ACC Chapter 10 Accounting for Long Term Liabilities
A bond is the issuers written promise to pay an amount identified as the par value
of the bond with interest.
The par value of a bond, also called the face amount or face value, is paid
Chapter 7 Accounting for Receivables
A receivable is an amount due from another party for credit sales.
The two most common receivables are
o Accounts receivable, are amounts due from customers for credit sales
o Notes receivable
Chapter 8 Accounting for long-Term Assets
Plant assets are tangible assets used in a companys operations that have a useful life of
more than one accounting period.
Plant assets are set apart form other assets by two important features:
Plant assets ar
Chapter 5 - Inventories and Cost of Goods
Determining Inventory Items
This includes all goods that a company owns and holds for sale, regardless of where the
good is located. Some cases to consider are:
Goods in Transit
o Goods purchased FOB shipping p
cfw_me- following mmm applies to the quesnrms displayed below
In December 2014, Custom Mfg. esiabllshed Its predeterrnlned ovemead rate forjobs produoed durlng year
2015 by ualng the following cost predlotlons: overhead costs. 5560.000. and dlrect labor c
Prepare jou ma] entries to record the following four separate issuances of stock.
'I. A corporation issued 5,000 shares of $20 par value common stark for$120.000 cash.
2. A corporation issued 2,500 shares of rho-par common stock to its promoters in exchan
Billie Whitehorse. the plant manager of Travel Free's Indiana plant. is responsible for all of that plants costs
other than her own salary. The plant has two operating departments and one service department. The
camper and trailer operating departments ma
1. Prepare responsibility accounting performance reports that list oosts controlled by the following. In each
report, include the budgeted and actual costs and show the amount that ead'l actual omit is weror
under the budgeted amount.
b. Manager oi 1he Mailer department.
Raw materials 271an s 274an
Employee wages 206,2cfw_109 magma.)
*Rgd tart indicates no response was expected in a cell EH' 3 formula-based calculatiun is incorrect; nu puim deducted.
2&3. Enter the eurerhead nests incurred and the amounts applied during the year using the predetermined
mired-lead rate and determine whether memeed is everepplied er underepplied.
Underapplied evalheed J
York's outstanding stock consists of 13,000 shares of nonwmulative 9.20% preferred stock with a $10 par
value and also 32,500 shares of oommon stick with a $1 par value. During its rst four years of operation,
the corporation dedarad and paid the followin
Summary of Analytical Measures Method of Computation Solvency measures: Working capital Current assets Current liabilities
Current assets Current liabilities Quick assets Current liabilities Net sales on account Average accounts receivab
Which of the following are two generic strategies described in the text that a company can use?
a. b. c. d. 2.
Growth and product differentiation Price recovery and growth Product differentiation and cost leadership Cost leadership and price recovery