Review

Question 1

Assets
Liabilities
Revenues
Expenses
Equitites

iincrease?

Answer 1

DR
CR
CR
DR
CR

Question 2

how to make a cogm schedule

Answer 2

A. current work in process
B. DM
C. DL
D. MOH
E. Total Manufacturing Cost (B+C+D)
F. Total Cost of WIP (A+E)
G. COGM (F- Ending work in Process)

Question 3

How to make SOI

Answer 3

A. Revenue
B. COGS
Beginning finished inventory + COGM =
COG available for sale

COG available for sale - Ending finished inventory = COGS

C. Gross Profit= A-B
D. Op Ex
E. Net Income = C-D

Question 4

How to make Balance sheet

Answer 4

most to least liquid

CA = CL + OE

Question 5

cogs formula

Answer 5

beginning finished goods
add: cogm
less: ending finished goods
= COGS

Question 6

planning
controlling
directing

Answer 6

strategy + look ahead
checking stuff + audit
implementing stuff

Question 7

Controller
* Responsible for maintaining accounting records and
adequate internal control system and preparing all
financial reports
* Treasurer
* Maintains cash position; manages cash flows and short-
term investments

Question 8

lean value stream 5 points

Answer 8

Define value
2. Identify the value stream
3. Make the value stream flow
4. Implement a pull system
5. Strive for perfection

Question 9

service companies have all costs as operating expenses

Answer 9

retailers have invenotry & cogs

manufacturers have 3 types of invenotry, and then cogs

Question 10

COGM flows into FINISHED GOODS flows into COGS

Question 10

Materials requisitons JE

Answer 10

DR WIP
CR RM invv
(if direct)

DR MOH
CR RM inv
(if indirect)