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Accounting Information Systems

Describe some considerations useful in the design of accounting codes. For each consideration you name, provide an example to illustrate your point.

cost accounting value to an organization

1. Does cost accounting differ from financial accounting? If so, how? When is cost accounting valuable to an organization? Where is cost accounting information stored and maintained? 2. If cost accounting serves internal more than external purposes, do ethics matter not only in the development of the cost accounting system b

Account Receivable-Gross method and Net Method of recording sales discount.

Explain Gross method and Net method of recording sales discount allowed to account receivables. Give general journal entries for the following transactions separately for gross and Net methods of collecting account receivables. I (a)Gross method assuming that the Payment is made within discount period Jan 1 2006 A corpora

Pension Plan accounting questions

PLEASE INCLUDE EXPLANATION FOR EACH QUESTION'S ANSWER. 1.Which of the following statements typifies defined contribution plans? A)Investment risk is borne by the corporation sponsoring the plan. B)The plans are more complex than defined benefit plans. C)Present value factors are used to determine the annual contribu

Governmental Accounting and Not-For Profit Organizations

Accounting practices for interest expenditures may neither reflect actual economic costs nor mirror those for interest revenues. A town plans to borrow about $10 million and is considering three alternatives. A town official requests your guidance on the economic cost of each of the arrangements and advice as to how each woul

Accounting Multiple Choice Questions

Toffee (bars) Cashews (bags) Units Marginal Total Marginal Total Utility Utility Utility Utility 1 10 10 12 12 2 8 18 10 22 3 5 23 7 29 4 3 26 5 34 5 1 27 2 36 6 0 27 1 37 TABLE 6-1 5) Refer to Table 6-1. If the prices of both toffee bars and bags of cashews are both $1 and this consumer has

Accounting/Economic Multiple Choice Questions

1) Diminishing marginal utility implies that the A) first unit of a good consumed will contribute most to the consumer's satisfaction. B) last unit of a good consumed will contribute most to the consumer's satisfaction. C) total utility is negative. D) total utility is increasing. E) marginal utility of a good diminishe

High-Income Bracket calculations and explanations

High-income bracket. The expression 90,514.5 +(plus) 0.35(x - (minus) 311,950) represents the amount for the 2003 federal income tax in dollars for a single taxpayer with x dollars of taxable income, where x is over $311,950 ( a) Simplify the expression. b) Use the graph in the accompanying figure to estimate

Accounting Questions

Part One: Balance Sheet and Income Statement Classifications. Specify on the answer sheet the letter of the financial statement classification the account would appear in. Use only the classifications shown. Balance Sheet Income and Retained Earnings Statement a. Current Assets j. Sales Revenue b. Investments k. Cost of

Short-Run and Long-Run Price Elasticity

1. Estimate Short-Run and Long Run Price Elasticity of Demand for Selected Commodities, United States Commodity Short-Run Long Run Clothing 0.90 2.90 Household natural gas 1.40 2.10 Tobacco Prod

Basic Variance Analysis

Basic Variance Analysis. See attached file for full problem description. PROBLEM 10-14 Basic Variance Analysis Becton Labs, Inc., produces various chemical compounds for industrial use. One compound, called Fludex, is prepared using an elaborate distilling process. The company has developed standard costs for one unit

Effectiveness of Budgeting Systems

Please help with the following problems involving accounting. Provide at least 200 words in answers to these questions. In evaluating the effectiveness of a budget system within a company, what do you take into consideration from a management accounting perspective?

Break-Even and Target Profit Analysis

Break-Even and Target Profit Analysis Outback Outfitters sells recreational equipment. One of the company's products, a small camp stove, sells for $50 per unit. Variable expenses are $32 per stove, and fixed expenses associated with the stove total $108,000 per month. Required: 1. Compute the break-even point in number

Accounting Questions

When the cash proceeds from a bond issued with detachable stock warrants exceeds the sum of the par value of the bonds and the fair market value of the warrants, the excess should be credited to: a. additional paid-in capital from stock warrants. b. retained earnings. c. a liability account.

Accounting Questions - Morton Co. and Gomez

On November 1, 2004, Morton Co. purchased Gomez, Inc., 10-year, 9%, bonds with a face value of $150,000, for $135,000. An additional $4,500 was paid for the accrued interest. Interest is payable semiannually on January 1 and July 1. The bonds mature on July 1, 2011. Morton uses the straight-line method of amortization. Ignorin

Pinellas Pillow Company - Costing Method

Pinellas Pillow Company's planned production for the year ended was 10,000 units. This production level was achieved, but only 9,000 units were sold. Direct material used $80,000 Direct labor incurred $40,000 Fixed manufacturing overhead $50,000 Variable manufacturing overhead $24,000 Fixed selling and administ

Absorption versus Variable Costing - Collegiate Sporting Goods

Information taken from Collegiate Sporting Goods Company's records for the most recent year is as follows: Direct material used $272,000 Direct labor $128,000 Variable manufacturing overhead $60,000 Fixed manufacturing overhead $100,000 Variable selling and administrati

Accounting Questions

Solo Co. purchased $300,000 of bonds for $315,000. If Solo intends to hold the securities to maturity, the entry to record the investment includes a. a debit to Held-to-Maturity Securities at $300,000. b. a credit to Premium on Investments of $15,000. c. a debit to Held-to-Maturity S

Percentage of Earnings Retained

See attached file for full problem description. Note: Do only c) #2 The Gannette Co., Inc. presented five year summary as part of its 2001 annual report. C. Based on these data compute the following for 1999 - 2001 2. Percentage of earnings retained 2001 2000 1999 Net Income 831,197,000 1,719,077,000 9

Corporate After Tax Yield, Cash Flow

Corporate After Tax Yield 1. The Shrieves Corporation has $10,000 that it plans to invest in marketable securities. It is choosing among AT&T bonds, which yield 7.5 percent, state of Florida muni bonds, which yields 5 percent, and AT&T preferred stock, with a dividend yield of 6 percent. Shrieves's corporate tax rate is 35 perc

Accounting Multiple Choice Questions

Question 1 Multiple Choice A lottery game is played in which four single digit numbers of drawn, one at a time with replacement, from the following pool of numbers {1, 2, 3, 4, 5, 6}. How many different four digit numbers are possible in this game? 1296 10,000 24 3308 Question 2 Multiple Choice

Accounting for Merchandising Organizations

Les Fleurs, a boutique in Paris, France, had the following accounts in its accounting records at December 31, 20X2 (amounts in Euros, denoted as "E") Purchases..................... E250,000 Freight In.................. E8,000 Sales discounts............. 4,000 Purchase returns........ 7,000 Inventory Sales........

Selling Price, Break-Even and Profit/Loss Calculations

Selling Price, Break-Even and Profit/Loss Calculations. See attached file for full problem description. Hoi Poloi plc makes 3 types of filing cabinet, four-drawer, three drawer and two drawer. The business uses general purpose machines which are equally suitable to be used in the manufacture of all three products.

Benefit Options for ABC Health, Inc.

Scenario: You have been hired as a consultant to help ABC Health, Inc. design appropriate benefits packages for three different groups of its employees. Your job is to advise the company on which benefits to offer to the three groups of employees in order to optimize motivation and productivity. The groups are: 1. Healt

Basic EPS: Two-Year Presentation

This problem is dealing with determine wheater the corporation is a simple or complex structure and why, determining the weighter average number of shares, EPS, and prepaing a comparative income statement. P16-5 (Basic EPS: Two-Year Presentation) Hillel Corporation is preparing the comparative financial statements for the

Managerial Accounting/Cost Accounting

Exe 4-17) Quantity Schedule, Equivalent Units, and Cost per Equivalent Unit-Weighted Average Method Pureform, Inc., Manufactures a product that passes through two departments. Data for a recent month for the first department follow: Units Materials