Topic 5 Homework Questions – Solution 1. Resources that are used in operations for more than one year with no physical substance are called: a. current assets b. intangible assets c. non-current assets d. property‚ plant and equipment 2. Able Company purchased land and incurred the following costs: Purchase price $1 000 000 Excavation costs 100 000 Removing old building 25 000 Broker fees 20 000 Cost of a parking lot 50 000 What is the cost of the
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Accounting Alternatives Case At the beginning of the year 20x1‚ two companies began operations to sell home heating units. Eads Heaters Inc. is located in Eads‚ Colorado‚ and Glenwood Heating Inc. is in Glenwood Springs‚ Colorado. The companies operate under similar economic conditions and have identical operations during the year. However‚ each manager makes different accounting choices and estimates when applying generally accepted accounting principles (GAAP) in preparing the company’s financial
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ECO 5305 Final Exam Answers underlined in yellow 1. Fixed costs include: a. variable labor expenses. b. output-related energy costs. c. output-related raw material costs. d. variable interest costs for borrowed capital. 2. Marginal cost equals: a. average variable cost at its maximum point. b. the change in total fixed cost divided by the change in quantity. c. the change in total variable cost divided by the change in quantity. d. total cost divided by quantity
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1. Question: (TCO A) Wages paid to a timekeeper in a factory are a: Your Answer: Prime Cost YES.....Conversion Cost NO Prime Cost YES.....Conversion Cost YES Prime Cost NO....Conversion Cost NO Prime Cost NO.....Conversion Cost YES CORRECT Instructor Explanation: Chapter 2 Points Received: 6 of 6 2. Question: (TCO A) A cost incurred in the past that is not relevant to any current decision is classified as a(n):
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Final Exam Use one of the following variables to design an experiment pertaining to your biogas generator: 1.) Temperature 2.) Slurry Mix 3.) Consistency 4.) Surface area 5.) Light Intensity 6.) Percent cow manure 7.) Volume of Slurry/Volume of bottle ratio Experimental Design (70 points) Title | How the Volume of the Slurry Mix Effected the Biogas Generator | Type of Experiment | Experimental | Background Information | Methane is a chemical compound
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IFRS 8-1: “Basic accounting and reporting issues related to recognition and measurement of receivables‚ allowance accounts‚ recording discounts‚ the allowance method to account for bad debt and factoring are basically the same between IFRS and GAAP. However‚ the FASB (Financial Accounting Standards Board) and IASB (International Accounting Standards Board) are taking steps by working to implement fair value measurement‚ the amount they currently could be sold for‚ for financial instruments. “The
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Peyton Approved Accounting Final Final Part 1 SALES BUDGET The sales budget is prepared by multiplying the expected unit sales volume for each product by its anticipated unit-selling price. As reflected in Exhibit A noted below and included in the overall Peyton Approved budget worksheet included in Appendix A‚ Peyton Approved expects sales volume to be 18000‚ 22000 and 20000 units in the month of July‚ August and September respectively. The budgeted sales in August exceeded July’s sales units
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instructions Format: The Final Exam consists of a set of 45 questions from 15 important topics presented in the NSA program. You are required to answer only 15 questions from this set. Answers to these questions should be based upon the relevant courses in the program. Each topic contains three skill levels. You need to choose a question which exhibits the highest skill level you can demonstrate fully: Level 1: Definition or basic level. This level shows a basic understanding of the concepts
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Cost Accounting‚ 14e‚ Global Edition (Horngren/Datar/Rajan) Chapter 12 Pricing Decisions and Cost Management Objective 12.1 1) Companies should only produce and sell units as long as: A) there is customer demand for the product B) the competition allows it C) the revenue from an additional unit exceeds the cost of producing it D) there is a generous supply of low-cost direct materials Answer: C Diff: 2 Terms: target price Objective: 1 AACSB: Ethical reasoning 2) Too high a price may: A)
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University of Phoenix Final Exam Directions: Based on your readings and discussions in class‚ select the best answer. Utilize the Text Highlight feature or Bold your response. 1. Which of the following types of insurance protects you if you are sued for accidentally damaging someone’s property or hurting another person? a. Term life insurance b. Accidental death insurance c. Universal life insurance d. Personal liability insurance or an umbrella policy 2. To calculate accurately the size
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