Excel in Nonprofit Accounting Assignments with Strategies

Published: 11 months ago

Excel in Nonprofit Accounting Assignments with Strategies

14) Which of the following is most frequently used by retailers to estimate short-term personnel needs?

A) recruiting yield pyramids

B) position replacement cards

C) personnel replacement charts

D) computerized forecasting programs

15) Which of the following contains data regarding employees' education, career development, and special skills and is used by managers when selecting inside candidates for promotion?

A) computerized forecasting tools

B) qualifications inventories

C) trend records

D) scatter plots

16) When managers need to determine which employees are available for promotion or transfer, they will most likely use ________.

A) scatter plots

B) skills inventories

C) estimated sales trends

D) personnel forecasts

17) Which of the following refers to company records showing present performance and promotability of inside candidates for a firm's top positions?

A) yield pyramids

B) trend analysis charts

C) succession planning tools

D) personnel replacement charts

18) Qualifications inventories can be tracked and maintained by using all of the following EXCEPT a ________.

A) ratio analysis matrix

B) personnel replacement chart

C) position replacement card

D) skills inventory software

19) Which of the following enhances the security of a firm's database management system by specifying the type of information that a user can obtain?

A) search engine

B) access matrix

C) main server

D) intranet

20) Which of the following is a recommended method for HR departments to protect employee data?

A) hiring temporary employees to manage personal employment information

B) requiring HR data access through peer-to-peer file-sharing applications

C) performing random background checks on employees with HR database access

D) providing full database access to employee files only through a firm's intranet

21. 131) Indirect materials and indirect labor are ________ for a manufactured product. A) overhead and.

131) Indirect materials and indirect labor are ________ for a manufactured product.

A) overhead and period costs

B) operating and period costs

C) overhead and product costs

D) operating and product costs

132) Manufacturers consider selling and administrative costs to be

A) period costs.

B) conversion costs.

C) inventoriable costs.

D) prime costs.

133) Which of the following is an example of a period cost when manufacturing products?

A) Depreciation expense on factory equipment

B) Advertising expense

C) Indirect materials used in the factory

D) Property taxes on the plant

134) Which of the following is an example of an inventoriable cost when manufacturing products?

A) Depreciation on office equipment

B) Depreciation on store building

C) Sales salaries expenses

D) Depreciation on factory equipment

135) When manufacturing products, direct labor and direct materials are classified as

A) period costs and expensed when incurred.

B) product costs and expensed when the goods are sold.

C) product costs and expensed when incurred.

D) period costs and expensed when the goods are sold.

136) Certain materials used in a manufacturing plant cannot be traced to a specific unit. What are these materials called?

A) General materials

B) Direct materials

C) Indirect materials

D) Finished materials

137) Rent on a factory building would be considered to be a ________ cost.

A) product

B) period

C) direct

D) none of the above

138) The ________ element in the value chain would contain inventoriable costs for a manufacturer.

A) research and development

B) production

C) design

D) distribution

139) Pink Ribbon Shoppe, a clothing retailer, had the following total costs as grouped by value chain element:

What were the company's inventoriable costs?

A) $142,000

B) $17,000

C) $72,000

D) $89,000

140) Pink Ribbon Shoppe, a clothing retailer, had the following total costs as grouped by value chain element:

What were the company's period costs?

A) $205,000

B) $277,000

C) $100,000

D

22. Efficient Company problem 3-5(ACP) Problem 3-5 (ACP) Efficient Company showed the following informat

Efficient Company problem 3-5(ACP) Problem 3-5 (ACP) Efficient Company showed the following information: Cash in bank balance, March 31 Book credits for April Book debits for April 200,000 720,000 800,000 Bank statement balance, March 31 Bank debits Bank credits 330,000 530,000 700,000 Note collected by bank: March April 60,000 100,000 Service charge: March April 8,000 2,000 NSF check: March April 20,000 30,000 Deposit in transit: March 31 April 30 80,000 220.000 Outstanding checks: March 31 April 30 178,000 372,000 Required: Prepare a proof of cash for the month of April following the "book to bank" method.

23. At December 31 2016 Cafu SA reported the following information At December 31, 2016, Cafu SA...

At December 31 2016 Cafu SA reported the following information

At December 31, 2016, Cafu SA reported the following information on its statement of financial position.



Accounts receivable…………………………………………………….R$960,000



Less: Allowance for doubtful accounts……………………………………..66,000



During 2017, the company had the following transactions related to receivables.



1. Sales on account……………………………………………………R$3,315,000



2. Sales returns and allowances………………………………………………50,000



3. Collections of accounts receivable…………………………………….2,810,000



4. Write-offs of accounts receivable deemed uncollectible…………………88,000



5. Recovery of bad debts previously written off as uncollectible…………..29,000



Instructions



(a) Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable.



(b) Enter the January 1, 2017, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two accounts (use T-accounts), and determine the balances.



(c) Prepare the journal entry to record bad debt expense for 2017, assuming that an aging of accounts receivable indicates that expected bad debts are R$125,000.



(d) Compute the accounts receivable turnover for 2017, assuming the expected bad debt information presented in (c).



 

At December 31 2016 Cafu SA reported the following information

24. Revenues and production budget. Purity, Inc., bottles and distri

Revenues and production budget. Purity, Inc., bottles and distributes mineral water from the company’s natural springs in northern Oregon. Purity markets two products: twelve-ounce disposable plastic bottles and four-gallon reusable plastic containers.

1. For 2010, Purity marketing managers project monthly sales of 400,000 twelve-ounce bottles and 100,000 four- gallon containers. Average selling prices are estimated at $0.25 per twelve-ounce bottle and $1.50 per four-gallon container. Prepare a revenues budget for Purity, Inc., for the year ending December 31, 2010.

2. Purity begins 2010 with 900,000 twelve-ounce bottles in inventory. The vice president of operations requests that twelve-ounce bottles ending inventory on December 31, 2010, be no less than 600,000 bottles. Based on sales projections as budgeted above, what is the minimum number of twelve-ounce bottles Purity must produce during 2010?

3. The VP of operations requests that ending inventory of four-gallon containers on December 31, 2010, be 200,000 units. If the production budget calls for Purity to produce 1,300,000 four-gallon containers during 2010, what is the beginning inventory of four-gallon containers on January 1, 2010?

25. Mocha Company manufactures a single product by a continuous process, involving three production ...

Mocha Company manufactures a single product by a continuous process, involving three production departments. The records indicate that direct materials, direct labor, and applied factory overhead for Department 1 were $100,000, $125,000, and $150,000, respectively. The records further indicate that direct materials, direct labor, and applied factory overhead for Department 2 were $50,000, $60,000, and $70,000, respectively. In addition, work in process at the beginning of the period for Department 1 totaled $75,000, and work in process at the end of the period totaled $60,000.The journal entry to record the flow of costs from Department 1 into Department 2 during the period is:

26. Polaski Company manufactures and sells a single product called a Ret. Operating at capacity, the ...

Polaski Company manufactures and sells a single product called a Ret. Operating at capacity, the company can produce and sell 38,000 Rets per year. Costs associated with this level of production and sales are given below: Total Unit Direct materials 25 950,000 Direct labor 304,000 114,000 Variable manufacturing overhead 266,000 Fixed manufacturing overhead 152,000 Variable selling expense 228,000 Fixed selling expense 53 2,014,000 Total cost The Rets normally sell for $58 each. Fixed manufacturing overhead is constant at $266,000 per year within the range of 31,000 through 38,000 Rets per year. Required 1. Assume that due to a recession, Polaski Company expects to sell only 31,000 Rets through regular channels next year. A large retail chain has offered to purchase 7,000 Rets if Polaski is willing to accept a 16% discount off the regular price. There would be no sales commissions on this order, thus, variable selling expenses would be slashed by 75%. However, Polaski Company would have to purchase a special machine to engrave the retail chain's name on the 7,000 units. This machine would cost $14,000. Polaski Company has no assurance that the retail chain will purchase additional units in the future. Determine the impact on profits next year if this special order is accepted. Net profit increases by

27. Union transport company supplies the following details in respect of a truck of 5 tonne capacity.

Union transport company supplies the following details in respect of a truck of 5 tonne capacity.

The track carries goods to and from the city covering a distance at 50 km each way, on outward trip freight is available to the extent of full capacity and on return 20% of capacity.

Assuming that the truck runs on an average 25 days a month workout:

1. Operating cost tonne km


2. Rate per tonne trip that the company should charge if a profit of 50% on freight is to be earned.

28. Methods analysis focuses on: a) the design of the machines used to perform a task. b) how a task is.

Methods analysis focuses on:

a) the design of the machines used to perform a task.

b) how a task is accomplished.

c) the raw materials that are consumed in performing a

task.

d) reducing the number of steps required to perform a

task.

29. Net income and retained earnings

Exercise 1-10

Net Income (or Loss) and Retained Earnings

The following information is available from the records of Prestige Landscape Design Inc. at the end of the year:

Required:

Use the above information to answer the following questions.

1.What is Prestige's net income for the year?

$

2.What is Prestige's Retained Earnings balance at the end of the year?

$

3.What is the total amount of Prestige's assets at the end of the year?

$

4.What is the total amount of Prestige's liabilities at the end of the year?

$

5.How much owners' equity does Prestige have at the end of the year?

$

6.What is Prestige's accounting equation at the end of the year?

30. Donegan's Lawn Care Service began operations in July 2011.