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ACCT 346 Final Exam

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1. (TCO 1) The principle managers follow when they only investigate significant departures from the plan is commonly known as

2. (TCO 1) Which of the following is not likely to be a fixed cost?

3. (TCO 2) Which of the following is not a manufacturing cost?

4. (TCO 2) An allocation base is

5. (TCO 3) Equivalent units are calculated by

6. (TCO 3) In the assembly department, all the direct materials are added at the beginning of the processing. Beginning Work in Process inventory consists of 2,000 units with a direct materials cost of $31,860. During the period, 15,000 units are started and direct materials costing $250,000 are charged to the department. If there are 1,000 units in ending inventory, what is the cost per equivalent unit?

7. (TCO 4) Regression analysis

8. (TCO 4) The number of units that must be sold to exactly cover its fixed and variable costs is the

9. (TCO 5) Which of the following is treated as a product cost in variable costing?

10. (TCO 5) If the number of units sold is less than the number of units produced

11. (TCO 6) A contract which specifies that the suppler will be paid for the cost of production as well as some fixed amount or percentage of cost is called a(n)

12. (TCO 6) Which of the following is not generally true when a company compares ABC and traditional costing?

13. (TCO 7) Fixed costs that will be eliminated if a particular course of action is undertaken are called

 

1. (TCO 7) Common costs

2. (TCO 8) Target costing

3. (TCO 8) Which of the following are relevant in deciding whether to accept or reject a special order?

4. (TCO 9) Present value techniques

5. (TCO 9) The internal rate of return

6. (TCO 10) A method of budget preparation that requires all budgeted amounts to be justified by the department, even if the amounts were supported in prior periods, is called

7. (TCO 10) Which budget is prepared first?

8. (TCO 10) The standard cost is

9. (TCO 10) In general, an unfavorable material variance arises from

10. (TCO 10) The type of center that has responsibility for generating revenue as well as controlling costs is a(n)

11. (TCO 10) Responsibility accounting holds managers responsible for

12. (TCO 10) Which ratio measures the rate earned on total capital provided by the owners?

1. (TCO 1) Distinguish managerial accounting from financial accounting. Include a brief discussion of the differences in the types of information provided to users as well as the differences of the users of the accounting information.

2. (TCO 6) Booth Financial Services, LLC has two revenue producing departments, Financial Planning and Business Consulting. The accounting department is trying to determine the best method to allocate $1,000,000 of common costs (secretarial staff, reception personnel, etc), either by salary or number of employees. Information on the revenue departments are as follows

3. (TCO 10) Charlie Corp sells it products on both credit and cash basis. Monthly sales are sold 20% for cash, 80% for credit. Credit sales are collected 40% in the month of sale and 60% the following month. Sales for the first quarter are as follows:

4. (TCO 2) Acme Fireworks uses a traditional overhead allocation based on direct labor hours. For the current year overhead is estimated at $1,000,000 and direct labor hours are budgeted at 200,000 hours. Actual hours worked were 195,000 and actual overhead was $978,000

 

1. (TCO 9) An investment of $185,575 is expected to generate returns of $65,000 per year for each of the next four years. What is the investment’s internal rate of return?

2. (TCO 4) Legal Docs Inc is a legal services firm that files incorporation papers for small businesses. They charge $1,000 per application.  This year’s income statement shows the following

3. (TCO 5) The following data has been taken from Air-Tite company in its first year of business

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ACCT 346 Week 4 Midterm Set 1

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ACCT 346 Week 4 Midterm Set 1

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ACCT 346 Entire Course

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ACCT-346 Managerial Accounting – Complete Course ACCT346

Course Project on Bravo Baking Company – All 6 tabs completed

Quiz – Week 3 – 2 Sets included

Midterm – Week 4 – 2 Sets included

Quiz – Week 6 – 2 Sets included

Final Exam – Week 8

All 7 Weeks Discussions

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ACCT 212 Week 4 Midterm

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(TCO 1) The Accounting Equation is used to develop the organizations financial reports. (1) Describe what owners’ equity values would be if Assets are $100,000 and Liabilities are $27,000 by showing the Accounting Equation (10 points) and (2) provide an explanation of what accounts could be found in owners’ equity. (10 points)(TCO 1) The financial statements present a company to the public in financial terms. (1) Which financial statement identifies where cash was generated and where it was spent during the year (10 points) and (2) identify the three major parts of this statement. (10 points)(TCO 1) The accounting profession follows a set of guidelines for measurement and disclosure of financial information called the Generally Accepted Accounting Principles (GAAP). (1) Explain what the International Financial Reporting Standards (IFRS) are (10 points) and (2) provide an example of its application. (10 points)(TCO 2) Transaction analysis results in the development of a journal entry. Supplies are purchased on account agreeing to pay $500 within 30 days. (1) Name the accounts impacted and how using the format account name/debit or credit/dollar amount (10 points) and (2) explain how the Accounting Equation is impacted. (10 points)(TCO 3) Adjusting Entries are required at the end of the period to ensure that accrual accounting principles are applied. At the beginning of the month $1,350 of office supplies were purchased. There was not a beginning balance and the one purchase was the only one for the month. At the end of the month $500 of supplies remained. Develop the adjusting entry. (1) Name the accounts impacted and how using the format account name/debit or credit/dollar amount (10 points) and (2) explain how the Accounting Equation is impacted. (10 points)(TCO 5) Internal Controls are required to safeguard assets and to ensure ethical business practices. (1) Identify and explain the reason for any two of the seven internal control procedures (10 points) and (2) provide examples of how your two selected internal control procedures will meet the goal of safeguarding assets and promoting ethical business practices. (15 points)(TCO 5) The bank account as a control device helps to protect cash. One of the requirements is to conduct periodic bank statement reconciliations. Using the following data, complete the bank statement reconciliation. (Use the format shown on page 255 of your textbook) (25 points)

Prepare a bank reconciliation using B & B’s Restaurant Supply Inc.’s information for August 31.
· A NSF check from Johnny Jones for $3,164.·Two deposits made on August 31 were not on the bank statement, totaling $2,897.·The bank collected an EFT payment for Rent for $2,600.·August 31 balance in Cash was $2,005.·The owner had written check # 1598 for $500 and recorded this check as $5,000.·The balance on the bank statement as of August 31 was $5,316.·Bank service charge of $28 was shown on the bank statement.·Checks #1572, 1606, 1116, and 1242 for $419, $126, $650, and $1,105, respectively, were not shown on the bank statement, even though the company had sent the checks.

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ACCT 212 Entire Course

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Course Project – Week 3 (CP 1A), Week 5 (CP 1B) and 7(CP 2)

Week 4 Midterm

All 7 Weeks Discussions

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ACCT 346 Week 4 Midterm Set 2

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ACCT 346 Week 4 Midterm Set 2

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ACCT 346 Course Project on Bravo Baking Company

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This course has a six-part project with deliverables due in six of the eight weeks.

The course project takes a new company through hypothetical scenarios to reinforce the TCOs. By using a single entity, in a variety of business situations, you will see the practical application of a number of managerial accounting concepts taught in this course.

You will have access to an interactive Excel Template in Doc Sharing to complete your work in proper format. Each week’s Assignment page will tell you which portion of the template you need to complete for that week.

You will have Dropbox deliverables in Weeks 1, 2, 3, 5, 6, and 7. Point values do vary in that Week 1 is worth 10 points, Week 2 is worth 30 points, and the remaining Weeks (3, 5, 6, and 7) are 40 points apiece. See Syllabus “Due Dates for Assignments & Exams” for due date information.

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ACCT 212 Week 4 Midterm (Set 2)

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Donnell Bailey's insight:

(TCO 1) The Accounting Equation is used to develop the organization’s financial reports. (1) Describe what assets value would be if Liabilities are $12,000 and Owners’ Equity is $50,000 by showing the Accounting Equation (10 points), and (2) provide an example of two asset accounts that could contain the value. (10 points)

(TCO 1) The financial statements present a company to the public in financial terms. (1) Which financial statement should be prepared first and why (10 points), and (2) explain what information this financial statement provides. (10 points)

(TCO 1) The accounting profession follows a set of guidelines for measurement and disclosure of financial information called the Generally Accepted Accounting Principles (GAAP). (1) Explain what the Stable-Monetary-Unit Assumption is (10 points) and (2) provide an example of its application. (10 points)

(TCO 2) Transaction analysis results in the development of a journal entry. In the start-up of a business, the owner contributes $750,000 of cash. (1) Name the accounts impacted and how to use the format account name/debit or credit/dollar amount (10 points), and (2) explain how the Accounting Equation is impacted. (10 points)

(TCO 3) Adjusting Entries are required at the end of the period to ensure that accrual accounting principles are applied. At the beginning of the month, $1,350 of office supplies were purchased. There was not a beginning balance and the one purchase was the only one for the month. At the end of the month, $500 of supplies remained. Develop the adjusting entry. (1) Name the accounts impacted and how using the format account name/debit or credit/dollar amount (10 points), and (2) explain how the Accounting Equation is impacted. (10 points)

(TCO 5) Internal Controls are required to safeguard assets and to ensure ethical business practices. (1) Identify and explain the reason for any two of the five components of internal control (10 points) and (2) provide examples of how your two selected components of internal control will meet the goal of safeguarding assets and promoting ethical business practices. (15 points)

(TCO 5) The bank account as a control device helps to protect cash. One of the requirements is to conduct periodic bank statement reconciliations. Using the following data, complete the bank statement reconciliation for J & J Flooring, Inc. (Use the format shown on page 251 of your textbook.) (25 points)

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