Managerial Accounting (ACC 212) Uses of Accounting Information II (ACC 240)
|
|
- Warren Dickerson
- 5 years ago
- Views:
Transcription
1 Managerial Accounting (ACC 212) Uses of Accounting Information II (ACC 240) Final Exam Review 1) Beginning Raw Materials Inventory $ 1,000 Ending Raw Materials Inventory 2,500 Purchases of Raw Materials 6,000 Direct Labor 3,000 Indirect Labor 1,500 Rent, office 5,000 Rent, factory 4,000 Depreciation, office 2,000 Depreciation, factory 8,000 Beginning Work In Process Inventory 2,000 Ending Work In Process Inventory 4,500 The company's cost of goods manufactured was $ 2) Sales $80,000 Beginning Finished Goods Inventory 9,000 Ending Finished Goods Inventory Cost of Goods Manufactured 5,000 42,000 Selling Expenses General & Administrative Expenses 20,000 15,000 The company had a net (income or loss)? of $ 3) Estimated manufacturing overhead $160,000 Actual manufacturing overhead 161,500 Estimated direct labor hours 10,000 Actual direct labor hours 9,500 Overhead is based on direct labor hours. The company's predetermined overhead rate was $ hour. 4) Predetermined overhead rate is $1.80 per machine hour Actual machine hours were 80,000 Actual manufacturing overhead was $128,000 Estimated machine hours were 70,000 Estimated manufacturing overhead was $126,000 Overhead was (over or under) applied? in the amount of $
2 5) Expense Title September October Advertising $ 40,000 $ 40,000 Utilities 50,000 70,000 Depreciation 30,000 30,000 Shipping 2,000 3,000 Cost of Goods Sold 60,000 90,000 Sales (in units) 20,000 30,000 The relevant range for these costs is between 10,000 and 60,000 units. The company's expenses can be divided as follows (supply expense titles): Fixed expense(s) Mixed expense(s) Variable expense(s) 6) Utility Cost Machine Hours October $ November 40 9 December Totals $ ===== == Using the high-low method: the variable rate per machine hour is $ per machine hour the total fixed cost is $ 7) Sales ($11 per unit) $550,000 Variable Expenses 45% Fixed Expenses $199,650 This company's break-even point in UNITS is
3 8) Sales $360,000 Contribution Margin 198,000 Fixed Expenses 82,500 This company's current margin of safety is $ 9) Variable expense $ 35,000 Contribution margin 15,000 Fixed expense 10,000 This company's degree of operating leverage is 10) The following budget is for a merchandising company: Jun Jul Aug Sep Oct Sales (all credit) $50,000 $60,000 $50,000 $60,000 $50,000 Selling price is $10 per unit. a) Cash is collected: 10% in the month of sale 60% in the month following sale 30% in the 2nd month following sale Cash collections during September should be $ b) Any month's ending inventory is 10% of the following month's sales. The units that should be purchased during the month of August are units c) Each unit costs the company 60% of selling price. Payments are made 50% in the month of purchase and 50% in the month following purchase. During the months of June and July, 5,100 and 5,900 units were purchased, respectively. Cash payments for July should be: $
4 11) Cardinal Puppet Company applies overhead based on direct labor hours. Standard Cost Card Direct materials, 3 $5 $15.00 Direct labor, 2 $ Overhead, 2 $ Standard cost per unit $ ======== 5,000 puppets were budgeted & produced using the following inputs: ACTUALS Direct material - 16,000 pounds of material were purchased at an actual unit price of $4.80, for a total actual cost of $76,800 Direct labor - 9,500 hours of direct labor time was recorded at an actual hourly rate of $12.20, for a total actual cost of $115,900 Please compute the following variances: Materials price variance $ (U or F) Materials quantity variance $ (U or F) Labor rate variance $ (U or F) Labor efficiency variance $ (U or F)
5 12) Sales $400,000 Less: Variable Expenses 240, Contribution Margin $160,000 Less: Fixed Expenses 70, Net Operating Income $90,000 Less: Income Taxes 50, Net Income $40,000 ======== Assets Cash $ 200,000 Property, Plant & Equipment $900,000 Less: Accumulated Depreciation 100, ,000 Land Held for Future Use 200, Total Assets $1,200,000 ========== Liabilities Current Liabilities $ 100,000 Stockholders' Equity Common Stock $300,000 Retained Earnings 800,000 1,100, Total Liabilities and Stockholders' Equity $1,200,000 ========== What is this company's Return on Investment (ROI)? % If the Cash were used to pay off the Current Liabilities, what would the new ROI be? % 13) Cost of new machinery $ 200,000 Salvage value after 5 years 20,000 Annual net cash inflow 50,000 Useful life 5 years Cost of capital 14% Ignore income taxes Based on the above information, this company should (accept or reject) this investment proposal due to its net present value of $
6 14) Serena & Venus Company are purchasing a coin operated pool table for $8,000. The pool table has an estimated useful life of 5 years and no salvage value. Other relevant annual data follow: Sales $ 4,000 Variable expenses 40% Fixed expenses: Depreciation $ 1,600 Other 400 The pool table's payback period is years 15) Britney, a single woman, received and paid the following amounts. Amounts received: Amounts paid: Wages $ 20,000 Interest paid - home mortgage 5,100 Tips Game show winnings 15,000 8,000 car credit cards 1, Interest - bank 300 City of Phoenix bonds 800 Property taxes - home car 1, Gift from grandparent 10,000 Income taxes - federal 5,000 Illegal income 12,000 Income from second job 900 state Charitable contributions 1,100 2,300 Inheritance 30,000 Tuition paid to GCC (freshman) 3,000 a) From the amounts received column, what is her taxable income? $ b) From the amounts paid column, what are her itemized deductions? $
7 16) Current year payroll taxes are as follows: Tax Rate Applied to FICA Social Security 7.0% First $70,000 FICA Medicare 1.0% ALL Wages Federal Income Taxes 15.0% ALL Wages Federal Unemployment 0.8% First $7,000 State Unemployment 4.0% First $7,000 Nicole works for XYZ and earns a salary of $9,000 per month. What is Nicole s net pay for August? $ What is XYZ s cost to employ Nicole for the year? $
8 17) For each of the following, record the appropriate amounts for the month of January. a) Jeter Company provided $80,000 of services during January. Payment will be received: 70% during January, 20% in February and the balance in March. Cash Basis Accrual Basis b) Six employees have signed a contract to work for $10,000 per month. However, cash flow is currently tight. As a result, only 70% of the contractual amount will be paid in January with the remainder deferred. Cash Basis Accrual Basis c) Insurance is a necessity in any endeavor. In order to obtain the best rate possible, the company has opted to pay $36,000, in January, for the first year s coverage. Cash Basis Accrual Basis d) January 31 Balances: Cash Basis Accrual Basis Service Revenue $ $ Salaries Payable Insurance Expense
Managerial Accounting (ACC 212) Uses of Accounting Information II (ACC 240)
Managerial Accounting (ACC 212) Uses of Accounting Information II (ACC 240) Final Exam Review 1) Beginning Raw Materials Inventory $ 1 Ending Raw Materials Inventory 3 Purchases of Raw Materials 6 Direct
More informationManagerial Accounting (ACC 212) Uses of Accounting Information II (ACC 240)
Managerial Accounting (ACC 212) Uses of Accounting Information II (ACC 240) Final Exam Review (Yellow) 1) Beginning Raw Materials Inventory $ 1 Ending Raw Materials Inventory 3 Purchases of Raw Materials
More informationManagerial Accounting (ACC 212) Uses of Accounting Information II (ACC 240)
Managerial Accounting (ACC 212) Uses of Accounting Information II (ACC 240) Final Exam Review 1) Beginning Raw Materials Inventory $ 3,000 Ending Raw Materials Inventory 4,500 Purchases of Raw Materials
More informationManagerial Accounting (ACC 212) Uses of Accounting Information II (ACC 240)
Managerial Accounting (ACC 212) Uses of Accounting Information II (ACC 240) Final Exam Review (Blue) 1) Beginning Raw Materials Inventory $ 3 Ending Raw Materials Inventory 5 Purchases of Raw Materials
More informationUses of Accounting Information I (ACC 230) Final Exam Review
Uses of Accounting Information I (ACC 230) Final Exam Review Balances at the end of the first year of operations: Cash 10,000 Sales 70,000 Accounts Receivable 12,000 Accounts Payable 8,000 Cost of Goods
More informationSpring Manufacturing Company Sales Budget 2007
8-56 Comprehensive Profit Plan (90 minutes) 1. Sales Budget Sales Budget Sales (in units) 12,000 9,000 21,000 x Selling Price Per Unit $150 $220 Total Sales Revenue $1,800,000 $1,980,000 $3,780,000 2.
More informationRocco Sabino MBA, CPA
Rocco Sabino MBA, CPA Rocco.Sabino@Stonybrook.edu Agenda: I. Understanding Financial Information Ø Financial Statements q Income Statement It s all about earning income How does Human Resource (HR) affect
More informationSmallBizU WORKSHEET 1: REQUIRED START-UP FUNDS. Online elearning Classroom. Item Required Amount ($) Fixed Assets. 1 -Buildings $ 2 -Land $
WORKSHEET 1: REQUIRED START-UP FUNDS Item Required Amount () Fixed Assets 1 -Buildings 2 -Land 3 -Initial Inventory 4 -Equipment 5 -Furniture and Fixtures 6 -Vehicles 7 Total Fixed Assets Working Capital
More informationREVIEW FOR FINAL EXAM, ACCT-2302 (SAC)
1. Types of Cost Classification REVIEW FOR FINAL EXAM, ACCT-2302 (SAC) CHAPTER 16 a. By Behavior: (1) Variable Cost - constant per unit, changes proportionally with volume. (2) Fixed Cost - fixed in total
More informationSERIES 4 EXAMINATION 2005 COST ACCOUNTING LEVEL 3. (Code No: 3016) FRIDAY 11 NOVEMBER
SERIES 4 EXAMINATION 2005 COST ACCOUNTING LEVEL 3 (Code No: 3016) FRIDAY 11 NOVEMBER Instructions to Candidates (a) (b) (c) (d) (e) (f) (g) (h) The time allowed for this examination is 3 hours. Answer
More information(59) MANAGEMENT ACCOUNTING & BUSINESS FINANCE
All Rights Reserved THE ASSOCIATION OF ACCOUNTING TECHNICIANS OF SRI LANKA FINAL EXAMINATION JULY 2013 (59) MANAGEMENT ACCOUNTING & BUSINESS FINANCE Time: 03 hours Instructions to candidates: (1) This
More informationFNSACC503A: Assessment 2
FNSACC503A: Assessment 2 What you have to do This assessment will test your understanding of budgeting principles and the preparation of sales budgets, operational budgets and cash budgets for a Manufacturing
More informationFlexible Budgets and Standard Costing QUESTIONS
Chapter 21 Flexible Budgets and Standard Costing QUESTIONS 1. Fixed budget performance reports have limited usefulness because they do not reflect differences in revenues and variable costs that can occur
More informationCPABC COIN Competition Exam May 14, 2016
CPABC COIN Competition Exam May 14, 2016 Exam duration is 2 hours. Exam consists of 65 multiple choice questions. Please write your answers in the answer book only. Do not mark your answers in the exam
More information2. The budget or schedule that provides necessary input data for the direct-labor budget is the
Student ID: 22099108 Exam: 061683RR - Planning, Performance, Evaluation, and Control When you have completed your exam and reviewed your answers, click Submit Exam. Answers will not be recorded until you
More information$100,000; and Medicare tax rate, 1.5% on all earnings. What is the gross pay for the employee?
Final Exam Review 1. Accumulated Depreciation a. is used to show the amount of cost expiration of intangibles b. is the same as Depreciation Expense c. is a contra asset account d. is used to show the
More informationXML Publisher Balance Sheet Vision Operations (USA) Feb-02
Page:1 Apr-01 May-01 Jun-01 Jul-01 ASSETS Current Assets Cash and Short Term Investments 15,862,304 51,998,607 9,198,226 Accounts Receivable - Net of Allowance 2,560,786
More informationTable of Contents COPYRIGHTED MATERIAL. 1 Accounting in Action 2. 3 Adjusting the Accounts The Recording Process 48
Table of Contents 1 Accounting in Action 2 Knowing the Numbers: Clif Bar 2 LO 1: Identify the activities and users associated with accounting. 4 Three Activities 4 Who Uses Accounting Data? 5 LO 2: Explain
More informationACC 202 Final Project Part I Guidelines and Rubric
ACC 202 Final Project Part I Guidelines and Rubric Overview To be successful, all businesses must perform periodic assessments to determine the efficiency of operations. Whether you are an owner, a manager,
More informationFinal Examination Semester 2 / Year 2011
Southern College Kolej Selatan 南方学院 Final Examination Semester 2 / Year 2011 COURSE : BASIC COSTING COURSE CODE : ACCT2013 TIME : 2 1/2 HOURS DEPARTMENT : FINANCE AND ACCOUNTING LECTURER : GAN HWI SIN
More informationb. Find an expression for the machine s book value in the t-th year of use (0 < t < 15).
Section 1.5: Linear Models An asset is an item owned that has value. Linear Depreciation refers to the amount of decrease in the book value of an asset. The purchase price, also known as original cost,
More informationTHE HONG KONG POLYTECHNIC UNIVERSITY HONG KONG COMMUNITY COLLEGE
THE HONG KONG POLYTECHNIC UNIVERSITY HONG KONG COMMUNITY COLLEGE Subject Title : Cost Accounting Subject Code : CCN2111 Session : Semester Two, 2017/18 Numerical answers Question B1 (a) The company's DL
More informationBUSINESS FINANCIAL BASICS
BUSINESS FINANCIAL BASICS HERE ARE THREE BASIC FINANCIAL STATEMENTS THAT ARE IMPORTANT FOR YOUR SMALL BUSINESS: BALANCE SHEET. P&L. CASHFLOW STATEMENT 1 BALANCE SHEET A financial statement captures a person
More informationMID TERM EXAMINATION Spring 2010 MGT402- Cost and Management Accounting (Session - 2) Time: 60 min Marks: 47
MID TERM EXAMINATION Spring 2010 MGT402- Cost and Management Accounting (Session - 2) Time: 60 min Marks: 47 Question No: 1 ( Marks: 1 ) - Please choose one Which of the following product cost is Included
More informationB.COM II ADVANCED AND COST ACCOUNTING
The workings under the heading of Additional Working are not required according to the requirement of the examiner. These are only for understanding the solutions. For more help, visit www.a4accounting.net
More informationCost Estimation of a Manufacturing Company
Cost Estimation of a Manufacturing Company Name: Business: Date: Economics of One Unit: Manufacturing Company (Only complete if you are making a product, such as a bracelet or beauty product) Economics
More information5_MGT402_Spring_2010_Final_Term_Solved_paper
5_MGT402_Spring_2010_Final_Term_Solved_paper http://vustudents.ning.com Question No: 1 ( Marks: 1 ) - Please choose one BDH produced 30,500 units of Kisty (a product). Each unit of Kisty takes two units
More informationThe budgeted information on the two business opportunities that Green Bush records are currently considering investing in is as follows:
ICB Cost and Management Accounting Playlist Handbook SECTION A: REVISION VIDEO QUESTIONS Break-even analysis The budgeted information on the two business opportunities that Green Bush records are currently
More informationPROJECTED FINANCIAL STATEMENTS FORMAT FOR ENERGY PROJECTS
PROJECTED FINANCIAL STATEMENTS FORMAT FOR ENERGY PROJECTS Projected Income Statement With Income Tax Holiday (ITH) Incentives* With ITH Incentives Sales Less: Sales Commissions and Discounts Net Sales
More informationTAX ORGANIZER Page 3
TAX ORGANIZER Page Basic Taxpayer Information Taxpayer Spouse Taxpayer Spouse First Name Initial Last Name Social Security No. Check if Date of Occupation Dependent Presidential Birth Disabled Blind of
More informationMTP_Intermediate_Syllabus 2012_Jun2017_Set 1 Paper 8- Cost Accounting & Financial Management
Paper 8- Cost Accounting & Financial Management Academics Department, The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 1 Paper-8: Cost Accounting & Financial
More informationFINALTERM EXAMINATION Spring 2010 MGT402- Cost & Management Accounting (Session - 4) Solved by Mehreen Humayun vuzs Team.
FINALTERM EXAMINATION Spring 2010 MGT402- Cost & Management Accounting (Session - 4) Solved by Mehreen Humayun vuzs Team Time: 90 min Marks: 69 Question No: 1 ( Marks: 1 ) - Please choose one Cost of finished
More informationPreparing and using budgets
Osborne Books Tutor Zone Preparing and using budgets Chapter activities Osborne Books Limited, 2013 2 p r e p a r i n g a n d u s i n g b u d g e t s t u t o r z o n e 1 The budgeting environment 1.1 Match
More informationTax Return Questionnaire Tax Year
Tax Return Questionnaire - 2018 Tax Year - Page 1 of 18 Print this form out, take some time to fill it out, and bring it with you when you come to the office. This will save you time and money and help
More informationLet s trace the budgets through for a company called the Hayes Company. Sales Budget The first budget prepared, comes from the Sales Forecast
Let s trace the budgets through for a company called the Hayes Company. Sales Budget The first budget prepared, comes from the Sales Forecast Expected sales volume: 3,000 units in the first quarter with
More informationTax Return Questionnaire Tax Year
Print this form out, take some time to fill it out, and bring it with you when you come to the office. This will save you time and money, and help us help you more effectively. Tax Return Questionnaire
More information2018 LAST MINUTE CPA EXAM NOTES
2018 LAST MINUTE CPA EXAM NOTES Page intentionally left blank 2018 LAST MINUTE CPA EXAM NOTES BEC (Volume 1) Copyright 2018 by Glomont LLC. First edition Notice of Rights. All rights reserved. No part
More information1 Exam Prep Builder s Guide to Accounting (2)
1 Exam Prep Builder s Guide to Accounting (2) 1. All the following are normally required for a loan application except. A. an income statement B. a balance sheet C. a tax return D. retained earnings 2.
More informationAppendices - Introduction
Appendices - Introduction For more than one reason, we have posted a printable "pdf" copy of the appendices listed below, on our website @: http://www.full-chargebookkeeping.com/ > Resources & Links page.
More informationIntroduction. Income Tax: percentage of your income collected by the government to fund its services and programs
Introduction Income Tax: percentage of your income collected by the government to fund its services and programs Tax revenue pays for national defense, fire and police protection, road construction, schools,
More informationGurukripa s Guideline Answers to May 2012 Exam Questions IPCC Cost Accounting and Financial Management
Gurukripa s Guideline Answers to May 2012 Exam Questions IPCC Cost Accounting and Financial Management Question No.1 is compulsory (4 5 20 Marks). Answer any five questions from the remaining six questions
More informationPTP_Intermediate_Syllabus 2008_Jun2015_Set 3
Paper 8: Cost & Management Accounting Time Allowed: 3 Hours Full Marks: 100 Question No 1 is Compulsory. Answers any five Questions from the rest. Working Notes should form part of the answer. Question.1
More informationIntroduction to Finance. 1 March Examination Paper. Time: 3 hours
Introduction to Finance 1 March 2016 Examination Paper Answer any FOUR (4) questions. Clearly cross out surplus answers. Failure to do this will result in only the first FOUR (4) answers being marked.
More informationDisclaimer: This resource package is for studying purposes only EDUCATIO N
Disclaimer: This resource package is for studying purposes only EDUCATIO N Chapter 9: Budgeting The Basic Framework of Budgeting Master budget - a summary of a company s plans in which specific targets
More information[Business Plan Title]
[Business Plan Title] [Business Plan Subtitle] [Street Address] [City, ST ZIP Code] p. [Telephone] f. [Fax] [Email] [Web address] Table of Contents I. Executive Summary... 3 II. The Company Summary...
More informationUnit Costing & Reconciliation
Unit Costing & Reconciliation Question : 1 (Nov, 2003) CA Past Years Exam Question A fire occurred in the factory premise on 31 st October of a year. The accounting records have been destroyed. Certain
More informationCost Analysis and Estimating for Engineering and Management
Cost Analysis and Estimating for Engineering and Management Chapter 4 Accounting Analysis Ch 4-1 Overview Accounting Records, Transactions, Reports Depreciation What It Is, Uses, Calculations Budgeting
More informationPOHR Actual
Review Problem 2 Selling expenses $140,000 Raw materials inventory, January 1 90,000 Raw materials inventory, December 31 60,000 Utilities, factory. 36,000 Direct labour cost 150,000 Depreciation, factory
More information2000 Accounting II Page 1
2000 Accounting II Page 1 1. In accounting, the two types of equity are liabilities and owner's equity. 2. When journalizing, you are advised to go from left to right. 3. Transportation charges need to
More informationBoard of Directors October 2018 and YTD Financial Report
Board of Directors October 2018 and YTD Financial Report Consolidated Financial Results Operating Margin October ($30,262) $129,301 ($159,563) Year-to-date $292,283 $931,358 ($639,076) Excess of Revenue
More informationHigher National Diploma in Accountancy Third Year, First Semester Examination 2014 DA3101-Advanced Management Accounting
[All Rights Reserved] SLIATE SLIAE SRI LANKA INSTITUTE OF ADVANCED TECHNOLOGICAL EDUCATION (Established in the Ministry of Higher Education, vide in Act No. 29 of 1995) Higher National Diploma in Accountancy
More informationB292 Revision Part 4
B292 Revision Part 4 EX 1 The following represent four independent situations from which one amount is missing. Products Annual Quantity Carrying (Holding) Cost/Unit Ordering Cost/Order EOQ A 4,500 $1
More informationWEEK 6 OPERATING BUDGETS (MANUFACTURING ORGANISATIONS) Case Study. The budgets that you need to prepare include:
WEEK 6 OPERATING BUDGETS (MANUFACTURING ORGANISATIONS) Case Study manufactures cardboard boxes which are used for transporting very special toys to toy stores all around Australia. You have already been
More informationThis paper is not to be removed from the Examination Halls
~~AC1025 ZB d0 This paper is not to be removed from the Examination Halls UNIVERSITY OF LONDON AC1025 ZB BSc degrees and Diplomas for Graduates in Economics, Management, Finance and the Social Sciences,
More informationTime Value of Money. Appendix E. Learning Objectives. After studying this chapter, you should be able to:
E- 1 Appendix E Time Value of Money E- 2 Learning Objectives After studying this chapter, you should be able to: 1. Distinguish between simple and compound interest. 2. Solve for future value of a single
More informationCost Accounting. Level 3. Model Answers. Series (Code 3016)
Cost Accounting Level 3 Model Answers Series 4 2005 (Code 3016) Vision Statement Our vision is to contribute to the achievements of learners around the world by providing integrated assessment and learning
More informationACC 121 PRINCIPLES OF MANAGERIAL ACCOUNTING
PRINCIPLES OF MANAGERIAL ACCOUNTING COURSE DESCRIPTION: Prerequisites: ACC 120 Corequisites: None This course includes a greater emphasis on managerial and cost accounting skills. Emphasis is on managerial
More informationWrite your answers in blue or black ink/ballpoint. Pencil may be used only for graphs, charts, diagrams, etc.
Series 3 Examination 2008 COST ACCOUNTING Level 3 Friday 6 June Subject Code: 3016 Time allowed: 3 hours INSTRUCTIONS FOR CANDIDATES Answer 5 questions. All questions carry equal marks. Write your answers
More informationIntroduction to Managerial Accounting and Job Order Cost Systems p. 1 The Differences Between Managerial and Financial Accounting p.
Introduction to Managerial Accounting and Job Order Cost Systems p. 1 The Differences Between Managerial and Financial Accounting p. 2 The Management Accountant in the Organization p. 4 Manufacturing Cost
More informationIntermediate Management Accounting
Intermediate Management Accounting Course map This document outlines the course structure. Course orientation Lesson 1: Welcome Lesson 2: Getting your diploma Lesson 3: How do I study this course? Unit
More informationACC406 Tip Sheet. 1) Planning: It is the process of creating a set of plans that a company intends to achieve a particular goal.
ACC406 Tip Sheet Chapter 1 Managerial Accounting: It is simply the process of reporting accounting information for a company s internal users such as managers, sales staff and etc. for decision making.
More informationMarginal and. this chapter covers...
7 Marginal and absorption costing this chapter covers... This chapter focuses on the costing methods of marginal and absorption costing and compares the profit made by a business under each method. The
More informationanagena Accounting McGraw-Hill Irwin Ray H. Garrison, D.B.A., CPA Eric W. Noreen, Ph.D., CMA Peter C. Brewer, Ph.D., CPA
anagena Accounting r t e e n t i t i Ray H. Garrison, D.B.A., CPA Professor Emeritus Brigham Young University Eric W. Noreen, Ph.D., CMA Professor Emeritus University of Washington Peter C. Brewer, Ph.D.,
More informationAccounting for Managers
Accounting for Managers 2 nd Edition Steven M. Bragg Chapter 1 The Need for Accounting Information... 1 Learning Objectives... 1 Introduction... 1 The Accountancy Concept... 1 Financial and Managerial
More informationMGT402 Subjective Material
MGT402 Subjective Material Question No: 49 ( Marks: 3 ) A company is considering publishing a limited edition book bound in special leather. It has in stock the leather bought some years ago for Rs. 1,000.
More informationMBP1133 Managerial Accounting Prepared by Dr Khairul Anuar
1 MBP1133 Managerial Accounting Prepared by Dr Khairul Anuar L9 Master Budgeting www.notes638.wordpress.com 2 Learning Objective 1 Understand why organizations budget and the processes they use to create
More informationFinancial Management Bachelors of Business (Specialized in Finance) Tutorial Questions Chapter 1: Introduction to Cost Accounting
Financial Management Bachelors of Business (Specialized in Finance) Tutorial Questions Chapter 1: Introduction to Cost Accounting 1 Practice Questions Question 1 Cost Accounting System is neither unnecessary
More informationSummerset Fencing. Introduction
Summerset Fencing An Algorithmic Practice Set Featuring Job-Order Costing and JIT Inventories 1 st Web-Based Edition Introduction Page 1 An Introduction To Summerset Fencing Summerset Fencing operates
More informationDr. M.D. Chase Accounting 610 Examination 1 Chapters 1-8,11 Horngren et.al. 15 th. Spring 2011
Exam No: Dr. M.D. Chase Accounting 610 Examination 1 Chapters 1-8,11 Horngren et.al. 15 th Spring 2011 Business ethics are the cornerstone of a successful free enterprise economy. Personal ethics are the
More informationEXAM COVER SHEET. NOTE: This exam paper may be RETAINED by the student. Management Accounting and Business
Exams, Awards & Graduations EXAM COVER SHEET NOTE: This exam paper may be RETAINED by the student EXAMINATION DETAILS Course Code ACCT 1063 Course Description Date of exam Monday 24 th October, 2011 Management
More informationRamblewood Manufacturing, Incorporated. 1 st Web-Based Edition. Introduction
Ramblewood Manufacturing, Incorporated 1 st Web-Based Edition Introduction Page 1 An Introduction To Ramblewood Manufacturing, Incorporated Ramblewood Manufacturing, Incorporated operates in a job-order
More informationAnswer to MTP_Intermediate_Syllabus 2012_Jun2017_Set 1 Paper 8- Cost Accounting & Financial Management
Paper 8- Cost Accounting & Financial Management Academics Department, The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 1 Paper-8: Cost Accounting & Financial
More informationPrepared and solved by Cyberian www,vuaskari.com
Franchise rights, goodwill and patents are the examples of: Liquid assets Tangible assets Intangible assets Current assets Any expense that gives benefit for a period of less than twelve months is called.
More informationExam: RR - Budgeting; Standard Cost Accounting
Exam: 061572RR - Budgeting; Standard Cost Accounting When you have completed your exam and reviewed your answers, click Submit Exam. Answers will not be recorded until you hit Submit Exam. If you need
More informationWrite your answers in blue or black ink/ballpoint. Pencil may be used only for graphs, charts, diagrams, etc.
Series 4 Examination 2008 COST ACCOUNTING Level 3 Tuesday 11 November Subject Code: 3016 Time allowed: 3 hours INSTRUCTIONS FOR CANDIDATES Answer 5 questions. All questions carry equal marks. Write your
More informationFinancial, Treasury and : Forex 1 : Management
Financial, Treasury and : Forex 1 : Management RollNo... Time allowed : 3 hours Maximum marks : 100 Total number of questions : 7 Total number of printed pages : 7 NOTE : 1. Answer FIVE questions including
More informationPAPER 10- COST & MANAGEMENT ACCOUNTANCY
PAPER 10- COST & MANAGEMENT ACCOUNTANCY Academics Department, The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 1 Paper 10 - Cost & Management Accountancy Full
More informationCost Accounting. Level 3. Model Answers. Series (Code 3016)
Cost Accounting Level 3 Model Answers Series 2 2008 (Code 3016) Vision Statement Our vision is to contribute to the achievements of learners around the world by providing integrated assessment and learning
More informationNETWORK BUSINESS SYSTEMS SOFTWARE SYSTEM DOCUMENTATION GENERAL LEDGER
NETWORK BUSINESS SYSTEMS SOFTWARE SYSTEM DOCUMENTATION GENERAL LEDGER FEATURES Allows 99 divisions within 99 companies Separate General Ledger Data for Multiple Companies with Multiple Division and Multiple
More informationINSTITUTE OF COST AND MANAGEMENT ACCOUNTANTS OF PAKISTAN
INSTITUTE OF COST AND MANAGEMENT ACCOUNTANTS OF PAKISTAN Vision To be the Preference in Value Optimization for Business. Mission Statement To develop strategic leaders through imparting quality education
More informationCOPYRIGHT PAGE. Published by: Flat World Knowledge, Inc th St NW Washington, DC 20036
COPYRIGHT PAGE Published by: Flat World Knowledge, Inc. 1111 19 th St NW Washington, DC 20036 2016 by Flat World Knowledge, Inc. All rights reserved. Your use of this work is subject to the License Agreement
More informationI Team-based approach to budgeting
I-21.03 Team-based approach to budgeting The electronic spreadsheet version of this problem includes a template based upon the existing budget as displayed within Chapter 21 of the textbook. You may find
More informationSAMPLE QUESTIONS - PART 2
Section A. Budget Preparation SAMPLE QUESTIONS - PART 2 1. Trumbull Company has budgeted sales on account of $120,000 for July, $210,000 for August, and $195,000 for September. Collection experience indicates
More informationTHE PUBLIC ACCOUNTANTS EXAMINATION COUNCIL OF MALAWI 2014 EXAMINATIONS ACCOUNTING TECHNICIAN PROGRAMME PAPER TC9: COSTING AND BUDGETARY CONTROL
EXAMINATION NO. THE PUBLIC ACCOUNTANTS EXAMINATION COUNCIL OF MALAWI 2014 EXAMINATIONS ACCOUNTING TECHNICIAN PROGRAMME PAPER TC9: COSTING AND BUDGETARY CONTROL MONDAY 2 JUNE 2014 TIME ALLOWED: 3 HOURS
More informationCFIN 5: Short -Term Financial Activities 49
CFIN 5: Short -Term Financial Activities 49 5-1 Cash Budget and Working Capital OBJECTIVES Explain the steps involved in developing a cash budget. Identify the elements of working capital. CASH BUDGETING
More informationMGT101 All Solved Past Papers of Mid Term Exam in one file By
MGT101 All Solved Past Papers of Mid Term Exam in one file By http://vustudents.ning.com MIDTERM EXAMINATION 7 th Dec 2009 MGT101- Financial Accounting Question No: 1 Income of the business includes: Cash
More informationSanta Monica College
Santa Monica College Course Outline For ACCOUNTING 2, Corporate Financial and Managerial Accounting Course Title: Corporate Financial and Managerial Accounting Units: 5.00 Total Instructional Hours (usually
More informationOnline Course Manual By Craig Pence. Module 7
Online Course Manual By Craig Pence Copyright Notice. Each module of the course manual may be viewed online, saved to disk, or printed (each is composed of 10 to 15 printed pages of text) by students enrolled
More informationF2 PRACTICE EXAM QUESTIONS
F2 PRACTICE EXAM QUESTIONS SECTION A 1. The following details are available for a company: Budgeted Actual Expenditure $176,400 $250,400 Machine hours 4,000 5,000 Labor hours 3,600 5,400 If the company
More informationMTP_Intermediate_Syllabus 2012_Jun2017_Set 2 Paper 8- Cost Accounting & Financial Management
Paper 8- Cost Accounting & Financial Management Academics Department, The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 1 Paper-8: Cost Accounting & Financial
More informationLCCI International Qualifications. Cost Accounting Level 3. Model Answers Series (3017)
LCCI International Qualifications Cost Accounting Level 3 Model Answers Series 3 2009 (3017) For further information contact us: Tel. +44 (0) 8707 202909 Email. enquiries@ediplc.com www.lcci.org.uk Cost
More informationType all answers on the Answer Sheet, which is also attached to the Private Message.
Final Examination Principles of Accounting li ACCT 221 Summer 2013 Administrative Notes: You may use a calculator, your textbook, WileyPLUS resources, and anything posted in our WebTycho classroom. The
More informationManagement Accounting
>f0t@wjy2[2`5k2[2h# Management Accounting Level 3 Series 2 2003 (Code 3023) Model Answers ASP M 1445 Management Accounting Level 3 Series 2 2003 How to use this booklet Model Answers have been developed
More informationMOCK TEST PAPER INTERMEDIATE (IPC): GROUP I PAPER 3: COST ACCOUNTING AND FINANCIAL MANAGEMENT
MOCK TEST PAPER INTERMEDIATE (IPC): GROUP I PAPER 3: COST ACCOUNTING AND FINANCIAL MANAGEMENT Test Series: March 2018 Answers are to be given only in English except in the case of the candidates who have
More informationB.COM II ADVANCED AND COST ACCOUNTING
The workings under the heading of Additional Working are not required according to the requirement of the examiner. These are only for understanding the solutions. For more help, visit www.a4accounting.net
More informationPart 2 Multiple choice questions and answers
Part 2 Multiple choice questions and answers These questions and answers were originally prepared by John Wyett. For this edition they have been revised by John Dyson. Answers to the multiple choice questions
More informationFinal Examination Booklet. Managerial Accounting
Final Examination Booklet Managerial Accounting Managerial Accounting Note: You should complete all lesson exams before you take the final exam. Complete the following exam by answering the questions and
More informationMANAGEMENT ACCOUNTING
Series 4 Examination 2009 MANAGEMENT ACCOUNTING Level 3 Tuesday 1 December Subject Code: 3724 S Time allowed: 3 hours INSTRUCTIONS FOR CANDIDATES Answer all 5 questions. All questions carry equal marks.
More informationAdd: manufacturing overhead costs in inventory under absorption costing +27,000 Net operating income under absorption costing $4,727,000
THE HONG KONG POLYTECHNIC UNIVERSITY HONG KONG COMMUNITY COLLEGE Subject Title : Cost Accounting Subject Code : CCN2111 Session : Semester One, 2018/19 Numerical Answer Question B1 Required production
More information2017 TAX PROFORMA/ORGANIZER
2017 TAX PROFORMA/ORGANIZER This Tax Proforma/Organizer package was designed to assist you in collecting the information we need for the preparation of your 2017 income tax return. The following pages
More information