this formula Direct labor cost = 40000 = 6250 Hours Per D.Labor hours rate 6.40 1) Prime Cost (2) Conversion Cost Material opening 24000 Direct labor 40000 + purchase 56000 FOH Applied Material available for use 80000 6250 Hours@ 8 50000 - Material ending (20000) Conversion cost 90000 Material used 60000 + Direct labor 40000 Prime Cost 100000 (3) Cost of goods manufactured (4) Cost of goods sold Prime cost 100000 Cost of goods manufactured
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quality of decisions made using that information. True False 3. An operating unit of an organization is called a profit center if it is responsible: only for revenues. for investments in assets. for costs and revenues. only for costs. 4. Properly designed management control systems have both fixed compensation and contingent compensation. True False 5. Controllable revenue is included in a performance report of a:
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Chapter 9—Break-Even Point and Cost-Volume-Profit Analysis MULTIPLE CHOICE 1. CVP analysis requires costs to be categorized as a. | either fixed or variable. | b. | direct or indirect. | c. | product or period. | d. | standard or actual. | ANS: A PTS: 1 DIF: Easy OBJ: 9-1 NAT: AACSB: Reflective Thinking LOC: AICPA Functional Competencies: Decision Modeling 2. With respect to fixed costs‚ CVP analysis assumes total fixed costs a. | per unit remain constant
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Accounting Organizations and Socie#y‚ Vol. 13‚ No. 2‚ pp. 207-224‚ 1988. Printed in Great Britain 0361-3682/88 $3.00+.00 PergamonJournals Ltd. CHINESE ACCOUNTING SYSTEMS AND PRACTICES* Z H O N G HUI ZHOU Shanghai University o f Finance a n d E c o n o m i c s Abstract Recoguising that relatively little is known of Chinese accounting in the West‚ this article aims to provide an introduction to the role of accounting in China‚ its regulatory environment‚ Chinese accounting methods
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Framework Zhang Yi Fei and Che Ruhana Isa becoming more and more popular [3-7] ABC aims to provide accurate costing information to managers to allocate activity costs to products and services by applying cost drivers [8]. Academics who advocate ABC‚ such as‚ Cooper and Kaplan [9]‚ and Swenson [10] argue that it provides more accurate cost data needed to make appropriate strategic decisions about product mix‚ sourcing‚ pricing‚ process improvement‚ and evaluation of business process performance. These
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Unethical Practices and Behavior in Accounting The Sarbanes-Oxley Act of 2002 (SOX) was created to prevent fraudulent financial activities‚ and to provide investors with more accurate financial resources on corporations. Under SOX‚ companies are held accountable if they fail to maintain the requirements that were set forth in the act. The act requires companies to maintain satisfactory internal control measures‚ provide responsible financial reports‚ disclose periodic reports‚ and establish rules
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40 a- Cost of goods manufactured = Direct cost + Indirect cost = [Direct Cost of Material + Direct Cost of Labor] + [Indirect Cost of Material + Indirect Cost of Labor + Utilities Overhead] = Total Cost of Material + Total Cost of Labor + Utilities Overhead = 120‚000 + 90‚000 + 40‚000 = $ 250‚000 b- Total Cost of Operation = Cost of goods manufactured + Selling‚ General admin. and expenses. = 250‚000 + 60‚000 = $ 310‚000 c- Prime Cost =Direct Material Cost + Direct Labor
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$45‚000 and the current ratio is 4:1. What are current liabilities? A. $ 10‚000 B. $ 11‚250 C. $ 15‚000 D. $ 17‚400 E. $ 180‚000 6. Wolfpack‚ Inc. collected $6‚250 on account. The effect of the transaction on the accounting equation is to: A. Increase revenue and decrease expenses. B. Have no effect on total assets. C. Decrease assets and decrease liabilities. D. Increase assets and increase stockholder’s equity. E. Both A
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Accounting 4210‚ Practice Exam 1 Solution Name______________ Section___ Instructions: You have 75 minutes to complete 11 questions on this exam. The 10 multiple choice questions are worth 4 points each. a. Credit will only be given for clearly circling one of the four options. The workout questions are worth a total of 60 points. a. Credit will only be given if you clearly show your work‚ and clearly indicate the final answer. Good luck! 1. SuperFine Restaurant Supply Company reported the following
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18: Practice questions 1-1 The total manufacturing cost per unit increases as total production volume increases. 1-2 Total variable costs change in response to changes in the volume of production. 1-3 The mixed cost per unit is constant throughout the relevant range of activity. 1-4 Fixed costs per unit decrease as production levels decrease. 1-5 A method used to separate mixed costs into fixed and variable components is called the high-low method. 1-6 The variable cost per
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