...ACC 256 - Review for Final Comprehensive Multiple Choice 1. If a company follows a practice of isolating variances at the earliest point in time, what would be the appropriate time to isolate and recognize a direct material price variance? A. When material is issued. B. When material is purchased. C. When material is used in production. D. When production is completed. 2. Which of the following is the most probable reason a company would experience an unfavorable labor rate variance and a favorable labor efficiency variance? A. The mix of workers assigned to the particular job was heavily weighted towards the use of higher paid, experienced individuals. B. The mix of workers assigned to the particular job was heavily weighted towards the use of new relatively low paid, unskilled workers. C. Because of the production schedule, workers from other production areas were assigned to assist this particular process. D. Defective materials caused more labor to be used in order to produce a standard unit. 3. The Reedy Company uses a standard costing system. The following data are available for November: Actual direct labor hours worked | 5,800 hours | Standard direct labor rate | $9 per hour | Labor rate variance | $1,160 favorable | The actual direct labor rate for November is: A. $9.20 B. $8.80 C. $8.90 D. $9.00 Use the following information for questions 4 & 5. Barrick Company has established a flexible budget for...
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...Final Exam Comprehensive 1. A company should use process costing rather than job order costing if… a. Production is only partially completed during the accounting period. b. The product is produced in batches only as orders are received. c. The product is composed of mass-produced homogeneous units. d. The product goes through a single stage of production. 2. Measures of equivalent production are necessary in process costing because… a. Job order costing procedures cannot be applied. b. Unit costs are computed by departments or processes at fixed time intervals. c. Perpetual inventories are not employed in process plants. d. Production methods are more complex than in job order costing systems. 3. Which of the following is included in full product cost? a. All direct labor and direct material costs and all production and nonproduction costs. b. Only nonproduction costs. c. Only the costs of direct material. d. Only the costs of direct labor. 4. For a company offering services, which of the following is a value-adding activity? a. Billing the clients b. Preparing job order forms c. Ordering, receiving, and inspecting supplies d. Designing advertisements 5. Abraham Company uses activity-based costing. The company has two products: A and B. The annual production and sales of Product A is 200 units and of Product B is 1,000 units. There are three activity cost pools, with total costs and activity as follows: Activity Cost Pool ...
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...ACC 561 Accounting Week 1 to 6, Assignment, WilyPLUS, DQ, Final Purchase here http://homeworkonestop.com/ACC%20561/acc-561-accounting-week-1-to-6-assignment-wilyplus-dq-final Product Description ACC 561 Accounting WEEK 1 Individual Assignment, Financial Statement Review Paper Individual Assignment, Wileyplus BE1-7, BE1-8, BE1-9 Discussion Question 1 and 2 WEEK 2 Individual Assignment, Sarbanes-Oxley Act of 2002 Individual Assignment, Wileyplus E13-5, E13-6, E13-8, E13-9 Learning Team Summary Learning Team Reflection Discussion Question 1 and 2 WEEK 3 Individual Assignment, American Corporation Analysis Individual Assignment, Wileyplus BE15-5, E16-1, E17-9 Discussion Question 1 and 2 WEEK 4 Individual Assignment, WileyPLUS BYP17-2 Managerial Analysis Individual Assignment, Wileyplus BE18-1, BE18-7, BE18-11, E19-2 Learning Team Summary Learning Team Reflection Discussion Question 1 and 2 WEEK 5 Individual Assignment, Costing Methods paper Learning Team Assignment, CVP and Break-Even Analysis Paper Individual Assignment, Wileyplus E20-2, E20-5, BE21-4, E22-5 Learning Team Deliverable Discussion Question 1 and 2 WEEK 6 Individual Assignment, Wileyplus E23-1, E23-2 Learning Team Summary Learning Team Reflection ACC 561 Final Exam WileyPLUS (30 Q & A) ACC 561 Final Exam 2 (30 Q & A) ACC 561 Final Exam 3 (54 Q & A) ACC 561 Final Exam 4 (54 Q & A) ACC 561 Final Exam 5 (54 Q & A) ACC 561 Final Exam 6 (52 Q & A) ACC 561 Final Exam 7...
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...1. Three major organizations in the private and public sector develop U.S. and international GAAP. They include all of the following except the (Points: 4) EU (European Union) SEC (Securities and Exchange Commission) FASB (Financial Accounting Standards Board) IASB (International; Accounting Standards Board) 2. The purposes of the joint long-term project of the FASB and IASB to converge revenue recognition principles include all of the following except (Points: 4) eliminate inconsistencies in conceptual guidance on revenues replace principle-based accounting with rule-based accounting for revenues establish a single comprehensive standard on revenue recognition fill voids in revenue recognition guidance 3. Certain U.S. accounting standards have been, and will be, amended to aid in the international convergence process. The process of changing these standards usually involves (Points: 4) a short deliberation followed by a vote of the U.S. Congress acceptance of the change by the Internal Revenue Service rejecting all existing standards and developing an entirely new concept selecting the best standard between existing U.S. and international standards 4. Conversion to IFRS reporting by all U.S. companies would be best accomplished with a transition plan for all of the following reasons except (Points: 4) it would have to be a multi-year process it needs to be an orderly process with a minimum of cost and disruption to the participants certain IFRS need further improvement...
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...Portfolio Project a. What are the primary lines of business of these two companies as shown in their notes to the financial statements? The Coca-Cola Company’s main line of business consisting of non-alcoholic beverage concentrates and syrups focuses on sparkling beverages such as Coca-Cola, Diet Coke, Fanta, and Sprite. Additionally, the Coca-Cola Company also owns or licenses many other brands including water, juices, coffees, sports, and energy drinks (The Coca-Cola Company, 2007). PepsiCo is broken down into four divisions, each of which maintains a focus on its own business line. Frito-Lay North America makes, sells, and distributes sweet and salty snacks, such as, Lays, Doritos, and Tostitos Chips, Quaker Granola Bars, Grandma’s Cookies, and Cheetos. The PepsiCo Beverages North America division is the producer of beverages such as, Pepsi, Mountain Dew, Tropicana juices, Naked Juices, Izze, and others as well as ready-to-drink coffees and teas. PepsiCo International, similar to the two aforementioned divisions, is responsible for sweet and salty snacks as well as a beverage line. Finally, the Quaker Foods North America division manufactures cereals, rice, and pasta. Familiar brands are Quaker oatmeal, Rice-a-Roni, and Life cereal among others (PepsiCo, 2007). b. Which company has the dominant position in beverage sales? The Coca-Cola Company shows net revenues of $28,857 (in millions) while PepsiCo shows net revenues of $39,474 (in millions) for all of their divisions...
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...1) The accounting process is correctly sequenced as A. identification, communication, recording. B. recording, communication, identification. C. identification, recording, communication. D. communication, recording, identification. 2) Which list below best describes the major services performed by public accountants? A. Bookkeeping, mergers, budgets B. Employee training, auditing, bookkeeping C. Auditing, taxation, management consulting D. Cost accounting, production scheduling, recruiting 3) Communication of economic events is the part of the accounting process that involves A. identifying economic events. B. preparing accounting reports. C. recording and classifying information. D. quantifying transactions into dollars and cents. 4) The body of theory underlying accounting is not based on A. physical laws of nature. B. principles. C. definitions. D. concepts. 5) The private sector organization involved in developing accounting principles is the A. Feasible Accounting Standards Body. B. Financial Accounting Standards Board. C. Financial Auditors' Standards Body. D. Financial Accounting Studies Board. 6) GAAP stands for A. Generally Accepted Auditing Procedures. B. Generally Accepted Auditing Principles. C. Generally Accepted Accounting Procedures. D. Generally Accepted Accounting Principles...
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...Statement of cash flows preparation. Selected financial statement information and additional data for Johnston Enterprises is presented below. Prepare a statement of cash flows for the year ending December 31, 2014 Johnston Enterprises Balance Sheet and Income Statement Data December 31, December 31, 2014 2013___ Current Assets: Cash $143,000 $119,000 Accounts Receivable 228,000 306,000 Inventory 391,000 340,000 Total Current Assets 762,000 765,000 Property, Plant, and Equipment 1,261,000 1,122,000 Less: Accumulated Depreciation (476,000) (442,000) Total Assets $1,547,000 $1,445,000 Current Liabilities: Accounts Payable $187,000 $102,000 Notes Payable 51,000 68,000 Income Taxes Payable 85,000 76,500 Total Current Liabilities 323,000 246,500 Bonds Payable 350,000 391,000 Total Liabilities 673,000 637,500 Stockholders' Equity: Common Stock 510,000 467,500 Retained Earnings 364,000 340,000 Total Stockholders' Equity 874,000 807,500 Total Liabilities & Stockholders' Equity $1,547,000 $1,445,000 Sales Revenue 1,615,000 $1,513,000 Less Cost of Goods Sold 781,000 731,000 Gross Profit 834,000 782,000 Expenses: Depreciation Expense 153,000 136,000 Salaries and Wages Expense 391,000 357,000 Interest Expense 34,000 34,000 Loss on Sale of Equipment 12,000 0 Income Before Taxes 244,000 255,000 Less Income...
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...ACC 561 Accounting Week 1 to 6, Assignment, WilyPLUS, DQ, Final Purchase here http://homeworkonestop.com/ACC%20561/acc-561-accounting-week-1-to-6-assignment-wilyplus-dq-final Product Description ACC 561 Accounting WEEK 1 Individual Assignment, Financial Statement Review Paper Individual Assignment, Wileyplus BE1-7, BE1-8, BE1-9 Discussion Question 1 and 2 WEEK 2 Individual Assignment, Sarbanes-Oxley Act of 2002 Individual Assignment, Wileyplus E13-5, E13-6, E13-8, E13-9 Learning Team Summary Learning Team Reflection Discussion Question 1 and 2 WEEK 3 Individual Assignment, American Corporation Analysis Individual Assignment, Wileyplus BE15-5, E16-1, E17-9 Discussion Question 1 and 2 WEEK 4 Individual Assignment, WileyPLUS BYP17-2 Managerial Analysis Individual Assignment, Wileyplus BE18-1, BE18-7, BE18-11, E19-2 Learning Team Summary Learning Team Reflection Discussion Question 1 and 2 WEEK 5 Individual Assignment, Costing Methods paper Learning Team Assignment, CVP and Break-Even Analysis Paper Individual Assignment, Wileyplus E20-2, E20-5, BE21-4, E22-5 Learning Team Deliverable Discussion Question 1 and 2 WEEK 6 Individual Assignment, Wileyplus E23-1, E23-2 Learning Team Summary Learning Team Reflection ACC 561 Final Exam WileyPLUS (30 Q & A) ACC 561 Final Exam 2 (30 Q & A) ACC 561 Final Exam 3 (54 Q & A) ACC 561 Final Exam 4 (54 Q & A) ACC 561 Final Exam 5 (54 Q & A) ACC 561 Final Exam 6 (52 Q & A) ACC 561 Final Exam 7 (45...
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...Management Discussion & Analysis The Management’s Discussion and Analysis of Rainbow Paint Company provides the analysis of the company’s financial results for the period ended December 31, 2012. The following information should be read in conjunction with the audited financial statements and notes thereto for the period ended December 31, 2012 which are prepared in accordance with relevant standards and regulations. All amounts are expressed in dollars unless otherwise noted. The discussion includes few statements that may be deemed “forward-looking statements”. All statements in the discussion, other than statements of historical facts, are considered as the forward looking statements because we have used what we know and expect today to make a statement about the future. The company believes that the expectations shown in forward looking statements are on the basis of reasonable assumptions. The statements do not guarantee future performance and the actual results or development may differ significantly from those mentioned in forward looking statement. Forward looking statements includes the words like may, expect, plan, anticipate, budget, believe or other similar words. Factors that could lead to the difference between actual results and forward-looking statements include market prices, regulations of government regarding chemical usage, continued availability of capital, financing and general economic, market or business conditions. Investors are cautioned again that...
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...ACCT 212 Final Exam Ratings: (0)|Views: 472 |Likes: 0 Published by ssdasdasdas See more ACCT 212 Final Exam / FinancialAccounting Click this link to get the tutorial:http://homeworkfox.com/tutorials/business/15355/acct-212-final-exam-financial-accounting/ 6. (TCO 6) Depreciation is a process to allocate the cost of long-life assets to each period'sincome statement and adjusts the value of the asset on the balance sheet. (1) Explain how thestraight-line method is computed (10 points) and (2) provide an example of how this methodcould be used on a new delivery truck purchased for $25,000 to be used for 4 years with asalvage value of $0 for year one only. (15 points) (Points : 25) 7. (TCO 6) To raise capital, companies might sell bonds. This allows them to bypass lenderssuch as banks and go directly to the investing public. Your company is planning to sell bondswith a face amount of $10,000 and paying 5% annual interest. (1) The day the bonds hit themarket, the bond price is quoted at 101.5. What is the bond's selling price? (10 points) and (2)how does the company record this sale in its accounting information system? Use journal entriesto support your answer. (15 points) (Points : 25) 8. (TCO 1) Financial statement analysis is used by investors, creditors, and managers of businessto evaluate the operation and health of the business. This information is in part the basis for decision-making. (1) Identify ratios used to evaluate the profitability of a company (10 points)and...
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...Final Paper ACC 205 September 29, 2014 Walmart Company Overview Walmart helps people around the world save money and live better -- anytime and anywhere -- in retail stores, online and through their mobile devices. Each week, more than 245 million customers and members visit our nearly 11,000 stores under 71 banners in 27 countries and e-commerce websites in 10 countries. With fiscal year 2014 sales of approximately $473 billion, Walmart employs 2.2 million associates worldwide. Horizontal Analysis of Income Statement and Balance Sheet Fiscal year ends in January. USD in millions except per share data. | 2011-01 | 2012-01 | 2013-01 | 2014-01 | TTM | Revenue | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | Cost of revenue | 74.74% | 74.98% | 75.13% | 75.18% | 75.21% | Gross profit | 25.26% | 25.02% | 24.87% | 24.82% | 24.79% | Operating expenses | | | | | | Sales, General and administrative | 19.21% | 19.08% | 18.94% | 19.18% | 19.25% | Total operating expenses | 19.21% | 19.08% | 18.94% | 19.18% | 19.25% | Operating income | 6.05% | 5.94% | 5.93% | 5.64% | 5.53% | Interest Expense | 0.52% | 0.52% | 0.48% | 0.49% | 0.49% | Other income (expense) | 0.05% | 0.04% | 0.04% | 0.02% | 0.02% | Income before income taxes | 5.58% | 5.46% | 5.49% | 5.18% | 5.07% | Provision for income taxes | 1.80% | 1.78% | 1.70% | 1.70% | 1.69% | Minority interest | 0.14% | 0.15% | 0.16% | 0.14% | 0.16% | Other income | 0.14% | 0.15% | 0.16% | 0.14%...
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...Residual Cash Flow? Projected sales growth assumes? Which of the following limits a firm's ability to raise equity through retained earnings? set dividend (one of answer choices) Which of the following methods helps to “size” the investment? Timing issues involve? Testing the validity of your calculations by subjecting them to change is known as? The quantitative method that often serves as an indicator of a firm's ability to meet contractual obligations is? The statement that shows investments in the firm and the distributions to owners is the? If the bond’s coupon rate is equal to the general interest rates in the market, the Bond will sell at a? (Premium Discount Neither) Compound rates, not discount rates, are used in an attempt to: Which of the following elements is a part of relevant cash flow? incremental cash flow Elements of incremental cash flows? Net asset value Economic value is the same as? Residual cash flows are estimated when? Sources of equity are? Assessing key ratios of the industry is an example of? Projected sales growth assumes? For every financing alternative, a breakeven point exists where? Efficient market' theory Set dividend policy As the interest rate used to discount future cash flows is decreased, present value of the future cash inflows? Most bonds pay interest when? (ex semi annually) Profit margin and asset turnover are combined to yield? The cost of debt is based on? Present value calculations Projecting financial...
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...Chapter 11: Reporting and Interpreting Stockholders’ Equity * Corporate Ownership * Shares of stock can be purchased in small amounts. * Ownership interests are transferable. * Stockholders are not liable for the corporation’s debts * Common stock – the basic voting stock issued by a corporation to stockholders. * Voting rights * Dividends * Residual claim – if the company ceases operations, stockholders share in any assets remaining after creditors have been paid. * Preemptive Rights – existing stockholders may be given the first chance to buy newly issued stock before it is offered to others. * Equity vs. Debt Financing * Equity financing – issuing new stock to investors * Debt financing – borrowing money from lenders * All transactions between a company and its stockholders affect the company’s balance sheet accounts only. * Common Stock Transactions * Contributed capital – reports the amount of capital the company received from investors’ contributions, in exchange for the company’s stock. * Retained earnings – reports the cumulative amounts of net income earned by the company less the cumulative amount of dividends declared since the corporation was first organized. * Treasury stock – reports shares that were previously owned by stockholders but have been reacquired and are now held by the corporation * Authorization, Issuance, and Repurchase of Stock ...
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...Acct 220 Principles of Accounting I Final Examination Click below link for Answer http://workbank247.com/q/acct220-principles-of-accounting-i-final-examinati/12453 http://workbank247.com/q/acct220-principles-of-accounting-i-final-examinati/12453 University of Maryland University College Final Examination Acct220: Principles of Accounting I For this exam, omit all general journal entry explanations. Ensure to include correct dollar signs, commas, underlines & double underlines where required. Question 1: 40% points: Flip Company's December 31, 2014 trial balance is as follows: Flip Corporation Trial Balance December 31, 2014 Account Debit Credit Cash $43,500 Accounts Receivable 54,500 Allowance for Doubtful Accounts 500 Notes Receivable 30,000 Merchandise Inventory 55,000 Land 20,000 Building 150,000 Accumulated Depreciation, Building $15,000 Equipment 50,000 Accumulated Depreciation, Equipment 21,000 Goodwill 26,000 Accounts Payable 25,000 Long Term Notes Payable 75,000 Common Stock, $10 par, 2,000 shares authorized & outstanding 20,000 Retained Earnings 147,000 Sales Revenue 700,000 Salaries Expense 150,000 Utilities Expense 3,500 Cost of Goods Sold 350,000 Administrative Expenses 55,000 Sales Expenses 15,000 _______ Totals $1,003,000 $1,003,000 Flip is a small company and records adjusting entries & closing entries only at fiscal (calendar) year end. Correcting and adjusting...
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...ACCT 595 Advanced Accounting Final Exam Answers https://homeworklance.com/downloads/acct-595-advanced-accounting-final-exam-answers/ ACCT 595 Advanced Accounting Final Exam Answers FINAL EXAM ADVANCED ACCOUNTING (30 questions x 9 points=270) 1. Gaw Company owns 15% of the common stock of Trace Corporation and used the fair-value method to account for this investment. Trace reported net income of $110,000 for 2011 and paid dividends of $60,000 on October 1, 2011. How much income should Gaw recognize on this investment in 2011? A. $16,500. B. $9,000. C. $25,500. D. $7,500. E. $50,000. 2. Yaro Company owns 30% of the common stock of Dew Co. and uses the equity method to account for the investment. During 2011, Dew reported income of $250,000 and paid dividends of $80,000. There is no amortization associated with the investment. During 2011, how much income should Yaro recognize related to this investment? A. $24,000. B. $75,000. C. $99,000. D. $51,000. E. $80,000. 3. On January 1, 2011, Pacer Company paid $1,920,000 for 60,000 shares of Lennon Co.’s voting common stock which represents a 45% investment. No allocation to goodwill or other specific account was made. Significant influence over Lennon was achieved by this acquisition. Lennon distributed a dividend of $2.50 per share during 2011 and reported net income of $670,000. What was the balance in the Investment in Lennon Co. account found in the financial records of Pacer as of December 31, 2011? ...
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