Simplify Accounting Assignments: Expert Advice

Published: 11 months ago

Simplify Accounting Assignments: Expert Advice

1. Product costs used for pricing and product-mix decisions generally include

Multiple Choice



Product costs used for pricing and product-mix decisions generally include



a. manufacturing costs only



b. design costs plus manufacturing costs



c. all costs incurred along the value chain



d. distribution costs only

2. 41) The following data was extracted from the records of Winsam Company: Sales revenue 450 units @..

41) The following data was extracted from the records of Winsam Company:

What is the gross profit using the FIFO method?

A) $6,950

B) $7,150

C) $8,600

D) $8,800

42) The following data was collected from the accounting records of Ambrose, Inc., for the month of June. 200 units were sold during the month. Ambrose currently uses the FIFO method of valuing inventory.

What would have been the difference in Ambrose's ending inventory under the LIFO costing method?

A) Ending inventory would have been $120 higher.

B) Ending inventory would have been $120 lower.

C) Ending inventory is the same under both methods.

D) The difference cannot be determined using this information.

43) Given the following data, calculate the cost of ending inventory using the FIFO costing method.

A) $545

B) $720

C) $740

D) $915

44) Given the following data, calculate the cost of ending inventory using the LIFO costing method.

A) $1,940

B) $2,069

C) $2,274

D) $2,425

45) Given the following data, by how much would taxable income change if LIFO is used rather than FIFO?

A) Decrease by $15,000

B) Decrease by $19,000

C) Increase by $15,000

D) Increase by $19,000

46) Given the following data, by how much would taxable income change if FIFO is used rather than LIFO?

A) Decrease by $20,000

B) Decrease by $19,000

C) Increase by $20,000

D) Increase by $19,000

47) Given the following data, what would the income tax amount be if the company uses FIFO?

A) $6,800

B) $8,960

C) $10,200

D) $13,440

48) Given the following data, what would the net income after taxes be if the company uses LIFO?

A) $6,800

B) $8,960

C) $12,720

D) $13,440

49) The following data was obtained from the records of Bitter Inc., for the current year:

01/01Beginning inventory110 units at $10

02/15Purchase200 units at $12

04/22Purchase125 units at $13

07/19Purchase 90 units at $14

12/31Ending inventory 75 units

Required:

1. Calculate the value of the ending inventory using:

a.FIFO.

b.LIFO.

c.Average-cost.

2.Calculate the Cost of goods sold by:

a.FIFO.

b.LIFO.

c.Average-cost.

3. On April 1, Leo Smith paid $250,000 for a residential rental property. This purchase price...

On April 1, Leo Smith paid $250,000 for a residential rental property. This purchase price represents $200,000 for the building and $50,000 for the land. Five years later, on November 1, he sold the property for $300,000. Compute the MACRS depreciation for each of the five calendar years during which he had the property.

4. 1. Draw the value chain for Maryville University. You may use Inspiration Maps on your iPad, Exce...

1. Draw the value chain for Maryville University. You may use Inspiration Maps on your iPad, Excel, PowerPoint or hand draw the value chain. 2. Identify the stakeholders Maryville University should consider in decision making. (Note: stakeholders were discussed in Managerial Accounting and are discussed in the introductory lecture - if you are new to the topic, you may want to consult Chapter 18, page 702.)

5. Case Study and Multiple-Choice Questions: Choose the one best answer. Devin is a 5-year-old who is a

Case Study and Multiple-Choice Questions: Choose the one best answer.

Devin is a 5-year-old who is a very picky eater. Devin’s mother is very concerned about Devin’s picky eating habits. Devin has recently not been eating his normal volume of food and he has only been eating a few of his favorite foods.

Devin is also physically inactive and spends most of his free time watching cartoons or playing on the computer. Devin’s father feels comfortable with Devin’s current level of physical activity; however, Devin’s mother feels that he needs to be getting more exercise to help develop good lifestyle habits for the future. Answer the following questions to help Devin’s parents learn more about childhood nutrition and fitness guidelines.

32.Devin weighs 43 pounds and is 3 feet, 8 inches tall. What is his BMI?

a.12.3 kg/m2

b.15.5 kg/m2

c.17.5 kg/m2

d.22.3 kg/m2

33.Devin’s current eating habits are characteristic of which of the following?

a.A genetic childhood tendency to dislike eating

b.A childhood food jag

c.A spoiled child

d.A disobedient child

34.Devin currently prefers sweet-tasting foods only. Which of the following snack foods could fulfill his desire to eat sweet foods and also provide nutrient density to his diet?

a.Ice cream with nuts and chocolate

b.Pudding

c.Fruit smoothie made with skim milk

d.Unsalted whole-wheat pretzels

35.Which of the following physical activities would be the best to help Devin improve his aerobic fitness?

a.Tree climbing

b.Rope jumping

c.Push-ups and sit-ups

d.Weight lifting

36.How many days a week and for how long should Devin be physically active?

a.3 days a week for 30 minutes

b.5 days a week for 20 minutes

c.7 days a week for 30 minutes

d.7 days a week for at least 60 minutes

37.What stage of growth is Devin most likely in?

a.Growth spurt: increased appetite and food intake

b.Growth spurt: body fat gain

c.Growth spurt: height gain

d.Growth plateau: decreased hunger and food intake

38.What can Devin’s parents do to help him become a healthy eater?

a.Make him eat his vegetables and fruits before leaving the table

b.Provide him with consistent access to healthy food

c.Never allow him to have junk food

d.Don’t allow him to attend parties or activities where children will have access to junk foods

6. Mark Zuckerberg â?? Founder & CEO of Facebook1. There are four team structure components that...

Mark Zuckerberg – Founder & CEO of Facebook1. There are four team structure components that along with team dynamics and development, affect team performance. Which of the four components does the case feature with examples?2. How would you describe Mark Zuckerberg as a team leader?3. Describe the team dynamics at Facebook?4. Base on the facts of the case, where will you categorize teamwork at Facebook? Base your answer on the team development stages in the text.5. Would you describe Mark Zuckerberg as having a reflexive, reflective or consistent decision-making style?Cumulative Questions6. How do Mark Zuckerberg’s values, self-concept and ethics (Chapter 3) affect his life and leadership of Facebook?According to the Two-Dimensional Leadership Style studies (Chapter 7), a leader’s behavior towards followers can classified as either initiating structure or consideration (Ohio State University Studies). The University of Michigan study classified it as job-centered or employee-centered. Which dimension(s) would you associate with Mark Zuckerberg?

7. 129.Stockholders of a company may be reluctant to finance expansion through issuing more equity...

129.Stockholders of a company may be reluctant to finance expansion through issuing more equity because

a.leveraging with debt is always a better idea.

b.their earnings per share may decrease.

c.the price of the stock will automatically decrease.

d.dividends must be paid on a periodic basis.

130.Which of the following is not an advantage of issuing bonds instead of common stock?

a.Stockholder control is not affected.

b.Earnings per share on common stock may be lower.

c.Income to common stockholders may increase.

d.Tax savings result.

131.Bonds that are secured by real estate are termed

a.mortgage bonds.

b.serial bonds.

c.debentures.

d.bearer bonds.

132.Bonds that mature at a single specified future date are called

a.coupon bonds.

b.term bonds.

c.serial bonds.

d.debentures.

133.Bonds that may be exchanged for common stock at the option of the bondholders are called

a.options.

b.stock bonds.

c.convertible bonds.

d.callable bonds.

134.Bonds that are subject to retirement at a stated dollar amount prior to maturity at the option of the issuer are called

a.callable bonds.

b.early retirement bonds.

c.options.

d.debentures.

135.Investors who receive checks in their names for interest paid on bonds must hold

a.registered bonds.

b.coupon bonds.

c.bearer bonds.

d.direct bonds.

136.A bondholder that sends in a coupon to receive interest payments must have a(n)

a.unsecured bond.

b.bearer bond.

c.mortgage bond.

d.serial bond.

137.Bonds that are not registered are

a.bearer bonds.

b.debentures.

c.registered bonds.

d.transportable bonds.

138.Bonds that are issued in the name of the owner are

a.coupon bonds.

b.bearer bonds.

c.serial bonds.

d.registered bonds.

8. Pelzer Company reconciled its bank and book statement balances of Cash on August 31 and showed two..

Pelzer Company reconciled its bank and book statement balances of Cash on August 31 and showed two cheques outstanding at that time, #5888 for $6,220.00 and #5893 for $1,485.65. The following information was available for the September 30, 2014, reconciliation: From the September 30, 2014, bank statement BALANCE OF PREVIOUS STATEMENT ON AUG. 31/14.............. 10,674.50 6 DEPOSITS AND OTHER CREDITS TOTALLING..................... 22,41 7.05 9 CHEQUES AND OTHER DEBITS TOTALLING........................ 26,296.05 CURRENT BALANCE AS OF SEPT, 30/14................................... 6,795.50 From Pelzer Company s accounting records: Cheque #5904 was correctly written for $9,340.55 to pay for computer equipment; however, the bookkeeper misread the amount and entered it in the accounting records with a debit to Computer Equipment and a credit to Cash as though it were for $3,940.55. The NSF cheque was originally received from a customer, Lisa Willis, in payment of her account. Its return was not recorded when the bank first notified the company. The credit memorandum resulted from the collection of a $3,550 note for Pelzer Company by the bank. The bank had deducted a $50 collection fee. The collection has not been recorded. Required 1. Prepare September 30 bank reconciliation for the company. 2. Prepare the General Journal entries needed to adjust the book balance of cash to the reconciled balance. Analysis Component: The preceding bank statement discloses

9. Networks would be inoperable without protocols. Explain their importance and what functions they...

1. What is packet switching?

2. What is a VPN?

3. Name the three types of addresses used on the Internet.

4. Describe the elements of an e-mail address.

5. Networks would be inoperable without protocols. Explain their importance and what functions they perform.

10. Is it possible to prepare monthly financial statements without journalizing and posting adjusting...

How is the statement of retained earnings prepared?

What is the purpose of closing entries?

What accounts are not affected by closing entries? A company has net income of USD 50,000 for the year. In which columns of the work sheet would net income appear?

Is it possible to prepare monthly financial statements without journalizing and posting adjusting and closing entries? How?

11. Aaron Furniture builds high-end hand-made dining tables. Attacus Simmons, the company s owner, has..

Aaron Furniture builds high-end hand-made dining tables. Attacus Simmons, the company s owner, has developed the following sales forecast for 2018. Because of the time needed to create each table, Aaron maintains an ending Finished Goods Inventory of 20% of the following quarter s budgeted sales. Aaron has been following this inventory policy for several years. The company ended 2017 with 500 tables on hand. The standard cost card for a table is as follows: Required a. Prepare Aaron s production budget for 2018. Assume that the desired ending inventory for 2018 is 600 tables. b. Aaron maintains inventory of American cherry wood equal to 10% of the following quarter s production needs. On December 31, 2017, Aaron s physical inventory count showed 5,500 board feet of American cherry. Due to an anticipated price increase in 2019, managers want to have 10,000 board feet of American cherry wood in inventory on December 31, 2018. Prepare Aaron s 2018 direct materials purchases budget for American cherry wood. c. Prepare Aaron s direct labor budget for 2018. d. Assume that because of the skill level required to make the tables, Aaron cannot easily hire additional workers to handle peaks in demand. Consequently, the company maintains a steady workforce of 60 employees and guarantees each worker 500 hours per quarter. For any additional time required to complete the scheduled production, these same workers earn 1.5 times their normal hourly rate. Prepare Aaron s direct lab

12. The last sentence on the second paragraph is what is getting me confused. I was able to do the an...

The last sentence on the second paragraph is what is getting me confused. I was able to do the analysis as it told me to but I dont know how to keep the values generated.

14. The company can make more profit by keeping shipping costs to a minimum. Keith has been put in charge of the packaging redesign project, and he needs to figure out what weight of packaging can keep even the heaviest boxed set from being overweight Perform a Goal Seek Analysis to find a packing weight that will bring the shipping weight of the Sweet Shuff boxed set down to 2.9 lbs. Use cell 19 as the cell to set, 2.9 as the target value, and cell E5 as the changing cell. Keep the values generated by the Goal Seek Analysis as the value for cells ES, 19, and I10. Use Goal Seek to update a value in a cell. In the Product Lookup worksheet, cell E5 should contain the number generated by the Goal Seek analysiS ×

13. 31) Most large companies with overseas operations have inherited A) recently built technology...

31) Most large companies with overseas operations have inherited

A) recently built technology platforms for international systems.

B) batch-oriented reporting from independent foreign divisions to corporate headquarters.

C) transaction-oriented reporting based at the home office for overseas business.

D) global marketing systems developed domestically.

32) In terms of global business strategy and structure, a domestic exporter will use a policy of

A) some dispersed sales, with centralized production, accounting, human resources, and strategic management.

B) centralized production and accounting with decentralized marketing and human resources.

C) centralized production, accounting, marketing, and human resources.

D) dispersed production and marketing, with centralized accounting, human resources and strategic management.

33) Which of the following is not one of the main organizational issues facing firms who are seeking to globalize?

A) choosing a global strategy

B) organizing the global business structure

C) organizing the systems management

D) defining the global environment

34) Most companies pursuing a global strategy begin as

A) domestic exporters.

B) multinationals.

C) franchisers.

D) transnationals.

35) A company that controls finances in the home country and decentralizes production, sales, and marketing operations to other countries is using a ________ strategy.

A) domestic exporter

B) franchising

C) transnational

D) multinational

36) In terms of global business strategy and structure, a multinational company will use a policy of

A) mixed sales and marketing, with centralized production, accounting, human resources, and strategic management.

B) centralized production, accounting, marketing, human resources, with strategic management.

C) dispersed production, accounting, human resources, with centralized strategic management, and marketing.

D) dispersed production and marketing, with centralized accounting and strategic management.

37) Which of the following is not one of the three kinds of organizational governance used by global companies?

A) centralized

B) decentralized

C) coordinated

D) localized

38) In terms of global business strategy and structure, a franchise company will use a policy of

A) centralized production, accounting, marketing, human resources, with strategic management.

B) dispersed production, accounting, human resources, with centralized strategic management, and marketing.

C) dispersed production and marketing, with centralized accounting, human resources and strategic management.

D) dispersed production, marketing, and human resources, with centralized strategic management and finance/accounting.

39) Which of the following is not one of the primary types of system configuration discussed in the chapter?

A) decentralized

B) duplicated

C) coordinated

D) networked

40) In terms of global business strategy, the governance of ________ firms has been likened to a federal structure—strong central management core of decision making, but considerable dispersal of power and financial resources.

A) domestic exporter

B) multinational

C) franchiser

D) transnational

14. 31) When everyone scoring a test obtains the same results, the test is said to be A) reliable. B)...

31) When everyone scoring a test obtains the same results, the test is said to be

A) reliable.

B) objective.

C) valid.

D) consistent.

32) What provides a frame of reference for comparing applicants' performance with the performance of other similar individuals?

A) norms

B) standardization

C) objectivity

D) reliability

33) A selection tool that provides consistent results is said to be

A) valid.

B) reliable.

C) objective.

D) standardized.

34) Reliability data reveal the degree of ________ placed in a test.

A) confidence

B) normality

C) objectivity

D) standardization

35) The basic requirement for a selection test is that it be

A) valid.

B) reliable.

C) objective.

D) standardized.

36) Validity is the extent to which a test measures

A) successful attributes.

B) quality candidates.

C) what it claims to measure.

D) consistent results.

37) Validity is commonly reported as a

A) standard deviation.

B) standard error.

C) score on a selection test.

D) correlation coefficient.

38) When are employers required to validate their selection tests?

A) there is no such requirement

B) when an applicant has been discriminated against

C) when the selection process as a whole results in an adverse impact on women or minorities

D) all selection tests must be validated

39) When criterion-related validity is used, the scores on the selection test are compared to

A) scores on the pre-test.

B) some aspect of job performance.

C) scores on the post-test.

D) national norms.

40) Comparing the scores on selection tests to some aspect of job performance is referred to as

A) objective-related validity.

B) standardized-related validity.

C) normality-related validity.

D) criterion-related validity.