2117 (2225 min.) Capital budget methods, no income taxes.
1a. The table for the present value of annuities (Appendix A, Table 4) shows:
5 periods at 12% =
Net present value
= $60,000 (3.605)
= $216,300 $160,000 =
1b. Payback period
2217 (40 min.)
Total project versus differential approach, income
(a) Total Project Approach
Initial new machine investment
521 (25 min.)
ABC, product crosssubsidization.
Current Costing System:
Manufacturing Overhead Allocation Rate = Budgeted MOH Costs
= $16 per DL hour
Unit Costs and Selling
215 (15 min.) Inventoriable costs versus period costs.
1. Spring water purchased for resale by Sobeysinventoriable cost of a
merchandising company. It becomes part of cost of goods sold when the mineral
water is sold.
2. Electricity used at a Toyota assem
Canadians have long been proud of the mighty rivers and beautiful lakes that
make this country one of the greatest repositories of fresh water on the planet.
So, its a sad statement about our society that we are increasingly choosing to
drink bottled wate
Homework Questions Unit 1
BE1-1. Identify users of accounting information.
A list of decisions made by different users of accounting information follows:
1. Decide whether the company pays fair salaries.
2. Decide whether the company can
The Group Work Experience: Getting Started
Group Contact Information
Points for group to discuss
Are we going to have an official group
If we cannot agree on a point, how are we
going to come to a decision
ANY QUESTIONS ?
QUIZ ? (see page 2)
> Any interesting news?
> Success in ACC106 (earn marks!)
o Computer-based Assignments
o Class Quizzes, assignments, etc.
o Comprehensive Problem
o Term Test #1
o Term Test #2
o Term Test #3
ACC120 Comprehensive Problem Grading Sheet
Journal - 42 Marks
June Journal Entries (17)
Adjusting Entries (5)
Closing Entries (4)
Reference to ledger
1 mark each = 17 marks
2 mark each = 10 marks
2 mark each = 8 marks
Chapter 1: The Language of Ethics
Sample Discussion Answers
These answers should be treated as supplemental to your own thoughts and analysis and
are by no means comprehensive. Feel encouraged to include your own experiences and
points of disagreement wit
Sample Question 5-27
Jane was the audit supervisor in charge of the audit of an advertising agency. Unfortunately, two
other audit supervisors in the office resigned and moved on to other positions. Rather than hiring
or promoting another supervisor, the
Sample Question 7-17
You are the auditor in charge of the audit of the municipality of Sackville, New Brunswick. The
municipality has a budget of $65 million and has had a balanced budget for the last three years.
There are about 10 people in the accounti
Sample Question 8-23
The following audit procedures were performed in the audit of inventory to satisfy specific
balance-related audit objectives. The audit procedures assume the auditor has obtained the
inventory count records that list the clients inven
Sample Question 3-15
Diane Harris, a PA, is the auditor of Fine Deal Furniture, Inc. In the course of her audit for the
year ended December 31, 2011, she discovered that Fine Deal had serious going-concern
problems. Henry Fine, the owner of Fine Deal, ask
ABC Allocated Overhead Costs
tires per shif
# of shifs
# work days per week
# setups per year
Calculate the traditonal allocation rate for the Over head costs of the mec
AIT 704 Midterm
Diana Gadjanov, CGA
Duration : 3 hours
Date of exam : February 19, 2009
Please attach NPV tables and formula sheet.
Question 1 (20 marks)
Sonoma Inc. manufactures and sells two models of fridges: F1 and F2.
Steven, the owner do