Checklist for this Subject Test 1. Answer Books: No 2. Standard MC Answer Sheets: No 3. Calculator: Yes 4. Paper Dictionary: No 5. Open Book: No --------------------------------------- QUESTIONS START FROM HERE ------------------------------------- Question 1 (a) What Grace suggested doesn’t seem to be ethical. First of all the transfer of her personal property to the Company will simply overstate the Company’s asset. Secondly‚ when the expenses were hidden off
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Direct materials cost per unit ($750‚000 ÷ 10‚000) $ 75.00 Conversion cost per unit ($798‚000 ÷ 10‚000) 79.80 Assembly Department cost per unit $154.80 2a. Solution Exhibit 17-16A calculates the equivalent units of direct materials and conversion costs in the Assembly Department of Nihon‚ Inc. in February 2009. Solution Exhibit 17-16B computes equivalent unit costs. 2b. Direct materials cost per unit $ 75 Conversion cost per unit 84 Assembly Department cost per unit $159
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Question 1 Product costs are costs that are associated with manufactured goods until the time period during which products are sold. It involved all costs in acquiring or making a product. These costs consist of direct materials‚ direct labour and manufacturing overhead. Product costs are initially assigned to an inventory account on the balance sheet. When the goods are sold‚ the costs are released from inventory as expenses and matched against sales revenue. Since product costs are initially assigned
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help you get familiar with the numbers. Pay particular attention to question 6. 1. The overhead allocation rate used in the 1987 model year strategy study at the Automotive Component & Fabrication Plant (ACF) was 435% of direct labor dollar cost. Calculate the overhead allocation rate using the 1987 model year budget. Calculate the overhead allocation rate for each of the model years 1988 through 1990. Are the changes since
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After the automatic mileage rate has been set by the IRS for a year‚ it cannot later be changed by the IRS. a. True *b. False 1038. In choosing between the actual expense method and the automatic mileage method‚ a taxpayer should consider the cost of insurance on the automobile. *a. True b. False 1039. A taxpayer who uses the automatic mileage method to compute auto expenses can also deduct the business portion of tolls and parking. *a. True b. False 1040. A deduction for
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1) The cost of production for the mixing Department for the month of January 2010. (showing clearly the physical Units‚ Equivalent production Uniot and the cost assignment and cost analysis. 1 (a) Equivalent Flow of Production Physical units Direct Material Conversion Cost Work in Process‚ Beg. Jan. 1‚ 2010 - Started during the current period 5‚000.00 Total cost to be accopunted for 5‚000.00
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1.Michigan entered the railroad business in 1830. The state’s first working rail line (billed as the "First Train West of the Alleghenies") ran from Lake Erie to what Michigan city? A) Lansing B) Port Huron C) Battle Creek D) Kalamazoo 2.During the years 1860-1890‚ Michigan’s commercial development was dominated by the sawing‚ harvesting‚ milling and marketing of timber. Michigan politicians (under the influence of the state’s Lumber Barons) fought hard to stop a bill that would have allowed Canadian
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Difference between historical cost and fair value accounting In order to make the most profitable and rational decisions entity’s stakeholders have to evaluate organisation’s financial statements. Today’s world of rapidly changing prices has made it difficult to estimate what something is actually worth. Thus leading to debates at what price – historical costing price or market value – assets and liabilities should be reported. Therefore‚ before making any evaluations about reported transactions
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Article Critique Costanza‚ Robert‚ et al. “A True Cost Accounting Approach to Nuclear.” Triple Pundit: People‚ Planet‚ Profit. 5 Apr 2011. 6 Aug 2011. In his article‚ “A True Cost Accounting Approach to Nuclear‚” Robert Costanza first presents the example of hidden clean up costs of the nuclear disaster in the Fukushima Daiichi power plant in Japan. The cost of which are paid in large part by the national government and taxpayers rather than the industry. Costanza explains
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copy of the 3rd edition of The Future of Business by N. Althouse‚ S. Rose‚ L. Allan‚ L. J. Gitman‚ & C. McDaniel. Published by Thomson Nelson. The assigned text is the 4th edition of the book‚ which is available for purchase new from the University of Saskatchewan bookstore. However there are used copies of the 3rd edition of the book on sale around campus. Given that much of text in the two books is the same‚ it should be possible to use the 3rd edition instead of the 4th edition. If you do buy
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