This website uses cookies to ensure you have the best experience. Learn more

Acc 350 Exam 1 Practice Essay

651 words - 3 pages

ACC 350
Review Problems, Chapter 2

Inventory Equation: Beginning Inventory + Additions = Withdrawals + Ending Inventory

1. The records of Custom Choppers, Inc. for September 2014 shows the following information:

Sales | $820,000 |
Selling and administrative expenses | 140,000 |
Direct materials purchases | 176,000 |
Direct labor | 200,000 |
Factory overhead | 270,000 |
Direct materials, September 1 | 24,000 |
Work in process, September 1 | 50,000 |
Finished goods, September 1 | 46,000 |
Direct materials, September 30 | 28,000 |
Work in process, September 30 | 56,000 |
Finished goods, September 30 | 38,000 |
The net income for the month of September is:$3 | ...view middle of the document...

Refer to Figure 2-11. The variable product costs are
a. | $ 969,000 |
b. | $ 769,000 |
c. | $ 764,000 |
d. | $1,179,000 |

5. Refer to Figure 2-11. The total product cost is
a. | $1,179,000 |
b. | $ 969,000 |
c. | $ 615,000 |
d. | $ 764,000 |




Inventory balances for Spiritlight Ventures for November 2014 are as follows:

| November 1, 2014 | November 30, 2014 |
Materials | $ 9,000 | $ 7,000 |
Work in process | 16,000 | 12,400 |
Finished goods | 36,000 | 30,000 |

During November, purchases of direct materials were $18,000. Direct labor and factory overhead costs were $20,000 and $28,000, respectively.

6. The cost of goods manufactured in November was

a. | $68,000. |
b. | $77,600. |
c. | $74,000. |
d. | $71,600. |

7. The records for the previous year for Sarasota Boat Builders, Inc., shows the following data:

Selling and administrative expenses $300,000
Direct materials used 530,000
Direct labor (100,000 hours) 600,000
Factory overhead application rate $5 per DLH

Inventories
...

Other assignments on Acc 350 Exam 1 Practice

Acc 557 Week 1 Discussion Questions

377 words - 2 pages In this document of ACC 548 Final Exam you will find the next information: 1. Under GASB rules for the financial reporting entity 2. According to GASB Statement No. 44, all of the following is a recommendation category for the CAFR Business - Accounting Assume a government is a special-purpose government engaged in only one governmental activity. Which financial statements would be require A public college had tuition and fees of

Acc 421 Week 2 Individual Assignments

371 words - 2 pages This document contains ACC 421 Final Exam 1) When an item of expense is paid and recorded in advance, it is normally called a(n) 2) If, during an accounting period, an expense item has been incurred and consumed but not yet paid for or recorded, then the end-of-period adjusting entry would involve 3) An accrued expense can best be described as an amount 4) Which of the following statements is not an objective of financial

Acc543 Mid Term/Final Study Guide

2448 words - 10 pages ACC/543 Sample Questions for Midterm and Final Examinations The sample exam below is a representation of the Midterm and Final Examinations your students will take in Weeks Three and Six of this course. As in the sample exam below, the Midterm and Final Examinations will include questions that assess the course objectives. Although the sample exam contains one question per objective, the Midterm and Final Examinations will contain three

American

423 words - 2 pages Exam II: Study Guide ESSAY PORTION: 1. Be able to explain agency capture theory and why director Charles Ferguson argues that it explains the causes of the financial crisis which struck the United States in 2008. Be able to present the evidence Ferguson provides in his documentary “Inside Job” as discussed in class and outlined on the board that agency capture theory was a primary cause of the crisis. Also be able

Cancer

989 words - 4 pages is about 1 in 270. The risk of dying from this cancer is about 1 in 5,000. Every year, in the U.S., an estimated 8500 men are diagnosed with testicular cancer and about 350 die from the disease. That averages to every hour of every day some man hears,” You have testicular cancer.” (Testicular Cancer Society) 2003-2009. It is important to remember that many who develop testicular cancer have no risk factors at all. It is also important

Mine

580 words - 3 pages Managerial Perspective: 17-2 Philip O’Kane ACC/561 May 1, 2014 University of Phoenix Paula White Summary Case study 17-2 in Accounting: Tools for Business Decision Making asks the reader to analyze the Ideal Manufacturing Company as it decides to expand their services to outside agencies that want to use their tool in evaluating its costs using activity based costing, which is a two-step process to calculate overhead costs. The

Dishwasher Assignment

1780 words - 8 pages creating and running businesses. Finance Assignment Case 1 : Dishwasher 1 2 3 4 5 6 7 8 9 10 11 TABLE 1 Dishwasher project - Income statement (P&L) ($ millions) Period 0 1 2 3 Capital Investment 500 Acc Depreciation* 50 100 150 Year end book value 500 450 400 350 Total Book Value 500 450 400 350 Sales 450 675 840 Production costs & logistics 270 405 504 Other costs 10 100 125 150

Exam 3 Essays - Mgt 314

664 words - 3 pages Management 314 Exam 3: Essay Question Due: 11 December 2014 Essay 1: Equity theory is based on the notion that individuals compare their inputs and outcomes with those of relevant others. If inequity is apparent based on the ratios, tension is created amongst individuals and one individual will be motivated to reduce the inequity by working less hard. One of the most important types of equity for compensation is internal equity, which

Client Understanding Paper

1496 words - 6 pages Standards Codification (ASC) 350, formally Standards of Accounting Standards (SFAS) 142, “amortization of goodwill is no longer permitted, although it still is recognized as an asset. Instead, goodwill and other indefinite-lived intangibles are subject to an annual test for impairment of value. (Prior to the enactment of SFAS 142, which became effective January 1, 2002, goodwill had been amortized over its useful life, up to a period not to exceed 40

Acc 291 Final Exam

1499 words - 6 pages ACC 291 FINAL EXAM 1) Intangible assets are the rights and privileges that result from ownership of long-lived assets that A. must be generated internally B. are non-renewable natural resources C. do not have physical substance D. have been exchanged at a gain 2) Gains on an exchange of plant assets that has commercial substance are A. deducted from the cost of the new asset acquired B. deferred C. not possible D. recognized immediately

Syllabus

1551 words - 7 pages Laboratory Equipment Laboratory Report 2 Hands-on Laboratory Equipment Laboratory Report 3 Experiment #8: Frequency Response of RC Circuits Experiment #9: Introduction to Three Phase Circuits Hands-on Laboratory Equipment Hands-on Laboratory Equipment Laboratory Report 3 Laboratory Report 4 FINAL EXAMINATION COMPILATION 1-4 Section 6 CLO SUMMATIVE ASSESSMENT TASK (SAT) 1 2 3 4 Laboratory Report, Midterm Exam, Final Exam Laboratory

Similar Documents

Acc 291 Week 3 Discussion Question 1

309 words - 2 pages ACC 291 Week 3 Discussion Question 1 This file ACC 291 Week 3 Discussion Question 1 comprises solution of these problems: "Why does a company choose to form as a corporation? What are the steps required to become a corporation? What are the advantages and disadvantages of the corporate form of doing business?" Business - Accounting ACC 291 All Week 4 Assignments - Individual WileyPlus Assignment Includes: Week 4 Chapter

Acc 497 Final Exam Question And Answers

6211 words - 25 pages . Future value of an annuity due of 1 D. Present value of an annuity due of 1 8. Financial service A. is concerned with the duties of the financial manager B. involves the design and delivery of advice and financial products C. provides guidelines for the efficient operation of the business D. handles accounting activities related to data processing To download the Complete Final Exam answers of Class ACC 497 Check ACC 497 Complete

None Essay

2422 words - 10 pages |Discuss the objectives for Week One. How do they relate to the practice of accounting and its |August 1, 2013|2 | |Weekly Reflection |uses in business

Acc 491 Essay

294 words - 2 pages Ch.1: Comprehensive Questions: 1-23 ACC 491 Lisa Lankford February 16, 2015 Alisa Dumond Ch.1: Comprehensive Questions: 1-23 1. License individuals to practice as CPAs. State Board of Accountancy 2. Promulgate GAAP. Financial Accounting Standards Board Government Accounting Standards Board Federal Accounting Standards Advisory Board 3. Issue Statements on Auditing Standards. AICPA 4. Regulate the