The document provides a full ACC 400 final exam with 30 multiple choice questions covering topics like managerial accounting, cost accounting, budgeting, and variance analysis. It also provides the answers to download and check your work. To receive additional exam materials or have questions answered, contact the email provided.
1. This document provides answers to an ACC/400 final exam with 30 multiple choice questions covering topics like managerial accounting, cost accounting, budgeting, and variance analysis. It also provides the exam questions for reference.
2. The document recommends contacting Homeworkeducator@gmail.com to purchase the answers or for original plagiarism-free work.
3. The questions and answers could be used to study for a similar final exam in an ACC/400 course, but purchasing or copying the answers directly would be considered academic dishonesty.
The document is a sample answer key for ACC 400 Final Exam questions. It includes 30 multiple choice questions covering topics like managerial accounting characteristics, cost accounting systems, budgeting, variance analysis, and performance evaluation. For each question, the document provides the question prompt and the multiple choice answers, with one answer identified as being correct.
This document contains the answers to an ACC 400 final exam. It includes 30 multiple choice questions covering topics like managerial accounting, cost accounting, budgeting, and variance analysis. The questions provide information about companies and ask test-takers to calculate amounts, identify accounting terms, or choose the best answer based on the information given.
The document contains a practice exam for an accounting course with multiple choice and essay questions covering various topics such as cost accounting, budgeting, and investment analysis. Specifically:
- The exam contains 3 sets of questions, with each set containing between 5-7 questions. Questions assess topics like cost-volume-profit analysis, process costing, absorption vs variable costing, budgeting, and make-or-buy decisions.
- Sample questions calculate break-even points, predetermined overhead rates, income statements, cash budgets, and net present value of investment opportunities.
- Answers are provided for some questions, including calculations and brief explanations of results. Other questions only list the requirements and provide no solutions.
1. Silver City performed a flexible budget analysis to evaluate its cost control. Actual costs were compared to the static budget.
2. Globe Co. conducted a make-or-buy analysis to determine if it should continue producing electronic hinges internally or purchase them from an outside supplier. The analysis showed purchasing from Supplier C would be the most cost effective option.
3. Mesa Company prepared income statements using both absorption costing and variable costing. Variable costing more accurately reflects periodic income by excluding fixed overhead from the cost of goods sold calculation.
This document contains solutions to multiple choice and problem-style questions for an ACCT 505 final exam. The questions cover topics such as flexible budget analysis, make-or-buy analysis, absorption vs variable costing income statements, schedule of cost of goods manufactured and cost of goods sold, process costing using the weighted average method, net present value calculations, break-even analysis, predetermined overhead rates, and cash budgeting.
This document contains a 25 question multiple choice test on inventory valuation. The questions cover topics like distinguishing between product and period costs, calculating inventory costs, recording inventory adjustments, and applying the lower of cost or net realizable value principle. It is from a VCE Accounting textbook chapter on inventory valuation and is intended for students to test their understanding of this topic.
1. This document provides answers to an ACC/400 final exam with 30 multiple choice questions covering topics like managerial accounting, cost accounting, budgeting, and variance analysis. It also provides the exam questions for reference.
2. The document recommends contacting Homeworkeducator@gmail.com to purchase the answers or for original plagiarism-free work.
3. The questions and answers could be used to study for a similar final exam in an ACC/400 course, but purchasing or copying the answers directly would be considered academic dishonesty.
The document is a sample answer key for ACC 400 Final Exam questions. It includes 30 multiple choice questions covering topics like managerial accounting characteristics, cost accounting systems, budgeting, variance analysis, and performance evaluation. For each question, the document provides the question prompt and the multiple choice answers, with one answer identified as being correct.
This document contains the answers to an ACC 400 final exam. It includes 30 multiple choice questions covering topics like managerial accounting, cost accounting, budgeting, and variance analysis. The questions provide information about companies and ask test-takers to calculate amounts, identify accounting terms, or choose the best answer based on the information given.
The document contains a practice exam for an accounting course with multiple choice and essay questions covering various topics such as cost accounting, budgeting, and investment analysis. Specifically:
- The exam contains 3 sets of questions, with each set containing between 5-7 questions. Questions assess topics like cost-volume-profit analysis, process costing, absorption vs variable costing, budgeting, and make-or-buy decisions.
- Sample questions calculate break-even points, predetermined overhead rates, income statements, cash budgets, and net present value of investment opportunities.
- Answers are provided for some questions, including calculations and brief explanations of results. Other questions only list the requirements and provide no solutions.
1. Silver City performed a flexible budget analysis to evaluate its cost control. Actual costs were compared to the static budget.
2. Globe Co. conducted a make-or-buy analysis to determine if it should continue producing electronic hinges internally or purchase them from an outside supplier. The analysis showed purchasing from Supplier C would be the most cost effective option.
3. Mesa Company prepared income statements using both absorption costing and variable costing. Variable costing more accurately reflects periodic income by excluding fixed overhead from the cost of goods sold calculation.
This document contains solutions to multiple choice and problem-style questions for an ACCT 505 final exam. The questions cover topics such as flexible budget analysis, make-or-buy analysis, absorption vs variable costing income statements, schedule of cost of goods manufactured and cost of goods sold, process costing using the weighted average method, net present value calculations, break-even analysis, predetermined overhead rates, and cash budgeting.
This document contains a 25 question multiple choice test on inventory valuation. The questions cover topics like distinguishing between product and period costs, calculating inventory costs, recording inventory adjustments, and applying the lower of cost or net realizable value principle. It is from a VCE Accounting textbook chapter on inventory valuation and is intended for students to test their understanding of this topic.
This document discusses the accounting cycle and preparing financial statements. It provides an example of JJ's Lawn Care Service adjusting trial balance, income statement, statement of retained earnings, balance sheet, and statement of cash flows for May. It then discusses closing entries, evaluating the business using financial statements, and preparing interim financial statements at different points in the year.
For more classes visit
www.snaptutorial.com
ACCT 505 Week 1-7 All Discussion Questions
ACCT 505 Week 1 Case Study
ACCT 505 Week 2 Quiz Job Order and Process Costing Systems
ACCT 505 Week 2 Quiz Set 2
ACCT 505 Week 3 Case Study II
ACCT 505 Week 4 Midterm Exam
For more classes visit
www.snaptutorial.com
ACCT 505 Week 1-7 All Discussion Questions
ACCT 505 Week 1 Case Study
ACCT 505 Week 2 Quiz Job Order and Process Costing Systems
This document provides the answers to an ACC/400 final exam with 30 multiple choice questions covering topics like managerial accounting, cost accounting, budgeting, and variance analysis. It also provides brief explanations for some questions and lists accounting terminology introduced in the chapter. The document encourages purchasing the full exam answers or ordering original work from the provider to avoid plagiarism.
This document contains the answers to an ACC 400 final exam. It includes 30 multiple choice questions covering topics like managerial accounting, cost accounting, budgeting, and variance analysis. The questions provide information about companies and ask test-takers to calculate amounts, identify accounting terms, or choose the best answer based on the information given.
This document contains the answers to an ACC 400 final exam. It includes 30 multiple choice questions covering topics like managerial accounting, cost accounting, budgeting, and variance analysis. The questions provide information about companies and ask test-takers to calculate amounts, identify accounting terms, or choose the best answer based on the information given.
This document contains the answers to an ACC 400 final exam. It includes 30 multiple choice questions covering topics like managerial accounting, cost accounting, budgeting, and variance analysis. The questions provide information about companies and ask test-takers to calculate amounts, identify accounting terms, or choose the best answer based on the information given.
This document contains the answers to an ACC 400 final exam. It includes 30 multiple choice questions covering topics like managerial accounting, cost accounting, budgeting, and variance analysis. The questions provide information about companies and ask test-takers to calculate amounts, identify accounting terms, or choose the best answer based on the information given.
ACCT 5302 Multiple Choice Review Questions and Answers – Exa.docxannetnash8266
ACCT 5302
Multiple Choice Review Questions and Answers – Exam 2
1. The materials purchase budget:
A. is the beginning point in the budget process.
B. must provide for desired ending inventory as well as for production.
C. is accompanied by a schedule of cash collections.
D. is completed after the cash budget.
2. Which of the following budgets are prepared before the sales budget?
A. Option A
B. Option B
C. Option C
D. Option D
3. There are various budgets within the master budget. One of these budgets is the production budget. Which of the following BEST describes the production budget?
A. It details the required direct labor hours.
B. It details the required raw materials purchases.
C. It is calculated based on the sales budget and the desired ending inventory.
D. It summarizes the costs of producing units for the budget period.
4. Tolla Company is estimating the following sales for the first six months of next year:
Sales at Tolla are normally collected as 70% in the month of sale, 25% in the month following the sale, and the remaining 5% being uncollectible. Also, those customers paying in the month of sale are given a 2% discount. Based on this information, how much cash should Tolla expect to collect during the month of April?
A. $281,260
B. $361,260
C. $366,010
D. $393,760
5. Golebiewski Inc. bases its manufacturing overhead budget on budgeted direct labor-hours. The direct labor budget indicates that 4,900 direct labor-hours will be required in November. The variable overhead rate is $8.40 per direct labor-hour. The company's budgeted fixed manufacturing overhead is $78,400 per month, which includes depreciation of $10,290. All other fixed manufacturing overhead costs represent current cash flows. The company recomputes its predetermined overhead rate every month. The predetermined overhead rate for November should be:
A. $22.30
B. $16.00
C. $24.40
D. $8.40
6. The Stacy Company makes and sells a single product, Product R. Budgeted sales for April are $300,000. Gross Margin is budgeted at 30% of sales dollars. If the net income for April is budgeted at $40,000, the budgeted selling and administrative expenses are:
A. $133,333
B. $50,000
C. $102,000
D. $78,000
Using the following information to answer questions 7-11
Justin's Plant Store, a retailer, started operations on January 1. On that date, the only assets were $16,000 in cash and $3,500 in merchandise inventory. For purposes of budget preparation, assume that the company's cost of goods sold is 60% of sales. Expected sales for the first four months appear below.
The company desires that the merchandise inventory on hand at the end of each month be equal to 50% of the next month's merchandise sales (stated at cost). All purchases of merchandise inventory must be paid in the month of purchase. Sixty percent of all sales should be for cash; the balance will be on credit. Seventy-five percent of the credit sales should be collected in the month following the.
This document provides a sample ACC 400 final exam with 20 multiple choice questions covering various accounting topics such as cost accounting, financial statement analysis, internal controls, receivables, and equity. The exam questions assess understanding of accounting concepts like operating cycles, cash budgets, plant asset exchanges, bad debt expense, and accounting for dividends.
This document provides a 25 question multiple choice midterm exam for an accounting module. The questions cover various topics in financial accounting, management accounting, and cost behavior analysis. Specifically, they assess understanding of topics like the differences between financial and management accounting, cost drivers, cost behavior patterns, break-even analysis, preparation of financial statements, and accounting for assets, liabilities, and equity.
This document appears to be a study guide for an ACC 349 final exam, listing 42 multiple choice questions covering topics related to managerial and cost accounting. The questions assess understanding of concepts like factory overhead application, manufacturing overhead allocation, job order and process costing systems, activity-based costing, standard costs, budgeting, and cost-volume-profit analysis.
This document appears to be a study guide for an ACC 349 final exam, listing 42 multiple choice questions covering topics related to managerial and cost accounting. The questions assess understanding of concepts like factory overhead application, manufacturing overhead allocation, job order and process costing systems, activity-based costing, standard costs, budgeting, and cost-volume-profit analysis.
This document appears to be a practice exam for an ACC 349 final exam. It contains 30 multiple choice questions covering topics related to managerial and cost accounting, including factory overhead application, job order costing, activity-based costing, standard costs, budgets, and variance analysis. The questions assess understanding of key cost accounting concepts and ability to apply those concepts to calculate costs, variances, break-even points, and make or buy decisions.
For more classes visit
www.snaptutorial.com
Question 3
If a company increases its fixed costs for Product Z, then the contribution margin per unit will
Remain the same
Decrease
Increase
Incomplete information
Question 3
If a company increases its fixed costs for Product Z, then the contribution margin per unit will
Remain the same
Decrease
Increase
Incomplete information
Question 4
Acct 221 Enthusiastic Study / snaptutorial.comGeorgeDixon41
Question 3
If a company increases its fixed costs for Product Z, then the contribution margin per unit will
Remain the same
Decrease
Increase
Incomplete information
This document discusses the accounting cycle and preparing financial statements. It provides an example of JJ's Lawn Care Service adjusting trial balance, income statement, statement of retained earnings, balance sheet, and statement of cash flows for May. It then discusses closing entries, evaluating the business using financial statements, and preparing interim financial statements at different points in the year.
For more classes visit
www.snaptutorial.com
ACCT 505 Week 1-7 All Discussion Questions
ACCT 505 Week 1 Case Study
ACCT 505 Week 2 Quiz Job Order and Process Costing Systems
ACCT 505 Week 2 Quiz Set 2
ACCT 505 Week 3 Case Study II
ACCT 505 Week 4 Midterm Exam
For more classes visit
www.snaptutorial.com
ACCT 505 Week 1-7 All Discussion Questions
ACCT 505 Week 1 Case Study
ACCT 505 Week 2 Quiz Job Order and Process Costing Systems
This document provides the answers to an ACC/400 final exam with 30 multiple choice questions covering topics like managerial accounting, cost accounting, budgeting, and variance analysis. It also provides brief explanations for some questions and lists accounting terminology introduced in the chapter. The document encourages purchasing the full exam answers or ordering original work from the provider to avoid plagiarism.
This document contains the answers to an ACC 400 final exam. It includes 30 multiple choice questions covering topics like managerial accounting, cost accounting, budgeting, and variance analysis. The questions provide information about companies and ask test-takers to calculate amounts, identify accounting terms, or choose the best answer based on the information given.
This document contains the answers to an ACC 400 final exam. It includes 30 multiple choice questions covering topics like managerial accounting, cost accounting, budgeting, and variance analysis. The questions provide information about companies and ask test-takers to calculate amounts, identify accounting terms, or choose the best answer based on the information given.
This document contains the answers to an ACC 400 final exam. It includes 30 multiple choice questions covering topics like managerial accounting, cost accounting, budgeting, and variance analysis. The questions provide information about companies and ask test-takers to calculate amounts, identify accounting terms, or choose the best answer based on the information given.
This document contains the answers to an ACC 400 final exam. It includes 30 multiple choice questions covering topics like managerial accounting, cost accounting, budgeting, and variance analysis. The questions provide information about companies and ask test-takers to calculate amounts, identify accounting terms, or choose the best answer based on the information given.
ACCT 5302 Multiple Choice Review Questions and Answers – Exa.docxannetnash8266
ACCT 5302
Multiple Choice Review Questions and Answers – Exam 2
1. The materials purchase budget:
A. is the beginning point in the budget process.
B. must provide for desired ending inventory as well as for production.
C. is accompanied by a schedule of cash collections.
D. is completed after the cash budget.
2. Which of the following budgets are prepared before the sales budget?
A. Option A
B. Option B
C. Option C
D. Option D
3. There are various budgets within the master budget. One of these budgets is the production budget. Which of the following BEST describes the production budget?
A. It details the required direct labor hours.
B. It details the required raw materials purchases.
C. It is calculated based on the sales budget and the desired ending inventory.
D. It summarizes the costs of producing units for the budget period.
4. Tolla Company is estimating the following sales for the first six months of next year:
Sales at Tolla are normally collected as 70% in the month of sale, 25% in the month following the sale, and the remaining 5% being uncollectible. Also, those customers paying in the month of sale are given a 2% discount. Based on this information, how much cash should Tolla expect to collect during the month of April?
A. $281,260
B. $361,260
C. $366,010
D. $393,760
5. Golebiewski Inc. bases its manufacturing overhead budget on budgeted direct labor-hours. The direct labor budget indicates that 4,900 direct labor-hours will be required in November. The variable overhead rate is $8.40 per direct labor-hour. The company's budgeted fixed manufacturing overhead is $78,400 per month, which includes depreciation of $10,290. All other fixed manufacturing overhead costs represent current cash flows. The company recomputes its predetermined overhead rate every month. The predetermined overhead rate for November should be:
A. $22.30
B. $16.00
C. $24.40
D. $8.40
6. The Stacy Company makes and sells a single product, Product R. Budgeted sales for April are $300,000. Gross Margin is budgeted at 30% of sales dollars. If the net income for April is budgeted at $40,000, the budgeted selling and administrative expenses are:
A. $133,333
B. $50,000
C. $102,000
D. $78,000
Using the following information to answer questions 7-11
Justin's Plant Store, a retailer, started operations on January 1. On that date, the only assets were $16,000 in cash and $3,500 in merchandise inventory. For purposes of budget preparation, assume that the company's cost of goods sold is 60% of sales. Expected sales for the first four months appear below.
The company desires that the merchandise inventory on hand at the end of each month be equal to 50% of the next month's merchandise sales (stated at cost). All purchases of merchandise inventory must be paid in the month of purchase. Sixty percent of all sales should be for cash; the balance will be on credit. Seventy-five percent of the credit sales should be collected in the month following the.
This document provides a sample ACC 400 final exam with 20 multiple choice questions covering various accounting topics such as cost accounting, financial statement analysis, internal controls, receivables, and equity. The exam questions assess understanding of accounting concepts like operating cycles, cash budgets, plant asset exchanges, bad debt expense, and accounting for dividends.
This document provides a 25 question multiple choice midterm exam for an accounting module. The questions cover various topics in financial accounting, management accounting, and cost behavior analysis. Specifically, they assess understanding of topics like the differences between financial and management accounting, cost drivers, cost behavior patterns, break-even analysis, preparation of financial statements, and accounting for assets, liabilities, and equity.
This document appears to be a study guide for an ACC 349 final exam, listing 42 multiple choice questions covering topics related to managerial and cost accounting. The questions assess understanding of concepts like factory overhead application, manufacturing overhead allocation, job order and process costing systems, activity-based costing, standard costs, budgeting, and cost-volume-profit analysis.
This document appears to be a study guide for an ACC 349 final exam, listing 42 multiple choice questions covering topics related to managerial and cost accounting. The questions assess understanding of concepts like factory overhead application, manufacturing overhead allocation, job order and process costing systems, activity-based costing, standard costs, budgeting, and cost-volume-profit analysis.
This document appears to be a practice exam for an ACC 349 final exam. It contains 30 multiple choice questions covering topics related to managerial and cost accounting, including factory overhead application, job order costing, activity-based costing, standard costs, budgets, and variance analysis. The questions assess understanding of key cost accounting concepts and ability to apply those concepts to calculate costs, variances, break-even points, and make or buy decisions.
For more classes visit
www.snaptutorial.com
Question 3
If a company increases its fixed costs for Product Z, then the contribution margin per unit will
Remain the same
Decrease
Increase
Incomplete information
Question 3
If a company increases its fixed costs for Product Z, then the contribution margin per unit will
Remain the same
Decrease
Increase
Incomplete information
Question 4
Acct 221 Enthusiastic Study / snaptutorial.comGeorgeDixon41
Question 3
If a company increases its fixed costs for Product Z, then the contribution margin per unit will
Remain the same
Decrease
Increase
Incomplete information
For more classes visit
www.snaptutorial.com
Question 3
If a company increases its fixed costs for Product Z, then the contribution margin per unit will
Remain the same
Decrease
Increase
Incomplete information
Question 4
Assignment oneDeliverable Length 5 - 7 slides with speaker n.docxssuser562afc1
Assignment one
Deliverable Length: 5 - 7 slides with speaker notes of 200 - 250 words per slide (excluding Title and Reference slides)
You, as a HR Generalist, have been asked by your HR Director for your recommendations in terms of what tools your organization could use to better manage the talents of your employees. This will help to develop policies and procedures in managing your human capital. Please develop a PowerPoint presentation to your Director addressing the following:
· Describe and analyze the broad range of talent management efforts that use software applications to help you Director to make an educated decision.
· Give some examples of firms that have successfully used these applications.
· Describe how these efforts are useful in terms of strategic human capital management.
Assignment two
Deliverable Length: 7-10 pages
You are the Chief Human Resource Officer (CHRO) at your organization. As the CHRO, one of your primary roles is to be the workforce strategist. Your organization is planning to expand business operations to your neighboring state by opening an office. As a result of this expansion, your organization needs to make sure that the best and brightest employees are recruited to fill key roles at the new office. Write a 7-10 page research paper using APA style outlining the steps involved in recruiting the staff at the new office.
Grading Criteria:
1. The student researched the legal statues affecting the selection and hiring of employees.
2. The student identified the number and type of positions that need to be filled at the new office. Moreover, the student discussed qualifications, e.g., education level and number of years of experience, associated with each position.
3. The student researched, evaluated and chose several selection devices such as interviews or ability tests to reject or accept applicants. Moreover, the student assessed the weaknesses and strengths of these selection devices.
4. The student researched, evaluated and chose whether or not to utilize integrity testing and drug testing.
5. The student applied correct APA, style, usage, grammar, and punctuation.
6. The student supported the research paper with at least four different scholarly sources such as research journals, research studies, government or accredited educational institutions websites.
Use the following information to answer this question.
The most recent balance sheet and income statement of Tcramoto Corporation appear below;
Comparative Balance Sheet
Assets:
Cash and eash equivalents
A c c o u n t s receivable
Inventory
Plant and equipment
Less accumulated depreciation
Total assets
L i a b i l i t i e s and stockholders' equity
Accounts payable
Wages payable
Taxes payable
Bonds payable
Deferred taxes
Common stock
Retained earnings
Total l i a b i l i t i e s and stockholders' equity
Ending
Balance
$43
53
73
582
301
$450
$57
21
15
21
20
55
261
$450
Beginning
Balance
S35
59
69
490
286
$367
$48
18
13
20
21
...
Part I. Comprehensive problems. Place answers below each questio.docxherbertwilson5999
Part I. Comprehensive problems. Place answers below each question.
1. Points = 4
Instructions
Determine the incremental income or loss that Hayes Enterprises would realize by accepting the special order.
2. Points = 4
Instructions
Prepare an incremental analysis, which shows the effect of the make-or-buy decision.
3. Points = 12
Instructions
Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December 31, 2014, using the indirect method.
4. Points = 10
Instructions
Mimi Manufacturing Company uses a job order cost accounting system and keeps perpetual inventory records. Prepare journal entries to record the following transactions during the month of June. (Indent credit accounts)
Date:
Account
Debit
Credit
5. Points = 12
Instructions
Complete the Production Cost Report for the Molding Department for the month of May using the above information and the information below.
Equivalent Units
QUANTITIES
Physical Units
Materials
Conversion Costs
Work in process, May 1
7,000
Started into production
28,000
Total units
35,000
Units accounted for:
Transferred out
30,000
Work in process, May 31
5,000
Total units
35,000
COSTS
Unit costs
Materials
Conversion Costs
Total
Costs in May
$140,000
$160,000
$300,000
Equivalent units
Units costs
Costs to be accounted for
Work in process, May 1
$60,000
Started into production
240,000
$300,000
Cost Reconciliation Schedule
Costs accounted for:
Transferred out
Work in process, May 31:
….Materials
….Conversion costs
Total costs
$300,000
6. Points = 8
Instructions
(a)
Prepare the responsibility reports for the Mixing Department for each month.
June
July
Controllable Cost
Budget
Actual
Delta
F or U
Budget
Actual
Delta
F or U
Indirect materials
Indirect labor
Factory supplies
Supervision
Total costs
· F = Favorable variance
· U = Unfavorable variance
(b) Comment on the manager's performance in controlling costs during the two-month period.
Part II: 25 Multiple Choice Questions @ 2 points each = 50 points.
Place answers in the table below:
1.
6.
11.
16.
21.
2.
7.
12.
17.
22.
3.
8.
13.
18.
23.
4.
9.
14.
19.
24.
5.
10.
15.
20.
25.
FinalSUMNIll9287jhd72g
Part I. 6 Comprehensive problems worth 50 points total
1. Points = 4
Hayes Enterprises produces miniature parasols. Each parasol consists of $1.20 of variable costs and $.90 of fixed costs and sells for $4.50. A French wholesaler offers to buy 9,000 units at $1.40 each, of which Pederson has the capacity to produce. Hayes will incur extra shipping costs of $.12 per parasol.
Instructions
Determine the .
1. The cash budget is especially important to a firm when A. th.docxhyacinthshackley2629
1. The cash budget is especially important to a firm when:
A. there is not a lot of confidence in the sales forecast.
B. it has a relatively large amount of operating cash.
C. the P/E ratio has been trending downwards.
D. it may have to negotiate a short-term bank loan.
2. Which of the following costs are included in the cost classification that is based on the relationship between total cost and volume of activity?
A. Variable cost and fixed cost.
B. Direct cost and indirect cost.
C. Product cost and period cost.
D. Committed cost and discretionary cost.
3. Which of the following costs are included in the cost classification that is based on the time frame perspective?
A. Variable cost and fixed cost.
B. Direct cost and indirect cost.
C. Product cost and period cost.
D. Committed cost and discretionary cost.
4. A cost that is incurred because of a long-range policy decision is known as a:
A. discretionary cost.
B. committed cost.
C. continuous cost.
D. standard cost.
5. Which of the following is not an important factor to consider when preparing a sales forecast?
A. The state of the economy.
B. Seasonal demand variations.
C. A change in the management team.
D. Competitors' actions.
6. Which of the following is a plan for acquiring the resources needed to complete the manufacturing activities that will satisfy the organization's sales forecast?
A. Sales budget
B. Raw materials budget
C. Production budget
D. Direct labor budget
7. Which of the following lists the components of the master budget in correct chronological order?
A. Direct labor budget, production budget, cost of goods sold budget.
B. Sales budget, production budget, cash budget.
C. Sales budget, raw materials budget, production budget.
D. Cash budget, production budget, manufacturing overhead budget.
8. The raw materials budgeted to be purchased for the period is equal to:
A. ending inventory + raw material used - beginning inventory.
B. ending inventory + ending inventory - raw material used.
C. beginning inventory - ending inventory + raw material used.
D. beginning inventory + raw material used - ending inventory.
9. The operating expense budget is based on the:
A. sales budget.
B. production budget.
C. manufacturing overhead budget.
D. cash budget.
10. Depreciation on the office equipment would appear in which of the following budgets?
A. Production budget.
B. Manufacturing overhead budget.
C. Operating expense budget.
D. Cash budget.
11. Which of the following items would be included in the operating expense budget?
A. Sales commissions.
B. Raw material purchases.
C. Cash receipts.
D. Cost of goods sold.
12. Which of the following would not appear in the operating expense budget? .
A. Sales commissions.
B. Delivery expense.
C. Advertising.
D. Depreciation on the production equipment
13. What is the "key" to the entire operating budget?
A. The forecast of operating activity.
B. The budgeted income statement.
C. The budgeted balance sh.
Lecturer: Xiaosong Zheng Sample exam paper
Course: Management Accounting Autumn 2013
Course code: TAK2830 Open book exam
Please answer all questions! Please clearly write down your name and student number on
the following line:
NAME: __________________________ STUDENT NUMBER: __________________
Part 1. Multiple choice questions (select one correct answer, 3 marks each, 60 marks total)
Please record answers to multiple choice questions in the following table:
Q1 Q2 Q3 Q4 Q5 Q6 Q7 Q8 Q9 Q10
Q11 Q12 Q13 Q14 Q15 Q16 Q17 Q18 Q19 Q20
1. Managerial accounting includes the planning function. Which of the following items
would be part of the planning function of a business's managerial accounting?
A) Comparing actual performance to previously budgeted amounts
B) Creating detailed budgets
C) Implementing operational plans
D) Evaluating results of operations
2. The journal entry to issue $500 of direct materials and $30 of indirect materials to
production includes which of the following?
A) Debit to Work in process for $500 and debit to Finished goods for $30
B) Debit to Manufacturing overhead for $530
C) Debit to Work in process for $500 and debit to Manufacturing overhead for $30
D) Debit to Work in process inventory for $530
3. Arabica Manufacturing Company uses a predetermined manufacturing overhead rate
based on a percentage of direct labor cost. At the beginning of 2012, they estimated total
manufacturing overhead costs at $1,050,000, and they estimated total direct labor costs at
$840,000. What was the predetermined manufacturing overhead rate?
A) 80% of direct labor cost
B) $1.25 per direct labor hour
C) 125% of direct labor cost
D) $35.00 per direct labor hour
4. LDR Manufacturing produces a pesticide chemical and uses process costing. There
are three processing departments-Mixing, Refining, and Packaging. On January 1, 2012,
the first department, Mixing, had a zero beginning balance. During January, 40,000 liters
of chemicals were started into production. During the month, 32,000 liters were
completed, and 8,000 remained in process, partially completed. In the Mixing
Department, all raw materials are added at the beginning of the production process, and
conversion costs are applied evenly through the process.
During January, the Mixing Department incurred $48,000 in direct materials costs and
$211,600 in conversion costs. At the end of the month, the ending inventory in the
Mixing Department was 60% complete with respect to conversion costs. First, calculate
the equivalent units, then calculate the cost per equivalent unit, and then calculate the
total cost of the product that was completed and transferred out during January.
The total cost of product transferred out was:
A) $211,600.
B) $48,00 ...
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3. Answers to the practice exam questions will be released on Friday to help students prepare for the final exam format and review all relevant topics.
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1. ACC 400 Final Examination Answers
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ACC 400 Final Examination Answers
ACC/400 FINAL EXAM
1.
Which of the following is not a characteristic of managerial accounting?
A.
Reports are used primarily by insiders rather than by persons outside of the business
entity.
B. Its purpose is to assist managers in planning and controlling business operations.
C.
Information must be developed in conformity with generally accepted accounting
principles or with income tax regulations.
D. Information may be tailored to assist in specific managerial decisions.
2.
In comparison with a financial statement prepared in conformity with generally accepted
accounting principles, a managerial accounting report is less likely to:
A. Focus upon the entire organization as the accounting entity.
2. B. Focus upon future accounting periods.
C. Make use of estimated amounts.
D. Be tailored to the specific needs of an individual decision maker.
3.
Alton Company produces metal belts. During the current month, the company incurred the
following product costs:Raw materials $100,000
Direct labor $75,000
Electricity used in the Factory $25,000
Factory foreperson salary $3,750
Maintenance of factory machinery $2,000
Alton Company’s total product costs:
A. $175,000.
B. $30,750.
C. $205,750.
D. $28,750.
4.
Objectives of a cost accounting systemWhat are the major objectives of a cost accounting
system in a manufacturing company?
3. Sue’s Soup Products uses a process costing system with two processing departments:
the Mixing and Cooking Department and the Canning Department. Work in process
inventories are reduced to zero each month. In March, the Mixing and Cooking
Department incurred manufacturing costs of $63,000 to mix 42,000 gallons of soup.
The Canning Department incurred manufacturing costs of $9,000. A total of 170,000
cans of soup were transferred to the finished goods warehouse during the month.
5.
Refer to the information above. The journal entry to record the transfer of soup out of the
Mixing and Cooking Department during March would include:
A. A debit to Work in Process Inventory, Mixing and Cooking Department of $63,000.
B. A credit to Work in Process Inventory, Canning Department of $72,000.
C. A debit to Finished Goods Inventory of $72,000.
D. A credit to Work in Process Inventory, Mixing and Cooking Department of $63,000.
6.
Refer to the information above. The journal entry to record the transfer of soup out of the
Canning Department during March would include:
A. A credit to Work in Process Inventory, Canning Department of $9,000.
B. A credit to Work in Process Inventory, Canning Department of $63,000.
C. A debit to Finished Goods Inventory of $72,000.
D. A credit to Finished Goods Inventory, Mixing and Cooking Department of $72,000.
4. 7.
Refer to the information above. The unit cost per gallon of soup transferred to the
Canning Department during March was:
A. $1.50.
B. $1.62.
C. $1.71.
D. $1.83.
Summit Products, Inc. is interested in producing and selling an improved widget. Market
research indicates that customers would be willing to pay $90 for such a widget and that
50,000 units could be sold each year at this price. The current cost to produce the widget
is estimated to be $65.
40.
8. Refer to the information above. If Summit Products requires a 25% return on sales to
undertake production, what is the target cost for the new widget?
A. $65.00.
B. $67.50.
C. $80.00.
D. Some other amount.
41.
9. Refer to the information above. Summit has learned that a competitor plans to
introduce a similar widget at a price of $80. In response, Summit may reduce its selling
price to $80. If Summit requires a 25% return on sales, what is the target cost for the new
widget?
A. $80.00.
5. B. $60.00.
C. $23.75.
D. $20.00.
42.
10. Refer to the information above. At a price of $80, Summit’s market research
indicates that it can sell 60,000 units per year. Assuming Summit can reach its new target
cost, how will Summit’s profit at the $80 price compare to what it would have earned in
the absence of the competitor’s product?
A. Profit will be $75,000 higher.
B. Profit will be $75,000 lower.
C. Profit will be unaffected if Summit can reach the revised target cost.
D. None of these.
37.
11. A 45% contribution margin ratio means that:
A.
The company should contribute 45% of its operating income to qualified charities
for maximum tax benefits.
B. 55% of the company’s revenue is consumed by fixed and variable costs.
C. The company’s revenue has increased by 45% during the current accounting period.
6. D.
45% of the company’s revenue is available to cover fixed costs and to contribute
toward operating income.
41.12.
12. If the monthly sales volume required to break even is $190,000 and monthly fixed
costs are $55,900, the contribution margin ratio is closest to:
A. 29%.
B. 71%.
C. 23%.
D. 340%.
Mitchell Corporation manufactures a single product. The selling price is $85 per unit,
and variable costs amount to $68 per unit. The fixed costs are $16,500 per month.
13.
Refer to the information above. What is the contribution margin ratio of Mitchell’s
product?
A. 65%.
B. 80%.
C. 72%.
7. D. 20%.
14.
Refer to the information above. What is the monthly sales volume in dollars necessary to
break-even?
A. $82,500.
B. $66,500.
C. $97,059.
D. $77,500.
15.
Refer to the information above. How many units must be sold each month to earn a
monthly operating income of $8,000? (Round your final answer to the next whole
number.)
A. 971 units.
B. 1,442 units.
C. 122,500 units.
D. 353 units.
16.
Refer to the information above. What will be Mitchell’s monthly operating income if
1,800 units are sold each month?
A. $153,000.
8. B. $136,500.
C. $30,600.
D. $14,100.
17.
Which factor is not relevant in deciding whether or not to accept a special order?
A. Incremental revenue that will be earned.
B. Additional costs that will be incurred.
C.
The effect that the order will have on the company’s regular sales volume and selling
prices.
D. The average cost of production if the special order is accepted.
18.
The primary difference between profit centers and cost centers is that:
A. Profit centers generate revenue.
B. Cost centers incur costs.
C. Profit centers are evaluated using return on investment criteria.
D. Profit centers provide services to other centers in the organization.
9. 19.
An investment center:
A.
Is a profit center for which management is able to objectively measure the cost of the
assets used in the center’s operations.
B.
Is a cost center for which management is able to identify the original amount
invested.
C. May be either a cost center or a profit center.
D.
Is a subunit of the organization that provides services to other centers within the
organization.
20.
Which of the following is not considered an operating budget?
A. Manufacturing cost budget.
B. Production schedule.
C. Capital expenditures budget.
D. Sales forecast.
21.
A budget that can be easily adjusted to show budgeted revenues, costs, and cash flows at
different levels of activity is known as:
A. A flexible budget.
B. A master budget.
C. A production budget.
10. D. A multi-level budget.
22.
Explain what is meant by “profit rich, yet cash poor”.
23.
There will be a favorable materials price variance if:
A. The standard price per unit is less than the actual price per unit.
B. The standard price per unit is greater than the actual price per unit.
C. The actual quantity purchased is greater than expected.
D. The actual quantity purchased is less than expected.
24.
Greenleaf’s flexible budget for June, based on actual output, called for the use of 10,000
square feet of materials at a standard cost of $9.90 per square foot. Company records
show that the actual price paid for the materials used in June was $9.70 per square foot,
and that the direct materials price variance for the month was $2,090 favorable. The
materials quantity variance for Greenleaf’s June operations was:
A. $1,000 favorable.
B. $4,455 unfavorable.
C. $4,365 favorable.
11. D. Impossible to determine from the data given.
Maple Company’s flexible budget, based upon the number of equivalent units produced,
called for the use of 5,000 square yards of fabric at a standard cost of $2.45 per square
yard. The Production Department actually used 5,200 square yards costing $2.35 per
square yard during June.
25.
Refer to the information above. The materials price variance for Maple Company for
June is:
A. $520 favorable.
B. $990 favorable.
C. $30 unfavorable.
D. $520 unfavorable.
Eagle Company uses a standard cost system which has provided the following
data:
26.
Refer to the information above. The direct labor rate variance for the period was:
A. $425 favorable.
B. $360 favorable.
C. $360 unfavorable.
12. D. $425 unfavorable.
27.
Identify the criticisms of using ROI (Return on investment) as the only performance
measure.
28.
Explain the importance of incentive systems for motivating performance.
29.
Capital budget auditBriefly discuss the reasons that a company’s management
would conduct a regular capital budget audit.
13. 30.
Accounting terminologyListed below are nine technical accounting terms introduced or
emphasized in this chapter:
Each of the following statements may (or may not) describe one of these technical terms.
In the space provided beside each statement, indicate the accounting term described, or
answer “None” if the statement does not correctly describe any of the terms.
____ (a) The amount by which sales revenue exceeds total variable cost expressed as a
percentage of sales.
____ (b) The amount by which sales volume exceeds the break-even point.
____ (c) The study of financial statements by a potential investor or creditor as a means of
evaluating the profitability and solvency of a business.
____ (d) A type of activity that has a causal effect in the occurrence of a particular cost.
____ (e) The level of sales at which revenue equals operating expenses.
____ (f) A cost that responds to changes in sales volume by less than a proportionate
amount.
____ (g) A mathematical technique used to determine the fixed and variable elements of a
mixed or semi-variable cost.