AccExam1Study - (Ch. 1) Corporate governance - The system...

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(Ch. 1) Corporate governance - The system by which a company is directed and controlled, providing incentives for top management to pursue objectives that are in the interests of the company and effectively monitor performance. Management accounting - B: The phase of accounting concerned with providing information to managers for use inside the organization. Value chain - C: The major business functions that add value to a company's products and services; such as, research and development, product design, manufacturing, marketing, distribution, and customer service. Line position - D: A position in an organization that is directly related to the achievement of the organization's objectives. Sarbanes-Oxley Act of 2002 - E: Legislation enacted to protect the interests of stockholders who invest in publicly traded companies by improving reliability and accuracy of the disclosures provided to them. Just-in-time - F: A production and inventory control system in which materials are purchased and units are produced only as needed to meet actual customer demand. Enterprise system - G: A software system that integrates data from across an organization into a single centralized database that enables all employees to access a common set of data. Controller - H: The person responsible for the accounting function in a company who reports to the Chief Financial Officer, if the company is large enough to have both these positions. H: The member of the top management team who is responsible for providing relevant and timely accounting data to managers and for preparing financial statements for external users. Supply chain management - I: A management approach that coordinates business processes across companies to better serve end consumers.
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(Ch. 2) Compost Solutions, Inc. manufactures portable composting bins for vegetable and other food and yard waste for use by homeowners. The following data are available for the month of September: Direct materials inventory, September 1 $40,700 Work-in-process inventory, September 1 $19,100 Finished goods inventory, September 1 $23,200 Direct materials inventory, September 30 $20,600 Work-in-process inventory, September 30 $35,700 Finished goods inventory, September 30 $25,250 Direct labor cost $49,750 Direct material purchases $66,000 Manufacturing overhead $105,750 Sales $468,000 Operating expenses $108,000 1. What is the cost of the direct materials used in production during September? (1 point) $86,100 2. What is the cost of goods manufactured for September? (1 point) $225,000 3. What is the cost of goods sold for September? (1 point) $222,950 4. What is the gross margin for September? (1 point) $245,050 5. What is the net operating income for September? (1 point) $137,050
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(Ch. 3) Snohomish Inc. produces plastic models of the moon to be mounted inside of a house. The owner uses a remote control to light up the various cycles of the moon. The company is
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This note was uploaded on 03/12/2012 for the course ACC 202 taught by Professor Sue during the Spring '10 term at Michigan State University.

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AccExam1Study - (Ch. 1) Corporate governance - The system...

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