ADM 3301 Sample Mid-term Exam Duration: 2.5 hours Student name:_______________________ Student No.__________________ INSTRUCTIONS: 1- Write down the exam copy number (that exists at the top right corner of this page) on the identification white card next to your name. 2- Verify that your exam has 9 pages (including this title page). 3- Answer all questions on your examination copy. Use the opposite (blank) side‚ if necessary. Answers or calculations written on the sheet
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Overview Welcome to the study of cost accounting. This introductory chapter explains the intertwining roles of managers and management accountants in choosing an organization’s strategy‚ and in planning and controlling its operations. Unlike the remainder of the textbook‚ this chapter has no “number crunching.” Its main purpose is to emphasize the management accountant’s role in providing information for managers. Review Points organization. Cost accounting provides information
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Comparing to Other stores‚ IKEA provides a cheaper price for most of this product. For instance‚ a bedroom furnished with products from other store is much more expensive than a bedroom furnished with Equivalent of IKEA products. Thus‚ IKEA is the cost leader in the furniture industry. IKEA target their market to the college students‚ young married couples‚ singles and middle class families who basically prefer cheaper price. This concept gives IKEA its biggest competitive advantage keeping it ahead
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Chapter Six Businesses and Their Costs Study Questions: 1. Explain the difference between a plant‚ a firm‚ and an industry. Plant – establishments such as a factory‚ farm‚ mine or store. Firm – an organization that employs resources to produce goods/services for profit. Industry – group of firms that produce the same or similar products. 2. State the advantages and disadvantages of the corporate form of business. Advantages – most effective form of
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The historical cost accounting is an accounting technique that values an asset for balance sheet purposes at the price paid for the asset at the time of its acquisition. It is usually used in combination with other measurement bases. For example‚ inventories are usually carried at the lower of cost and net realizable value‚ on the other hand marketable securities are usually carried at market value‚ and entities prefer to carry pension liabilities at their present value. The main advantage of using
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Executive Order 9066 The war in Europe against Nazi Germany and Mussolini’s Italy has been going on for two years‚ fought mainly by Russia‚ France‚ and Great Britain. The war also continues in Asia between Japan and its neighbors. Then‚ in December 1941‚ Japan attacked the U.S. military base at Pearl Harbor‚ Hawaii. After the attack‚ many in the United States fear a Japanese invasion from the West Coast or at least an airborne attack. Many fear that Japanese citizens might be loyal to their family’s
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two unknowns‚ are X=240 and Y=50. 3) Sam believe that the number of job offers he will get depends on the number of courses in which his grade is B+ or better. He concludes from observation that the following figures are typical: Number of grades of B+ or better Number of job offers 0 1 1 3 2 4 3 5 4 6 Plot these numbers on a graph. Measure and interpret the slopes between adjacent dots. Plot the set of ordered pairs (with job offers on the vertical axis and grades B+ or better on the horizontal
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current system to fail is the use of a single burden rate. Burden costs of the testing rooms as well as other costs such as admin were grouped into a single cost pool and then divided by the total labor dollars. This resulted to a single burden rate of 145% of direct labor dollars (cost driver). This method is not appropriate for Seligram because the information on the case present that direct labor hours and machine hours vary by product line and activity. In addition‚ the burden cost of the
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flowers. You can also be ordered to work in the beehive and take care of the young. The queen bee would be in charge of the whole colony. Observing the situation‚ we can say that every bee in the colony has a specific function or role. That is how bees‚ even though small and simple‚ can be strong and smart. They have order and functionalism to build and maintain their colony. But can humans‚ being more complex and free-minded than bees‚ be subjected to complete order? The Verichip is a microchip that
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meaning of a predetermined manufacturing overhead rate that is applied in a job-order costing system. The predetermined overhead rate is used for estimating the manufacturing overhead cost because companies cannot assign the actual overhead cost to specific job. From the case‚ Wall Décor uses a traditional job-order costing system. The actual costs of direct materials and direct labor are charged to its specific jobs which are unframed prints‚ steel-framed with no matting prints‚ and wood-framed
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