1. Question : (TCO A) Wages paid to an assembly line worker in a factory are a Student Answer: Prime Cost YES.....Conversion Cost NO. Prime Cost YES.....Conversion Cost YES. Prime Cost NO....Conversion Cost NO. Prime Cost NO.....Conversion Cost YES. Instructor Explanation: Chapter 2 Points Received: 6 of 6 Comments: 2. Question : (TCO A) A cost incurred in the past that is not relevant to any current decision is classified as
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Prologue Managerial Accounting and the Business Environment Study Suggestions ( The prologue describes important aspects of the contemporary business environment. While there are no written assignments‚ you should be familiar with the major ideas as background for your study of managerial accounting. HIGHLIGHTS A. In many industries‚ a company that does not continually improve will find itself quickly overtaken by competitors. The text discusses
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Managerial Acctg Quiz 1 – Fall 2012 NAME_ ______________________ Chapters 1 and 2 10 Points 1. Complete the answer sheet below by placing an "X" under each heading that identifies the cost involved. The "Xs" can be placed under more than one heading for a single cost. (5 Points) Variable Cost Fixed Cost Direct Materials Direct Labor Manufactu ring Overhead Period Cost Materials costs X X Production line workers wages X X Production Equipment
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Business Ethics in Managerial Accounting When companies don’t see the importance of business ethics in managerial accounting they usually end up down the same road as Enron: bankrupt. And while that isn’t always true‚ the importance of business ethics in managerial accounting cannot be understated if you want your company to be a success. Why Ethics Is Important in Managerial Accounting The Enron scandal is probably the most well-known example of improper accounting ethics on the part
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ACCOUNTING 569 MIDTERM 1 FALL 1995 NAME ______________________ ID # I. 15 Points 1. Otis Corp. has the following data: Selling price $50/unit Variable manufacturing costs $20/unit Fixed costs: Manufacturing $100‚000 Selling and admin. $ 50‚000 a.(3 points) The breakeven point is: b.(3 points) Given a volume of 15‚000 units‚ operating leverage is: c.(4 points)
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company. Managerial accounting is primarily used by individuals within a company or organization. The main purpose of financial accounting is to prepare financial reports that provide information about an organization’s performance to external parties like creditors‚ investors and tax authorities (Hilton‚ 2006). There are several key differences between both managerial and financial accounting. The first key difference is in the purpose of each method. For example‚ managerial accountings’ purpose
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Cheryl Montoya picked up the phone and called her boss‚ Wes Chan‚ the vice president of marketing at Piedmont Fasteners Corporation: “Wes‚ I’m not sure how to go about answering the questions that came up at the meeting with the president yesterday:’ “What’s the problem?” “The president wanted to know the break-even point for each of the company’s products‚ but I am having trouble figuring them out:’ “I’m sure you can handle it‚ Cheryl. And‚ by the way‚ I need your analysis on my desk tomorrow
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Managerial Accounting‚ 3e (Braun/Tietz) Chapter 2 Building Blocks of Managerial Accounting 1) Service companies must carry a large amount of inventory to meet consumer demand. Answer: FALSE Diff: 1 LO: 2-1 EOC: E2-1 AACSB: Reflective Thinking Learning Outcome: Define and use cost-volume-profit analysis to analyze the effects of changes in costs and volume on a company’s profits 2) Manufacturing companies usually have three types of inventory. Answer: TRUE Diff: 1 LO: 2-1
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involves: 1. Planning to undertake only those variable overhead activities that add value for customers using the product or service‚ and 2. Planning to use the drivers of costs in those activities in the most efficient way. 8-2 At the start of an accounting period‚ a larger percentage of fixed overhead costs are locked-in than is the case with variable overhead costs. When planning fixed overhead costs‚ a company must choose the appropriate level of capacity or investment that will benefit the company
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William Lloyd Garrison: Uncompromise During Times of Compromise William Lloyd Garrison (1805-1879) was an American journalist and adamant abolitionist. Garrison became famous in the 1830s for his uncompromising denunciations of slavery. Garrison lived a troubled childhood. His family lived in poverty. In addition‚ his father was a drunkard‚ and when Garrison was three years old‚ his father deserted his family and never came back. Thus‚ with the absence of an encouraging father figure
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