ACC 2010 Exam 2 Extra Credit Opportunity Spring 2016
Exam 2 Extra Credit Opportunity (20 points 4 problems 5 points each)
Section/Time: 9:25 class m/w
1) Given the following data, produce the following bank reconciliation table for Martian Marbles I
ACC 2010 2016- Chapters 12 and 13 Extra Credit Opportunity
Please complete the two problems (7.5 points each) for a total of 15 points. Please complete and
submit into the dropbox in the Chapter 12 folder on Blackboard by April 29 at 11:59 PM.
CHAPTER 11: Extra CREDIT SOLUTIONS.
Compute the Big boys gross pay and net pay for the week. Assume earnings to date are $15,000:
Number of hours worked
Direct labor ($12.50 *1.5)*60
Completing the Accounting Cycle
1. The financial statements are prepared from the adjusted trial balance.
2. The income statement reports revenues and expenses and calculates net income or net loss for
the time period.
3. The st
1. The consistency principle states that businesses should use the same accounting methods and
procedures from period to period.
2. The disclosure principle requires that a company must report enough inform
1. The four budgeting objectives are:
Develop strategiesoverall, long-term business goals
Planbudget for specific actions to achieve goals
Actcarry out the plans
Controlfeedback to identify corrective action
1. Companies that manufacture batches of unique products or provide specialized services use
job order costing systems. Some examples would be accounting firms, lawyers, building
contractors, and custom furnitur
Capital Investment Decisions
1. A capital asset is an operational asset used for a long period of time. A capital investment is
the acquisition of a capital asset. Capital budgeting is the process of making capital
Management Systems: Activity-Based, Just-In-Time, and
Quality Management Systems
1. The formula to compute the predetermined overhead allocation rate is: Total estimated
overhead costs / Total estimated quantity of the overhead
1. A merchandiser is a business that sells merchandise, or goods, to customers. The
merchandise that these types of businesses sell is called merchandise inventory.
2. Merchandisers are often identified
1. A debt security represents a credit relationship with another company or governmental entity
that typically pays interest for a fixed period.
2. An equity security represents stock ownership in another company th
Statement of Cash Flows
1. The statement of cash flow reports on a businesss cash receipts and cash payments for a
The statement of cash flow helps users do the following:
Predict future cash flows.
Plant Assets, Natural Resources, and Intangibles
1. Plant assets are long-lived, tangible assets used in the operation of a business.
Examples include land, buildings, equipment, furniture, and automobiles.
2. The historical cos
Introduction to Managerial Accounting
1. The primary purpose of managerial accounting is to provide information to help managers
plan and control operations.
2. Planning means choosing goals and deciding how to achieve them, wh
1. Accounts receivable represent the right to receive cash in the future from customers for
goods sold or for services performed. Accounts receivable are usually collected within a short
period of time such as 30 or
Financial Statement Analysis
1. The three main ways to analyze financial statements are horizontal analysis, vertical analysis,
and ratio analysis.
2. An annual report (10-K) is a report required by the Securities and Exchange
Current Liabilities and Payroll
The three main characteristics of liabilities are:
They occur because of a past transaction or event.
They create a present obligation for future payment of cash or services.
They are an unavo
Short-Term Business Decisions
1. The four steps in short-term decision making are: (1) Define business goals; (2) Identify
alternative courses of action; (3) Gather and analyze relevant information; compare
alternatives; and (4
1. Variable costs are costs that increase or decrease in total in direct proportion to increases or
decreases in the volume of activity. An example of a variable cost is the battery used in a
Job Order Costing
1. If the manager knows the cost to produce each unit of product, then the manager can plan and
control the cost of resources needed to create the product and deliver it to the customer. It
enables them to set
1. The current portion of notes payable is reported in the current liability section of the
2. An amortization schedule details each loan payments allocation between principal
and interest a
Internal Control and Cash
1. Internal control is the organizational plan and all the related measures adopted by an entity
to safeguard assets, encourage employees to follow company policies, promote operational
1. A corporation is a business organized under state law that is a separate legal entity.
Characteristics of a corporation are the following(students are required to list three):
1. Absorption costing is a costing method that considers direct materials, direct labor, variable
manufacturing overhead, and fixed manufacturing overhead as product costs. Absorption
costing is required by GAA
Responsibility Accounting and Performance Evaluation
1. In a small company, the owner or top manager often makes all planning and controlling
decisions. Small companies are most often considered to be centralized companies beca
Telecommunication in Healthcare
Telecommunication & IT within Healthcare
Health Information Systems
Metropolitan State University of Denver
November 9, 2016
Telecommunication in Healthcare
Within this paper, an overview of tel
Exarclse 8-21 [1.0. 2]
Euclid acquires a ?-year class asset on May 9, 21115, for $30,004]. Euclid does not elect immediate expensirig under 179. He does not
claim any available additional rstyear depreciation.
Click here to access the depreciation table t
Exercise 9-21 (Lo. 4]
lter acceptlng his rst job upon graduating from college, Christian has the Followlng moving expenses:
Rental of moving van
Presuming no reimbursement, what is Chsztlan's movlng expense deduction?
5! run I '9
Exerclle 9-25 (Lu. 7]
Clndvllr maintains an affine In her home that comprises 3% (20:) square feet) oftotal floor space. Gross income for her business is $42,009,
and her residence expenses are as follows:
Real property tam $WO
interest on mortgage 4,00