Definitions of important accounting terms ACCOUNTS REPORTING ENTITY MATERIALITY TEST EQUITY RELIABILITY CONSERVATISM IRREVOCABLE CONTRACT LIABILITIES EXPENSE ACCRUAL BASIS OF ACCOUNTING ASSETS OBJECTIVITY OF FINANCIAL REPORTING DEPRECIATION EXPENSE GOODWILL UNREALISED GAIN REVENUES UNREALISED LO
E14-31 A comparison of Investment Alternatives including income taxes Ms. Keri Lee, an expert in retro-fitting buildings to meet seismic safety standards, has just received a $200,000 after-tax bonus for the successful completion of a project on time and under budget. Business has been so good that she is planning to retire i
E12-10 Evaluating New Investment Using Return on Investment and Residual Income. Division A Division B Division C Sales 6000000 10000000 8000000 Average operating assets 1500000 5000000 2000000 Pretax income 300000 900000 180000 Minimum required rate of return 15% 18% 12% 1. Compute the return on investment (ROI) for
For each Transaction, describe the event (including amounts) that caused the entry to be made. See attached file for the complete question. Jill and Phil have just established a security alarm maintenance service. They charge $20 per hour per person and are usually paid by check upon completion of the job. For certain custom
Tree Top Airlines began as a small commuter line * years ago but has grown into the seventh largest airline in America, with a strong regional route system. In addition, it has many routes to America's commercial centers and a few selected international routes. Tree Top has a fleet of 350 planes and approximately 7,000 employees
The person keeping the financial records forgot to record the expiration of prepaid rent during the current year. The result of this error is that: Net Income Owners' Equity Assets A) overstated understated understated B) overstated overstated overstated C) overstated understated no effect D) no effect n
Multiple choice question about the accounting term used when business services are sold to another organization.
Young Associates sold business services to another organization. As a result, Young's assets increased. Which accounting term best describes the concept involved in this situation? A) Financing activity. B) Liability. C) Revenue. D) Dividends. Please select one of the answers stated above.
Accounting multiple choice questions
Capitalization: For each of the following expenditures, indicate the type of account (asset or expense) in which the expenditure should be recorded. Explain your answers.
For each of the following expenditures, indicate the type of account (asset or expense) in which the expenditure should be recorded. Explain your answers. A. $200 for repairing damage that resulted from the careless unloading of a new machine. B. $ 7,000 cost of designing and registering a trademark. C. $ 1,400 in legal
Preparing accounting entries
USE THE FOLLOWING INFORMATION FOR QUESTIONS #9 - #12 Michele, Inc. is in the process of evaluating its manufacturing overhead costs. Michele uses a four-variance analysis of its manufacturing overhead costs. The results for April are as follows: Budgeted direct labor hours per unit is used
15 multiple choice questions on product/overhead costs and 3 long answer questions on ABC costing, manufacturing costs and job costing
1. Product costs are expensed when the product is a. purchased b. manufactured c. inventoried d. sold 2. During December 2002, ABC Company purchased $50,000 of raw materials. The company's manufacturing overhead totaled $40,000 and total manufacturing costs were $130,000. Assuming beginning inventory of raw materials
CMA problem. Use this information to answer problems #22 and #23. Osawa, Inc. planned and actually manufactured 200,000 units of its single product in 2001, its first year in operation. Variable manufacturing costs were $20 per unit produced. Variable operating costs were $10 per unit sold. Planned an
Smithers, Inc. manufactures and sells a wide variety of consumer products. The products are viewed as sufficiently profitable, but recently, some product line managers have complained about the charges for the call center that handles phone calls from customers about the products. Product lines are currently charged for call c
Problem 1 Send your completed problem via the dropbox in the student tools area. Due June 24. You will be graded on the accuracy of your answer and the usage of excel. Parts 2,3, 4, & 5 must use excel cell referencing and the chart wizard. The problem solution is worth a total of 10 pts. I will take o
Preparing T accounts, beginning and ending balances. See the attachment for the problem description. 1. The following data pertain to Martin Company for September: Raw Materials Inventory, September 1 ...$80,000 Work in Process Inventory, September 1 ...$95,000 Finished goods inventory, September 1
Accounting problems: stock value, paid-in capital, treasury stock. See attachment for accounting problems.
Go to the web page below: http://www.forio.com/cgi-bin/simcat/dclinks.cgi? action=view_category&category=Simulation&FD_rand=7533&FD_p=1 and find the Near Beer Game, which is near the bottom of the list of simulations. Try different strategies to bring your beer supply change into equilibrium as quickly as possible. Desc
A) Summarize the above information in a useful table. b) What are the decision variables? Pick a logical symbol for each one. c) What is the objective function? Is this a maximization or a minimization problem? d) What are ALL of the constraint equations? e) It turns out that marketing vastly underestimated the pr
Draw up the Manufacturing and Trading accounts for the years ended 30 April 1999 and 30 April 2000, using 1.Absorption Costing 2.Marginal Costing
The Sultan of Brunei is reportedly the world's richest person, with wealth estimated at $37 billion. How much could the Sultan spend yearly for 40 years if he were to devote the entire $37 billion to leading a life of luxury?
An auto dealership, KM Motors, is offering its customers free credit on a $10,000 car. The customer pays $4000 down and then the balance at the end of 2 years. A competing dealership, T Motors, does not offer free credit but will provide $500 off of the list price. If the interest rate is 10 percent, which company is offering
The interest rate is 9 percent. What is the present value of $10 million to be received in 30 years?
You place an order for 400 units of inventory at a unit price of $50. The supplier offers terms of 2/10, net 40. a. How long do you have to pay before the account is overdue? If you take the full period, how much should you remit? b. What is the discount being offered? How quickly must you pay to get the discount? If you
You have $125,000.00 on deposit with no outstanding checks or uncleared deposits. If you deposit a check for $110,000.00 does this create a disbursement float or a collection float? What is your available balance? Book balance?
Prob 7 Consider the following financial statement information for the Acme Corporation: Item Beginning Ending Inventory $120,000,000 $105,000,000 Accounts receivable 80,000,000
Acme Corporation has no debt outstanding and a total market value of $12,000,000. Earnings before interest and taxes (EBIT) are projected to be $1,100,000 if economic conditions are normal. If there is a strong expansion in the economy then EBIT will be 25 percent higher. If there is a recession, then EBIT will be 75 percent
Which form of business organization might best suit the following? a. A consulting firm with several senior consultants and support staff. b. A house painting company owned and operated by a college student who hires some friends for occasional help. c. A paper goods company with sales of $100 million and 2000 employees
Year: 1994 Norminal Wage: 12.07 Price Level: 148.2 Calculate the real wage.
What is meant by the term "agency costs"?