ACCT 505 Wonderful Education--acct505.com

ACCT 505 Entire Course (New)
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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
ACCT 505 Week 5 Course Project 1 LBJ Company (New)
ACCT 505 Week 5 Measuring Performance - Course Project A
ACCT 505 Week 6 Quiz Segment Reporting and Relevant Costs for
Decisions
ACCT 505 Week 7 Capital Budgeting Course Project
ACCT 505 Week 7 Course Project 2 Capital Budgeting Decision
(New)
ACCT 505 Final Exam Guide (New) Set 1
ACCT 505 Midterm Exam (New) Set 1

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ACCT 505 Final Exam (Devry)
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ACCT 505 Final Exam
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ACCT 505 Final Exam (New) All 3 Set
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Score 248/250
Multiple Choice 2
Short 2
Essay 7
Question 1 : (TCO E) Designing a new product is a(n)
2. Question : (TCO G) Given the following data, what would ROI be?
Sales $70,000
Net operating income $10,000
Contribution margin $20,000
Average operating assets $50,000
Stockholder's equity $25,000

1. Question : (TCO C) Longiotti Corporation produces and sells a
single product. Data
concerning that product appear below.
Selling price per unit $375.00
Variable expense per unit $144.00
Fixed expense per month $1,686,300
Required:
Determine the monthly breakeven in units or dollar sales. Show your
work!
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Score 248/250
Multiple Choice 2
Short 2
Essay 7
Question 1 : (TCO E) Designing a new product is a(n)
2. Question : (TCO G) Given the following data, what would ROI be?
Sales $70,000

1. Question : (TCO C) Longiotti Corporation produces and sells a
single product. Data
concerning that product appear below.
Selling price per unit $375.00
Variable expense per unit $144.00
Fixed expense per month $1,686,300
Required:
Determine the monthly breakeven in units or dollar sales. Show your
work!
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Set 2
1. (TCO C) Madlem, Inc., produces and sells a single product whose
selling price is $120.00 per unit and whose variable expense is $46.20
per unit. The company's fixed expense is $405,900 per month.
Required: Determine the monthly breakeven in either unit or total
dollar sales. Show your work! (Points : 25)
Question 2.2. (TCO B) Industrial Supply Corporation uses the
weighted-average method in its process costing system. Data

concerning the first processing department for the most recent month
are listed below.
Work in process, beginning:
Units in beginning work in process inventory 400
Materials costs $6,900
Conversion costs $2,500
Percent complete for materials 80%
Percent complete for conversion 15%
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(TCO E) Preparing purchase orders is a(n) (Points : 5)
batch-level activity.
product-level activity.
unit-level activity.
organization sustaining activity.
2. (TCO G) Given the following data, what would ROI be?
Sales $70,000

(Points : 5)
manufacturing overhead was $7.25 per labor hour and the estimated
total fixed manufacturing overhead was $585,000
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ACCT 505 Midterm Exam (New) 6 Sets
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This Tutorial contains 6 Sets of Midterm Exam 1. (TCO A) Direct
material cost is a part of (Points : 6) Conversion Cost NO.... Prime
Cost NO. Conversion Cost YES.... Prime Cost NO. Conversion Cost
YES.... Prime Cost YES. Conversion Cost NO.... Prime Cost YES.
Question 2.2. (TCO A) Total fixed costs (Points : 6) will increase
with increases in activity. will decrease with increases in activity. are
not affected by activity. should be ignored in making decisions
because they can never change. Question 3.3. (TCO A) Property taxes
on a company's factory building would be classified as a(n) (Points :
6) variable cost. opportunity cost. period cost. product cost. Question
4.4. (TCO C) When the activity level is expected to increase within
the relevant range, what effects would be anticipated with respect to
each of the following? (Points : 6) Fixed costs per unit decrease and
variable costs per unit do not change. Fixed costs per unit increase
and variable costs per unit do not change. Fixed costs per unit do not
change and variable costs per unit do not change. Fixed costs per unit
do not change and variable costs per unit increase. Question 5.5.
(TCO B) Which of the following statements is true? I. Overhead
application may be made slowly as a job is worked on. II. Overhead

application may be made in a single application at the time of
completion of the job.
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Score 144/150
Multiple Choice 10
1. (TCO A) Direct material cost is a part of (Points : 6)
Conversion Cost NO.... Prime Cost NO.
Conversion Cost YES.... Prime Cost NO.
Conversion Cost YES.... Prime Cost YES.
Conversion Cost NO.... Prime Cost YES.
Question 2.2. (TCO A) Total fixed costs (Points : 6)
will increase with increases in activity.
will decrease with increases in activity.
are not affected by activity.
should be ignored in making decisions because they can never
change.
Question 3.3. (TCO A) Property taxes on a company's factory
building would be classified as a(n) (Points : 6)
variable cost.

opportunity cost.
period cost.
product cost.
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Multiple Choice 10 9
Essay 4
Question 1. Question : (TCO A) The variable portion of
advertising costs is a
Student Answer: Conversion YES... Period NO.
Conversion YES .... Period YES.
Conversion NO.... Period YES.
Question 2. Question : (TCO A) A cost incurred in the past
that is not relevant to any current decision is classified as a(n)
Student Answer: period cost.
incremental cost.
opportunity cost.
None of the above

Question 3. Question : (TCO A) Property taxes on a
company's factory building would be classified as a(n)
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ACCT 505 Week 1 Case Study (Devry)
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Top Switch Inc. designs and manufactures switches used in
telecommunications. Serious flooding throughout the state of
Tennessee affected Top Switch’s facilities. Inventory was completely
ruined, and the company’s computer system, including all accounting
records, was destroyed.
Before the unfortunate incident, recovery specialists cleaned the
buildings. The company controller is very nervous and anxious to
recover whatever records he can to support the insurance claim for the
destroyed inventory. After consulting with the cost accountant, they
decide to retrieve the previous year’s annual report for the beginning
inventory numbers. In addition, they also agreed that they need first
quarter cost data.
The cost accountant was working on the first quarter results before the
storm hit, and to his surprise, the report was still in his desk drawer.
After reviewing the data , the information shows the following
information: Material purchases were $ 325,000; Direct Labor was $
220,000. Further discussions between the controller and the cost
accountant revealed that sales were $ 1,350,000 and the gross margin
was 30% of sales. The cost accountant also discovered, while sifting
through the information, that cost of goods available for sale was $
1,020,000 at cost. While assessing the damage, the controller
determined that the prime costs were $ 545,000 up to the time of the

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ACCT 505 Week 1-7 All Discussion Questions
(Devry)
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Week 1DQ 1 Cost Terms, Classifications, and Behavior
Week 1DQ 2 Research and Application
Week 2DQ 1 Job Order and Process Costing Systems
Week 3DQ 1 Variable Costing and CVP Concepts
Week 4DQ 1 Budgeting Case Study
Week 4DQ 2 Exam Review
Week 5DQ 1 Standards, Variances, Flexible Budgets
Week 6DQ 1 Segment Reporting and Relevant Costs
Week 7DQ 1 Capital Budgeting
Week 7DQ 2 Exam Review
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ACCT 505 Week 2 Case 3-29 Ethics and the
Manager

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CASE 3–29 Ethics and the Manager [Course Objective B] Terri
Ronsin had recently been transferred to the Home Security Systems
Division of National Home Products. Shortly after taking over her
new position as divisional controller, she was asked to develop the
division’s predetermined overhead rate for the upcoming year. The
accuracy of the rate is important because it is used throughout the
year and any overapplied or underapplied overhead is closed out to
Cost of Goods Sold at the end of the year. National Home Products
uses direct labor-hours in all of its divisions as the allocation base for
manufacturing overhead.
To compute the predetermined overhead rate, Terri divided her
estimate of the total manufacturing overhead for the coming year by
the production manager’s estimate of the total direct labor-hours for
the coming year. She took her computations to the division’s general
manager for approval but was quite surprised when he suggested a
modification in the base. Her conversation with the general manager
of the Home Security Systems Division, Harry Irving, went like this:
Ronsin: Here are my calculations for next year’s predetermined
overhead rate. If you approve, we can enter the rate into the computer
on January 1 and be up and running in the job-order costing system
right away this year.
Irving: Thanks for coming up with the calculations so quickly, and
they look just fine. There is, how- ever, one slight modification I
would like to see. Your estimate of the total direct labor-hours for the
year is 440,000 hours. How about cutting that to about 420,000
hours?
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ACCT 505 Week 2 Quiz Job Order and Process
Costing Systems (Devry)
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1.
Question :
(TCO F) For which situation(s) below would an organization be more
likely to use a job-order costing system of accumulating product costs
rather than a process costing system?
2.
Question :
(TCO F) Process costing would be appropriate for each of the
following except:
3.
Question :
(TCO F) Lucas Company uses the weighted-average method in its
process costing system. The company adds materials at the beginning
of the process in the Forming Department, which is the first of two
stages in its production process. Information concerning operations in
the Forming Department in October follows:
Units
Material Cost
Work in process on October 1
6,000

$3,000
Units started in October
50,000
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Essay 4
Multiple Choice 6
Question 1. Question : (TCO B) Assume there is no beginning
work in process inventory and the ending work in process inventory is
100% complete with respect to materials costs. The number of
equivalent units with respect to materials costs under the weighted
average method is
Student Answer: the same as the number of units
completed.
production.
the same as the number of units put into
production.
less than the number of units completed.
Question 2. Question : (TCO B) For which situation(s) below
would an organization be more likely to use a job-order costing
system of accumulating product costs rather than a process costing
system?

Student Answer: A steel factory that processes
iron ore into steel bars
A computer consulting firm
A factory that processes sugar and other
ingredients into candy
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ACCT 505 Week 3 Case Study 4–20 Ethics and the
Manager
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CASE 4–20 Ethics and the Manager, Understanding the Impact of
Percentage Completion on Profit—Weighted-Average Method
[Course Objective B] Gary Stevens and Mary James are production
managers in the Consumer Electronics Division of General
Electronics Company, which has several dozen plants scattered in
locations throughout the world. Mary manages the plant located in
Des Moines, Iowa, while Gary manages the plant in El Segundo,
California. Production managers are paid a salary and get an
additional bonus equal to 5% of their base salary if the entire division
meets or exceeds its target profits for the year. The bonus is
determined in March after the company’s annual report has been
prepared and issued to stockholders.
Shortly after the beginning of the New Year, Mary received a phone
call from Gary that went like this:
Gary: How’s it going, Mary?
Mary: Fine, Gary. How’s it going with you?

Gary: Great! I just got the preliminary profit figures for the division
for last year and we are within $200,000 of making the year’s target
profits. All we have to do is pull a few strings, and we’ll be over the
top!
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ACCT 505 Week 3 Case Study II (Devry)
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Springfield Express is a luxury passenger carrier in Texas. All seats
are first class, and the following data are available:
Number of seats per passenger train car
90
Average load factor (percentage of seats filled)
70%
Average full passenger fare
$160
Average variable cost per passenger
$70
Fixed operating cost per month
$3,150,000
What is the break-even point in passengers and revenues per month?
What is the break-even point in number of passenger train cars per
month? If Springfield Express raises its average passenger fare to $

190, it is estimated that the average load factor will decrease to 60
percent.
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ACCT 505 Week 4 Midterm Exam (Devry)
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1.
Question :
(TCO A) Wages paid to an assembly line worker in a factory are a
2.
Question :
(TCO A) A cost incurred in the past that is not relevant to any current
decision is classified as a(n)
3.
Question :
(TCO A) Depreciation of office buildings and office equipment is
also known as
4.
Question :
(TCO A) When the activity level is expected to increase within the
relevant range, what effects would be anticipated with respect to each
of the following?
5.

Question :
(TCO F) Which of the following statements is true?
I. Overhead application may be made slowly as a job is worked on.
II. Overhead application may be made in a single application at the
time of completion of the job.
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ACCT 505 Week 5 Course Project 1 LBJ Company
(New)
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COURSE PROJECT 1 INSTRUCTIONS
You have just been contracted as a budget consultant by LBJ
Company, a distributor of bracelets to various retail outlets across the
country. The company has done very little in the way of budgeting
and at certain times of the year has experienced a shortage of cash.
You have decided to prepare a cash budget for the upcoming fourth
quarter in order to show management the benefits that can be gained
from proper cash planning. You have worked with accounting and
other areas to gather the information assembled below.
The company sells many styles of bracelets, but all are sold for the
same $10 price. Actual sales of bracelets for the last three months
and budgeted sales for the next six months follow:
The concentration of sales in the fourth quarter is due to the
Christmas holiday. Sufficient inventory should be on hand at the end

of each month to supply 40% of the bracelets sold in the following
month.
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ACCT 505 Week 6 Case Study Balanced Scorecard
Case (700 words Paper)
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ACCT505 – Managerial Accounting
Team Case Study 3 – Week 6
Balanced Scorecard Case
(Course Objective G)
Many companies are using the Balanced Scorecard System to assist in
their performance management. According to Garrison, Noreen, and
Brewer (2015) a balanced scorecard “consists of integrated set of
performance measures that are derived from and support a company’s
strategy” (p. 490). In a Balanced Scorecard System the company’s
strategy is translated into a system of performance measures that are
used to monitor the company’s performance in meeting its strategic
objectives.
As part of a two-member team, your task is to identify and discuss the
key performance measures of a balanced scorecard. Then, find three
companies that are currently using a Balanced Scorecard System by
doing an internet and library database search. Internet searches as well
searches of financial databases, such as Yahoo Finance, should help
you in your efforts. Then discuss in as much detail as possible the

specifics of the balanced scorecard that is being used by these
companies.
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ACCT 505 Week 6 Quiz Segment Reporting and
Relevant Costs for Decisions (Devry)
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Question :
(TCO D) Return on investment (ROI) is equal to the margin
multiplied by
2.
Question :
(TCO D) For which of the following decisions are opportunity costs
relevant?
The decision to make or buy a needed part
The desision to keep or drop a product line
(A)
No3.
Question :
(TCO D) Last year, the House of Orange had sales of $826,650, net
operating income of $81,000, and operating assets of $84,000 at the
beginning of the year and $90,000 at the end of the year. What was
the company's turnover, rounded to the nearest tenth?
1.

Question :
(TCO D) Data for December concerning Dinnocenzo Corporation's
Should the company accept this special order? Why?
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Multiple Choice 3
Short 5
Question 1. Question : (TCO D) Return on investment (ROI)
is equal to the margin multiplied by
Question 2. Question : (TCO D) For which of the following
decisions are opportunity costs relevant?
The decision to make or buy a needed part The decision to
keep or drop a product line
Question 3. Question : (TCO D) Last year, the House of
Orange had sales of $826,650, net operating income of $81,000, and
operating assets of $84,000 at the beginning of the year and $90,000
at the end of the year. What was the company's turnover, rounded to
the nearest tenth?
Question 1. Question : (TCO D) Data for December
concerning Dinnocenzo Corporation's two major business segments-
Fibers and Feedstocks-appear below.
Sales revenues, Fibers $870,000

Sales revenues, Feedstocks $820,000
Variable expenses, Fibers $426,000
Variable expenses, Feedstocks $344,000
Traceable fixed expenses, Fibers $148,000
Traceable fixed expenses, Feedstocks $156,000
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ACCT 505 Week 7 Course Project 2 Capital
Budgeting Decision (New)
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ACCT 505 Course Project 2 Hampton Company
Capital Budgeting Decision
Hampton Company: The production department has been
investigating possible ways to trim total production costs. One
possibility currently being examined is to make the cans instead of
purchasing them. The equipment needed would cost $1,000,000, with
a disposal value of $200,000,and would be able to produce
27,500,000 cans over the life of the machinery. The production
department estimates that approximately 5,500,000 cans would be
needed for each of the next 5 years.
The company would hire six new employees. These six individuals
would be full-time employees working 2,000 hours per year and
earning $15.00 per hour. They would also receive the same benefits as
other production employees, 15% of wages in addition to $2,000 of
health benefits.

It is estimated that the raw materials will cost 30¢ per can and that
other variable costs would be 10¢ per can. Because there is currently
unused space in the factory, no additional fixed costs would be
incurred if this proposal is accepted.
It is expected that cans would cost 50¢ each if purchased from the
current supplier. The company’s minimum rate of return (hurdle rate)
has been determined to be 11% for all new projects, and the current
tax rate of 35% is anticipated to remain unchanged. The pricing for
the company’s products as well as number of units sold will not be
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