Price and efficiency variances, journal entries.
1. Direct materials and direct manufacturing labor are analyzed in turn:
(Actual Input Qty.
Actual Input Qty.
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Advanced Accounting, 12e (Beams et al.)
Chapter 1 Business Combinations
1.1 Multiple Choice Questions
1) Which of the following is not a reason for a company to expand through a combination,
rather than by b
Chapter 9: Political Economy
Majority voting (on direct referendum)
Chapter 9: Political Economy
When does it work?
When does it not work?
Median voter theory
Lobbying and Public Choice
UNANIMOUS CONSENT ON PUBLIC
GOODS LEVELS: Lin
A conceptual framework is a coherent system of concepts that flow from an objective.
The second level of the IASBs conceptual framework provides the qualitative
characteristics that make accounting information useful and the elements of financial
Assignment ( 1 )
Q1: Irbid company manufactures surf boards. Following are the costs associated with producing one
Direct manufacturing labor
Q#1 On January 1, 2016, Arab Co. acquires JD100,000 of Adam Companys 10-year, 10%
JD106,418 to yield 9%. Interest is payable semiannual. The bonds are classified as held-forcollection.
1- The purchase entry on 1/1/2016 is:
Quiz # 1
Q1: Petra Company has a capacity to produce 3000 bicycles per year. Currently the
company produces 1000 bicycles. At this level of production the unit cost for
producing one bicycle is given below:
Direct manufacturing labor (all
Student name .
Course time .
Q# 1- (True/ False)
A- The historical cost principle would be of limited usefulness under liquidation approach.
B- Under International Financial Reporting Standards (IFRS) product costs are
1- The International Accounting Standards Board (IASB) uses a conceptual framework based
on individual concepts to issue more useful and consistent pronouncements over time.
2- Financial reports may include some errors that result from management judgment
ABC Company purchased 400,000 of 10% bonds of Scott Co. on January 1, 2016,
paying 376,100. The bonds mature January 1, 2026; interest is payable each July 1
and January 1 with yield of 11%. ABC Company uses the effective-interest method
and holds these b
On the assembly floor, Khaled is paid $30 an hour for straight-time assuming 10
working hours a day and five working days in a week. he is paid $40 an hour for
overtime. One week he worked 55 hours. which included 4 hours of idle time caused
by material s
Q1 Khaled Co. has budgeted sales volume of 130,000 units and budgeted
production of 107,000 units, while 30,000 units are in beginning finished goods
inventory. How many units are targeted for ending finished goods
Q2 ABC Co. expects to sa
ABC Company's budgeted manufacturing overhead is $3,300,000. Overhead is
allocated on the basis of direct labor hours. The budgeted direct labor hours for
the period are 60,000. What is the manufacturing overhead rate?
Apple Inc. manufactures digital v
Physical measures such as weight or volume are the best indicator of the benefits received
for allocating joint costs.
Revenues are a better indicator of the benefits received than are physical measures.
2 ) When an auditor decides there is higher inherent risk for an account, one potential effect
is that more audit evidence will be required for that account.
A ) True
B ) False
3 ) When an auditor decides there is lower inherent risk for an account
Section 404 Audits of Internal Control and Control Risk
Understand internal control and assess control risk
Internal control: Policies and procedures designed to provide management with reasonable assurance that the
company achieves its objectives and go
Chapter 1 : managerial accounting
Managerial accounting: provides economic and financial information for managers and other
Comparing managerial and financial accounting ( p4 )
note : managerial and financial accounting deals with the ec
ANSWERS TO QUESTIONS
(a) Cost behavior analysis is the study of how specific costs respond to changes in the level of activity
within a company.
(b) Cost behavior analysis is important to management in planning business ope
The costvolumeprofit analysis discussed in Chapter 3 provided insights into how revenues, costs, and profits respond
to changes in the quantity of product made and sold. However, that analysis assumed a constant product mix.
The control function of management
Control function involves 3 steps:
1. Establishing standards.
2. Measuring performance against these standards.
3. Correcting deviations from standards and plans.
Good control system stimulates actions by spotting the si
Chapter 17 - Allocation of Support Activity Costs and Joint Costs
Allocation of Support Activity Costs and Joint Costs
True / False Questions
1. The direct method ignores the fact that some service departments provide service to other
Chapter 03 - Product Costing and Cost Accumulation in a Batch Production Environment
PRODUCT COSTING AND COST ACCUMULATION IN A
BATCH PRODUCTION ENVIRONMENT
Product and Service Costing
A. Use in financial accounting
B. Use in
Chapter 01 - The Changing Role of Managerial Accounting in a Dynamic Business Environment
THE CHANGING ROLE OF MANAGERIAL
ACCOUNTING IN A DYNAMIC BUSINESS ENVIRONMENT
The Management Process in Organizations
A. What is mana
Chapter 07 - Cost-Volume-Profit Analysis
Cost-Volume-Profit (CVP) Analysis
A. Break-even point
B. Contribution-margin approach
C. Contribution-margin ratio
D. Equation approach
E. Graphing CVP rela
Chapter 05 - Activity-Based Costing and Management
ACTIVITY-BASED COSTING AND MANAGEMENT
Traditional, Volume-Based Costing Systems/Procedures
Activity-Based Costing (ABC) Systems
Stage one: Identification of cost po
Chapter 04 - Process Costing and Hybrid Product-Costing Systems
PROCESS COSTING AND HYBRID PRODUCT-COSTING
Comparison of Job-Order Costing and Process Costing
A. Purpose of product-costing systems
B. Differences in ma
Chapter 02 - Basic Cost Management Concepts and Accounting for Mass Customization Operations
BASIC COST MANAGEMENT CONCEPTS AND
ACCOUNTING FOR MASS CUSTOMIZATION OPERATIONS
What Is a Cost?
A. Product costs, period costs, and