| 1 INCORRECT | | Redford‚ Inc. has provided the following data:If the dollar contribution margin per unit is increased by 10%‚ total fixed cost is decreased by 20%‚ and all other factors remain the same‚ net income will: | | | A) | decrease by $60‚000. | | | B) | increase by $60‚000. | | | C) | increase by $120‚000. | | | D) | increase by $420‚000. | | | | | | Feedback:The correct answer is C (Learning Objective 1): Net income will change as follows.Calculations: $600‚000
Premium Variable cost
Accounting 306 Exam 1 Notes Full Disclosure Principle – Calls for financial reporting of any financial facts significant enough to influence the judgment of an informed reader. Illustration 24-1: Financial Statements – Balance Sheet‚ Income Statement‚ Statement of Cash flows‚ and statement of changes in stockholders’ equity. Notes to financial statements – Accounting policies‚ contingencies‚ inventory methods‚ number of shares of stock outstanding‚ alternative measures. Supplementary Information
Premium Financial statements Income statement Balance sheet
1. Assignment 1A (10 points) (Question for Review 14‚ page 1-23 of your textbook Question: Summarize the procedure followed by the Human Resources Department in hiring new employees. The procedure that may be followed by the Human Resources Department in hiring new employees is: a. Receive request for new employee. b. Examine applications. c. Interview applicants. d. Administer tests. e. Check references. f. Select and notify successful applicant. g. Send information to Payroll Department
Free Employment
Accounting software is very important when it comes to a company running smoothly. The Enterprise Resource planning software is for the largest organizations with sales exceeding $500 million and more than 500 employees. There are an estimated 17‚000 companies that fit this profile. A software system needs to meet the needs of the company and may need certain systems to benefit them the best. Companies may need to keep up with employees work hours‚ sales commission‚ and/or payroll. The ERP is for
Premium Enterprise resource planning
Jasmine Travis BUS3061 Professor Jerry Thomas July 17‚ 2014 1. Question 1: Proficient-level: There are several important functions performed in an organization‚ among which accounting is one of them. Define the accounting function and discuss how it differs from double-entry bookkeeping. Accountants analyze and interpret financial information‚ prepare financial statements‚ conduct audits‚ design accounting systems‚ prepare special business and financial studies‚ prepare forecasts and budgets
Premium Certified Public Accountant Accountant Accountancy
Classes of Assertions: Classes of Transactions and Events for the Period Occurrence: transactions that have been recorded have occurred Completeness: All transactions and events that should have been recorded have been recorded Authorization: All transactions and events have been properly authorized Accuracy: Amounts have been recorded properly Cutoff: Transactions and events have been recorded in the correct accounting period Classification: transactions and events have
Premium Auditing Internal control Audit
TUI University Module 2 – Case Assignment ACC 403 – Principles of Accounting For this Case Assignment I will show prepared income statements for E-company utilizing both variable (contribution margin) and traditional (absorption margin) methods. I will also show E-company’s computed contribution margin ratio‚ gross profit ratio and operating (net) income ratios‚ as well as explain the difference and reconcile operating income
Premium Variable cost Generally Accepted Accounting Principles Contribution margin
This of ACC 305 Week 3 P7-14 (Page 389) contains: Balance per bank of El Gato Painting Company Business - Accounting Week 3 Required Readings a. Chapter 6: Time Value of Money Concepts b. Chapter 7: Cash and Receivables Discussions Present Value of Annuities. Complete Communication Case 6-3 on page 334. Internal Control. Complete Judgment Case 7-5 on page 391. Quiz Assignments Receivables Bank Reconciliation. Complete P7-10 (Page 388)
Premium Finance Balance sheet Economics
ABC System in Super Bakery Inc. (Introduction) – What strategies did the management of Super Bakery‚ Inc. use? Installation of the Activity-Based Costing System Super Bakery was formed in the 1980’s during a time when the barrier to entry into the baked goods industry was limited. They started the company using the industry’s standards and following them very strictly. The first four years of Super Bakery were not profitable and management knew they had to make changes so the company could
Premium Activity-based costing Cost driver Management accounting
Assignments from the Readings Week 2 CHAPTER 7: EXERCISE E7-2 (PAGE 349) Culotti’s Pizza operates strictly on a carryout basis. Customers pick up their orders at a counter where a clerk exchanges the pizza for cash. While at the counter‚ the customers can see other employees making the pizzas and the large ovens in which the pizzas are baked. Instructions: Identify the six principles of internal control and give and example of each principle that you might observe when picking up your pizza.
Premium Internal control