BREAK-EVEN ANALYSIS CALCULATION KEY CONCEPTS: In this session we will look at: - Manufacturing Accounts X-AMPLE QUESTIONS: QUESTION 1: You
Chapter 5. Accounting for merchandising operations. Appendix 5A: Periodic inventory system
1 Chapter 5 Accounting for merchandising operations Appendix 5A: Periodic inventory system 2 Learning objectives 1. Record purchase and sales transactions under the periodic inventory system 2. Prepare
COST CLASSIFICATION AND COST BEHAVIOR INTRODUCTION
COST CLASSIFICATION AND COST BEHAVIOR INTRODUCTION LESSON# 1 Cost Accounting Cost Accounting is an expanded phase of financial accounting which provides management promptly with the cost of producing and/or
ACG 3024 Accounting for Non-Financial Majors Homework Portfolio Study Guide
ACG 3024 Accounting for Non-Financial Majors Homework Portfolio Study Guide These are similar questions with the answers to help guide you when preparing the Homework Portfolio that you will upload to
Principles of Cost Accounting, 16th Edition, Edward J. VanDerbeck, 2013 Cengage Learning. All Rights Reserved. May not be copied, scanned, or
Principles of Cost Accounting, 16th Edition, Edward J. VanDerbeck, 2013 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted
Merchandising Operations
5 Merchandising Operations WHAT YOU PROBABLY ALREADY KNOW You want to order a pair of pants from a mail-order catalog. The price listed in the catalog is $50. There is a 10% off coupon in the catalog for
Merchandise Inventory, Cost of Goods Sold, and Gross Profit. Pr. Zoubida SAMLAL
Merchandise Inventory, Cost of Goods Sold, and Gross Profit Pr. Zoubida SAMLAL 1 Accounting for Inventory Inventory (balance sheet) = Number of units of inventory on hand X Cost per unit of inventory Cost
Society of Certified Management Accountants of Sri Lanka
Copyright Reserved Serial No Technician Stage March 2009 Examination Examination Date : 28 th March 2009 Number of Pages : 06 Examination Time: 9.30a:m.- 12.30p:m. Number of Questions: 05 Instructions
Chapter 6. An advantage of the periodic method is that it is a easy system to maintain.
Chapter 6 Periodic and Perpetual Inventory Systems There are two methods of handling inventories: the periodic inventory system, and the perpetual inventory system With the periodic inventory system, the
UNDERSTANDING WHERE YOU STAND. A Simple Guide to Your Company s Financial Statements
UNDERSTANDING WHERE YOU STAND A Simple Guide to Your Company s Financial Statements Contents INTRODUCTION One statement cannot diagnose your company s financial health. Put several statements together
Pool Canvas. Question 1 Multiple Choice 0 points Modify Remove. Question 2 Multiple Choice 0 points Modify Remove
Page 1 of 21 TEST BANK > CONTROL PANEL > POOL MANAGER > POOL CANVAS Pool Canvas Add, modify, and remove questions. Select a question type from the Add Question drop-down list and click Go to add questions.
Job Order Costing YOUR LEARNING OBJECTIVES CHAPTER
CHAPTER 2 Job Order Costing YOUR LEARNING OBJECTIVES LO 2-1 Describe the key differences between job order costing and process costing. LO 2-2 Describe the source documents used to track direct materials
Module 3 - Inventory Definitions
Module 3 - Inventory Definitions Inventory goods held for resale COGS expenses incurred to purchase or manufacture the merchandise sold for a period Raw material Work-In-Process Finished Goods Inventory
JOHNSON GRADUATE SCHOOL OF MANAGEMENT Cornell University
JOHNSON GRADUATE SCHOOL OF MANAGEMENT Cornell University Sample Accounting Exemption Exam Questions 1. On July 1, 20D, Allen Company signed a $50,000, one-year, 10 percent note payable. At due date, June
Working Capital Concept & Animation
Working Capital Concept & Animation Meaning A measure of both a company's efficiency and its short-term financial health. The working capital is calculated as: Working Capital = Current Assets Current
CHAPTER 9 WHAT IS REPORTED AS INVENTORY? WHAT IS INVENTORY? COST OF GOODS SOLD AND INVENTORY
CHAPTER 9 COST OF GOODS AND INVENTORY 1 WHAT IS REPORTED AS INVENTORY? Inventory represents goods that are either manufactured or purchased for resale in the normal course of business Inventory is classified
ACC 561 Week 3 Assignment Practice Quiz
ACC 561 Week 3 Assignment Practice Quiz To purchase this material click below link http://www.assignmentcloud.com/acc-561/acc-561- Week-3-Assignment-Practice-Quiz Multiple Choice Question 37 A major purpose
Copyright 2015 Pearson Canada Inc. 1
1 Building Blocks of Managerial Accounting CHAPTER 2 2 Distinguish among service, merchandising, and manufacturing companies OBJECTIVE 1 3 Service Companies Provide an intangible service only Largest sector
House Published on www.jps-dir.com
I. Cost - Volume - Profit (Break - Even) Analysis A. Definitions 1. Cost - Volume - Profit (CVP) Analysis: is a means of predicting the relationships among revenues, variable costs, and fixed costs at
Introduction To Cost Accounting
Page 1 Introduction To Cost Accounting 15.501/516 Accounting Spring 2004 Professor S. Roychowdhury Sloan School of Management Massachusetts Institute of Technology April 28, 2004 6 Outline Overview of
RAPID REVIEW Chapter Content
RAPID REVIEW BASIC ACCOUNTING EQUATION (Chapter 2) INVENTORY (Chapters 5 and 6) Basic Equation Assets Owner s Equity Expanded Owner s Owner s Assets Equation = Liabilities Capital Drawing Revenues Debit
RENAISSANCE ENTREPRENEURSHIP CENTER First Finance Class (FIN-1)
Finance 1 (FIN-1) RENAISSANCE ENTREPRENEURSHIP CENTER (FIN-1) Learning Outcomes At the conclusion of this class, you should: Know what will be covered in the six finance class sessions. Have reviewed some
LEBANESE ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANTS MANAGERIAL ACCOUNTING
LEBANESE ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANTS MANAGERIAL ACCOUNTING JULY 2015 MULTIPLE CHOICE QUESTIONS (37.5%) Choose the correct answer 1. All of the following statements concerning standard costs
CHAPTER 12. Cost Sheet ( or) Statement of Cost ELEMENTS OF COST
CHAPTER 12 Cost Sheet ( or) Statement of Cost Introduction ELEMENTS OF COST Elements of cost are necessary to have a proper classification and analysis of total cost. Thus, elements of cost provide the
This Chapter Addresses the Following Questions:
ch05.qxd 9/27/04 4:19 PM Page 174 CHAPTER Job Costing In Brief Custom products and services, which are produced singly or in small batches, need to be valued for financial statements, tax reporting, and
1. Managerial accounting: A. is governed by generally accepted accounting principles. B. places emphasis on special-purpose information.
1. Managerial accounting: A. is governed by generally accepted accounting principles. B. places emphasis on special-purpose information. C. pertains to the entity as a whole and is highly aggregated. D.
Gleim / Flesher CMA Review 15th Edition, 1st Printing Part 1 Updates
Page 1 of 8 Gleim / Flesher CMA Review 15th Edition, 1st Printing Part 1 Updates NOTE: Text that should be deleted from the outline is displayed as struck through with a red background. New text is shown
1. Merchandising company VS Service company V.S Manufacturing company
Chapter 6 Mechandising Activities 1. Merchandising company VS Service company V.S Manufacturing company Manufacturing companies use raw materials to make the inventory they sell. Their operating cycles
Comprehensive Business Budgeting
Management Accounting 137 Comprehensive Business Budgeting Goals and Objectives Profit planning, commonly called master budgeting or comprehensive business budgeting, is one of the more important techniques
Budget types. CH 6: Budgets HOW DO YOU COME UP WITH THE NUMBERS? Budget Periods WHY BUDGET?
CH 6: s WHY? PLANNING COMMUNICATION CONTROL:PERFORMANCE EVALUATION MOTIVATING types Master» Operating Sales, Production [purchases], Operating Expense. ProForma Income Statement» Financial Cash, Capital,
Mc Graw Hill Education
Managerial Accounting for Managers F o u r t h Edition Eric W. Noreen, Ph.D., CMA Professor Emeritus University of Washington Peter C. Brewer, Ph.D. Wake Forest University Ray H. Garrison, D.B.A., CPA
CSUN GATEWAY. Managerial Accounting Study Guide
CSUN GATEWAY Managerial Accounting Study Guide Table of Contents 1. Introduction to Managerial Accounting 2. Introduction to Cost Terms and Cost Concepts 3. Allocation of Manufacturing Overhead Costs 4.
CHAPTER19. Acct202. Managerial Accounting 19-1
CHAPTER19 Managerial Accounting Acct202 19-1 PreviewofCHAPTER19 19-2 Managerial Accounting Basics Managerial accounting, a field of accounting that provides economic and financial information for managers
Guide to Financial Ratios Analysis A Step by Step Guide to Balance Sheet and Profit and Loss Statement Analysis
Guide to Financial Ratios Analysis A Step by Step Guide to Balance Sheet and Profit and Loss Statement Analysis By BizMove Management Training Institute Other free books by BizMove that may interest you:
Principles of Managerial Accounting ACC-102-TE. TECEP Test Description
Principles of Managerial Accounting ACC-102-TE This TECEP tests the material usually taught in a one-semester course in managerial accounting. It focuses on the information that managers need to make decisions
Understanding Financial Statements. For Your Business
Understanding Financial Statements For Your Business Disclaimer The information provided is for informational purposes only, does not constitute legal advice or create an attorney-client relationship,
Audit of the Inventory and Warehousing Cycle
Audit of the Inventory and Warehousing Cycle Chapter 21 2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 21-1 Learning Objective 1 Describe the business functions and the related
Income Measurement and Profitability Analysis
PROFITABILITY ANALYSIS The following financial statements for Spencer Company will be used to demonstrate the calculation of the various ratios in profitability analysis. Spencer Company Comparative Balance
THEME: ACCOUNTING FOR INVENTORY
THEME: ACCOUNTING FOR INVENTORY By John W. Day, MBA ACCOUNTING TERM: Inventory Inventory can be defined as goods being held for resale. In manufacturing, inventory can be raw materials, work-in-process,
02.Murray Company debited Prepaid Insurance for $960 on July 1, 1998 for a one-year
八 十 八 學 年 度 會 計 學 考 古 題 題 目 難 易 的 順 序 ( 難 易 ) 為 : I III II I Multiple Choice (74%) 01.The purchase of office equipment for $15,000 cash a. is a cash outflow from financing activities. b. is a cash outflow
CHAPTER 3. BE3-2 Advertising. Dec. 31 Advertising Supplies Expense 7200 Advertising Supplies 7200 to adjust. BE3-3 Bere Co.
CHAPTER 3 BE3-2 Advertising Advertising Supplies Supplies Expense 8700 7200 7200 1500 7200 Dec. Advertising Supplies Expense 7200 Advertising Supplies 7200 BE3-3 Bere Co. Prepaid Insurance Insurance Expense
Chapter 5 Accounting for Merchandising Operations
Chapter 5 Accounting for Merchandising Operations Purchase Transactions Purchaser records goods at cost. When goods are returned, purchaser reduces Inventory. On September 5, De La Hoya Company buys merchandise
Week 9/ 10, Chap7 Accounting 1A, Financial Accounting
Week 9/ 10, Chap7 Accounting 1A, Financial Accounting Reporting and Interpreting Cost of Goods Sold and Inventory Instructor: Michael Booth Understanding the Business Primary Goals of Inventory Management
Chapter 4. Completing the accounting cycle. Appendix 4A: Reversing entries
1 Chapter 4 Completing the accounting cycle Appendix 4A: Reversing entries 2 Learning objective 1. Prepare reversing entries and describe their purpose 3 Reversing entries Reversing entries are optional
Chapter 8 Inventories: Measurement
Chapter 8 Inventories: Measurement AACSB assurance of learning standards in accounting and business education require documentation of outcomes assessment. Although schools, departments, and faculty may
Accounting for Manufacturing
Accounting for Manufacturing 1 Accounting for Manufacturing and Inventory Impairments TABLE OF CONTENTS Accounting for manufacturing 2 Production activities 2 Production cost flows 3 Accounting for production
MGT402 - Cost & Management Accounting Glossary For Final Term Exam Preparation
MGT402 - Cost & Management Accounting Glossary For Final Term Exam Preparation Glossary Absorption costing : Includes all manufacturing costs --- including direct materials, direct labor, and both variable
AAT LEVEL 3 LESSON 7. Association of Accounting Technicians (AAT) Example Course Materials
LESSON 7 Account for the Valuation of Inventory On completing this lesson you should be able to: Identify categories of inventory as referred to within the accounting standard IAS 2 (Inventories) Explain
Quiz Chapter 7 - Solution
Quiz Chapter 7 - Solution 1. In an income statement prepared as an internal report using the variable costing method, variable selling and administrative expenses would: A) not be used. B) be treated the
This is How Is Job Costing Used to Track Production Costs?, chapter 2 from the book Accounting for Managers (index.html) (v. 1.0).
This is How Is Job Costing Used to Track Production Costs?, chapter 2 from the book Accounting for Managers (index.html) (v. 1.0). This book is licensed under a Creative Commons by-nc-sa 3.0 (http://creativecommons.org/licenses/by-nc-sa/
Learning Module 3 Journal Entries
Learning Module 3 Journal Entries The Accounting Equation Balance Sheet Income Statement = + + - Assets Liabilities Owners' Equity Revenue Expenses Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Recording journal
Accrual Accounting and the Financial Statements
Accrual Accounting and the Financial Statements 3 LEARNING OBJECTIVES SPOTLIGHT Le Château has been selling fashion apparel, footwear, and accessories in Canada for over 50 years. What started as a single,