Answer Key for Test Your Skills 1. Tutti’s Sandwich Shop has the following information regarding costs at various levels of monthly sales. Help Tutti separate her costs into fixed costs and variable costs so that she can predict and evaluate costs at varying levels of guests served. January February March Monthly Sales in Guests Served 10‚000 16‚000 20‚000 Cost of Sales (Food Cost ) 10‚500 16‚800 21‚000 Salaries‚ Wages‚ and Benefits 15‚000 15‚600 16‚000 Telephone 12‚750 16‚350 18‚750 Rent on
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7. Advertising costs are considered product costs for external financial reports because they are incurred in order to promote specific products. True False 8. Selling and administrative expenses are product costs under generally accepted accounting principles. True False 9. A variable cost is a cost whose cost per unit varies as the activity level rises and falls. True False 10. When the level of activity increases‚ total variable cost will increase. True False 11. A decrease in production will
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CHAPTER 2 SOLUTIONS TO SUPPLEMENTARY PROBLEMS FROM SCOTT TEXTBOOK 6th edition 11. Several reasons can be suggested why oil company managers have reservations about RRA: • The discount rate of 10% might not reflect the firm’s cost of capital. • Low reliability. RRA involves making a large number of assumptions and estimates. While SFAS 69 deals with low reliability in part by requiring end-of-period oil and gas prices to be used (rather than prices anticipated when the reserves are expected
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Theoretical Structure of Financial Accounting AACSB assurance of learning standards in accounting and business education require documentation of outcomes assessment. Although schools‚ departments‚ and faculty may approach assessment and its documentation differently‚ one approach is to provide specific questions on exams that become the basis for assessment. To aid faculty in this endeavor‚ we have labeled each question‚ exercise and problem in Intermediate Accounting‚ 7e with the following AACSB
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Group Project Individual/Group Assignments Exam1 Exam2 Exam3 Participation 20% 10% 20% 20% 20% 10% 100% Course Overview • Assignments – 4 assignments worth 2.5% each (expected) – Based on class materials and readings from the textbook – Submit only on the course website • Group Project – Work in self-selected teams of no more than 5 members – Submit group lists by next class (August 27‚ 2013) – 2 reports and 2 presentations‚ more details later Course Overview • Exam
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An aging of a company’s accounts receivable indicates that $4‚500 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1‚200 credit balance‚ the adjustment to record bad debts for the period will require a debit to Allowance for Doubtful Accounts for $3‚300. debit to Bad Debt Expense for $4‚500. credit to Allowance for Doubtful Accounts for $4‚500. debit to Bad Debt Expense for $3‚300. The financial statements of the Melton Manufacturing Company reports net sales
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4th Edition Answers Suggested Answers Chapter 1 Things to do (page 5) 2 Examples which must be manual include: holiday brochures; guidebooks to the country/area; atlases/maps; encyclopaedias; geography textbooks 4 (a) (i) Any three sensible details such as: health problems/medication; name of parent/guardian; home telephone number; parent’s/guardian’s mobile/cell phone number; parent’s/guardian’s email address; parent/guardian work contact telephone number; options taken; form teacher (ii) You
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n [pic] American International University-Bangladesh Summer 2007 Principles of Accounting (Section B) For CS‚ CSE‚ COE‚ EEE Students Course Outline |Course Teacher : |Shamarukh Aziz Bhuiyan (Angela) | | | | |Credit:
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morality is by the consequences that directly follow an action. Utilitarianism tends to be brought down to one main rule and that is: ‘The greatest good for the greatest number’ whilst the principle of this rule is aimed to satisfy the majority‚ it does have its flaw is the fact that the minority still suffer. The principle of utility‚ as mentioned before‚ is: ‘the greatest good for the greatest number’ this means that if certain situations occur‚ advocates of utility would always choose the option that
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There are many keys principles of relationship marketing. Firstly‚ company need to identify their potential customers before setting up a business. The company needs to find out what types of customer that their business target for. The business will only grow bigger if they understand the customers’ needs and wants. Besides‚ the company may use some promotional strategies in order to meet their appropriate customer and even prospects. For example‚ Toy ‘r’ us is a company that selling various kind
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