Exam One Review
1.In each of the following situations, identify whether the setting is primarily
financial accounting or managerial accounting.
a. Falcon Company sent its annual report to its stockholders.
b. Genesis, Inc.s controller sent a report of act
PRODUCT COSTING FOR MANUFACTURING COMPANIES
LEARNING UNIT OBJECTIVES
After studying Unit 4.1, you should be able to:
Distinguish between product and period costs.
Identify the three major components of product costs: direct materials, direct l
CHAPTER FOUR HOMEWORK HINTS:
Schedule of Cost of Goods Manufactured
Direct materials, beginning balance
Add: Direct materials purchases
Subtract: Direct materials, ending balance
Class Activity One- Chapter 12
1)The portion of net income attributed to each outstanding share of
Dividend payout ratio
Earnings per share
Gross margin percentage
2)A measure of liquidity calculated by dividing total liabilities
Final Exam Review Fall 2016
1. Ethical business behavior is compliance with the law
Unit 1-3, LO5 False Ethical business behavior is not the same as mere compliance with the law.
LO: 5, Bloom: C, Unit 1-3, Difficulty: Moderate, Min: 1, AACSB: Ethics, AICP
Review #2 Dec. 5th
Chapter 11 Review
1. Lagging indicators provide evidence that a particular outcome occurred in the past. True
2. Which of the following is a leading indicator of customer satisfaction?
a. Customer sa
NINI VO S FINAL PRACTICE PROBLEMS
Chapter 3 Review
1. Jordan Graft images sells framed prints of various college landmarks. Jordan purchases
the prints from his supplier for $30 and sells them through his website for $65. Jordans
fixed expenses are $89,25
LO 1: Define managerial accounting.
LO 2: Describe the differences between financial
and managerial accounting.
LO 3:List and describe the 4 functions of managers
LO 4: Explain how the selection of a particular
strategy determines the informat
Acct 2102 Final Exam Study Guide Fall 2016
Multiple choice questions (45 @ 6.98 points each). Total possible points are
Maximum grade is 300! The extra points are to compensate for any weakness in
the main test instrument and misunde
1)An account used to accumulate the cost of indirect materials.
2)The result of applying too much overhead cost to products as they were made; applied overhead >
Build a general purpose milling machine
Time for building, months
Material and parts
Direct labor (DL$)
Variable overhead (50% of DL$)
Fixed overhead (25% of DL$)
Allocated administrative costs
3.25 out of
Babbel Company is a manufacturing firm that uses job-order costing. The companys inventory
balances were as follows at the beginning and end of the year:
5-2l. These questions pertain to financial statement assertions.
l. Inquiries of warehouse personnel concerning possible obsolete or slow-
moving inventory items provide assurance about management's assertion of
Royal Company is preparing budgets for the quarter
ending June 30th.
Budgeted sales for the next five months are:
The selling price is $10 per unit.
1a. A sales budget by month and in total
Perfect Stitch Replicas Limited
By month and in total for the 2-rd Quarter of 2016 Year
Average Price per Unit
Total sales revenue
2rd Quarter o
Recent and forecast sales:
Sales commissions (% of sales)
A golf course designer
A textbook publisher
A business consultant
An oil refinery
A soft-drink bottler
A film studio
A firm that supervises
bridge construction projects
A manufacturer of fine
$11,125,000 $9,000,000 $2,125,000