Acct 340 - Study guides, Class notes & Summaries

Exam (elaborations) ACCT 505 Midterm Exam 4 Sets LATEST 2021 (ACCT505) ALL AC505 Week 4 Midterm SET 1 QUESTION 1: Wages paid to a timekeeper in a factory are a:  Prime Cost YES.....Conversion Cost NO  Prime Cost YES.....Conversion Cost YES  Prime Cost NO....Conversion Cost NO  Prime Cost NO.....Conversion Cost YES QUESTION 2: A cost incurred in the past that is not relevant to any current decision is classified as a(n):  period cost.  opportunity cost.  sunk co...

Exam (elaborations) ACCT 505 Midterm Exam 4 Sets LATEST 2021 (ACCT505) Wages paid to a timekeeper in a factory are a:  Prime Cost YES.....Conversion Cost NO  Prime Cost YES.....Conversion Cost YES  Prime Cost NO....Conversion Cost NO  Prime Cost NO.....Conversion Cost YES QUESTION 2: A cost incurred in the past that is not relevant to any current decision is classified as a(n):  period cost.  opportunity cost.  sunk cost.  differential cost. QUESTION 3: Inve...

ACCT 212-CourseProject 2 March Transactions Date Transaction Description March 1 Began business by making a deposit in a company bank account of $20,000, in exchange for 2,000 shares of $10 par value common stock. March 1 Paid the premium on a 1-year insurance policy, $2,400. March 1 Paid the current month's store rent expense, $1,900. March 3 Purchased repair equipment from Andrew Company, $5,800. Paid $1,000 down and the balance was placed on account. Payments will be $400.00 per mo...

ACCT 212 Week 5 Quiz (Summer 2021) 1. Question: Which cost flow assumption generally results in the highest … amount of net income in periods of rising inventory costs? 2. Question: Which cost flow assumption must … for financial reporting if it is also used for tax reporting? 3. Question: Under a perpetual inventory system: 4. Question: Dunbar sold 600 units of inventory during the month. Ending inventory assuming LIFO would … : (Do not round your intermediate calculations. Round your ans...

ACCT212 Course Project Bethany's Bicycle Corporation ACCT 212: Course Project ACCT212 Course Project (Bethany's Bicycle Corporation) SCENARIO: You’ve just secured a new client in your accounting practice, Bethany's Bicycle Corporation (BBC), a brand new small business specializing in bicycle repair. The owner, Bethany Beck, is a terrific cyclist and bike repair specialist, but definitely not an accountant. Your job is to help Bethany put his affairs in order. Luckily Bethany has only...