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ACC 561 Week 6 Learning Team Reflection
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Incremental analysis is considered to be more economical than a comprehensive analysis, while being just as effective. Do you agree or disagree?
Explain your answer in a paper of no more than 750 words.
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Incremental analysis is considered to be more economical than a comprehensive analysis, while being just as effective. Do you agree or disagree?
Explain your answer in a paper of no more than 750 words.
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ACC 561 Week 6 Final Guide
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Multiple Choice Question 49
Which of the following is an advantage of corporations relative to partnerships and sole proprietorships?
Lower taxes.
Harder to transfer ownership.
Most common form of organization.
Reduced legal liability for investors.
Multiple Choice Question 64
The group of users of accounting information charged with achieving the goals of the business is its
auditors.
creditors.
managers.
investors.
Multiple Choice Question 110
Which of the following financial statements is concerned with the company at a point in time?
Entry field with correct answer
Income statement.
Balance sheet.
Retained Earnings statement.
Statement of cash flows.
Multiple Choice Question 112
An income statement
presents the revenues and expenses for a specific period of time.
summarizes the changes in retained earnings for a specific period of time.
reports the assets, liabilities, and stockholders’ equity at a specific date.
reports the changes in assets, liabilities, and stockholders’ equity over a period of time.
Multiple Choice Question 118
The most important information needed to determine if companies can pay their current obligations is the
net income for this year.
relationship between current assets and current liabilities.
projected net income for next year.
relationship between short-term and long-term liabilities.
Multiple Choice Question 124
A liquidity ratio measures the
short-term ability of a company to pay its maturing obligations and to meet unexpected needs for cash.
percentage of total financing provided by creditors.
income or operating success of a company over a period of time.
ability of a company to survive over a long period of time.
Multiple Choice Question 165
The convention of consistency refers to consistent use of accounting principles
throughout the accounting periods.
among firms.
within industries.
among accounting periods.
Multiple Choice Question 90
Horizontal analysis is also known as
common size analysis.
linear analysis.
vertical analysis.
trend analysis.
Multiple Choice Question 92
Horizontal analysis is a technique for evaluating a series of financial statement data over a period of time
to determine which items are in error.
that has been arranged from the highest number to the lowest number.
to determine the amount and/or percentage increase or decrease that has taken place.
that has been arranged from the lowest number to the highest number.
Multiple Choice Question 111
Vertical analysis is a technique that expresses each item in a financial statement
as a percent of a base amount.
in dollars and cents.
starting with the highest value down to the lowest value.
as a percent of the item in the previous year.
Multiple Choice Question 41
Process costing is used when
the production process is continuous.
costs are to be assigned to specific jobs.
production is aimed at filling a specific customer order.
dissimilar products are involved.
Multiple Choice Question 43
An important feature of a job order cost system is that each job
must be similar to previous jobs completed.
has its own distinguishing characteristics.
must be completed before a new job is accepted.
consists of one unit of output.
Multiple Choice Question 49
In a process cost system, product costs are summarized:
on job cost sheets.
on production cost reports.
when the products are sold.
after each unit is produced.
Multiple Choice Question 33
An activity that has a direct cause-effect relationship with the resources consumed is a(n)
overhead rate.
product activity.
cost driver.
cost pool.
Multiple Choice Question 40
Activity-based costing
allocates overhead to multiple activity cost pools, and it then assigns the activity cost pools to products and services by means of cost drivers.
assigns activity cost pools to products and services, then allocates overhead back to the activity cost pools.
accumulates overhead in one cost pool, then assigns the overhead to products and services by means of a cost driver.
allocates overhead directly to products and services based on activity levels.
Multiple Choice Question 40
A cost which remains constant per unit at various levels of activity is a
mixed cost.
fixed cost.
manufacturing cost.
variable cost.
Multiple Choice Question 105
The break-even point is where
total sales equal total variable costs.
total variable costs equal total fixed costs.
total sales equal total fixed costs.
contribution margin equals total fixed costs.
Multiple Choice Question 109
Fixed costs are $600,000 and the contribution margin per unit is $150. What is the break-even point?
$1,500,000
$4,000,000
1,500 units
4,000 units
Multiple Choice Question 94
When a company assigns the costs of direct materials, direct labor, and both variable and fixed manufacturing overhead to products, that company is using
product costing.
operations costing.
absorption costing.
variable costing.
Multiple Choice Question 122
If a division manager’s compensation is based upon the division’s net income, the manager may decide to meet the net income targets by increasing production when using
variable costing, in order to increase net income.
variable costing, in order to decrease net income.
absorption costing, in order to increase net income.
absorption costing, in order to decrease net income.
Multiple Choice Question 50
An unrealistic budget is more likely to result when it
has been developed by all levels of management.
has been developed in a bottom up fashion.
has been developed in a top down fashion.
is developed with performance appraisal usages in mind.
Multiple Choice Question 39
A major element in budgetary control is
the valuation of inventories.
the preparation of long-term plans.
approval of the budget by the stockholders.
the comparison of actual results with planned objectives.
Multiple Choice Question 43
The purpose of the sales budget report is to
control sales commissions.
control selling expenses.
determine whether income objectives are being met.
determine whether sales goals are being met.
Multiple Choice Question 89
The accumulation of accounting data on the basis of the individual manager who has the authority to make day-to-day decisions about activities in an area is called
flexible accounting.
static reporting.
responsibility accounting.
master budgeting.
Multiple Choice Question 142
Variance reports are
(a) external financial reports.
(b) SEC financial reports.
(c) internal reports for management.
(d) all of these.
Multiple Choice Question 40
Internal reports that review the actual impact of decisions are prepared by
the controller.
management accountants.
factory workers.
department heads.
Multiple Choice Question 42
The process of evaluating financial data that change under alternative courses of action is called
cost-benefit analysis.
contribution margin analysis.
incremental analysis.
double entry analysis.
Multiple Choice Question 54
Seasons Manufacturing manufactures a product with a unit variable cost of $100 and a unit sales price of $176. Fixed manufacturing costs were $480,000 when 10,000 units were produced and sold. The company has a one-time opportunity to sell an additional 1,000 units at $140 each in a foreign market which would not affect its present sales. If the company has sufficient capacity to produce the additional units, acceptance of the special order would affect net income as follows:
Income would increase by $40,000.
Income would decrease by $8,000.
Income would increase by $140,000.
Income would increase by $8,000.
Multiple Choice Question 70
Carter, Inc. can make 100 units of a necessary component part with the following costs:
Direct Materials $120,000
Direct Labor 20,000
Variable Overhead 60,000
Fixed Overhead 40,000
If Carter can purchase the component externally for $220,000 and only $10,000 of the fixed costs can be avoided, what is the correct make-or-buy decision?
Buy and save $30,000
Make and save $10,000
Buy and save $10,000
Make and save $30,000
Multiple Choice Question 84
A company has a process that results in 15,000 pounds of Product A that can be sold for $16 per pound. An alternative would be to process Product A further at a cost of $200,000 and then sell it for $28 per pound. Should management sell Product A now or should Product A be processed further and then sold? What is the effect of the action?
Sell now, the company will be better off by $20,000.
Sell now, the company will be better off by $200,000.
Process further, the company will be better off by $180,000.
Process further, the company will be better off by $20,000.
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Exercise 20-3
Garza and Neely, CPAs, are preparing their service revenue (sales) budget for the coming year (2012). The practice is divided into three departments: auditing, tax, and consulting. Billable hours for each department, by quarter, are provided below.
Department
Quarter 1
Quarter 2
Quarter 3
Quarter 4
Auditing
2,560
1,750
2,200
2,740
Tax
3,110
2,750
2,140
2,790
Consulting
1,780
1,780
1,780
1,780
Average hourly billing rates are: auditing $82, tax $94, and consulting $105.
Prepare the service revenue (sales) budget for 2012 by listing the departments and showing for each quarter and the year in total, billable hours, billable rate, and total revenue.
Exercise 22-1
Stanton Company is planning to produce 2,100 units of product in 2012. Each unit requires 3.60 pounds of materials at $6.60 per pound and a half-hour of labor at $15.40 per hour. The overhead rate is 70% of direct labor.
(a) Compute the budgeted amounts for 2012 for direct materials to be used, direct labor, and applied overhead.
Direct materials $
Direct labor $
Overhead $
(b) Compute the standard cost of one unit of product. (Round answer to 2 decimal places, e.g. 2.75.)
Standard cost $
Brief Exercise 23-3
In Harley Company it costs $32 per unit ($18 variable and $14 fixed) to make a product that normally sells for $55. A foreign wholesaler offers to buy 4,950 units at $25 each. Harley will incur special shipping costs of $1 per unit. Assuming that Harley has excess operating capacity.
Indicate the net income (loss) Harley would realize by accepting the special order. (If an amount reduces the net income for Increase (Decrease) column then enter with a negative sign preceding the number e.g. -15,000 or parenthesis, e.g. (15,000). Enter all other amounts in all other columns as positive and subtract where necessary.)
Reject Order Accept Order Net Income Increase (Decrease) Revenues $ $ $
Costs—Manufacturing
Shipping
Net income/(loss) $
$
$
The special order should be .
Brief Exercise 23-4
Vintech Manufacturing incurs unit costs of $7 ($5 variable and $2 fixed) in making a subassembly part for its finished product. A supplier offers to make 10,200 of the part at $5.80 per unit. If the offer is accepted, Vintech will save all variable costs but no fixed costs.
Prepare an analysis showing the total cost saving, if any, Vintech will realize by buying the part. (If an amount reduces the net income for Increase (Decrease) column then enter with a negative sign preceding the number e.g. -15,000 or parenthesis, e.g. (15,000). Enter all other amounts in all other columns as positive and subtract where necessary.)
Make Buy Net Income Increase (Decrease) Variable manufacturing costs $ $ $
Fixed manufacturing costs
Purchase price
Total annual cost $ $ $ The decision should be to . Brief Exercise 23-6
Ridley Company has a factory machine with a book value of $87,300 and a remaining useful life of 4 years. A new machine is available at a cost of $207,600. This machine will have a 4-year useful life with no salvage value. The new machine will lower annual variable manufacturing costs from $630,200 to $442,700.
Prepare an analysis showing whether the old machine should be retained or replaced. (If an amount reduces the net income for Increase (Decrease) column then enter with a negative sign preceding the number e.g. -15,000 or parenthesis, e.g. (15,000). Enter all other amounts in all other columns as positive and subtract where necessary.)
Retain
Equipment
Replace Equipment Net 4-Year Income Increase (Decrease) Variable manufacturing costs $ $ $
New machine cost
Total $ $ $
The old factory machine should be .
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Multiple Choice Question 38
A major accounting contribution to the managerial decision-making process in evaluating possible courses of action is to
provide relevant revenue and cost data about each course of action.
determine the amount of money that should be spent on a project.
decide which actions that management should consider
assign responsibility for the decision.
Multiple Choice Question 45
In incremental analysis,
only costs are analyzed.
only revenues are analyzed.
both costs and revenues may be analyzed.
both costs and revenues that stay the same between alternate courses of action will be analyzed.
Multiple Choice Question 46
Incremental analysis is most useful
as a replacement technique for variance analysis.
in evaluating the master budget.
in developing relevant information for management decisions.
in choosing between the net present value method and the internal rate of return method.
Multiple Choice Question 53
It costs Ross Co. $24 of variable and $10 of fixed costs to produce one bathroom scale which normally sells for $70. A foreign wholesaler offers to purchase 2,000 scales at $30 each. Ross would incur special shipping costs of $2 per scale if the order were accepted. Ross has sufficient unused capacity to produce the 2,000 scales. If the special order is accepted, what will be the effect on net income?
$8,000 decrease
$12,000 decrease
$60,000 increase
$8,000 increase
Multiple Choice Question 69
Carter, Inc. can make 100 units of a necessary component part with the following costs:
Direct Materials $120,000
Direct Labor 20,000
Variable Overhead 60,000
Fixed Overhead 40,000
If Carter purchases the component externally, $30,000 of the fixed costs can be avoided. At what external price for the 100 units is the company indifferent between making or buying?
$170,000
$200,000
$230,000
$240,000
Multiple Choice Question 79
Mink Manufacturing is unsure of whether to sell its product assembled or unassembled. The unit cost of the unassembled product is $60 and Mink would sell it for $130. The cost to assemble the product is estimated at $42 per unit and the company believes the market would support a price of $170 on the assembled unit. What decision should Mink make?
Process further, the company will be better off by $28 per unit.
Sell before assembly, the company will be better off by $40 per unit.
Sell before assembly, the company will be better off by $2 per unit.
Process further, the company will be better off by $58 per unit.
Multiple Choice Question 90
A company decided to replace an old machine with a new machine. Which of the following is Entry field with correct answer
Depreciation expense on the old equipment
The loss on the disposal of the old equipment
The book value of the old equipment
The current disposal price of the old equipment
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Team Budget Analysis Simulation Exercise
Please discuss with your teammates the business case below from your textbook – Exercise BYP20-1, page 1072.
The grade provided for this assignment will be based on your participation (frequency and quality) in the discussions. To obtain full credit, you should post a minimum of four substantive posts during the week on a minimum of two separate days. Each post should be substantive and provide insight on one of the three questions posted at the end of the exercise (a to c). The idea of the assignment is that you can work on a “team” environment to find solutions to these questions.
At the end of your discussions, the team should select five top ideas to revise the existing budgeting process and write a brief, one page “memo” to your boss (instructor) outlining these selected ideas.
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Compare and contrast each of the following budgets:
- Master
- Sales
- Cash
- Production
Explain how each budget can be used, what decisions may be derived from it and what information does each one include.
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Brief Exercise 18-8
Meriden Company has a unit selling price of $590, variable costs per unit of $354, and fixed costs of $203,432.
Compute the break-even point in units using the mathematical equation.
Break-even point
units
Brief Exercise 18-10
For Turgo Company, variable costs are 57% of sales, and fixed costs are $178,700. Management’s net income goal is $82,525.
Compute the required sales in dollars needed to achieve management’s target net income of $82,525.
Required sales $
Brief Exercise 18-11
For Kozy Company, actual sales are $1,270,000 and break-even sales are $825,500.
Compute the margin of safety in dollars and the margin of safety ratio.
Margin of safety $
Margin of safety ratio
%
Brief Exercise 19-16
Montana Company produces basketballs. It incurred the following costs during the year.
Direct materials $14,283
Direct labor $25,755
Fixed manufacturing overhead $10,420
Variable manufacturing overhead $32,191
Selling costs $20,932
What are the total product costs for the company under variable costing?
Total product costs $
Exercise 19-17
Polk Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2012, the company incurred the following costs.
Variable Cost per Unit
Direct materials $8.25
Direct labor $2.70
Variable manufacturing overhead $6.33
Variable selling and administrative expenses $4.29
Fixed Costs per Year
Fixed manufacturing overhead $260,032
Fixed selling and administrative expenses $264,110
Polk Company sells the fishing lures for $27.50. During 2012, the company sold 81,100 lures and produced 95,600 lures.
a.) Assuming the company uses variable costing, calculate Polk’s manufacturing cost per unit for 2012. (Round answer to 2 decimal places, e.g.10.50.)
Manufacturing cost per unit $
(b.) Prepare a variable costing income statement for 2012.
(C.) Assuming the company uses absorption costing, calculate Polk’s manufacturing cost per unit for 2012. (Round answer to 2 decimal places, e.g.10.50.)
Manufacturing cost per unit $
(D.) Prepare an absorption costing income statement for 2012.
Brief Exercise 21-1
For the quarter ended March 31, 2012, Maris Company accumulates the following sales data for its product, Garden-Tools: $329,400 budget; $330,600 actual.
Prepare a static budget report for the quarter.
MARIS COMPANY Sales Budget Report For the Quarter Ended March 31, 2012 Product Line Budget Actual Difference Garden-Tools $ $ $
Brief Exercise 21-4
Gundy Company expects to produce 1,276,560 units of Product XX in 2012. Monthly production is expected to range from 85,120 to 130,440 units. Budgeted variable manufacturing costs per unit are: direct materials $3, direct labor $7, and overhead $10. Budgeted fixed manufacturing costs per unit for depreciation are $5 and for supervision are $2.
Prepare a flexible manufacturing budget for the relevant range value using 22,660 unit increments. (List variable costs before fixed costs.)
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Multiple Choice Question 37
Why are budgets useful in the planning process?
They enable the budget committee to earn their paycheck.
They help communicate goals and provide a basis for evaluation.
They guarantee the company will be profitable if it meets its objectives.
Multiple Choice Question 44
A common starting point in the budgeting process is
a clean slate, with no expectations.
expected future net income.
past performance.
to motivate the sales force.
Multiple Choice Question 48
Which of the following statements about budget acceptance in an organization is true?
The most widely accepted budget by the organization is the one prepared by top management.
Budgets are hardly ever accepted by anyone except top management.
The most widely accepted budget by the organization is the one prepared by the department heads.
Budgets have a greater chance of acceptance if all levels of management have provided input into the budgeting process.
Multiple Choice Question 38
What is budgetary control?
The process of providing information on budget differences to lower level managers
Another name for a flexible budget
The degree to which the CFO controls the budget
The use of budgets in controlling operations
Multiple Choice Question 44
The comparison of differences between actual and planned results
is done by the external auditors.
appears on the company’s external financial statements.
is usually done orally in departmental meetings.
appears on periodic budget reports.
Multiple Choice Question 45
A static budget
should not be prepared in a company.
is useful in evaluating a manager’s performance by comparing actual variable costs and planned variable costs.
shows planned results at the original budgeted activity level.
is changed only if the actual level of activity is different than originally budgeted.
Multiple Choice Question 93
A responsibility report should
show only those costs that a manager can control.
only show variable costs.
only be prepared at the highest level of managerial responsibility.
be prepared in accordance with generally accepted accounting principles.
Multiple Choice Question 99
Which responsibility centers generate both revenues and costs?
Only profit centers
Profit and cost centers
Cost and investment centers
Investment and profit centers
Multiple Choice Question 100
The linens department of a large department store is
an investment center.
not a responsibility center.
a profit center.
a cost center.
Multiple Choice Question 39
What is a standard cost?
The total number of units times the budgeted amount expected
Any amount that appears on a budget
The amount management thinks should be incurred to produce a good or service
The total amount that appears on the budget for product costs
Multiple Choice Question 48
Using standard costs
increases clerical costs.
makes employees less “cost-conscious.”
provides a basis for evaluating cost control.
makes management by exception more difficult.
Multiple Choice Question 80
Unfavorable materials price and quantity variances are generally the responsibility of the
Price Quantity
Production department Purchasing department
Production department Production department
Purchasing department Purchasing department
Purchasing department Production department
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Managerial accounting is all about making informed decisions. Cost-volume-profit (CVP) analysis is one of the most powerful tools available for managers to crunch numbers, gain a thorough understanding of a situation, and perform a what-if analysis.
Write a paper of no more than 750 words or a 5-slide power point presentation in which you discuss the activities and learning this week and share how CVP analysis may be helpful to an entrepreneur starting a new business.
Provide at least three situations or strategic decisions that may be reached using CVP analysis.
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Multiple Choice Question 39
A variable cost is a cost that
may or may not be incurred, depending on management’s discretion.
occurs at various times during the year.
varies in total in proportion to changes in the level of activity.
varies per unit at every level of activity.
Multiple Choice Question 42
An increase in the level of activity will have the following effects on unit costs for variable and fixed costs:
Unit Variable Cost Unit Fixed Cost
Increases Decreases
Remains constant Remains constant
Decreases Remains constant
Remains constant Decreases
Multiple Choice Question 43
A fixed cost is a cost which
remains constant per unit with changes in the level of activity.
remains constant in total with changes in the level of activity.
varies inversely in total with changes in the level of activity.
varies in total with changes in the level of activity.
Multiple Choice Question 86
Hollis Industries produces flash drives for computers, which it sells for $20 each. Each flash drive costs $14 of variable costs to make. During April, 1,000 drives were sold. Fixed costs for March were $2 per unit for a total of $1,000 for the month. How much is the contribution margin ratio?
80%
20%
30%
70%
Multiple Choice Question 87
Contribution margin
is calculated by subtracting total manufacturing costs per unit from sales revenue per unit.
equals sales revenue minus variable costs.
is always the same as gross profit margin.
excludes variable selling costs from its calculation.
Multiple Choice Question 100
The equation which reflects a CVP income statement is
Entry field with correct answer
Sales + Fixed costs = Variable costs + Net income.
Sales – Variable costs + Fixed costs = Net income.
Sales – Variable costs – Fixed costs = Net income.
Sales = Cost of goods sold + Operating expenses + Net income.
Multiple Choice Question 104
A company sells a product which has a unit sales price of $5, unit variable cost of $3 and total fixed costs of $150,000. The number of units the company must sell to break even is
50,000 units.
30,000 units.
75,000 units.
300,000 units.
Multiple Choice Question 93
Only direct materials, direct labor, and variable manufacturing overhead costs are considered product costs when using
variable costing.
absorption costing.
product costing.
full costing.
Multiple Choice Question 96
http://edugen.wiley.com/edugen/art2/common/pixel.gif
Under absorption costing and variable costing, how are fixed manufacturing costs treated?
Absorption Variable
Entry field with incorrect answer
Period Cost Period Cost
Product Cost Product Cost
Period Cost Product Cost
Product Cost Period Cost
Multiple Choice Question 121
Management may be tempted to overproduce when using
Entry field with correct answer
absorption costing, in order to increase net income.
absorption costing, in order to decrease net income.
variable costing, in order to increase net income.
variable costing, in order to decrease net income.
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Access BYP17-2 activity on Ideal Manufacturing (Page 935 of Chapter 17).
Complete the attached Excel spreadsheet.
Submit your completed excel spreadsheet using the Assignments Tab.
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Please review the information for Parlex Corporation on Page 836, Chapter 15 of your textbook (under Activity BYP15-3).
Prepare a 1000-word paper or a 5-slide power point presentation that addresses the following questions:
(a) Parlex management discusses the job order cost system employed by their company. What are
several advantages of using the job order approach to costing? What are the disavantages of the system?
(b) Contrast the products produced in a job order environment, like Parlex, to those produced
when process cost systems are used.
(c) Would Parlex benefit from a hybrid system? Why or why not?
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ACC 561 Week 3 Assignment WileyPLUS
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Brief Exercise 13-4
Using these data from the comparative balance sheet of Rosalez Company, perform horizontal analysis. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round percentages to 0 decimal places, e.g. 12%.)
Increase or (Decrease)
Dec. 31, 2012
Dec. 31, 2011
Amount
Percentage
Accounts receivable
$ 488,200
$ 360,000
Inventory
$ 818,100
$ 601,200
Total assets
$3,173,600
$2,774,300
Brief Exercise 13-5
Using these data from the comparative balance sheet of Rosalez Company, perform vertical analysis. (Round percentages to 1 decimal place, e.g. 12.5%.)
Dec. 31, 2012
Dec. 31, 2011
Amount
Percentage
Amount
Percentage
Accounts receivable
$ 544,700
Entry field with incorrect answer
$ 393,300
Entry field with incorrect answer
Inventory
$ 804,600
Entry field with incorrect answer
$ 609,700
Entry field with correct answer
Total assets
$3,137,000
Entry field with correct answer
$2,763,400
Entry field with correct answer
Brief Exercise 13-8 (Essay)
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Vertical analysis (common-size) percentages for Vallejo Company’s sales, cost of goods sold, and expenses are listed here.
Vertical Analysis
2012
2011
2010
Sales
100
%
100
%
100
%
Cost of goods sold
61.2
- 6
- 7
Expenses
24.8
- 3
- 0
Did Vallejo’s net income as a percent of sales increase, decrease, or remain unchanged over the 3-year period? Provide numerical support for your answer.
Brief Exercise 13-9 (Essay)
Horizontal analysis (trend analysis) percentages for Spartan Company’s sales, cost of goods sold, and expenses are listed here.
Horizontal Analysis
2012
2011
2010
Sales
96.2
%
104.8
%
100.0
%
Cost of goods sold
101.0
- 0
- 0
Expenses
105.6
- 4
- 0
Explain whether Spartan’s net income increased, decreased, or remained unchanged over the 3-year period.
Brief Exercise 13-15
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Selected data taken from a recent year’s financial statements of trading card company Topps Company, Inc. are as follows (in millions).
Net sales
$326.7
Current liabilities, beginning of year
41.1
Current liabilities, end of year
62.4
Net cash provided by operating activities
10.4
Total liabilities, beginning of year
65.2
Total liabilities, end of year
73.2
Capital expenditures
3.7
Cash dividends
6.2
Compute these ratios: current cash debt coverage ratio, cash debt coverage ratio, and free cash flow. Provide a brief interpretation of your results.(Round answers to 2 decimal places, e.g. 0.12.)
Current cash debt coverage ratio
Cash debt coverage ratio
Entry field with correct answer
Free Cash Flow
Brief Exercise 13-13
Staples, Inc. is one of the largest suppliers of office products in the United States. It had net income of $738.7 million and sales of $24,275.5 million in 2009. Its total assets were $13,073.1 million at the beginning of the year and $13,717.3 million at the end of the year. What is Staples, Inc.’s asset turnover ratio and profit margin ratio? (Round answers to 2 decimal places, e.g. 1.25 or 2.05%.)
Asset turnover ratio
Entry field with correct answer
Profit margin ratio
Entry field with correct answer
Brief Exercise 13-10
These selected condensed data are taken from recent balance sheets of Bob Evans Farms (in thousands).
2009
2008
Cash
$ 13,606
$ 7,669
Accounts receivable
23,045
19,951
Inventories
31,087
31,345
Other current assets
12,522
11,909
Total current assets
$ 80,260
$ 70,874
Total current liabilities
$245,805
$326,203
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Compute the current ratio for each year. (Round answers to 2 decimal places, e.g. .12 : 1.)
2009
2008
Current ratio:
Entry field with correct answer
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ACC 561 Week 3 Assignment Practice Quiz
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Multiple Choice Question 37
A major purpose of cost accounting is to
measure, record, and report product costs.
classify all costs as operating or nonoperating.
measure, record, and report period costs.
provide information to stockholders for investment decisions
Multiple Choice Question 38
The two basic types of cost accounting systems are
job order and process cost systems.
job order and batch systems.
process cost and batch systems.
job order and job accumulation systems.
Multiple Choice Question 39
A process cost system would most likely be used by a company that makes
breakfast cereal.
motion pictures.
college graduation announcements.
repairs to automobiles.
Multiple Choice Question 40
Which of the following would be accounted for using a job order cost system?
The refining of petroleum.
The production of automobiles.
The production of personal computers.
The construction of a new campus building.
Multiple Choice Question 45
The flow of costs in a job order cost system
measures product costs for a set time period.
generally follows a LIFO cost flow assumption.
involves accumulating manufacturing costs incurred and assigning the accumulated costs to work done.
cannot be measured until all jobs are complete.
Multiple Choice Question 60
The entry to record the acquisition of raw materials on account is
Raw Materials Inventory
Accounts Payable
Work in Process Inventory
Accounts Payable
Manufacturing Overhead
Raw Materials Inventory
Accounts Payable
Accounts Payable
Raw Materials Inventory
Multiple Choice Question 73
Time tickets should be approved by
the payroll department.
the audit committee.
co-workers.
the employee’s supervisor.
Multiple Choice Question 89
The labor costs that have been identified as indirect labor should be charged to
salary expense.
manufacturing overhead.
the individual jobs worked on.
direct labor.
Multiple Choice Question 90
Manufacturing overhead is applied to each job
at the time when the overhead cost is incurred.
by means of a predetermined overhead rate.
only if the overhead costs can be directly traced to that job.
at the end of the year when actual costs are known.
Multiple Choice Question 38
A process cost accounting system is most appropriate when
individual products are custom made to the specification of customers.
a variety of different products are produced, each one requiring different types of materials, labor, and overhead.
the focus of attention is on a particular job or order.
similar products are mass-produced.
Multiple Choice Question 43
Which of these best reflects a distinguishing factor between a job order cost system and a process cost system?
The time period each covers.
The number of work in process accounts.
The manufacturing cost elements included.
The detail at which costs are calculated.
Multiple Choice Question 47
In process cost accounting, manufacturing costs are summarized on a
manufacturing cost sheet.
process order cost sheet.
job order cost sheet.
production cost report.
Multiple Choice Question 49
In a process cost system, product costs are summarized:
on job cost sheets.
on production cost reports.
when the products are sold.
after each unit is produced.
Multiple Choice Question 136
Which of the following is considered a difference between a job order cost and a process cost system?
Documents used to track costs.
The manufacturing cost elements.
The accumulation of the costs of materials, labor, and overhead.
The flow of costs.
Multiple Choice Question 35
The costs that are easiest to trace directly to products are
A.direct materials and direct labor.
B.direct labor and overhead.
C.direct materials and overhead.
D.None of the above; all three costs are equally easy to trace to the product.
Multiple Choice Question 36
Often the most difficult part of computing accurate unit costs is determining the proper amount of _________ to assign to each product, service, or job.
direct materials
overhead
direct materials and direct labor
direct labor
Multiple Choice Question 49
The last step in activity-based costing is to
compute the activity-based overhead rate per cost driver.
identify the cost driver that has a strong correlation to the activity cost pool.
identify and classify the major activities involved in the manufacture of specific products.
assign manufacturing overhead costs for each activity cost pool to products.
Multiple Choice Question 50
The first step in activity-based costing is to
compute the activity-based overhead rate per cost driver.
identify the cost driver that has a strong correlation to the activity cost pool.
identify and classify the major activities involved in the manufacture of specific products.
assign manufacturing overhead costs for each activity cost pool to products.
Multiple Choice Question 51
A well-designed activity-based costing system starts with
assigning manufacturing overhead costs for each activity cost pool to products.
computing the activity-based overhead rate.
analyzing the activities performed to manufacture a product.
identifying the activity-cost pools.
Multiple Choice Question 53
An example of an activity cost pool is
machine hours.
setting up machines.
number of setups.
number of inspections.
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