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

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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 reviewing the following data from the year that just ended: Estimate for 2010 Actual for 2010 Manufacturing overhead $239,000 $250,000 Direct labor hours 80,500 83,815 Machine hours 124,500 130,300 Snohomish applies overhead on the basis of direct labor hours. For the month of September, direct labor hours were 10,025. Assume that unadjusted Cost of Goods Sold for 2010 was
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