Why I Chose Accounting?
It took me a long time to decide what I wanted to do. First I wanted to do
something in art. Then later I decide to become a mechanic but after I graduated high
school I decide to go
(Corrections of a Balance Sheet)
The bookkeeper for Garfield Company has prepared the following balance sheet as of July 31, 2012.
As of July 31, 2012
Accounts receivable (net)
Office 2016 myitlab:grader Instructions
GO16_XL_CH01_GRADER_1G_HW - Regional Sales 1.0
In the following project, you will create a worksheet summarizing the regional sales to fitness clubs
(Journalizing Various Receivable Transactions)
Presented below is information related to Sanford Corp.
Sanford Corp. sold to Legler Co. merchandise having a sales price of $14,000 with terms 2/10, net/60. Sanford records its sales and re
INTERMEDIATE ACCOUNTING I
CHAPTER 5 STUDY GUIDE
Balance Sheet and Statement of Cash Flows
Explain the uses and limitations of a
INTERMEDIATE ACCOUNTING I
CHAPTER 7 STUDY GUIDE
Cash and Receivables
Indicate how to report cash and related
12. Multiple Choice:
(1) On January 1, 2017, Lynn Company borrows $2,000,000 from National Bank at 11%
annual interest. In addition, Lynn is required to keep a compensatory balance of $200,000
on deposit at National Bank which will earn in
AN INTRODUCTION TO COST TERMS AND PURPOSES
A cost object is anything for which a separate measurement of costs is desired. Examples
include a product, a service, a project, a customer, a brand category, an activity, and a
Religious Chant: embellished, subdued, syllabic, relatively simple.(No
A Turkish musical performance in which musicians and dancers interact in
a complex spiritual ritual belonging to sufism.(No Answer)
More common in south than north. Frequently used for
accompaniment, especially with a singer but also used for solo
performance. In North mainly used as a solo instrument.
A rapid and florid kind of improvised melodic passage in Hin
Net Temporarily Restricted Permanently Restricted
$ 600,000.00 $
1. Depreciation of $2,000 is recorded. -$
2. Equipment is bought for $25,000 by
signing a long-term note for $10,000
Equity Method of Acquistion of 2nd Co.
Year 1 Stakeholder's Equity: Entry S
Common Stock 2nd Co.
Additional Paid in Capital 2nd Co.
Retained Earning 1/1
Investement In Company 2nd CO.
Year 1 Subsidiary Allocations: Entry A
Ch. 2: An introduction to cost terms and purposes
I. Types of Companies (p. 101)
Manufacturing companies (e.g., FORD, Coca Cola, Kleenex)
Merchandising companies (e.g., BestBuys, Target, Raley)
Service companies (e.g., law firm, accounting firm, bank)
Ch. 4: Job Costing (Actual Job Costing and Normal Job Costing)
The two most common systems of product costing in manufacturing organizations are job costing and process
costing (pp. 100-101).
Job costing (Ch. 2 & Ch. 4) This costing system is for finding
Chapter 1: The Manager and Management Accounting
I. Major differences between Management and Financial Accounting
See Exhibit 1-1 on p. 4.
II. Strategic decisions (p. 5)
Strategy describes how an organization will compete and the opportunities its manager
Ch. 9: Inventory costing and capacity analysis
Absorption Costing (AC) and Variable Costing (VC) income statements
This income statement has a name. Its called absorption costing
income statement. ALL manufacturing costs (DM, DL, and ALL OH (fi
Ch. 17: Process Costing
Product costing - two most common systems in manufacturing organizations are job-order costing and process
costing (exhibit 4-1 on p. 101, p. 607). In chapter 4, you learnt Actual and Normal Job Costing. In job costing,
Ch. 7: Flexible budgets, direct-cost variances and management control
Variances and Management by Exception
A variance is an absolute difference between actual results and expected/budgeted performance (p. 227). There are
many types of variances (see exhi
Ch. 5 Activity-Based Costing (ABC) and Activity-Based Management
I. Simple Cost System (pp. 141-143)
A Simple Cost system uses a single (or company-wide or plant-wide) indirect/OH rate (pp. 141-143, exhibit 52 on p. 143 shows one row of indirect/OH cost).
Ch. 3: CVP Analysis
You need to use the management accountants income statement (also called variable costing income
statement in chapter 9 and contribution income statement on p. 65) to do CVP.
Example of CVP using the (1) CVP units method and (2) CVP %
EXCEL work: Cost terms
Yummy Carrot Cakes Company is a manufacturing company that makes cakes. Its computer
system produces reports on a monthly basis. Three cost items in the reports are factory rent (in
Table 1), carrot (in Table 2), and milk (in Table
Instructions for plotting graphs
1. Set up 2 columns of data in the EXCEL spreadsheet; x (the cost driver) on the left
column and y (the cost) on the right column.
Add commas and dollar signs to the cost data (in the right colu
Ch. 10: Determining how costs behave
I. Two assumptions frequently used in cost behavior estimation (p. 342).
a. Variations in the level of a single activity (the cost driver) explain variations in total costs of a cost object.
b. Cost behavior is approxi
Determining How Costs Behave
Examples of linear functions
(Exhibit 10-1 on p. 342)
Variable Cost (VC)
Fixed Cost (FC)
y = a + bx
y = b + mx
y = bx + a
y = mx + b
y = kx + t
y = ?x + ?
Let us use y = a + bx as the
Master Budgeting and
Job Order Costing (ch. 4)
+ Mat purchased. + TMC* + COGM - COGS
- Mat used
- COGM - COGS GM
I. Types of Companies (p. 101)
Manufacturing companies (make
Merchandising companies (buy goods,
and re-sell them at a higher price).
Service companies (provide a service,
e.g., legal, accounting, educational,