Chapter 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
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Page: | 1 2 | 1. | Question : | (TCO F) Assume there is no beginning work in process inventory and the ending work in process inventory is 100% complete with respect to materials costs. The number of equivalent units with respect to materials costs under the weighted-average method is: | | | Student Answer: | | the same as the number of units put into production. | | | | less than the number of units put into production. | | | | the same as the number of units completed
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Nathaniel Hawthorne’s Multiple-Choice Technique: The Ambiguity of "Young Goodman Brown" "Young Goodman Brown" is a short‚ fictional story written by Nathaniel Hawthorne (1804-1864). Along with symbolism and religious allusion‚ Hawthorne uses an interesting technique in his works‚ keeping his audience wondering about what they just read. This technique can best be described as a multiple-choice technique‚ where there are different choices to interpret the text. The multiple-choice technique is ambiguous
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Chapter 2 1. Which of the following would be considered a product cost for external financial reporting purposes? a. Cost of a warehouse used to store finished goods. b. Cost of guided public tours through the company’s facilities. c. Cost of travel necessary to sell the manufactured product. d. Cost of sand spread on the factory floor to absorb oil from manufacturing machines. 1. Which of the following would be considered a product cost for external financial reporting purposes
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Chapter 14 Financial Statement Analysis True / False Questions 1. Vertical analysis compares the results of financial information with a business in the same industry for a number of consecutive periods of time. True False 2. The quick ratio is especially useful in evaluating the liquidity of a company with fast moving inventories. True False 3. Deducting the cost of goods sold from net income gives us operating income. True False 4. The gross profit rate is
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| Appraised Value | Percent of Total | Apportioned Cost | Building | $514‚250 | 55% ($514‚250/$935‚000) | $495‚000 ($900‚000 x 55%) | Land | 271‚150 | 29% ($271‚150/$935‚000) | 261‚000 ($900‚000 x 29%) | Land Improvements | 65‚450 | 7% ($65‚450/$935‚000) | 63‚000 ($900‚000 x 7%) | Four Vehicles | 84‚150 | 9% ($84‚150/$935‚000) | 81‚000 ($900‚000 x 9%) | Totals | $935‚000 | 100% | $900‚000 | 1. Prepare a table to allocate the lump-sum purchase price to the separate assets purchased
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ACCT5001 Sem 2‚ 2012 Solutions to Mid-Semester Quiz Practice Questions 1 SOLUTIONS TO MID-SEMESTER QUIZ SAMPLE QUESTIONS Multiple-Choice 1. b is not a primary objective of financial reporting. It may be part of an objective of internal controls instead. none will cause the trial balance not to balance‚ even though mistakes have occurred this is an internal allocation transaction that does not involve an external party (all the other transactions involve an external party) both accounts
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ACCOUNTING EXAM 2 STUDY GUIDE Chapter 5 1. Know the following terms: merchandise inventory‚ sales‚ sales returns and allowances‚ sales discounts‚ net sales‚ cost of merchandise sold‚ gross profit‚ operating expenses‚ operating cycle‚ purchase discounts‚ purchase returns and allowances‚ FOB shipping point‚ FOB destination‚ and inventory shrinkage. 2. Be able to prepare a multiple step income statement. 3. Be able to prepare the journal entries for the seller and buyer including
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1. Human resource is an example of (an): (Points : 2) Unit-level activity. Batch-level activity. Product-level activity. Organization-sustaining activity. 2. Which of the following is not a limitation of activity-based costing? (Points : 2) Maintaining an activity-based costing system is more costly than maintaining a traditional direct labor-based costing system. Changing from a traditional direct labor-based costing system to an activity-based
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Money Can Buy Happiness: The Question of Choice in Dreiser’s “The Second Choice” The United States in the late nineteenth and early twentieth century was undergoing a drastic change. A war between its states had just concluded‚ enslaved people were granted freedom‚ immigrants from all over the world flocked to the country‚ and a bitter divide between rich and poor was beginning to form. The literature followed the same trajectory of the country and‚ as does most literature‚ became a mirror of the
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