Communicate information fairly and
Recognize and communicate
professional limitations that would
responsible judgment or successful
Environmental, Social or Economic?
The Coca-Cola Company
Provided on-site wellness coaching Social
for employees in the Baltimore sales
facility to help to improve employee
Diverted more than 2.5 million
The governmental agency that monitors the stock market and the financial reporting of firms that trade
in the market is the _. A) Financial Accounting Standards Board (FASB) B) Securities and
Exchange Commission (SEC) C) Internal Revenue Service (IRS) D)
Chapter Four Notes
Cost distortion: occurs when some products are overcosted while other products are
undercosted by the cost allocation system.
Plantwide overhead rate
Departmental overhead rates: separate manufacturing overhead rates for each department
ACC 202 Concepts
1. Distinguish Among service, merchandising, and manufacturing companies
2. Describe the value chain
3. Distinguish between indirect and direct costs
Indirect costs cant be traced to cost object
Direct costs can be traced (inside of cos
ACC120, Practice Problems to Review for Chapters 5,6,7
CH 7 1. Using the following information, prepare a bank reconciliation for Cole Co. for May 31, 2007:
The bank statement balance is $3,012.
The cash account balance is $3,165.
download instant at www.easysemester.com
Information Systems in Organizations (Wallace)
Chapter 2 Information Systems and Strategy
1) Cost of transportation is one of the five forces proposed by Porter.
Page Ref: 39
Chapter LO: 1
Ethical Treatment of Employees
(1990): 19-41; John M. Whelan, "Charity and
the Duty to Rescue," Social Theory and Practice
17, no. 3 (1991): 441-56; and David Copp, "Responsibility for Collective Inaction, "Journal of
Social Philosophy 22, no. 2 (1991): 7
Chapter 5: Relevant Information for Decision Making with a Focus on
Discernment between relevant and irrelevant information for making decisions:
To be relevant to a particular decision, a cost (or revenue) must meet two criteria:
Practice problems to review for ch 8,9,11 ACC120
Bad Debts Expense
Show how Foley would report its net Accounts Receivable on its December 31, 2012 balance sheet:
Ethical Treatment of Employees
Part of BP's training p r o b l e m s , t h e p a n e l
concluded, stems from a lack of financial backing a n d workforce. T h a t was especially evident
at Texas City, where the training b u d g e t plumm e t e d from $2.8
Practice Problems to Review for Chapters 8,9,11, ACC120
CH 8 1.
At December 31, 2012 the Accounts Receivable balance of Foley Distribution Service is $225,000. The Allowance for Bad Debts
has an $18,810 credit balance. Foley Distribution Service prepares
Maintain an appropriate level of professional expertise by continually
knowledge and skills.
Recognize and communicate professional limitations that would preclude Co
1. Internal auditor
2. Potential shareholders
Both financial and managerial accounting information
Financial accounting information
3. Loan officer at the company's bank Financial accounting information
4. Manager of the Sales
Managerial accounting inform
a. Managerial accounting
systems report on various segments or business units of the company.
b. When managers evaluate the company's performance compared to the plan, they are performing the
role of management.
c. Information on a company's p
Financial reporting provides information for decision making
Decision: Whether or not to continue in business
o Did the company make a profit?
Profit: All revenues minus all expenses for the period.
Generally Accepted Accounting Principles (GAAP):
Q1 Step 1: Allocate costs to departments
using a suitable method for each department:
Indirect Labour Basis
Indirect Material Basis
Heating and Li
ACC1115 In Class Test 1 Nov 2015
Job Costing QUESTION (20 Marks):
The production process of Optimum Comfort Ltd. is classified into two production
departments, Assembly and Finishing and one service department, the canteen. The
relevant information for th
1. Information on the components of income revenues, expenses, gains and losses- highlight
the relationship among them and allow the potential investors and creditors to determine
important trends that, if continued, provide information on future performa
Morgan Faith Gruber
Accounting 218 Afternoon
1. Analysts use information on the balance sheet to assess a companys risk and future cash flows.
2. Solvency refers to the ability of a company to pay their debts as they mature. A lot of long-term debt,
Morgan F. Gruber
Ethics Writing Assignment
Accounting 218, Fall 2013
Thursday, September 5, 2013
Glenns Cleaning Service Company has been presented with an ethical dilemma that could
very well lead to the bankruptcy of the business or the continuation of
1. The advantages of owning a corporation include all of the following except:
a. Lack of mutual agency.
b. Ability to raise capital.
c. Limited liability.
d. Additional taxes.
Common shareholders usually have all of the following rights except:
ON JANUARY 1, 2010, SUPERIOR
LANDSCAPING COMPANY PAID $17,000 TO
BUY A STUMP GRINDER. IF SUPERIOR USES
THE GRINDER TO REMOVE AN AVERAGE OF
2,500 STUMPS PER YEAR, IT WOULD HAVE AN
ESTIMATED USEFUL LIFE OF 10
Session ID: 98599968
On March 1, Zane Company purchased a new
stamping machine with a list price of $24,000.
The company paid cash for the machine;
therefore, it was allowed a 3% discount. Other
costs associated with the machine
I<Clicker Quiz #1
The primary purpose of a
business is to:
A) Pay taxes to the IRS
B) Sell a product
C) Sell goods and/or services to
make a profit for the owner(s)
D) Help others
The balance sheet contains
Session ID: 69814814
AMORTIZATION IS USED TO
DESCRIBE THE EXPENSING OF:
b. Tangible assets
c. Natural resources
d. Intangible assets
EQUIPMENT COSTING $18,000
WAS PURCHASED ON JANUARY 1,
20X2. IT HAS AN ESTIMATED