CHAPTER 6 MASTER BUDGET AND RESPONSIBILITY ACCOUNTING 6-16 (15 min.) Sales budget‚ service setting. 1. |McGrath & Sons |2009 Volume |At 2009 |Expected 2010 |Expected 2010 Volume | | | |Selling Prices |Change in Volume | | |Radon Tests |11‚000 |$250 |+5% |11‚550
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10-7. The FASB undertook the codification project in order to: (1) Simplify user access by codifying all authoritative U.S. GAAP in one spot; (2) Ensure that the codified content accurately represents authoritative U.S. GAAP; and (3) Create a codification research system that is up-to-date for the released results of standard-setting activity. 10-19. Tax holidays are discussed in 740-10-S50‚ 740-10-S99‚ 323-740-10-S99 (Intersection Topic) and 740-10-25. 10-20. ASC 740-10-25-5 et seq. requires that
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was the confederate General Stonewall Jackson successful at the first Battle of Bull Run? 8. Identify Union General‚ George McClellan 9. What was the purpose of the Emancipation Proclamation? 10. Describe the Economy of the north during the Civil War. 11. List hardships experienced by soldiers during the Civil War? 12. What is Andersonville? 13. Who did President Lincoln name as commandeer of union troops from 1864 to the end of the war? 14. Why did General William Sherman burn the city of Atlanta in
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E11.3. Reformulation and Analysis of Financial Statements a. Reformulated balance sheet 2009 Operating cash Accounts receivable Inventory PPE Operating assets Operating liabilities: Accounts payable Accrued expenses Net operating assets Net financial obligations: Short-term investments Long-term debt Common shareholders’ equity $1‚200 390 $ 60 940 910 2‚840 4‚750 1‚040 450 2008 50 790 840 2‚710 4‚390 1‚590 3‚160 1‚490 2‚900 $( 550) 1‚840 1‚290 $1‚870 ( 500) 1‚970 1‚470 1‚430 Reformulated
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Chapter 2 1. A conceptual framework is a coherent system of interrelated objectives and fundamentals that can lead to consistent standards and that prescribes the nature‚ function‚ and limits of financial accounting and financial statements. A conceptual framework is necessary in financial accounting for the following reasons: (1) It enables the FASB to issue more useful and consistent standards in the future. (2) New issues will be more quickly solvable by reference to an existing framework
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CHAPTER 9 INVENTORY COSTING AND CAPACITY ANALYSIS 9-1 No. Differences in operating income between variable costing and absorption costing are due to accounting for fixed manufacturing costs. Under variable costing only variable manufacturing costs are included as inventoriable costs. Under absorption costing both variable and fixed manufacturing costs are included as inventoriable costs. Fixed marketing and distribution costs are not accounted for differently under variable costing and absorption
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Chapter 8 Segment and Interim Reporting Chapter Outline I. FASB Accounting Standards Codification Topic 280‚ Segment Reporting (FASB ASC 280)‚ provides current guidance on segment reporting. A. ASC 280 follows a management approach in which segments are based on the way that management disaggregates the enterprise for making operating decisions; these are referred to as operating segments. B. Operating segments are components of an enterprise which meet three criteria. 1. Engage in business
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Textbook case: Managerial Accounting for Managers‚ 2nd edition Noreen‚ Brewer and Garrison (McGraw-Hill/Irwin‚ 2008). Case 4-33 Cost Structure; Target profit and Break-Even Analysis Contribution Income Statement for all three scenarios: 15% commission 20% commission Own sales force Sales $16‚000‚000 $16‚000‚000 $16‚000‚000 Variable manuf. cost $7‚200‚000 $7‚200‚000 $7‚200‚000 Commissions $2‚400‚000 $3‚200‚000 $1‚200‚000 -Tot. variable cost ($9‚600‚000)
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Animal Farm Ch. 11 After a few hours when all of the animals were in a deep sleep‚ Napoleon walked down to the shed with Pilkington to observe Napoleon’s livestock. At this point‚ Napoleon and all of the farmers were very drunk off of Napoleon’s homemade whiskey. Little did they know that Squealer wasn’t drunk at all and had a plan to kill Napoleon for power. Squealer had a big mouth‚ so he had to tell the animals‚ Squealer had persuaded the animals to hate Napoleon‚ and that he himself was going
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References: Needles‚ B. E. (2010). Managerial Accounting. Florida: Cengage Learning. Warren‚ C. S. (2013). Managerial Accounting. Chicago: Cengage Learning.
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