TEST BANK CHAPTER 1 Intercorporate Investments: An Overview MULTIPLE CHOICE Use the following information on a company’s investments in equity securities to answer questions 1- 4 below. The company’s accounting year ends December 31. | |Date of acquisition|Cost |Fair value |Date sold |Selling price | |Investment | | |12/31/10 | |
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University of Phoenix Material Role of Financial Accounting versus Managerial Accounting Matrix Compare and contrast financial accounting and managerial accounting by answering the following questions in the matrix provided. Cite any sources you use in accordance with APA guidelines. Term or Concept Financial Accounting Managerial Accounting What is the primary purpose of the accounting system? The main purpose of financial accounting is to prepare financial reports that provide information about
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Explain how accounting information assists in making decisions. 1‚2‚3‚4‚5‚23 49‚51 LO2: Describe the components of the balance sheet. 6‚7‚22 26 49‚50‚51 LO3: Analyze business transactions and relate them to changes in the balance sheet. 8‚9 27‚28 32‚33‚34‚35‚ 36‚37 48‚51 LO4: Prepare a balance sheet from transactions data. 29‚30‚31 38‚39‚40‚ 41‚42 LO5: Compare the features of sole proprietorships‚ partnerships‚ and corporations. 10‚11‚12‚13‚24 LO6: Identify how the owners’
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CHAPTER 1 (Introduction to Management Accounting) P-1-4A The following data were taken from the records of Clarkson Company for the fiscal year ended June 30‚ 2014. Raw Materials Factory Insurance $ 4600 Inventory 7/1/13 $ 48000 Factory Machinery Raw Materials Depreciation 16‚000 Inventory 6/30/14 39‚600 Factory Utilities 27‚600 Finished Goods Office Utilities Expenses 8‚650 Inventory 7/1/13 96‚000 Sales Revenue 534‚000 Finished Goods Sales Discounts
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Financial accounting refers to accounting and oversight of the companies have completed a comprehensive system of campaign funds‚ that the external economic stakes of investors‚ creditors and the government departments concerned and enterprises to provide economic information of the financial position and profitability as the main target carry out economic activities. Financial Accounting is an important foundation work of modern enterprises‚ through a series of accounting procedures‚ provided useful
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Einstein LG Electronics‚ Inc established in 1958 and has its headquarter in Seoul‚ South Korea is one of the leading companies in the world which produces electronic and communication devices‚ IT productions. LG which stands for “Life’s Good” determines what the company is striving for. One of the main aim of LG Electronics is ensuring to make the dgigtal life better for its customers. Eco- Friendly “Life’s Good- When It’s Green”- this is a program of LG Electronics which includes two parts of procedures:
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any underapplied or overapplied overhead in your cost of goods sold figure.) What options are available for disposing of underapplied or overapplied overhead? 4. Job 137 was started and completed during the year. What price would have been charged to the customer if the job required $3‚200 in materials and $4‚200 in direct labor cost‚ and the company priced its jobs at 40% above the job’s cost according to the accounting system? 5. Direct labor made up $8‚000 of the $40‚000 ending Work in Process
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Chapter 01 The Changing Role of Managerial Accounting in a Dynamic Business Environment True / False Questions 1. Controlling involves the coordination of daily business functions within an organization. True False 2. Measuring the performance of managers and subunits is not an objective of managerial accounting. True False 3. Middle-level managers would likely be considered internal users of accounting information rather than external users. True False
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Annuity 25000*7.469*1.12 = 2‚09‚132 Which is greater than lump sum value of Rs. 2‚00‚000. So Annuity option is better. Q2. Assume that you have given a choice between incurring an immediate outlay of Rs 10‚000 and having to pay Rs 2310 a year for 5 years (first payment due one year from now) the discount rate is 11%. What would be your choice? Will your answer change if Rs 2310 is paid in the beginning of each year for 5 years? Ans Option 1: Annuity Deferred: 2310*3.6959
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PROBLEM 2-21B Predetermined Overhead Rate; Disposition of Underapplied or Overapplied Overhead (LO1‚ LO7) CHECK FIGURE (2) Underapplied: $68‚600 Adriana Company is highly automated and uses computers to control manufacturing operations. The company uses a job-order costing system and applies manufacturing overhead cost to products on the basis of computer-hours. The following estimates were used in preparing the predetermined overhead rate at the beginning of the year: Computer-hours
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