CHAPTER 10 Standard Costing and Performance Measures for Today’s Manufacturing Environment ANSWERS TO REVIEW QUESTIONS 10-1 Management by exception is a managerial technique in which only significant deviations from expected performance are investigated. 10-2 Any control system has three basic parts: a predetermined or standard performance level‚ a measure of actual performance‚ and a comparison between standard and actual performance. The system works by making the comparison between
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Chapter 1 The Financial Statements Short Exercises (5 min.) S 1-1 Computed amounts in boxes Total Assets = Total Liabilities + Stockholders’ Equity a. $300‚000 = $150‚000 + $150‚000 b. 280‚000 = 110‚000 + 170‚000 c. 210‚000 = 50‚000 + 160‚000 (5 min.) S 1-2 Ethics is a factor that should be included in every business and accounting decision‚ beyond the potential economic and legal consequences
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Chapter 04 Analyzing Investing Activities Multiple Choice Questions 1. Which of the following would rarely be classified as a current asset? A. Prepaid insurance B. Goodwill C. Marketable Securities D. Work-in-progress 2. Which of the following would not be classified as a current asset? A. Inventory B. Accounts payable C. Accounts receivable D. Prepaid expenses 3. An asset is considered to be liquid if: A. it is readily converted into a current asset. B. it is
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Chapter 17 covers why carefully crafting ones characters is important. It talks about why it is important to know your characters backstory‚ while also not overwriting someone’s past. Knowing a character too completely can cause forced writing. Martin Cook also suggests that if possible it is best to base characters off of people you actually know‚ because‚ it is easier to predict how a character will react in a given situation that way. Cook also suggests making at least some of your characters
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Chapter 17 Homework CA 17-1) Situation 1- Since the Fair value is lower than the cost your T-account is as follows. Unrealized holding G&L – Income $4200 So the journal entry would look like Unrealized holding G&L –income statement $4200 Fair Value adjustment (trading) $4200 Situation 2- When this change is made for the measurement basis: Security transferred at fair value at the date of transfer‚ which is the new cost basis of the security
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CHAPTER 2 AN INTRODUCTION TO COST TERMS AND PURPOSES 2-20 (15–20 min.) Classification of costs‚ manufacturing sector. Cost object: Type of car assembled (Corolla or Geo Prism) Cost variability: With respect to changes in the number of cars assembled There may be some debate over classifications of individual items‚ especially with regard to cost variability. |Cost Item |D or I |V or F | |A
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Chapter 15 Entities Overview SOLUTIONS MANUAL Discussion Questions 1. [LO 1] What are the more common legal entities used for operating a business? How are these entities treated similarly and differently for state law purposes? Answer: Corporations‚ limited liability companies (LLCs)‚ general and limited partnerships‚ and sole proprietorships. These entities differ in terms of the formalities that must be observed to create them‚ the legal rights and responsibilities conferred on
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Organizational Behavior – Chapter 17‚ Notes institutionalization A condition that occurs when an organization takes ona life of its own‚ apart from any of its members‚ and acquires immortality. When an organization becomes institutionalized‚ it takes on a life of its own‚ apart from its founders or any of its members. When an organization becomes institutionalized‚ it becomes valued for itself‚ not merely for the goods or services it produces. It acquires immortality. If its original goals
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Chapter 17 Resources from the Sea Multiple Choice Questions 1. Finfish and shellfish provide approximately what percentage of animal protein consumed by humans around the world? A. 0.5% B. 1% C. 10% D. 20% E. 30% 2. Traditional fisheries are those that: A. Catches are routinely recorded B. Catch shellfish‚ not finfish C. Do not use boats D. Use relatively simple gear and methods E. Catches are not sold to the general public 3. When did the world population reach
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1． Does the fact that David Myers’ superior‚ Scott Sullivan‚ asked him to make the false accounting entries in WorldCom’s Accounting records diminish Myers’ responsibility for his improper conduct? Defend your answer. I don’t think David Myers’ responsibility for improper conduct diminishes even he is asked by his superior‚ Scott Sullivan. Scott Sullivan has his own fraud because he agreed and goes along with false accounting entries that eventually become part of an 11 billion fraud. Scott will
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