Pounds in process, May 1: materials
100% complete; conversion 90% complete
Pounds started into production during May
Pounds completed and transferred to
the next department
Pounds in process, May 31:
materials 75% complete; conversion 25%
FiberCom, Inc. , a manufacturer of fiber optic communications equipment, uses a job-order costing
system. Since the production process is heavily automated, manufacturing overhead is applied on the
basis of machine hours using a predetermined overhead rat
Quiz 1 Chapters 1-4
Governmental-type funds label the excess of assets over liabilities on the balance sheet as:
A. Net Position
B. Net Fund Balance and Liabilities
C. Assets Net of Liabilities
D. Fund Balance
Which of the following is tr
Morelli Electric Motor Corporation manufactures electric motors for commercial use. The company
produces three models, designated as standard, deluxe, and heavy-duty. The company uses a job order
cost-accounting system with manufacturing overhead applied
The Warren Machine Tool Company is considering the addition of a computerized lathe to its
equipment inventory. The initial cost of the equipment is $600,000, and the lathe is expected to
have a useful life of five years and no salvage value. The cos
Variable Costing and Profit
Overview of Variable and Absorption Costing
Variable Manufacturing Overhead
Fixed Manufacturing Overhe
Aggregation and Allocation Error
Aggregation and Allocation Error
Banana Corp. has 3 machines
- Machine A assembles both the hPhone and the hPad
- Machine B performs special processing for the hPhone only
- Machine C performs special
LeBow College of Business
ACCT 331 Course Syllabus
Johnny Lee, Ph.D.
TT 10:00 ~ 11:00 an
TABLE 2 Present Value of $1 PV
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 24 25 28 29 30 31 40
This table shows the present value of $1 at various interest rates (i) and time periods (n). It i
School of Business
Francis Marion University
Accounting 720, Financial Accounting Concepts and Problems
Charles G. Carpenter
Office hours: Tuesday, 5:00-6:
Problem 3: Activity-Based Costing
Simkins Corporation uses an activity-based costing system with three activity cost pools
Processing, Setting Up, and Other. The companys overhead costs, which consist of salary
expense, factory utilities, and indirect ma
Nongovernment not-for profit organizations that wish to follow generally
accepted accounting principles in the preparation of their financial statements
should follow FASB standards.
Other not-for- profit organizations include religious organiz
Revenues in a Debt Service Fund are recognized when they are
measurable and available.
Equity in a Debt Service Fund is known as fund balance.
Debt Service Fund uses current financial resources as a main
A Debt Service Fund is commonl
The scope of a financial audit opinion will generally include
o note disclosures.
o government-wide financial statements.
o governmental funds balance sheet.
Generally accepted government auditing standards (GAGAS) are
established by the Co
Under the modified accrual basis, revenues are considered susceptible to
accrual if both available to finance current period expenditures and
Under the modified accrual basis, revenues are considered available to
finance current p
A single audit must include:
o A financial statement audit.
o Compliance testing.
o Internal control evaluation and testing.
Single audits must comply with:
o AICPA generally accepted auditing standards
o Generally accepted government aud
Debt service is not a typical governmental fund liability (and thus
not an expenditure that is recognized when the liability is
A capital outlay expenditure would not be considered a current
Assignment of budg
The operation of a municipalitys recreation facilities and sites such as
gymnasiums, and tracks are most likely to be accounted for in a
The General Capital Assets nonfund account would be used to account
A software company that sells software exclusively to state and local
governments would not be considered a government or nonprofit
A hospital formerly owned by a local government entity that was sold
is now owned by a priv
The resource providers of G&NP organizations often do not receive
services commensurate with the amount of resources they provide,
this distinguishes government and not-for-profit (G&NP) organizations
from business enterprises.
FASB and the GA
This table shows the future value of an annuity due of $1 at various interest rates (i) and time periods (n). It is used to calculate the future value of any series of equal payments made at the beginning of each compounding period.
spi94029_PVtable.qxd 9/28/05 3:09 PM
This table shows the present value of an annuity due of $1 at various interest rates (i) and time periods (n). It is used to calculate the present value of any series of equal payments made at the beginning of each com
Assume that as of the fiscal year end in December the organization had used 25%
of the materials. The organization should report unrestricted contributions of $40,000 and expenses of
A nongovernment voluntary health and welfare organiz