Lab Coursepack

Lab Coursepack - ACC 200 Problem Session (all sections)...

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Unformatted text preview: ACC 200 Problem Session (all sections) Spring 2011 Problem Session Exercises Course Pack 1 2 TABLE OF CONTENTS Section 1 – Forms of Bus. Ownership and the Role of Accounting……………… 5 Section 2 – The Cash Basis of Accounting…………………………………………. 7 Section 3 – The Accrual Basis of Accounting………………………………………. 9 Section 4 – Introduction to Taxation………………………………………………… 11 Ch 1 – Introduction to Managerial Accounting………………………….………….. 13 Ch 2 – Product Costing……………………………………………………………….. 15 Ch 3 – Cost Behavior and Relevant Costs…………………………………………. 17 Ch 4 – Job Costing, Process Costing, and Operations Costing………………… 21 Ch 5 – Activity-Based Costing………………………………………………………… 25 Ch 6 – CVP Analysis………………………………………………………………….. 29 Ch 7 – Relevant Costs and Product Planning Decisions………………………… 33 Ch 8 – Long-Term Capital Investment Decisions…………………………………... 37 Ch 9 – Budgets in Planning and Decision Making………………………………… 43 Ch 10 – Variance Analysis……………………………………………………........... 47 Selected Solutions to Lab Exercises………………………………………………… 51 3 4 Section 1 – Forms of Business Ownership and the Role of Accounting 1. Use the following key to indicate which form of business is being described. Some may have more than one answer : A = Sole Proprietorship B = General Partnership C = C-Corporation D = S-Corporation a. __________ The owners of these types of businesses have limited legal liability. b. ___________ Approximately 70% of all business are this type – yet it generates only 10% of total business revenue. c. ___________ The owner/owners have unlimited legal liability. d. ___________ This type of business is the easiest to organize. e. ___________ The owners of these types of businesses are called “stockholders”. f. ___________ In addition to other requirements, one requirement for this type of business is that there must be 100 or fewer shareholders. g. ___________ For these types of businesses, profits are shared. h. ___________ If this type of business is “public”, there are additional reporting requirements set forth by the SEC. i. ___________ This type of business does not file a tax return. Instead, the profits or losses are reported on the individual tax return of the owner....
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This note was uploaded on 03/10/2011 for the course ACC 200 taught by Professor Buckless during the Spring '08 term at N.C. State.

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Lab Coursepack - ACC 200 Problem Session (all sections)...

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