Acct 505 - Study guides, Class notes & Summaries

ACCT 505 WEEK2 QUIZ 1. (TCO B) Some companies use process costing and some use job-order costing. Which method a company uses depends on its industry. Several companies in different industries are listed below. i. Specialty coffee roaster (roasts small batches of specialty coffee beans) ii. Custom aircraft builder iii. Brick manufacturer iv. Microbrewery that produces a number of specialty beers v. Steel company making chain link fences from iron ore vi. Breakfast cereal manufacturer ...

ACCT 505 FINAL EXAM. Question 1.1. (TCO E) Installing a custom logo on a boat is a(n) (Points : 10) batch-level activity. product-level activity. unit-level activity. organization sustaining activity. Question 2.2. (TCO G) Given the following data, what would ROI be? Sales $70,000 Net operating income $10,000 Contribution margin $20,000 Average operating assets $50,000 Stockholder's equity $25,000 (Points : 10) 28.6% 20.0% 40.0% 50.0% Page 2 Question 1.1. (TCO C) Aziz Corp...

ACCT 505 PRACTICE QUIZ 2 Student: 1. Return on investment (ROI) can be decomposed into the asset turnover and the A. gross margin ratio. B. profit margin ratio. C. operating margin ratio. D. contribution margin ratio. 2. How will decreases in the following items affect return on investment (ROI)? A. a B. b C. c D. d 3. The CJP Company produces 10,000 units of item S10 annually at a total cost of $190,000. The XYZ Company has offered to supply 10,000 units ...

ACCT 505 WEEK 6 QUIZ-2 Grade Details - All Questions 1. Question : (TCO D) A company that has a profit can increase its return on investment by Student Answer: increasing sales revenue and operating expenses by the same dollar amount. increasing average operating assets and operating expenses by the same dollar amount. increasing sales revenue and operating expenses by the same percentage. decreasing average operating assets and sales by the same percentage. Instructor Ex...

Managerial accounting is concerned with: reporting financial information to stockholders. A) reporting financial information to regulators. B) providing information for use within the organization. C) the financial consequences of past activities. D) Feedback: Managerial accounting is concerned with providing information to managers for use within the organization. 2 CORRECT Which of the following statements is not correct? A plan is always expressed in formal quantitative terms....

1. Question : (TCO F) For which situation(s) below would an organization be more likely to use a job-order costing system of accumulating product costs rather than a process costing system? Student Answer: A steel factory that processes iron ore into steel bars A factory that processes sugar and other ingredients into black licorice A costume maker that makes specialty costumes for figure skaters All of these Instructor Explanation: Chapter 3 Question 2. Question : (TCO F) Proce...

1. TCO F) Computing unit product costs involves averaging in: Job-Order Costing Process Costing A Yes No B Yes Yes C No Yes D No No (Points : 5) Choice A. Choice C. Choice D. 2. (TCO F) Luft Company uses the weighted-average method in its process costing system. Operating data for the first processing department for the month of June appear below: Units Percent Complete with respect to Conversion Beginning work in process inventory 11,000 90% Started in production durin...

ACCT 505 WEEK2 QUIZ 1. (TCO B) Some companies use process costing and some use job-order costing. Which method a company uses depends on its industry. Several companies in different industries are listed below. i. Specialty coffee roaster (roasts small batches of specialty coffee beans) ii. Custom aircraft builder iii. Brick manufacturer iv. Microbrewery that produces a number of specialty beers v. Steel company making chain link fences from iron ore vi. Breakfast cereal manufacturer For...

REVIEWED ACCT 505 QUESTIONS AND ANSWERS Contractual adjustments that arise from differences between the gross charge for patient services and the amount paid by a third party payor are reported as: A) Disclosures in the notes to the financial statements. B) Either deductions from gross patient revenue or disclosure in the notes, depending on the dollar amount of the adjustments relative to billings. C) Bad debt expense. D) Deductions from gross patient revenue in arriving at net ...

EVALUATED ACCT 505 EXAMINATION QUESTIONS Many individuals are apprehensive about using the Internet to purchase items. This apprehension mainly arises from users' concerns about: a. a lack of security for information transmitted over the Internet. b. the lack of CPA involvement in Internet company financial information. c. the time delays in Internet purchases. d. the reliability of computer technology. - CORRECT ANSWER -a. a lack of security for information transmitted over the Inte...