Acct acct 2302 - Study guides, Class notes & Summaries

Ch 23: Relevant Costing for Managerial Decisions Homework 1 1. Gilberto Company currently manufactures 68,000 units per year of one of its crucial parts. Variable costs are $2.10 per unit, fixed costs related to making this part are $78,000 per year, and allocated fixed costs are $65,000 per year. Allocated fixed costs are unavoidable whether the company makes or buys the part. Gilberto is considering buying the part from a supplier for a quoted price of $3.35 per unit guaranteed for a thr...

Ch 14 Managerial Accounting Concepts and Principles Homework 1 1. Listed here are product costs for the production of soccer balls. Identify each cost (a) as either fixed or variable and (b) as either direct or indirect by selecting the appropriate dropdowns. 2. Listed below are costs of providing an airline service. Classify each cost as (a) either variable or fixed, and (b) either direct or indirect by selecting the appropriate dropdowns. Consider the cost object to be a flight. Flight ...

Ch 14 Managerial Accounting Concepts and Principles Homework 1 1. Listed here are product costs for the production of soccer balls. Identify each cost (a) as either fixed or variable and (b) as either direct or indirect by selecting the appropriate dropdowns. 2. Listed below are costs of providing an airline service. Classify each cost as (a) either variable or fixed, and (b) either direct or indirect by selecting the appropriate dropdowns. Consider the cost object to be a flight. Flight ...

Ch 23: Relevant Costing for Managerial Decisions Homework 1 1. Gilberto Company currently manufactures 68,000 units per year of one of its crucial parts. Variable costs are $2.10 per unit, fixed costs related to making this part are $78,000 per year, and allocated fixed costs are $65,000 per year. Allocated fixed costs are unavoidable whether the company makes or buys the part. Gilberto is considering buying the part from a supplier for a quoted price of $3.35 per unit guaranteed for a thr...

Ch 14 Managerial Accounting Concepts and Principles Smartbook 1 1. The main purpose of both financial and managerial accounting is similar in that both aim to provide relevant information to its users. True 2. Managerial accounting has which of the following characteristics? Emphasis on projects, processes, and divisions Monetary and nonmonetary information Internal users 3. Managerial accounting is different from financial accounting in that: managerial accounting is used in planning a...

1. Selected comparative financial statements of Haroun Company follow. HAROUN COMPANY Comparative Income Statements For Years Ended December 31, 2019–2013 ($ thousands) Sales $2,839 $2,487 $2,263 $2,074 $1,935 $1,800 $1,475 Cost of goods sold 2,042 1,661 1,429 1,251 1,162 1,087 866 Gross profit 713 609 Operating expenses 275 229 Net income $ 189 $ 350 $ 398 $ 501 $ 494 $ 438 $ 380 HAROUN COMPANY Comparative Balance Sheets December 31, 2019–2013 ($ thousands) Assets Cash ...

1. Characteristics of budgets include:  Expressed in monetary terms  Formal statement of a company’s plans  Typically span a month, quarter or one year 2. Budgeted performance considers all of the following in relation to a benchmark:  Economic factors  Company factors  Industry factors 3. All of the following are guidelines for budgeting except: budgets should be prepared using a top-down approach 4. Most companies prepare a(n) ______ budget that is separated into ...

1. Match each product with the type of manufacturing most likely to be used—job order or process operations.  Job order  customized home  Process  soft drinks  Process  oil changes  Process  chocolate chip cookies  Job order  wedding invitations 2. In process operations, costs are accumulated in each process. In the final process, cost are transferred to: Finished goods 3. Process and job order operations are similar in that both  Are used to determi...

1. Match each product with the type of manufacturing most likely to be used—job order or process operations.  Job order  customized home  Process  soft drinks  Process  oil changes  Process  chocolate chip cookies  Job order  wedding invitations 2. In process operations, costs are accumulated in each process. In the final process, cost are transferred to: Finished goods 3. Process and job order operations are similar in that both  Are used to determi...

Ch 18: Cost Behavior and Cost-Volume-Profit Analysis 1 1. Cost-volume-profit analysis helps managers predict how changes in ________ and ______levels affect income. Costs; sales 2. Which of the following is the correct statement about fixed costs? The fixed cost per unit will decrease when volume increases. 3. A(n) ________ cost changes in proportion to changes in volume of activity Variable 4. A (n) ________ cost includes both fixed and variable components. Mixed 5. Acme Manufacturing...