------------------------------------------------- Subject: Managerial Accounting Case 1 Seligram In the Seligram case‚ the existing cost accounting system measured two components of cost: direct labor and burden. All burden cost‚ which is the overhead‚ was grouped into a single cost pool and was calculated only by using a burden rate per direct labor dollar. This may cause problems since direct labor and overhead are not consumed by the products in the same proportion. Simply using the same burden
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Chapter 01 1. The business entity assumption requires that a business be accounted for separately from other business entities‚ including its owner or owners. 2. The four basic financial statements include the balance sheet‚ income statement‚ statement of retained earnings and statement of cash flows. 3. A balance sheet covers a period of time‚ such as a month or year. 4. The income statement shows the financial position of a business on a specific date.
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E1-1 Urlacher Company performs the following accounting tasks during the year. Communicates__Analyzing and interpreting information. Records__Classifying economic events. Communicates__Explaining uses‚ meaning‚ and limitations of data. Records__Keeping a systematic chronological diary of events. Records__Measuring events in dollars and cents. Communicates__Preparing accounting reports. Communicates__Reporting information in a standard format. Identifies Identifies_Selecting economic activities
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ACCT 2410 QUIZ 1 Chapters 11 - 14 MASTER – V1 & V2 Name: __________________________ Student #:_________________ PLEASE PRINT When you are finished please hand in your quiz at the front and QUIETLY leave the room. Class will resume at 2:00//8:00 at which time we will review the solutions to the quiz and spend the balance of the time on a student directed review session. Materials allowed–normal writing materials and approved non–programmable calculators that do not
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Accounting Equation Paper LaShonda Battiste ACC 300 University of Phoenix Instructor-Chastity D. Gaither The equation of accounting is the basic equation that is associated with double-entry accounting. The accounting equation establishes the formula of representing the relationship that is between assets liabilities‚ and net worth. Furthermore‚ the most common of all the various balance sheet equations‚ would the accounting equation and it is also fundamental to learning how to properly
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International Accounting Case 1-2 1. An individual investor might want to invest in an international growth fund so that they can diversify their assets into mutual funds that invest in the stock of foreign companies instead of companies that are only in one country. 2. Risks common to both domestic and international funds: a. Investment style risk - the chance that returns from non-U.S. growth stocks and small- and mid-cap stocks‚ will trail returns from the overall domestic stock
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How does accounting help in the capital allocation process? If a company’s financial performance is measured accurately‚ fairly‚ and on a timely basis‚ the right managers and companies are able to attract investment capital. To provide unreliable and irrelevant information leads to poor capital allocation which adversely affects the securities market. What is the objective of financial reporting? The objective of general purpose financial reporting is to provide financial information about the
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Chapter 1 Financial Statements and Business Decisions EXERCISES E1–2 Req. 1 READ MORE STORE Balance Sheet As at December 31‚ 2008 |ASSETS | |LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | |Liabilities | | |Cash |$ 48‚900
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Chapter 14 Financial Statement Analysis True / False Questions 1. Vertical analysis compares the results of financial information with a business in the same industry for a number of consecutive periods of time. True False 2. The quick ratio is especially useful in evaluating the liquidity of a company with fast moving inventories. True False 3. Deducting the cost of goods sold from net income gives us operating income. True False 4. The gross profit rate is
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Software Company‚ is responsible for preparing the company’s financial statements. He learns that sales for the first quarter of the year have dropped so dramatically that the company is in danger of bankruptcy. As a result‚ he applies for an accounting position with another software company that competes with MicroTech. During his job interview‚ Tom is asked why he wants to leave MicroTech. He replies truthfully‚ “The company sales are down another 10 percent this quarter. I fear they will
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