(K) Knowledge: If a concept is described, you should be able to connect the concept with the
description. For example, book value is the original cost minus accumulated depreciation of an asset. If
you are given the original co
In 2010 Acme Construction Company won the contract to construct an office building at a contract price of
$1,200,000. The information relating to the costs and billings for this contract is shown below.
Costs incurred to date *
MASTER BUDGET AND RESPONSIBILITY ACCOUNTING
The budgeting cycle includes the following elements:
Planning the performance of the company as a whole as well as planning the performance
of its subunits. Management agrees on what is
ACG 3341 Cost Accounting Handouts 3 (Spring 2014) Designed by Li Qu
Chapter 6 Master Budget and Responsibility Accounting
No Online assignment for this chapter but there are additional practice questions for this chapter
1. (K) Definition of a budget. (Sp
QUIZ # 6
CHAPTER 11 QUIZ SOLUTIONS
Quiz Question Calculations
4 ($10 40%)
Cost to Make
Purchase of part
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Incorporating International Financial
Reporting Standards (IFRS)
into Intermediate Accounting
Revised June 30, 2009
Rebecca G. Fay
John A. Brozovsky
Jennifer E. Edmonds
Patricia G. Lobingier
Sam A. Hicks
We express our appreciation to the
Remember to save the file with your answers and name the file with your last name and first name and upload it under Assignments.
Cost Accounting Quiz
1. The use of a dual-rate cost-allocation method recognizes
the improvements in technology allowing for use of multiple cost pools.
the need to use both budgeted and actual cost rates when allocating.
Cost Accounting Quiz
Quiz#8(CHAPTER 16 QUIZ)
The following data apply to questions 15.
Brant Corporation manufactures two products out of a joint processScout and Andro. The joint
(common) costs incurred are $400,000 for a standard production run that gen
Cost Accounting, 13e (Horngren et al.)
Flexible Budgets, Direct-Cost Variances, and Management Control
The master budget is:
a flexible budget
a static budget
developed at the end of
CHAPTER 2: AN INTRODUCTION TO COST TERMS AND PURPOSES TRUE/FALSE 1. Products, services, departments, and customers may be cost objects. Answer: 2. True Difficulty: 1 Objective: 1
Costs are accounted for in two basic stages: assignment followed by ac
Cost Accounting Formula Sheet
Ch. 2: An Introduction to Cost Terms and Purposes
Resources, BB + Resources obtained = Future use + Current use
Beginning raw materials + Raw materials purchased = Ending raw materials + Raw materials
CHAPTER 8: FLEXIBLE BUDGETS, VARIANCES, AND MANAGEMENT CONTROL: II TRUE/FALSE 1. Overhead costs are a major part of costs for most companies more than 50% of all costs for some companies. Answer: 2. True Difficulty: 1 Objective: 1
At the start of t
Chapter 005 Income Measurement and Profitability Analysis
True / False Questions
1. Revenue is not recognized under the realization principle unless the earnings process is
complete or virtually complete and there is reasonable certainty about collectibil
CHAPTER 1: THE ACCOUNTANTS ROLE IN THE ORGANIZATION TRUE/FALSE 1. Management accounting information focuses on external reporting. Answer: False Difficulty: 1 Objective: Management accounting information focuses on internal reporting. 2. 1
A good co
CHAPTER 11: DECISION MAKING AND RELEVANT INFORMATION TRUE/FALSE 1. A decision model is a formal method for making a choice, frequently involving both quantitative and qualitative analyses. Answer: 2. True Difficulty: 1 Objective: 1
Feedback from pre
CHAPTER 7: FLEXIBLE BUDGETS, VARIANCES, AND MANAGEMENT CONTROL: I TRUE/FALSE 1. The master budget is one type of flexible budget. Answer: 2. False Difficulty: 1 Objective: 1
The master budget is a static budget.
A flexible budget is calculated at th
Q & A Related to Pearson MyAccountingLab Assignments
By Li Qu 1/5/14
Note that MyAccountingLab may not work well with iPad.
1. Do I need to buy an access card for the online assignments in MyAccoutingLab?
Yes, you have to buy an access card. You may have
Cost Accounting Quiz
Quiz 9 (CHAPTER 5)
1. Production-cost cross-subsidization results from
allocating indirect costs to multiple products.
assigning traced costs to each product.
assigning costs to different products using varied costing syst
CHAPTER 21: CAPITAL BUDGETING AND COST ANALYSIS TRUE/FALSE 1. Capital budgeting focuses on projects over their entire lives in order to consider all the cash flows or cash savings from investing in a single project. Answer: 2. True Difficulty: 2 Obje
CHAPTER 13: STRATEGY, BALANCED SCORECARD, AND STRATEGY PROFITABILITY ANALYSIS TRUE/FALSE 1. Strategy describes how an organization matches its own capabilities with the opportunities in the marketplace to accomplish its overall objectives. Answer: 2.
CHAPTER 22: MANAGEMENT CONTROL SYSTEMS, TRANSFER PRICING, AND MULTINATIONAL CONSIDERATIONS TRUE/FALSE 1. The goal of a management control system is to improve the collective decisions in an organization in an economically feasible way. Answer: 2. Tru
CHAPTER 18: SPOILAGE, REWORKED UNITS, AND SCRAP TRUE/FALSE 1. Reducing defects helps to reduce costs, but does not make the business more competitive. Answer: False Difficulty: 2 Reducing defects does make the business more competitive. 2. Objective:
CHAPTER 6: MASTER BUDGET AND RESPONSIBILITY ACCOUNTING TRUE/FALSE 1. Few businesses plan to fail, but many of those that flop have failed to plan. Answer: 2. True Difficulty: 1 Objective: 1
The master budget reflects the impact of operating decision
CHAPTER 14: COST ALLOCATION, CUSTOMER-PROFITABILITY ANALYSIS, AND SALES-VARIANCE ANALYSIS TRUE/FALSE 1. Indirect costs are costs that cannot be traced to cost objects in an economically feasible way. Answer: 2. True Difficulty: 1 Objective: 1
CHAPTER 12: PRICING DECISIONS AND COST MANAGEMENT TRUE/FALSE 1. Companies must always examine pricing decisions through the eyes of their customers. Answer: 2. True Difficulty: 2 Objective: 1
Relevant costs for pricing decisions include manufacturin