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Question
A management concept based on an understanding of the changing wants and needs of customers, and which leads to flexible product designs and production processes, is called:A.Continuous improvement.
B.Customer orientation.
C.Just-in-time.
D.Theory of constraints.
E.Total quality management.
Answer
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Describe the income statement and the relation between revenues, expenses, and net income or loss.
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Match each of the following terms with the most appropriate definition.a. Return on assetsb. Assetsc. Expensesd. Riske. Liabilitiesf. Dividendsg. Accounting equationh. Common stock____ 1. The uncertainty about the return to be earned.____ 2.Resources such as cash that a stockholder puts into the company.____ 3. A financial ratio stated as income divided by assets invested.____ 4. Creditor's claims on a company's assets.____ 5. Decreases in equity from costs of providing products or services to customers.____ 6.Resources such as cash that a stockholder r receives from the company for personal use.____ 7.Resources a company owns or controls that are expected to yield future benefit.____ 8. Expresses the relation of assets, liabilities and equity in a company, comparing the resources the company owns to the sources of funds to acquire the resources.
Q:
Match the following terms with the appropriate definition.a. Financial accountingb. Ethicsc. Recordkeepingd. Internal userse. Accountingf. Certified Public Accountant (CPA)g. Fraud triangleh. Managerial accountingi. External users____ 1. An information and measurement system that identifies, records and communicates relevant reliable and comparable information about an organization's business activities.____ 2. The part of accounting that involves recording transactions and events, either electronically or manually.____ 3. Persons using accounting information who are not directly involved in running the organization.____ 4. Persons using accounting information who are directly involved in managing and operating the organization.____ 5. The area of accounting that serves the decision-making needs of internal users.____ 6.The area of accounting aimed at serving external users by providing them with general-purpose financial statements.____ 7. Accounting specialists that have met educational and experience requirements, passed an examination and exhibit ethical characteristics to achieve a professional certification.____ 8. Beliefs that distinguish right from wrong, considered accepted standards of good and bad behavior.____ 9. A model that asserts the factors that must exist for a person to commit fraud.
Q:
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A.Cash was received from providing services to a customer.
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Q:
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Q:
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A.$88,000.
B.$25,000.
C.$97,000.
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Q:
Rico's Taqueria had cash inflows from operating activities of $27,000; cash outflows from investing activities of $22,000, and cash outflows from financing activities of $12,000. Calculate the net increase or decrease in cash.
A.$61,000 increase.
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Q:
Zippy had cash inflows from operations $60,500; cash outflows from investing activities of $47,000; and cash inflows from financing of $25,000. The net change in cash was:
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C.$132,500 decrease.
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Q:
A company acquires equipment for $75,000 cash. This represents a(n):A.Operating activity.B.Investing activity.C.Financing activity.D.Revenue activity.E.Expense activity.
Q:
The financial statement that shows the beginning balance of retained earnings; the changes in retained earnings that resulted from , net income (or net loss); dividends; and the ending balance, is the:
A.Statement of financial position.
B.Statement of cash flows.
C.Balance sheet.
D.Income statement.
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Q:
On August 31 of the current year, the assets and liabilities of Gladstone, Inc. are as follows: Cash $30,000; Supplies, $600; Equipment, $10,000; Accounts Payable, $8,500. What is the amount of stockholders' equity as of August 31 of the current year?
A.$49,100
B.$32,100
C.$12,100
D.$10,900
E.$30,900
Q:
When expenses exceed revenues, the resulting change in equity is:
A.Net assets.
B.Negative equity.
C.Net loss.
D.Net income.
E.A liability.
Q:
A company is currently operating at 70% capacity producing 8,000 units. Cost information relating to this current production is shown in the following table:
Per Unit
Sales price $15
Direct material $3.20
Direct labor $7.10
Variable overhead $0.05
Fixed overhead $0.60
The company has been approached by a customer with a request for a special order for 1,500 units. The sales price per unit for this special order is $10. Should the company accept the special order?
Q:
What is the general procedure for converting variable costing net income to absorption costing net income?
Q:
What is the formula to compute manufacturing margin?
Q:
Direct labor X X
Q:
Variable manufacturing overhead
Q:
Direct materials
Q:
Match the following
Q:
Given the following data, calculate product cost per unit under variable costing.
Direct labor $8 per unit
Direct materials $3 per unit
Overhead
Total variable overhead $30,000
Total fixed overhead $85,000
Expected units to be produced 50,000 units
A. $7 per unit
B. $13.30 per unit
C. $11.00 per unit
D. $11.60 per unit
E. $16.50 per unit
Q:
Tim's Tools, a manufacturer of cordless drills, began operations this year. During this year, the company produced 20,000 units and sold 18,000 units. At year-end the company reported the following income statement using absorption costing:
Sales (18,000 $30) $540,000
Cost of goods sold (18,000 $14) 252,000
Gross margin $288,000
Selling and administrative expenses 90,000
Net income $198,000
Production costs per unit total $14, which consists of $12.90 in variable production costs and $1.10 in fixed production costs (based on the 20,000 units produced). 60% of total selling and administrative expenses are variable. Compute net income under variable costing.
A. $307,800
B. $198,000
C. $195,800
D. $288,000
E. $220,000
Q:
Decko Industries reported the following monthly data:
Units produced 52,000 units
Sales price $33 per unit
Direct materials $1.50 per unit
Direct labor $2.50 per unit
Variable overhead $3.50 per unit
Fixed overhead $234,000 in total
What is the company's contribution margin for this month if 50,000 units were sold?
A. $1,326,000
B. $1,716,000
C. $1,275,000
D. $1,650,000
E. $1,450,000
Q:
What is the Red and White's contribution margin for this month if 980 units were sold?
A. $38,000
B. $18,620
C. $24,500
D. $50,000
E. $21,560
Q:
Given the Cool Pools Company data, what is net income using absorption costing?
A. $1,649,480
B. $1,648,600
C. $1,627,150
D. $1,709,480
E. $1,708,600
Q:
Given the Scavenger Company data, what is net income using variable costing?
A. $201,250
B. $181,250
C. $150,000
D. $177,600
E. $276,250
Q:
Given the Galaxy, Inc. data, what is net income using absorption costing?
A. $11,275,000
B. $17,400,000
C. $16,360,000
D. $16,800,000
E. $16,220,000