Accounting 306 Exam 1 Notes Full Disclosure Principle – Calls for financial reporting of any financial facts significant enough to influence the judgment of an informed reader. Illustration 24-1: Financial Statements – Balance Sheet‚ Income Statement‚ Statement of Cash flows‚ and statement of changes in stockholders’ equity. Notes to financial statements – Accounting policies‚ contingencies‚ inventory methods‚ number of shares of stock outstanding‚ alternative measures. Supplementary Information
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Question 1: 1. Activity-cost-driver rate for packing: ‚950hours)) = 157.89/ hr 2. ABC system for sugar cookie A. Estimated overhead cost per 1000 cookies Oven costs: ‚)) x 1 = $110.53 Packing costs: 157.89 x 0.5 = $78.95 ? Total overhead costs: $189.48 B. Estimated operating profit for cookies Selling price: $0.75 x 1‚000 = $750 Less Direct material costs: $0.15 x 1000 = ($150)
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Auditing and Assurance Services Thirteenth Edition Global Edition Alvin A. Arens Randal J. Elder Mark S. Beasley [pic] Boston Columbus Indianapolis New York San Francisco Upper Saddle River Amsterdam Cape Town Dubai London Madrid Milan Munich Paris Montreal Toronto Delhi Mexico City Sao Paulo Sydney Hong Kong Seoul
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about prints and framed items for Wall Décor Illustration CA 1-2 Manufacturing overhead budget for Wall Décor Exercises Instructions Use the information in the case and your reading from Chapters of the text to answer each of the following questions. 1 Define and explain the meaning of a predetermined manufacturing overhead rate that is applied in a job-order costing system. 2 What are the advantages and disadvantages of using the cost of each print as a manufacturing overhead cost driver
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ACC 444 Exam 1 Guide Summary of Questions (approximate): Topic # Multiple Choice Questions (2 pts each) Total Points Business Process Overview 9 Computer Fraud & Abuse 16 Internal Control Systems 25 Total # questions 50 100 Study Guide While there couldbe questions from other topics discussed in class‚ themain emphasis will be on the following subject matter: Business Process Overview The “transaction cycles” approach The data processing model Computer
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Name ________________ Section time _______________ ACC 321 – Quiz 1 PART I: Multiple choice‚ 3 points each. (Transfer your answers to the proper question on the answer sheet and fill in only one circle per question.) 1. Which of the following is NOT a major challenge facing the accounting profession? a. Non-GAAP earnings. b. Fair value measurement. c. Accounting for fixed assets. d. Forward-looking information. 2. The objective of financial reporting places most
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Department during May was: A) $50‚000. B) $40‚000. C) $53‚000. D) $42‚400. 2. The cost of the work in process inventory in the Forming Department at the end of May was: A) $7‚600. B) $10‚000. C) $2‚500. D) $4‚000. Use the following to answer questions 3-4: The following data relate to the Blending Department of Tru-Color Paint Company for a recent month: Number Percent Complete of Units Conversion Costs Beginning work in process inventory 9‚000 60% Units started into production 45‚000 - Units
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Human Resources Management in Canada Case Incident A New HR Professional’s First Workplace Dilemma Case Study Questions: 1. Do you agree with how Laura handles this situation? If so‚ why? If not‚ what would you have done differently? 2. Is it important for this company to have such a policy in place? If so‚ how can the employment (labour) standards act in your province/ territory help in drafting a policy on appropriate computer use? I believe it is important for this company
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Name: ________________________ Class: ___________________ Date: __________ Quiz 2 1) Cost-volume-profit analysis is used primarily by management: A) as a planning tool B) for control purposes C) to prepare external financial statements D) to attain accurate financial results Answer: A Diff: 1 Terms: cost-volume-profit (CVP) Objective: 1 AACSB: Communication 2) One of the first steps to take when using CVP analysis to help make decisions is: A) finding out where the total costs line intersects
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Name of student:_________________ 9 Activity-Based Costing Review Question Answers 9-4 It will require more work. Significant amounts of indirect costs are allocated using only one or two cost pools. All or most costs are identified as output unit-level costs. Products make diverse demands on resources because of differences in volume‚ process steps‚ batch size‚ or complexity. Products that a company is well suited to make and sell show small profits while products for which a company is
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