Chapter 1 Managerial Accounting and Cost Concepts Solutions to Questions 1-1 The three major elements of product costs in a manufacturing company are direct materials‚ direct labor‚ and manufacturing overhead. 1-2 a. Direct materials are an integral part of a finished product and their costs can be conveniently traced to it. b. Indirect materials are generally small items of material such as glue and nails. They may be an integral part of a finished product but their costs can be
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CHAPTER 10 Cash Flows and Other Topics in Capital Budgeting ANSWERS TO END-OF-CHAPTER QUESTIONS 10-1. We focus on cash flows rather than accounting profits because these are the flows that the firm receives and can reinvest. Only by examining cash flows are we able to correctly analyze the timing of the benefit or cost. Also‚ we are only interested in these cash flows on an after tax basis as only those flows are available to the shareholder. In addition‚ it is only the incremental
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5-1A. During the year‚ Plum Company has a SUTA tax rate of 4.8%. The taxable payroll for the year for FUTA and SUTA is $123‚400. Compute: a. Net FUTA tax ............................................... $ 987.20 b. Net SUTA tax ............................................... $ 5‚923.20 c. Total unemployment taxes ............................ $ 6‚910.40 5-2A. Peyton Company’s payroll for the year is $737‚910. Of this amount‚ $472‚120 is for wages paid in excess of $7‚000 to each individual
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Agenda – Submit term projects to TURNITIN ASAP – Assignment #2 due April 1st 1159pm • List the coauthor’s name in the subject line. • Teaching Evaluation • Transfer pricing (cont.) – Stanco Inc. • Review chapters 11 and 12 & the practice final – Practice Q1 and Q2 • Review chapters 8 and 9 and the practice final – Practice Q3 and Q4 ACTG 2020 Week 11 1 • Online Course Evaluations (ONCE)/ & Seymour Schulich Teaching Excellence Awards (Schulich TEA) – TEA: http://schulich.yorku.ca/tea. – ONCE:
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Linux Networking Homework Chapter 5 1. Who whoami who am i finger w 3. $ cp to_do done ’done’ is overwritten with contents of ’to_do’ $ mv to_do done ’done’ is overwritten with contents of ’to_do’ ’to_do’ no longer exists after the command 4. Give the command apropos editor. Typical editors are vim‚ ex‚ ed‚ and gedit 8. The which utility displays a message saying that the command you are looking for is not in the list of directories in your search path. For example
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Cost Accounting - Chapter 1 1. Flexibility is said to be the hallmark of modern management accounting‚ whereas standardization and consistency describe financial accounting. Explain why the focus of those two accounting systems differs. Financial accounting is more about the bigger picture—it evaluates the finances of the organization as a whole‚ using historical‚ quantitative‚ monetary‚ and factual data. It is more formal and requires the use of GAAP. The information financial accounting
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Jazzlynn Ben Chapter 5 Problems Dr. Ennis 5.1. You were asked to investigate extremely high‚ unexplained merchandise shortages at a department store chain. You found the following: a. The receiving department supervisor owns and operates a boutique carrying many of the same labels as the chain store. The general manager is unaware of the ownership interest. -- It is a red flag warning so it is a fraud because there is a conflict of interest situation which should have alerted the auditor
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CHAPTER 1 THE ACCOUNTANT’S ROLE IN THE ORGANIZATION TRUE/FALSE 1. Management accounting information focuses on external reporting. Answer: False Difficulty: 1 Objective: 1 Terms to Learn: management accounting Management accounting information focuses on internal reporting. 2. A good cost accounting system is narrowly focused on a continuous reduction of costs. Answer: False Difficulty: 2 Objective: 1 Terms to Learn: cost accounting A good cost accounting system
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CHAPTER 5 ACTIVITY-BASED COSTING AND ACTIVITY-BASED MANAGEMENT 5-16 (20 min.) Cost hierarchy. 1. a. Indirect manufacturing labor costs of $1‚450‚000 support direct manufacturing labor and are output unit-level costs. Direct manufacturing labor generally increases with output units‚ and so will the indirect costs to support it. b. Batch-level costs are costs of activities that are related to a group of units of a product rather than each individual unit of a product. Purchase order-related
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CHAPTER 1 INTRODUCTION TO COST ACCOUNTING QUESTIONS 1. Management accounting stresses the informational needs of internal users over those of external users (the focus of financial accounting). Because of this perspective‚ management accounting provides information in a format that is flexible and relevant to a particular manager‟s usage. Financial accounting‚ on the other hand‚ must provide some uniformity in the manner in which information is presented for it to be comparable among companies and
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