Chapters 9-11 Review Questions Chapter 11 1. Describe the current tax law for sale of residence. Married taxpayers may exclude up to $500‚000 of gain upon the sale of their residence and single taxpayers may exclude up to $250‚000 of their gain. Taxpayers must own and occupied the residence for two out of the last five years prior to the sale. The exclusion applies to only one sale or exchange every two years. 2. Why might a taxpayer wish to elect out of the new exclusion on the sale of residence
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statements about managerial accountants is false? A. Managerial accountants more and more are considered "business partners." B. Managerial accountants often are part of cross-functional teams. C. An increasing number of organizations are segregating managerial accountants in separate managerial-accounting departments. D. In a number of companies‚ managerial accountants make significant business decisions and resolve operating problems. E. The
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unit variable cost. 8. If a company has excess capacity and present markets will not be affected‚ it would be profitable to accept an order at a special unit price even though the price is less than the unit variable cost to manufacture the item. 9. A company should never accept an order for its product at less than its regular sales price. 10. A decision whether to continue to make a product or buy it externally‚ depends on the external price and the amount of variable and fixed costs that
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Question Number Your Answer Answer Reference 1. B Correct 2. D Correct 3. C Correct 4. A Correct 5. A Correct 6. B Correct 7. D Correct 8. D Correct 9. C Correct 10. A Correct 11. B A PAGE 35 12. B A PAGE 28 13. B Correct 14. A B PAGES 13-14 15. B C PAGE 7 16. D Correct 17. D Correct 18. A Correct
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1. award: 7 out of 7.00 points TF Qu. 1 Activity-based costing involves a two-stage ... Activity-based costing involves a two-stage allocation process in which overhead costs are first assigned to departments and then to jobs on the basis of direct labor-hours. True False True / False Difficulty: Medium TF Qu. 1 Activity-based costing involves a two-stage ... Learning Objective: 03-01 Understand the basic approach in activity-based costing and how it differs from conventional costing
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1. (TCO A) Wages paid to the factory supply shop foreman are considered an example of: (Points: 5) Direct Labor - yes‚ Period Cost - yes Direct Labor - yes‚ Period Cost - No Direct Labor - no ‚ Period Cost - yes Direct Labor - no ‚ Period Cost - no 2. (TCO A) Rent on a manufacturing plant is an element of: (Points: 5) Conversion cost - yes‚ period cost - no Conversion cost - yes‚ period cost - yes Conversion cost - no‚ period
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CHAPTER 5 PRODUCT AND SERVICE COSTING: A PROCESS SYSTEMS APPROACH LEARNING OBJECTIVES AFTER STUDYING THIS CHAPTER‚ YOU SHOULD BE ABLE TO: 1. Describe the basic characteristics of process costing‚ including cost flows‚ journal entries‚ and the cost of production report. 2. Describe process costing for settings without work-in-process inventories. 3. Define equivalent units‚ and explain their role in process costing. 4. Prepare a departmental production report using the FIFO method
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Chapter 25 Primary Sources Louis Napoleon Bonaparte Campaign Statement 1. Louis Napoleon based his claim to rule France on the fact that he is so devoted to France and the Republic. 2. Louis Napoleon wanted to devote himself wholly to the preservation and consolidation of the Republic as president of France‚ but when he becomes the self-proclaimed emperor of France later‚ all his promises are void. His promises are revealed to be pieces of persuasion so he gets elected as president. Abraham
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worldwide; like the attacks to the RMS Lusitania by Germans or the attacks of 9/11. As you read‚ we are going to recall those events‚ explore the opinions and thoughts of witnesses and survivors‚ as well as compare their similarities and differences. We will also compare the psychology effects on the population; not only the people directly involved but also the ones who watched them worldwide. Some of the major psychological problems that are encountered post-disasters are‚ but not limited to: Post Traumatic
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A) Straight-line Depreciation Computation End of Year Year DC X DR = ADE AD BV 2012 220‚000 25% 55‚000 55‚000 195‚000 2013 220‚000 25% 55‚000 110‚000 140‚000 2014 220‚000 25% 55‚000 165‚000 85‚000 2015 220‚000 25% 55‚000 220‚000 30‚000 ($250‚000 – $30‚000) 1/4 = 25% Please note abbreviations are the same as bellow Double- Declining-Balance Depreciation Computation End of Year Book Value Annual
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