2-10. Sterling Company manufactures laundry detergent. At the beginning of
February, the following information was supplied by its accountant:
Raw materials inventory $73,000
Work-in-process inventory 80,400
Finished goods inventory 62,000
ACC 4211MBA 721
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DEPARTMENT OF ACCOUNTING
Advanced Accounting Problems/Advanced Financial Reporting
Professor Johnson November 8. 2011 Examination #2
CANISIUS COLLEGE . -. .
DEPARTMENT OF ACCOUNTING CVv AW "3; 0 Hi.
Advanced Accounting ProblemslAdvanced Financial Reporting
Professor Johnson November 9. 2010 Examination #2
The exam contains 16 pages including the title page. Be sure to
Accounting 301/ MBA 711
Handout Problem: Proof of Cash
The following information relates to the cash balances of Rambo, Inc., as of 8/31/X0:
Per Bank Statement
Beginning balance, 8/1/XO
Deposits - (20)
Checks - (64) plus debit memos
Service charges - new
ACC 301 (Dr. Gress)
For each of the following situations, give the journal entries to adjust the books at the end 2014. The
company in question closes its books on December 31 of each year.
1. The trial balance before adjustments on De
Test #1 Items (Chapters 3-6):
Idle Machinery: Other Assets & Deferred Charges
Write-off of Goodwill: Other Expenses & Losses
Current Portion of Long-Term Debt: Current Liabilities
Cash Budget for the Coming Year: Ite
ADJUSTING AND CORRECTING ENTRIES
Prepared by Dr. Edward J. Gress
For each of the following independent situations, give the journal entries to adjust and conect the
books at the end of 2004. In all situations you are to assume th
Expanded Discussion: Four-Column Bank Reconciliation Page i of?!
Expanded Discussion: Four-Column Bank Reconciliation
Prepare a proof of cash [four-column bank reconciliation.
o Reconciliation of Receipts and Disbursements
Reconciliation of Re
8oil, Exarn + A'
Multiple Choice: Selq_ct the best answer for each of the following:
1. Which statement is false regarding intercompany sales of property between a p*ar,e-nt and a
lf depreciable property with a S-year life is sold
DEPARTMENT OF ACCOUNTI NG
C;l' '^ \ti*n"n
Advanced Accounting Froblems/Advanced Financial Reporting
November 5, 2013
The exam contains 14 pages including the title
Be sure to show your
Rico Food Company sells and delivers various specialty foods to homes.
Rico believes that the best driver for its delivery activity is miles
traveled. Not surprisingly, it discovered that the cost of fuel for delivery
trucks doubled as the miles trav
Monte Company produces ski boots. At the beginning of the year, the cost
manager estimated that overhead costs would be $11,640,000 and that the
units produced would be 1,200,000. Actual data concerning production for
the past year follow:
Question 1. Define the term budget. How are budgets used in planning?
Answer : Budgets are the quantitative expressions of plans. Budgets
are used to translate the goals and strategies of an organization into
Question 2. Define control.
Question 1. Discuss the difference between budgets and standard costs.
Answer : Standard costs are essentially budgeted amounts on a perunit basis. Unit standards serve as inputs in building budgets.
Question 7. Explain why standard costing systems are ad
Discuss the differences between centralized and decentralized
Answer: In centralized decision making, decisions are made at the
very top level, and lower-level managers are charged with
implementing these decisions. On the oth
1. Explain how CVP analysis can be used for managerial planning.
Answer : CVP analysis allows managers to focus on selling prices, volume, costs,
profits, and sales mix. Many different what if question can be asked to assess the
effect on profits
12-3. Chesbrough, Inc., makes many of the components of its main product inhouse. Recently, Berham Electronics offered to supply one component, K25, at a price of $6.50 each. Chesbrough uses 20,000 units of component
K-25 each year. The absorption cost pe
13-7. Wheeler Company wants to buy a numerically controlled (NC) machine to
be used in producing specially machined parts for manufacturers of
trenching machines. The outlay required is $800,000. The NC equipment
will last five years with no expected salv
1. What is a management accounting information system?
The management accounting information system provides information needed to
satisfy specific management objectives. At the heart of a management accounting
information system are processes; they are d