...CHAPTER 2: MANAGERIAL ACCOUNTING CONCEPTS/JOB COSTING ANSWERS TO QUESTIONS 1. The major differences between managerial and financial accounting are: |Financial Accounting |Managerial Accounting | |External users of information—usually stockholders, financial|Internal users of information—usually managers. | |analysts, and creditors. | | |Must comply with generally accepted accounting principals. |Need not comply with generally accepted accounting principles| | |Internal cost-benefit evaluation deter-mines how much | | |information is enough. | |Uses historical data. |May use estimates of the future for budgeting and decision | | |making. | |Summary data are presented. |More detailed data are provided about product costs, | | |revenues, and profits. | 2. The three elements of costs incurred in manufacturing a product...
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...CHAPTER 10 Plant Assets, Natural Resources, and Intangible Assets ASSIGNMENT CLASSIFICATION TABLE Brief Exercises 1, 2 A Problems 1A B Problems 1B Study Objectives 1. Describe how the cost principle applies to plant assets. Explain the concept of depreciation. Compute periodic depreciation using different methods. Describe the procedure for revising periodic depreciation. Distinguish between revenue and capital expenditures, and explain the entries for each. Explain how to account for the disposal of a plant asset. Compute periodic depletion of natural resources. Explain the basic issues related to accounting for intangible assets. Questions 1, 2, 3 Exercises 1, 2, 3 2. 4, 5 4 3. 6, 7, 22 3, 4, 5, 6 5, 6, 7 2A, 3A, 4A, 5A 4A 2B, 3B, 4B, 5B 4B 4. 8 7 8 5. 9, 24 8 6. 10, 11 9, 10 9, 10 5A, 6A 5B, 6B 7. 12, 13 11 11 8. 14, 15, 16, 17, 18, 19 12 12, 13 7A, 8A 7B, 8B 10-1 ASSIGNMENT CLASSIFICATION TABLE (Continued) Brief Exercises 13, 14 A Problems 5A, 7A, 9A B Problems 5B, 7B, 9B Study Objectives 9. Indicate how plant assets, natural resources, and intangible assets are reported. Questions 20, 21, 23 Exercises 14 *10. Explain how to account for the exchange of plant assets. 25, 26 15, 16 15, 16 10-2 ASSIGNMENT CHARACTERISTICS TABLE Problem Number 1A 2A 3A 4A 5A Difficulty Level Simple Simple Moderate Moderate Moderate Time Allotted (min.)...
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...CHAPTER 10 Plant Assets, Natural Resources, and Intangible Assets ASSIGNMENT CLASSIFICATION TABLE Brief Exercises 1, 2 A Problems 1A B Problems 1B Study Objectives 1. Describe how the cost principle applies to plant assets. Explain the concept of depreciation. Compute periodic depreciation using different methods. Describe the procedure for revising periodic depreciation. Distinguish between revenue and capital expenditures, and explain the entries for each. Explain how to account for the disposal of a plant asset. Compute periodic depletion of natural resources. Explain the basic issues related to accounting for intangible assets. Questions 1, 2, 3 Exercises 1, 2, 3 2. 4, 5 4 3. 6, 7, 22 3, 4, 5, 6 5, 6, 7 2A, 3A, 4A, 5A 4A 2B, 3B, 4B, 5B 4B 4. 8 7 8 5. 9, 24 8 6. 10, 11 9, 10 9, 10 5A, 6A 5B, 6B 7. 12, 13 11 11 8. 14, 15, 16, 17, 18, 19 12 12, 13 7A, 8A 7B, 8B 10-1 ASSIGNMENT CLASSIFICATION TABLE (Continued) Brief Exercises 13, 14 A Problems 5A, 7A, 9A B Problems 5B, 7B, 9B Study Objectives 9. Indicate how plant assets, natural resources, and intangible assets are reported. Questions 20, 21, 23 Exercises 14 *10. Explain how to account for the exchange of plant assets. 25, 26 15, 16 15, 16 10-2 ASSIGNMENT CHARACTERISTICS TABLE Problem Number 1A 2A 3A 4A 5A Difficulty Level Simple Simple Moderate Moderate Moderate Time Allotted (min.)...
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...reduce the costs of manufacturing products or providing services, management needs a clear idea of what those costs are. (d) Use in reporting to interested organizations: Product cost information is used in reporting on relationships between firms and various outside organizations. For example, public utilities such as electric and gas companies record product costs to justify rate increases that must be approved by state regulatory agencies. 3-2 In a job-order costing system, costs are assigned to batches or job orders of production. Job-order costing systems are used by firms that produce relatively small numbers of dissimilar products. In a process-costing system, production costs are averaged over a large number of product units. Process-costing systems are used by firms that produce large numbers of nearly identical products. 3-3 Concepts of product costing are applied in service industry firms to inform management of the costs of producing services. For example, banks record the costs of producing financial services for the purposes of planning, cost control, and decision making. 3-4 a. Material requisition form: A document upon which the production department supervisor requests the release of raw materials for production. b. Labor time record: A document upon which employees...
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...Summary of Questions by Study Objectives and Bloom’s Taxonomy Item SO BT Item SO BT Item SO BT Item SO BT Item SO BT Questions 1. 1 C 6. 2 AP 11. 2 K 16. 4 AP 21. 6 C 2. 1 K 7. 2 C 12. 3 C 17. 4 K 22. 7 C 3. 1 K 8. 2 C 13. 3 C 18. 2 K 23. 7 C 4. 1 C 9. 2 K 14. 3 C 19. 3 C 24. 8 AN 5. 1 C 10. 2 C 15. 4 C 20. 5 AN Brief Exercises 1. 1 C 3. 2 AP 5. 3 AP 7. 5 AP 9. 7 AP 2. 2 AP 4. 3 C 6. 4 AP 8. 6 C 10. 8 AN Exercises 1. 1 AN 4. 2 AN 7. 2, 3 AP 10. 5, 6 AP 13. 8 AN 2. 1 AN 5. 2 AP 8. 5 AP 11. 7 AP 14. 8 AN 3. 1 K 6. 2, 3 AN 9. 4 AP 12. 7 AP 9. 3, 7 AP 9. 3, 7 AP Problems: Set A 1. 1 AN 3. 2, 3 AP 5. 2, 3 AP 7. 5, 6 AP 2. 2, 3 AP 4. 2, 3 AN 6. 2, 3 AP 8. 3, 7 AP Problems: Set B 1. 1 AN 3. 2, 3 AP 5. 2, 3...
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...CHAPTER 10 Plant Assets, Natural Resources, and Intangible Assets ASSIGNMENT CLASSIFICATION TABLE Brief Exercises 1, 2 A Problems 1A B Problems 1B Study Objectives 1. Describe how the cost principle applies to plant assets. Explain the concept of depreciation. Compute periodic depreciation using different methods. Describe the procedure for revising periodic depreciation. Distinguish between revenue and capital expenditures, and explain the entries for each. Explain how to account for the disposal of a plant asset. Compute periodic depletion of natural resources. Explain the basic issues related to accounting for intangible assets. Questions 1, 2, 3 Do It! 1 Exercises 1, 2, 3 2. 4, 5 2 4 3. 6, 7, 21, 22, 23 8 3, 4, 5, 6 6 5, 6, 7 2A, 3A, 4A, 5A 4A 2B, 3B, 4B, 5B 4B 4. 7 7, 8 8 5. 9, 24 8 6. 10, 11 9, 10 9, 10 5A, 6A 5B, 6B 7. 12, 13 11 11 8. 14, 15, 16, 17, 18, 19 12 12, 13 7A, 8A 7B, 8B 9. Indicate how plant assets, natural resources, and intangible assets are reported. 20, 25 13, 14 14 5A, 7A, 9A 5B, 7B, 9B *10. Explain how to account for the exchange of plant assets. 26, 27 15, 16 15, 16 Copyright © 2009 John Wiley & Sons, Inc. Weygandt, Accounting Principles, 9/e, Solutions Manual (For Instructor Use Only) 10-1 ASSIGNMENT CHARACTERISTICS TABLE Problem Number 1A 2A 3A 4A 5A Difficulty Level Simple Simple Moderate Moderate Moderate Time Allotted (min.) 20–30 30–40 30–40 20–30 40–50 Description Determine acquisition costs...
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...Larson−Wild−Chiappetta: Fundamental Accounting Principles, Seventeenth Edition 1. Accounting in Business Text © The McGraw−Hill Companies, 2004 “I love chocolate, and so I’m having fun making money”—Elise Macmillan (Evan Macmillan on right) 1 Accounting in Business A Look at This Chapter Accounting plays a crucial role in the information age. In this chapter, we discuss the importance of accounting to different types of organizations and describe its many users and uses. We explain that ethics are crucial to accounting. We also describe business transactions and how they are reflected in financial statements. A Look Ahead Chapter 2 further describes and analyzes business transactions. We explain the analysis and recording of transactions, the ledger and trial balance, and the double-entry system. More generally, Chapters 2 through 4 focus on accounting and analysis, and they illustrate (via the accounting cycle) how financial statements reflect business activities. Larson−Wild−Chiappetta: Fundamental Accounting Principles, Seventeenth Edition 1. Accounting in Business Text © The McGraw−Hill Companies, 2004 Learning Objectives CAP Conceptual Analytical Learning Objectives are organized by conceptual, analytical, and procedural. Procedural prepare basic financial P1 Identify andand explain how they statements interrelate. (p. 17) C1 Explain the purpose and importance of accounting in the information age. (p. 4) A1 Define...
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...of Bangladesh to put in place an effective credit approval and monitoring system by December, 2003 based on the guidelines sent to them. In my study, I would try to put forward my findings about the “Credit Management Policy of Bangladesh Bank, and its implementation”. To illustrate my point, I am giving the example of Bank Asia Limited. 2. Objectives of the study. Broad objective: ❖ The broad objective is to know the Credit Management Policy of Bangladesh Bank. ❖ To analyze its implementation at Bank Asia Limited. Specific objective: In order to reach the broad objective, some specific objectives are identified.In this report, I have attempted to give an overview of foreign exchange operation of BAL. Following are the main objective: ❖ To familiarize with the history and...
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...As a percentage breakup of revenues in FY 2000, 39% was earned through sale of scooters, 22% through motorcycles, 7% via step-thrus, 23% from three wheelers and 3.4% from mopeds. The company is a major player in the 3-wheeler market with almost 81% market share in the year 2000. Traditionally the focus of Bajaj Auto was in the scooters segment in the two wheelers market. But, of late, due to decline in the scooters volume due to shift in consumer preferences, the company has been shifting its focus towards the other high growth segments in the two wheelers. The business mix of Bajaj is constantly changing in line with the changing trends in the two-wheeler market. Now it is is looking towards the motorcycles segment which is expected to witness high growth rates in the future. It is trying hard to cope with the new trends. The unfavorable sales mix due to shift in the consumer preferences from scooters to motorcycles and from step-thrus to scooterettes was instrumental in lowering the margins for Bajaj Auto. To tackle the growing competition and shift in the consumer preferences, Bajaj is entering aggressively into the motorcycles segment to improve its topline growth. In a bid to sustain and expand market share, Bajaj has been increasing its adspend in the recent years apart from offering attractive discounts and incentive schemes to boost sales. The business environment in the two wheelers market has been very dynamic in the past decade, with rapid changes in the customer...
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...CHAPTER 4 Accrual Accounting Concepts ASSIGNMENT CLASSIFICATION TABLE | | | | |Brief | | | |A | |B | |Study Objectives | |Questions | |Exercises | |Exercises | |Problems | |Problems | | | | | | | | | | | | | |*1. Explain the revenue | |1, 2, 3, 4 | |1 | |1, 2 | |1A | |1B | |recognition principle and the matching | | | | | | | | | | | |principle. | | | | | | | | | | | | | | | | | | | | | | | |*2. Differentiate between | |5 | |2 | |3 | |2A, 3A | |2B, 3B | |the cash basis and the accrual basis of | | | | | | | | | | | |accounting. ...
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...CHAPTER 3 LEARNING OBJECTIVES After studying Chapter 3, you should be able to: Distinguish between process costing and job-order costing and identify companies that would use each costing method. 2. Identify the documents used in a job-order costing system. 3. Compute predetermined overhead rates and explain why estimated overhead costs (rather than actual overhead costs) are used in the costing process. 4. Record the journal entries that reflect the flow of costs in a job-order costing system. 5. Apply overhead cost to Work in Process using a predetermined overhead rate. 6. Prepare schedules of cost of goods manufactured and cost of goods sold. 7. Compute under- or overapplied overhead cost and prepare the journal entry to close the balance in Manufacturing Overhead to the appropriate accounts. 8. (Appendix 3A) Explain the implications of basing the predetermined overhead rate on activity at capacity rather than on estimated activity for the period. SYSTEMS DESIGN: JOB-ORDER COSTING OVERAPPLIED/UNDERAPPLIED Cris Griffiths Guitar Works of Saint Johns, Newfoundland, focuses on repair work and building custom guitars. Late one night while disassembling yet another guitar, Griffiths had a vision of a single bracing piece instead of the three-dozen separate internal reinforcements acoustic guitars typically have. “It was a simple idea that was easy to flesh out, but turning it from an idea into...
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... | | |Multiple | | | | | |Choice | | |Subject |Financial Management | |Essay | | | | | |Questions | | |Tutor |K F Chan | | | | | |Assignment 1 DUE DATE: 11 March 2013 (Monday) | |Total : | | Instructions : |Please fill in the circle completely. |e.g. right - ( |wrong - |( ( ( | | | | |A | |1. |The matching principle encourages:...
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...handouts by: Debbie Moy, BA. CGA 1 BC 2 – Assignment 1 • Submission requirements for BC2 • Assignment #1 • Task 1 — Review client communication 7 marks • Task 2 — Determine materiality and perform preliminary Analysis 9 • Task 3 — Assess inherent risk. 6 • Task 4 — Gain an understanding of the client's internal control environment and assess control risk. 4 24 marks 2 BC 2 – Assignment #2 • Task 5 — Design and perform tests of controls and dual-purpose tests. 10 marks 3 1 BC 2-Assignment #3 • Task 6 — Perform audit of cash and investments. 6 marks • Task 7 — Perform audit of accounts receivable. 10 » 16 marks 4 BC 2 – Assignment #4 • Task 8 — Perform audit of inventory. • 7 marks • Task 9 — Perform audit of accounts payable. 6 13 marks 5 BC 2 – Assignment #5 • Task 10 — Complete the audit. 35 marks Total: 100 marks 6 2 BC2- Introduction Public Practice Audit Case Contains: • Part 1 Client Background • Part 2 W/P Preparation. • Part 3 Student tasks. • Part 4 Working papers (ie. W/P) • Part 5 Permanent File • Part 6 Client documents • Part 7 Blank W/Ps’ 7 BC2 Topics in Audio Tapes: • Welcome to BC2- Public Practice Audit Case! • Introduction • Student tasks (#1 to #10) • FAQ from students • Disposition sheet and Deficiency List • Handouts • Lecturer’s ideas for success! 8 BC2 Introduction: • How long does BC2 take to do? • Computer requirements: - Windows 7, Windows Vista - CaseWare (CGA version) ...
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...AC2101 – Accounting Recognition and Measurement Agenda for Seminar 1 A. Course introduction 1. Contents overview Seminars 1 to 3 Conceptual Issues Underlying Accounting Recognition and Measurement presented by 2. Assessment components & expectations 3. Administrative matters B. Conceptual overview 1. Purpose of accounting & its role in contracting 2. Concepts of recognition, measurement & disclosure in accounting Low Kin Yew Associate Professor Nanyang Business School Semester 1 2012-13 2 Course Contents Overview Contents 1 Fundamental concepts & issues in accounting Assets: a. Leases b.Investment property c. Financial assets Liabilities: a. Financial liabilities b. Deferred tax liabilities Seminar # 1, 2 & 3 3, 4 & 5 7 8, 9 & 10 Course Contents Overview Contents 4 Equity Revenue a. Revenue recognition principles & criteria b. Customer loyalty programs c. Construction vs. real estate development Expenses a. Expense recognition principles b. Share-based payments transactions & employee stock options c. Employee benefits Seminar # 16 2 5 17 18 19 & 20 3 11 & 12 13, 14 & 15 6 21 21, 22 & 23 23 3 4 Assessment Components Components 1 2 3 4 Seminar participation Group project presentation Term quiz Final exam Total Weighs 15 15 20 50 100 Individual Group (contents: 50%) & individual (presentation 50%) Individual Individual Basis Seminar Participation: Expectations (Project Discovery) Pedagogy • Students take active responsibility...
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...CHAPTER 11 Corporations: Organization, Share Transactions, Dividends, and Retained Earnings ASSIGNMENT CLASSIFICATION TABLE Brief Exercises Do It! Exercises 1, 2, 3, 4, 5, 6 1 1, 2 1, 2 Record the issuance of ordinary shares. 7, 8, 9, 10, 11 2, 3, 4 3 *3. Explain the accounting for treasury shares. 12, 13, 14 5 4 *4. Differentiate preference shares from ordinary shares. 15 6 *5. Prepare the entries for cash dividends and share dividends. 17, 18, 19, 20, 21, 22 7, 8, 9 *6. Identify the items that are reported in a retained earnings statement. 16, 23, 24 Questions *1. Identify the major characteristics of a corporation. *2. 7. Prepare and analyze a comprehensive equity section. *8. Compute book value per share. B Problems 2, 3, 4, 7, 8, 11, 12 1A, 3A, 6A 1B, 3B 5, 7, 9 11, 12 2A, 3A, 6A 2B, 3B 6, 7, 10, 11, 12, 24 1A, 3A, 6A 1B, 3B 5, 6 13, 14, 15, 16, 25 4A, 5A, 7A 4B, 6B 10, 11 7 17, 18 5A 5B, 6B 8 10, 11, 19, 20, 21, 22, 23, 25 1A, 2A, 3A, 4A, 5A, 6A, 7A, 8A 1B, 2B, 3B, 4B, 5B, 6B, 7B Describe the use and content of the statement of changes in equity. *9 A Problems 12 Study Objectives 9A 25, 26 13 23, 24, 25 3A, 8A 3B, 7B *Note: All asterisked Questions, Exercises, and Problems relate to material contained in the appendix to the chapter...
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