Quiz Chapter 8 - Solutions
Jennifer Company has two products: A and B. The company uses Activity-Based
Costing. The estimated total cost and expected activity for each of the company's
three activity cost pools are as follows:
Estimated Expected Acti
1. Austin Manufacturing had the following operating data for the year just ended.
Selling price per unit $60 per unit
Variable expense per unit $22 per unit
Fixed expense $504,000
Management plans to improve the quality of its only product by: (1) replaci
Sample Test for Management Accounting
Identil the letter of the choice that best completes the statement or answers the question.
1. Which phrase best describes the current role of the managerial accountant?
a. Managerial accountants prepa
Managerial Accounting Exam 4
Student Number: _
On my honor I have neither given or received help on this exam. I understand that any
violation of the University Honor Policy will result in an automatic zero on this exam, and
that I wil
Name: _ Date: _
Use the following to answer questions 1-3:
Esmail Company is a wholesale distributor that uses activity-based costing for all of its overhead
costs. The company has provided the following data concerning its annual overhead costs and its
Which of the following principles encourages a vertically equitable tax system?
Pay as you go
Ability to pay principle
None of these
A common example of an employment related tax is the Medicare tax. True False
In a regressive t
TO: PPP, Auditor
FROM: Yixin Zhou, Accountant
DATE: March 25, 2016
SUBJECT: Treatment regarding the newly released accounting policy
According to the request of our client, Madisons Cakery, this memo will mainly
discuss the relevant chan
How to implement Revenue Recognition (Topic
Name: JINGYU ZHANG
G number: 00998048
As an important indicator in financial reporting,revenue is always used by external
user such as investor, creditor to estimate a firms current financial
Which function is most important in PCAOB?
In today society, the American Public Company Accounting Oversight Board is the product of the
Sarbanes-Oxley Act after the Enron scandal. PCAOB is a privately owned, which is nonprofit
1. Prepare a statement of cash flows for 2011 using the direct & indirect method.
Comparative Balance Sheet
Ch 21. Statement of Cash Flows Practice Multiple Choice
The primary objective of the statement of cash flows is to provide information about a
A. Cash receipts and disbursements.
B. Noncash financing and investing activities.
C. Financial po
Ch. 17. Pensions - Practice Multiple Choice
The accounting for defined contribution pension plans is easy because each year:
A. The employer records pension expense equal to the amount paid out to
B. The employer records pension expense based
Ch. 14. Bond Liabilities. Practice Multiple Choice
Lopez Plastics Co. (LPC) issued callable bonds on January 1, 2016. LPC's accountant
has projected the following amortization schedule from issuance until maturity:
Ch. 15. Leases. Practice Multiple Choice
On December 31, 2015, Reagan Inc. signed a lease for some equipment having a
nine-year useful life with Silver Leasing Co. The lease payments are made by Reagan
annually, beginning at signing date. Title does no
Ch. 18. Stockholders Equity - Practice Multiple Choice
Issued stock refers to the number of shares:
A. Outstanding plus treasury
B. Shares issued for
C. In the hands of
D. That may be issued under state
As of Decembe
Ch. 19. Practice Multis Stock-Based Compensation and EPS
The compensation associated with restricted stock under a stock award plan is:
A. The book value of an unrestricted share of the same stock times the
number of shares.
B. The estimated fair value
Ch. 21 Lecture Notes: Statement of Cash Flow Problem
The following is additional information concerning Chapmans transactions during the year ended
December 31, 2013.
1. All sales during the year were made on account.
2. All merchandise was purcha
ACCT 311 (Prof. Roman)
Solutions to Exercise process costing practice exercise (AMD)
Calculate the unit cost of an assembled microchip in January and prepare the journal
entries for the use of direct materials and incurrence of conversion costs in the
CHAPTER 6 Slide 14
Receipts process throughout the accounting period
The customer sends a check to a company, along with a remittance advice. A
remittance advice is simply a document that says they have paid. It has the amount on
it and what the paymen
Overview of Sampling
There are three kinds of lies: lies, damned lies, and statistics.
Popularized by Mark Twain (pseudonym of Samuel L. Clemens),
famous American writer (1835 1910)
Sampling is the process of making a
When men are pure, laws are useless; when men are corrupt,
laws are broken.
Benjamin Disreali, Former British Prime Minister
The Legal Environment
Issue auditors report
Performs services in accordance with
Employee Fraud and the
Audit of Cash
"Rather fail with honor than succeed by fraud."
-Sophocles (496-406 BC)
Employee Fraud Overview
Fraud consists of knowingly making material misrepresentations of fact with
the intent of inducing someone