September 21st 2016
Chapter 1 DQ
13. What does the concept of objectivity imply for information reported in financial
The concept of objectivity implies that information is unbiased and more than a persons
8 October 2014
A Summary of Sanford Ungars Article The New Liberal Arts
In todays society, more often than not we focus on what appears to be practical, dismissing other
opportunities that may arise without
End of Chapter Questions Discussion questions: (1-6,9,10,13,14)
1. What is the difference between capital budgeting screening decisions
and capital budgeting preference decisions? Capital budgeting screening is
screening decisions whether a
Accounting 203 Test 1 Answers
Score for this quiz: 28 out of 50
Submitted Apr 21 at 2:05pm
This attempt took 50 minutes.
2 / 2 pts
Ricwy Corporation uses the cost formula Y = $4,800 + $0.40X for the maintenance cost, where
X is machine-hours. T
2 / 2 pts
Miller Enterprises has budgeted sales in units for the next five months as follows:
Past experience has shown that the ending inventory for each month must be equal to 15% of the
next month's sales in units. The inventory on May 31 co
Accounting 203 Test Two
ABC Corporation's break-even-point in sales is $900,000, and its variable expenses are 75% of
sales. If the company lost $32,000 last year, sales must have amounted to:
1 / 1 pts
Brown Corporation makes four products in a single facility. These products have the following
unit product costs:
Additional data concerning these products are listed below.
The grinding machines are potentially the constraint in the
Accounting 203 chapter 11, quiz qs & answers
Score for this attempt: 8 out of 10
Submitted Jun 4 at 3:25pm
This attempt took 27 minutes.
1 / 1 pts
The following information relates to last year's operations at the Bread Division of Rison Bakery
Module 28 Practice Set 1
Identify the choice that best completes the statement or answers the question.
1. Generally, the more liquid an asset is:
A. the lower its purchasing power.
B. the lower its rate of return.
C. the higher its capa
End of Chapter 9 Questions (1-9)
1. What is a static planning budget? Static planning budget is an unadjusted, planning
budget prepared for the planned level of activity.
2. What is a flexible budget and how does it differ from
Chapter 7 Homework Questions (1,2,4,5,6 and 9)
1. In what fundamental ways does activity-based costing differ from traditional costing
methods such as job-order costing as described in Chapter 3?
Activity-based costing and tradi
0 / 1 pts
Hairston Corporation manufactures and sells a single product. The company uses units as the
measure of activity in its budgets and performance reports. During November, the company
budgeted for 7,700 units, but its actual level of act
Problem 10-14 (45 minutes)
1. a. In the solution below, the materials price variance is
computed on the entire amount of materials purchased
whereas the materials quantity variance is computed only on
the amount of materials used in production:
Chapter 10 Question (Discussion questions: 1-5,8-10)
1. What is a quantity standard? What is a price standard? Quantity standard states what
amount of input that should be used to produce a unit of output. The price standard is
Ryan Bishop: Response to Its a Wonderful Life clip and thoughts on financial hardships and
the recession of 2008-2011
First off, I think Ive seen most of Its a Wonderful Life but not from start to finish in one
sitting. Ive just caught parts of it when it
Liang Company began operations on January 1, 2012. During its first two years, the
company completed a number of transactions involving sales on credit, accounts
receivable collections, and bad debts. These transactions are summarized as follows:
The following selected transactions are from Ohlmeyer Company.
Dec. 16 Accepted a $ 10,800, 60- day, 8% note dated this day in granting Danny Todd a time
extension on his past- due account receivable.
31 Made an adjusting entry to record the accrued
Mayfair Co. allows select customers to make purchases on credit. Its other customers can use
either of two credit cards: Zisa or Access. Zisa deducts a 3% service charge for sales on its
credit card and credits the bank account of Mayfair immediately when
Problem 9- 3A Estimating and reporting bad debts P2 At December 31, 2013, Hawke
Company reports the following results for its calendar year.
Cash sales . . . . . . . . . .
Credit sales . . . . . . . . .
In addition, its unadjusted tr
Name of cost
Rent rev forgone
cost 80 unit
warehouse 500 M
Direct labor cost
Deprec of annex
space 8000 yr
1. Estimate how much over head of 17625000 at high level of activity consists of
Total factory overhead cost
Builder Products, Inc., manufactures a caulking compound that goes through three
processing stages prior to completion. Information on work in the first department,
cooking, is given below for May:
The company uses the weighted-average method
Cooperative San Jos of southern Sonora State in Mexico makes a unique syrup using
cane sugar and local herbs. The syrup is sold in small bottles and is prized as a flavoring
for drinks and for use in desserts. The bottles are sold for $12 each. (The Mexic
Sunspot Beverages, Ltd., of Fiji makes blended tropical fruit drinks in two stages. Fruit
juices arc extracted from fresh fruits and then blended in the Blending Department. The
blended juices are then bottled and packed for shipping in the Bottling Depar
Cost of goods soldVariable
Advertising expense- Fixed
Shipping expense- Mixed
Salaries and commissions- Mixed
Valley Companys adjusted trial balance on August 31, 2013, its fiscal year- end, follows.
On August 31, 2012, merchandise inventory was $ 25,400. Supplementary records of
merchandising activities for the year ended August 31, 2013, reveal the followin
Rent expense and salaries expense are equally divided between selling activities and
the general and administrative activities. Nelson Company uses a perpetual inventory
1. Prepare adjusting journal entries to reflect each of the
Prepare journal entries to record the following merchandising transactions of Blink
Company, which applies the perpetual inventory system.
July 1 Purchased merchandise from Boden Company for $ 6,000 under credit terms of 1/15,
n/30, FOB shipping point, in
Seminole Company began year 2013 with 23,000 units of product in
its January 1 inventory costing $ 15 each. It made successive
purchases of its product in year 2013 as follows. The company uses a
periodic inventory system. On December 31, 2013, a physical
QP Corp. sold 4,000 units of its product at $ 50 per unit in year 2013 and incurred
operating expenses of $ 5 per unit in selling the units. It began the year with 700 units in
inventory and made successive purchases of its product as follows.