ACCT 301 Week 8 Final Exam

ACCT 301 Week 8 Final Exam

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ACCT 301 Week 8 Final Exam

1.What is the accounting equation? Suppose your company sold $25,000 in merchandise to a customer for cash. How does this transaction impact the accounting equation?

  1. What are the four basic financial statements? Describe the statement of cash flows, and explain why it is important.
  2. What is the Sarbanes-Oxley Act? Why is it important to accounting investors?
  3. What is horizontal analysis of financial statements? Which analysis do you think is better—horizontal or vertical?

Essay Questions:
Why is capital budgeting important? What is the cash payback period? How is it calculated?

What are five different types of decisions that could use incremental analysis? What are the relevant costs in a make-or-buy decision?

How is a transfer price determined? What are the two methods to determine transfer price? Which do you think is better?

What is manufacturing overhead? Give an example of manufacturing overhead. What is a product cost?

What is CVP analysis? Why is this an important analysis for a company to perform?

What is an operating budget? What does it result in? What is the first step in completing an operating budget?

What is a profit center? What is the controllable margin used for? How does a profit center differ from a cost center?

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ACCT 301 Week 7 Homework

ACCT 301 Week 7 Homework

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Problem 1

Required: In the space below, describe the net present value method of capital budgeting.

Problem 2

Required: Compute the average annual cash inflows. (20 points)
Compute the payback period using the accumulation method. (20 points)

ACCT 301 Week 6 Quiz

ACCT 301 Week 6 Quiz

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ACCT 301 Week 6 Quiz

  1. (TCO 9) Which one of the following stages of the management decision-making process is properly sequenced?
  2. (TCO 9) When is incremental analysis most useful?
  3. (TCO 9) Which of the following will never be a relevant cost?
  4. (TCO 9) A company is deciding whether or not to replace some old equipment with new equipment. Which of the following is not considered in the incremental analysis?
  5. (TCO 9) It costs Lannon Fields $14 of variable costs and $6 of allocated fixed costs to produce an industrial trash can that sells for $30. A buyer in Mexico offers to purchase 2,000 units at $18 each. Lannon has excess capacity and can handle the additional production. What effect will acceptance of the offer have on net income?
  6. (TCO 9) Wishnell Toys can make 1,000 toy robots with the following costs:

Direct Materials $70,000
Direct Labor 26,000
Variable Overhead 15,000
Fixed Overhead 15,000

The company can purchase the 1,000 robots externally for $120,000. The avoidable fixed costs are $5,000 if the units are purchased externally. What is the cost savings if the company makes the robots?

  1. (TCO 9) All of the following are relevant to the sell or process-further decision, except for __________
  2. (TCO 8) Most of the capital budgeting methods use __________
  3. (TCO 8) The capital budgeting decision depends in part on the __________
  4. (TCO 8) The cash-payback technique __________
  5. (TCO 8) All of the following statements about intangible benefits in capital budgeting are correct, except that they __________
  6. (TCO 8) The profitability index __________.
  7. (TCO 8) Post audits of capital projects __________
  8. (TCO 8) A company has a minimum required rate of return of 9% and is considering investing in a project that costs $50,000 and is expected to generate cash inflows of $20,000 at the end of each year for 3 years. The profitability index for this project is __________
  9. (TCO 8) Disadvantages of the annual rate of return method include all of the following, except that __________

ACCT 301 Week 6 Homework

ACCT 301 Week 6 Homework

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Problem 1

Required: In the space below, describe the advantages of budgeting.

Problem 2

Required: Compute the ROI for each division below to two decimal places. (30 points)

Which division has the best performance? (10 points)

ACCT 301 Week 5 Homework

ACCT 301 Week 5 Homework

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ACCT 301 Week 5 Homework

Problem 1

Required: Identify each of the following as either a direct or indirect cost.

Problem 2

Required: GH Company is trying to decide whether to replace a current piece of machinery with a new machine. Using the below data, determine the relevant costs of the old machine and the new machine. Should GH Company purchase the new machine?

ACCT 301 Week 4 Midterm Exam (Set 3)

ACCT 301 Week 4 Midterm Exam (Set 3)

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ACCT 301 Week 4 Midterm Exam (Set 3)

  1. (TCO 5) A company has total fixed costs of $210,000 and a contribution margin ratio of 30%. How much sales are necessary to break even?
  2. (TCO 5) How much sales are required to earn a target income of $70,000, if total fixed costs are $100,000 and the contribution margin ratio is 40%?
  3. (TCO 6) For which one of the following budgeting aspects does the budget committee generally have the responsibility?
  4. (TCO 6) Under what situation might a budget be most effective?
  5. (TCO 6) How does long-range planning compare to a master budget?
  6. (TCO 6) Which one of the following is a source of information used to prepare the budgeted income statement?
  7. (TCO 7) When is a static budget most appropriate in evaluating a manager’s performance?
  8. (TCO 7) Which type of center is the housekeeping department of a manufacturing company?
  9. (TCO 7) For which of the following is an investment center manager responsible?
  10. (TCO 7) Merck Pharmaceuticals is evaluating its Vioxx division, an investment center. The division has a $45,000 controllable margin and $300,000 of sales. How much will Merck’s average operating assets be when its return on investment is 10%?
  11. (TCO 11) Financial and managerial accounting are both concerned with the economic events of an enterprise. Similarities between financial and managerial accounting do exist, but they have a different focus. Briefly distinguish between financial and managerial accounting as they relate to (1) the primary users, (2) the type and frequency of reports, (3) the purpose of reports, and (4) the content of reports
  12. (TCO 4) Are short-term creditors, long-term creditors, and stockholders primarily interested in the same characteristics of a company? Explain.
  13. (TCO 5) In the month of September, Nixon Company sold 800 units of product. The average sales price was $30. During the month, fixed costs were $7,200 and variable costs were 60% of sales.

Instructions
(a) Determine the contribution margin in dollars, per unit, and as a ratio
(b) Using the contribution margin technique, compute the break-even point in dollars and in units.

ACCT 301 Week 4 Midterm Exam (Set 2)

ACCT 301 Week 4 Midterm Exam (Set 2)

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ACCT 301 Week 4 Midterm Exam (Set 2)

  1. (TCO 1) The retained earnings statement shows all of the following except which one?
  2. (TCO 1) Management’s views on the company’s short-term debt paying ability, expansion financing, and results of operations are found in which of the following?
  3. (TCO 4) For 2010, Fielder Corporation reported net income of $30,000; net sales $400,000; and average share outstanding 6,000. There were no preferred stock dividends. What was the 2010 earnings per share?
  4. (TCO 4) A useful measure of solvency is which of the following?
  5. (TCO 2) Which pair of accounts follows the rules of debit and credit, in relation to increases and decreases, in the same manner?
  6. (TCO 2) The principle purpose of posting is which of the following?
  7. (TCO 3) Joe is a warehouse custodian, and also maintains the accounting record of the inventory held at the warehouse. An assessment of this situation indicates
  8. (TCO 3) The following information was taken from Hurlbert Company cash budget for the month of June
  9. (TCO 11) Managerial accounting information does which of the following?
  10. (TCO 11) Which one of the following is not a direct material?
  11. (TCO 11) Sales commissions are classified as which of the following?
  12. (TCO 11) Manufacturing costs include which of the following?
  13. (TCO 11) Neeley Manufacturing Company reported the following year-end information:
  14. (TCO 5) What effect do changes in activity have on fixed costs per unit?
  15. (TCO 5) Which one of the following is not an assumption of CVP analysis?