Hickory Company manufactures two products15,000 units of Product Y and 7,000 units of Product Z.
The company uses a plantwide overhead rate based on direct labor-hours. It is considering implementing
an activity-based costing (ABC) system that allocates a
Cane Company manufactures two products called Alpha and Beta that sell for $170 and $130,
respectively. Each product uses only one type of raw material that costs $6 per pound. The company has
the capacity to annually produce 116,000 units of each
Applied Case Assignment #2 (Chapters 2 and 3)
Refer to the financial statements included in McCormick & Company, Incorporateds (NYSE: MKC; Sparks,
MD; hereafter, McCormick or the Company) 2014 Annual Report to answer the following questions
Applied Case Assignment #3 (Chpts. 5 and 13)
Answer the following questions based on McCormick & Company, Incorporateds (NYSE: MKC;
Sparks, MD; hereafter, McCormick or the Company) 2014 Annual Report (containing the
Companys 10-K) and the press r
Reporting and Interpreting
Receivables, and Cash
Recognition of Accounts
Apples 2013 financial statement
What does that mean?
If you get 0.01%, you are a millionaire!
LO1 Credit sales and
Reporting and Interpreting
Property, Plant, and
Resources; and Intangibles
Categories of LongTerm Assets
and natural resources
Operating Decisions and the
Income Statement for Eagle Golf
A list of
At the bottom
line, you get
Statement of Cash Flows for Eagle
Statements, and the Quality of
Transactions in the second
Trial Balance of Eagle Golf
The remaining 3 steps
to finish an accounting
Reporting and Interpreting
Cost of Goods Sold and Inventory
oo Includes items a company intends for sale to
customers. For example, clothes at The Limited,
shoes at Payless ShoeSource, building supplies
at Home Depot, and so on.
The following is a December 31, 2013, post-closing trial balance for Almway Corporation.
Aocou nt Title Debits Credits
Accounts receivable 60,000
Prepaid insurance 9,000
Study Guide for Final Exam/BU.210.650 Spring 2015
Study Guide for Q1
1. Building blocks of financial statement analysis
2. Economic characteristics of any industry
3. Link between cash sources and uses
5. Mixed attribute accounting model
Study Guide for Quiz 2/BU.210.650 Spring 2016
An industry's economic characteristics that affect a firm's ability to increase the prices of its products
The Penman decomposition
The long-run growth in forecasting
The rationale of residual inco
ERICAS SAFE CASH FLOW
CASH ON HAND
Auditors must make decisions regarding what evidence to gather and how much to accumulate.
Which of the following is a decision that must be made by auditors related to evidence?
The IIA Code of Ethics is based on all but which of the following ethical principles?
Statements on Internal Auditing Standards are
Which of the following is not a condition for a contingent liability to exist?
a. There is a potential future payment to an outside party that would result from a current
b. There is uncertainty ab
The standards which govern the CPAs association with unaudited financial statements of
private companies are the:
a. AICPAs Code of Professional Conduct.
b. Statements on Auditing Standards (SASs).
Which of the following misstatements is most likely to be uncovered during an audit of a
clients bank reconciliation?
a. Duplicate payment of a vendors invoice.
b. Billing a customer at a lower price than ind
Which of the following statements is correct?
a. Bonds are frequently issued by companies in small amounts.
b. There are relatively few transactions in the capital acquisition and repayment cycle, and each
Receipt of ordered materials by the receiving department will generate the completion of a form
a. bill of lading.
b. receiving report.
c. materials requisition.
d. inventory acquisition summary.
The payroll cycle consists of how many classes of transactions?
Which of the following statements is false?
a. The payroll cycle consists of one class of transactions.
The classes of transactions in the acquisition and payment cycle include acquisition of:
b. goods and services.
c. goods and services, and cash disbursements.
d. goods and services, cash disbursemen
Sampling used for tests of details provides results in terms of:
a. exception rates.
d. expectation rates.
Both sampling and nonsampling risks are associated with:
A sample in which the characteristics of the sample are the same as those of the population is
a. variables sample.
b. representative sample.
c. attributes sample.
d. random sample.
When the a
Which of the following accounts is associated with a transaction cycle other than acquisition
a. Common stock.
b. Property, plant and equipment.
c. Accrued property taxes.
d. Income tax expense.
Which of the following is not a balance-related audit objective evaluated in the audit of
b. Realizable value
The two primary classes of tr
Which of the following is not an account affected by the sales and collection cycle?
b. Accounts receivable
c. Allowance for doubtful accounts
d. Gross margin
Which of the following is not o
A listing of all the things which the auditor will do to gather sufficient, competent evidence is
a. audit strategy.
b. audit program.
c. audit procedure.
d. audit risk model.
Shown below (1 th
IT has several significant effects on an organization. Which of the following would not be
important from an auditing perspective?
a. Organizational changes.
b. The visibility of information.
c. The potential