1. The Super Fast Jet Ski Company makes high quality jet skis. The company provides the
following financial information.
What was the cost of direct materials used in production during the month of November?
Work in Process
November 1 Nov
Sample Exam 3 Select the BEST answer for each question below. Questions Chapter 8 1. Depreciation is the process of allocating the cost of a plant asset to expense in the accounting periods benefiting from its use. A. True B. False 2. Salvage value is an
Chapter 2 Corp Tax Introduction
After studying this chapter, you should be able to: 1. Explain the tax advantages and disadvantages of using each of the alternative business forms. 2. Apply the check-the-box regulations as they pertain to partn
Strategies for Success in Accounting 2300
1. MAKE IT YOUR GOAL TO LEARN ALL YOU CAN IN THIS COURSE.
2. KNOW YOUR PREFERRED LEARNING STYLE and STUDY USING THE TECHNIQUES that work best with
your learning style.
3. DO NOT GET BEHIND. Manage your time. Set a
1. If variable costs per unit increase, then the breakeven point will increase
2. The contribution margin ratio can be calculated by subtracting the variable cost ratio from one.
3. A "what-if" technique that examines the impact of c
1. Assigning costs:
a. involves the way that a cost is linked to some cost object.
b. occurs in both manufacturing and service businesses.
c. to a cost object using a reasonable and convenient method is allocation.
d. all of these.
2. Price is not:
1. Which of the following is not a traditional reason for carrying inventory?
2. JIT responds to the problems traditionally solved by carrying inventories by
Answer: Negotiating long-term contracts with supplier to lock in low prices.
3. Under a JIT syste
1. Melody Company sells a product for $14, variable costs are $10 per unit, and total fixed costs are
$5,040. What is the break-even point in units?
$5,040 / ($14 $10) = 1,260
2. Head-First Company manufactu
ACCT 2300 Financial Reporting
Business Administration E370
ACCT 2300 Learning for Examinations: Fall 2016
A student will perform well on examinations, if able to do the following with high proficiency:
Chapter 1: Accounting as a Form of Communication
1. Distinguish among the forms of business organization as prop
Flash Cards 4: Concepts and Terms
Generally Accepted Accounting
Faithful Representation or
Complete and Error Free
Flash Cards 3
Forms of Organization:
Form of organization with a single owner.
A business owned by two or more individuals; the form of
organization often used by accounting firms and law firms.
A form of e
Flash Cards 10: Net Sales
=Sales Sales Returns and Allowances Sales Discounts
Contra-revenue debit. Goods are returned for credit to customer
Dr. Sales Returns and Allowances
Flash Cards 6: Income Statement Accounts
(All temporary accounts that are closed to Retained Earnings as Net Income)
Sales (or Revenue)
Cost of Goods Sold
Wages and Salaries Expenses
Income Tax Expense
Flash Cards 8: Income Measurement Terms
The process of recording an item in the financial statements as an
asset, a liability, a revenue, an expense, or the like.
Revenues are realized when they are co
Flash Cards 6: Contra Accounts
These are all Exceptions to the Normal Balances
Allowance for Doubtful
Discount on Bonds Payable
Sales Returns and Allowances