Acct 101 - Study guides, Class notes & Summaries

ACCT 101B EXAM II REVIEW (WARREN 14TH)Indicate the answer choice that best completes the statement or answers the question. 1. Pinacle Corp. budgeted $700,000 of overhead cost for the current year. Actual overhead costs for the year were $650,000. Pinacle's plantwide allocation base, machine hours, was budgeted at 100,000 hours. Actual machine hours were 80,000. A total of 100,000 units was budgeted to be produced and 98,000 units were actually produced. Pinacle's plantwide factory overhea...

ACCT 101B FINAL REVIEW – KEY ACCT 101B FINAL REVIEW – KEY   ACCT 101B FINAL REVIEW – KEY CH. 17 An example of a cost which would not be assigned to an overhead cost pool is b. freight-out. A variable cost is a cost that c. varies in total in proportion to changes in the level of activity. A cost which remains constant per unit at various levels of activity is a a. variable cost. A company has total fixed costs of $160,000 and a contribution margin ratio of 20%. The...

Acct 2101 Test 1, Top Questions and answers, 100% Accurate. Verified. Accounting is a system that ________, ________, and ___________ information that is __________, ________, ___________ to help users make better decisions.--identifies; records; communicates; relevant; reliable; comparable Objectivity Principle--Accounting information is supported by independent, unbiased evidence that is verifiable. Cost Principle--Accounting info is based on actual cost. Going–Concern Principle-...

ACCT 1010 - Chapter 4 Questions And Answers

All of the following are advantages of the use of budgets in a management control system except that budgets A. Force management planning. B. Provide performance criteria. C. Promote communication and coordination within the organization. D. Limit unauthorized expenditures. Correct Answer-D. Limit unauthorized expenditures. In the budgeting and planning process for a firm, which one of the following should be completed first? A. Sales budget. B. Financial budget. C. Cost management pla...

ACCT101 Exam Questions With 100% Correct Answers Each of the following are examples of a merchandising company except: - answerMichael's lawn mowing Gross profit is: - answerequal to net sales less cost of goods sold A company reports net sales of $600,000, cost of goods sold of $200,000, and net income of $100,000. Its gross profit equals: - answer$400,000 Merchandise inventory includes: - answer- costs to purchase - shipping costs - costs to prepare for sale Place the operating cycl...

ACCT101 - Ch.2 Exam Questions With 100% Correct Answers 1) Which of the following is a reason why a job order costing system is appropriate for a custom 1) furniture manufacturer? A) Custom furniture manufacturers produce large quantities of similar products. B) The direct costs incurred for each job are the same, only indirect costs vary. C) The raw materials used have already been accounted for using process costing. D) The cost incurred for each job will differ as per the order specifi...

ACCT101 Exam Questions And Answers (Verified And Updated) Accounting - answerProcess of identifying, measuring, and communicating economic information Double-entry bookkeeping - answerSystem where every transaction is recorded as a debit and credit Luca Pacioli - answerFather of double-entry bookkeeping Nicolas Petri - answerFirst person to group similar transactions in a separate record Benjamin Workman - answerAuthor of The American Accountant, an early American accounting textbook E...

Solutions Manual For Fundamental Accounting Principles (Volume 1) Canadian 15th Edition By Larson | Newest Version | All Chapters Complete 2024. Date Account Titles and Explanation Debit Credit a. Aug. 1 Furniture ............................................................... 400 Cash ............................................................. 400 Purchase of furniture for cash. ........................ b. Aug. 7 No transaction required. c. Aug. 13 Accounts Receivable ......................

Solutions Manual For Fundamental Accounting Principles Volume 1 Canadian 15th Edition By Larson | Newest Version All Chapters Complete. An account receivable is an amount due to a company, but the amount can be increased by the customer (debtor) by making additional purchases. An account receivable is not a single document but represents the result of several written, oral, or implied promises to pay the creditor. A note receivable is a formal document that specifies the fixed amount due to...