BUS/475 Capstone Final Examination Part 2 (47/50) 1. Which of the following is not a current liability on December 31, 2014? • A lawsuit judgment to be decided on January 10,2015 2. Continuous monitoring, in the contemporary approach, is beneficial because_____________. • It reduces time lags 3. The acquisition of treasury stock by a corporation: • decreases its total assets and total stockholders’ equity. 4. You work in marketing for a company that produces work boots. Quality control
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The University of Illinois Executive MBA Case Summaries Accy 401, EMBA; Fall 2000 Accounting courses are usually separated into five general categories. Two, taxes and auditing, are usually quite technical and often focus on CPA preparation. The other three categories are more general: 1. Financial accounting deals almost strictly with financial statement preparation. It focuses on pronouncements issued by the Financial Accounting Standards Board (FASB) and the SEC, and on
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accounts, involving normal and abnormal losses and abnormal gains (f) Calculate and explain the concept of equivalent units (g) Apportion process costs between work remaining in process and transfers out of a process using the weighted average and FIFO methods (h) Prepare process accounts in situations where work remains incomplete (i) Prepare process accounts where losses and gains are identified at different stages of the process The basics of process costing Process costing is a costing
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monitored the performance of the factory for the first few days. Initially we set the lot size to 3x20, attempting to take advantage of what we had learned from the goal about reducing the lead-time and WIP. We also changed the priority of station 2 from FIFO to step 4. After viewing the queues and the capacity utilization at each station and finding all measures to be relatively low, we decided that we could easily move to contract 3 immediately. Except for one night early on in the simulation where
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EXERCISE 5-11 (a) $1,440 ($1,500 – $60) (g) $7,700 ($290 + $7,410) (b) $1,570 (1,440 + $130) (h) $640 ($8,050 – $7,410) (c) $1,510 ($1,820 – $310) (i) $9,050 ($1,000 + $8,050) (d) $40 ($1,080 – $1,040) (j) $5,000 ($49,530 – $44,530 from (I)) (e) $190 ($1,230 – $1,040) (k) $1,300 ($43,590 – $42,290) (f) $120 ($1,350 – $1,230) (I) $44,530 ($42,290 + $2,240) PROBLEM 5-2A | June 1 Merchandise Inventory 960 Accounts
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Control Significant Influence Direct Subsidiary Indirect Subsidiary Question # 3 of 15 ( Start time: 05:52:09 PM ) Total M a r k s: 1 Which one of the following methods for inventory valuation is NOT suitable for homogeneous units? Select correct option: FIFO Method LIFO Method Weighted Average Method Specific Identification Method Question # 4 of 15 ( Start time: 05:53:40 PM ) Total M a r k s: 1 Which of the following meeting is held once in the life of a company? Select correct option: Statutory Meeting
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historical received cash payment and can use historical experience to determine FV 2. OR record at the carrying amount of the asset surrendered | Inventory | 1. FIFO, weighted average cost 2. Lower of cost or net realizable value (NRV = selling price – completion cost – selling cost) 3. Write down, write up | 1. FIFO, weighted average cost, LIFO 2. Lower of cost or market (market = replacement cost, NRV – normal profit margin < market < NRV) 3. Write down, no write up |
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Case Study – International Paper Company I. Company Profile and Analyses of Industry International Paper Company (IP) is one of the world’s largest manufacturers of paper and paper products. Their products include a wide variety of paper products, consumer packaging materials, industrial packaging materials, and pulp products. In addition, IP collects and recycles recovered paper. History IP began in 1898 as a merger of 17 pulp and paper mills from Massachusetts to New York. IP led the newsprint
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Reed's Clothier, Inc. Case Study L. S. Moore Finance 370 March 30th, 2011 Reed's Clothier, Inc. Case Study Reed’s Clothier, Inc. Working Capital Policy and the background information, followed by the current situation and the Summary. Questions 1 and 4 will have been answered in an excel spreadsheet. Exhibit 16.1 Reed’s Clothiers Income Statement (in 000’s) Common Size
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Case (120 minutes) • This case is difficult—particularly part 3, which requires analytical skills. • Since there are no beginning inventories, it makes no difference whether the weighted-average or FIFO method is used by the company. You may choose to assign the problem specifying that the FIFO method be used rather than the weighted-average method. 1. The computation of the cost of goods sold follows: Transferred In Conversion Estimated completion 100% 25% Computation of equivalent
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