In this file ACC 291 Week 2 Chapter 09 Practice Quiz 1 you can find right answers on the following questions: 1. Erin Danielle Company purchased equipment and incurred the following costs. 2. Depreciation is a process of: 3. Micah Bartlett Company purchased equipment on January 1‚ 2010‚ at a total invoice cost of $400‚000. The equipment has an estimated salvage value of $10‚000 and an estimated useful life of 5 years. The amount of accumulated depreciation at December 31
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select the parties that are to be involved with the issuance of the bond. Step 3‚ is for the borrower to get their credit rating‚ by a credit rating agency. Step 4‚ is for the credit rating agency to rate the bond to determine amount to be issued. Step 5‚ is for the borrower to enter into a loan agreement with the bond issuer. Step 6‚ bond are sold and the proceeds are given to the borrower. 2. An alternative to traditional equity and debt financing is leasing. Leasing is undertaken primarily for what
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constant output rate. Scheduling consistently arranges the same quantity of goods for production based on the total demand for the goods. 4. Make-to-order – companies that used this strategy produce goods after receiving an order from the customer. 5. Make-to-stock – goods are produced before customers place orders. This strategy typically allows manufacturers to produce goods in long production runs‚ taking advantage of production efficiencies. A master production schedule determines the exact number
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building are examples of manufacturing overhead. True False 3. Manufacturing overhead combined with direct materials is known as conversion cost. True False 4. All costs incurred in a merchandising firm are considered to be period costs. True False 5. Depreciation is always considered a product cost for external financial reporting purposes in a manufacturing firm. True False 6. In external financial reports‚ factory utilities costs may be included in an asset account on the balance sheet at the
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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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Applications Assignment 1. Take a look at the material on sensation seeking on page 286 (Ch. 11). Do you consider yourself a sensation seeker? Why or why not? What are the advantages and disadvantages of your level of sensation seeking? I do not see myself as a sensation seeker. First reason is because I’m not the type that is a high risk thrill seeker because I am afraid of getting hurt. My level of sensation seeker isn’t to high. Some advantages of being a sensation seeker is the thrill and
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to produce evidence to support our hypothesis? Step 3: Identify the statistics being tested and the data that will be used to support the hypothesis. Step 4: Find the critical value and determine what evidence will directly support a hypothesis. Step 5: Calculate the value of the test statistic‚ using the sample data. There are two types of hypothesis you have a null and an alternative hypothesis. Null can arise in many different ways. It may link to the prediction. May signify some simple circumstances
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Through the duration of the first three weeks of the accounting 291 course learning team A has acquired knowledge of different accounting methods. The three main objective during week three include stocks that corporations issue such as common stock‚ preferred stock‚ and treasury stock. Learning team A also discovered methods to tell the stocks apart through their differences. The second main point that week three spoke about was calculate stocks‚ dividends‚ and split stocks and their definitions
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getting a favorable tenure decision‚ I spend two years to complete a 25 page manuscript‚ which including 5 pages of caveats. Recently‚ the editor requested me to limit the manuscripts to 20 pages. It is impossible to shorten other places. As the auditor of manuscripts‚ I am in a dilemma. I am considering whether to eliminate 5 pages of caveats or not. If I choose to satisfy editor’s requirement and cut 5 pages of caveats‚ I may face the result of possible misunderstanding from readers. Appropriate findings
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statement (Yes. Accounts receivable will be on the balance sheet and the advertising expenses on the income statement) 2. How does financial accounting differ from managerial accounting managerial accounting deals with internal reporting and financial deals with internal reporting (Yes. Managerial accounting deals with internal reporting and financial accounting deals with external entities) 3. What calculation would you use to determine the net income Revenues minus expenses equal net income. (Yes
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