...ACC 560 WK 2 Quiz 1 - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/ACC-560-WK-2-Quiz-1-All-Possible-Questions-017.htm ACC 560 WK 2 Quiz 1 - All Possible Questions TRUE-FALSE STATEMENTS 1. Reports prepared in financial accounting are general-purpose reports, whereas reports prepared in managerial accounting are usually special-purpose reports. 2. Managerial accounting information generally pertains to an entity as a whole and is highly aggregated. 3. Managerial accounting applies to all forms of business organizations. 4. Determining the unit cost of manufacturing a product is an output of financial accounting. 5. Managerial accounting internal reports are prepared more frequently than are classified financial statements. 6. The management function of organizing and directing is mainly concerned with setting goals and objectives for the entity. 7. The Sarbanes-Oxley Act replaces generally accepted accounting principles in a manufacturing company. 8. Controlling is the process of determining whether planned goals are being met. 9. Decision-making is an integral part of the planning, directing, and controlling functions. 10. Direct materials costs and indirect materials costs are manufacturing overhead. 11. Manufacturing costs that cannot be classified as direct materials or direct labor are classified...
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...ACC 560 WK 3 Quiz 2 - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/ACC-560-WK-3-Quiz-2-All-Possible-Questions-18.htm ACC 560 WK 3 Quiz 2 - All Possible Questions TRUE-FALSE STATEMENTS 1. Cost accounting is primarily concerned with accumulating information about product costs. 2. A job order cost system is most appropriate when a large volume of uniform products are produced. 3. A process cost accounting system is appropriate for similar products that are continuously mass produced. 4. The perpetual inventory method cannot be used in a job order cost system. 5. A job order cost system and a process cost system are two alternative methods for valuing inventories. 6. A job order cost system identifies costs with a particular job rather than with a set time period. 7. A company may use either a job order cost system or a process cost system, but not both. 8. Raw Materials Inventory, Factory Labor, and Manufacturing Overhead are all control accounts in the general ledger when a job order cost accounting system is used. 9. Accumulating and assigning manufacturing costs are two important activities in a job order cost system. 10. Recording the acquisition of raw materials is a part of accumulating manufacturing costs. 11. Manufacturing costs are generally incurred in one period and recorded in a subsequent period. 12. The...
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...ACC 560 WK 2 Quiz 1 - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/ACC-560-WK-2-Quiz-1-All-Possible-Questions-017.htm ACC 560 WK 2 Quiz 1 - All Possible Questions TRUE-FALSE STATEMENTS 1. Reports prepared in financial accounting are general-purpose reports, whereas reports prepared in managerial accounting are usually special-purpose reports. 2. Managerial accounting information generally pertains to an entity as a whole and is highly aggregated. 3. Managerial accounting applies to all forms of business organizations. 4. Determining the unit cost of manufacturing a product is an output of financial accounting. 5. Managerial accounting internal reports are prepared more frequently than are classified financial statements. 6. The management function of organizing and directing is mainly concerned with setting goals and objectives for the entity. 7. The Sarbanes-Oxley Act replaces generally accepted accounting principles in a manufacturing company. 8. Controlling is the process of determining whether planned goals are being met. 9. Decision-making is an integral part of the planning, directing, and controlling functions. 10. Direct materials costs and indirect materials costs are manufacturing overhead. 11. Manufacturing costs that cannot be classified as direct materials or direct labor are classified...
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...Kudler Accounting System By Victor Cromartie BSA /310 February 25, 2013 Adaptation to an accounting system within a business or enterprise adds informative value across the company’s infrastructure. The value displayed by the accounting system role plays in effective facets such as faster processing to all accounting functions and foundationally offering over the top results to errors prone from human weaknesses within the data processing schema. System adaption can improve managerial resourcing and monitor processing thus allowing for better control within Kudler entities presently and within the future. Values stream outward as time and responsibilities are placed into organized role task for employees, allowing for improved customer service among consumers and stakeholders. Core features within the accounting system will address priority levels of information, enhancing decision making in all facets of company planning and viable control functions. A point of central consideration should be the inventory focus within Kudler Fine Foods. Inventory remains essential in balancing all spherical points within the Kudler organization. [pic] Characteristics of the System In the opinion of this accounting firm, Kudler Fine Foods needs to purchase software to record, maintain, and report their information. Every organization has several processes with some experiencing more complex than others. If Kudler wants to remain...
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...A Case Method Approach to Teaching Cost-Volume-Profit Analysis Susan Machuga University of Hartford This paper presents a Multi-Disciplinary Case-Method approach to teaching Cost-Volume-Profit (CVP) Analysis allowing students to use their own assumptions to simulate a real-life business startup analysis. The proposed business venture is one of starting a milkshake shack in the island of Hawaii. Students will learn to distinguish between fixed and variable costs, apply some of their own assumptions, and determine whether it would be profitable to open up a new business. INTRODUCTION I present an alternative, more comprehensive teaching approach, for Cost-Volume-Profit (CVP) analysis from the commonly used approach which simply teaches students how to use a series of equations to solve various questions related to CVP analysis, in which unit selling price, total fixed costs, and unit variable costs are assumed to remain constant (Garrison et al. 2010; Choo and Tan, 2010). I use a multi-disciplinary approach in the context of a realistic case-analysis. I believe this approach offers useful insights and provides a useful learning tool for students pursuing an advanced Master’s Degree. The case at hand requires students to: (a) make assumptions about costs in a dynamic and interactive way, and (b) research a variety of marketing issues for the proposed business that simulates a real life business situation. This paper’s approach also helps students see the interrelationships...
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...CHAPTER 1 QUESTIONS 1. The function of cost accounting is to provide the cost accounting information that is the basis for planning and controlling current and future operations. It provides the cost figures and analyses that management needs in order to find the most efficient methods of operating, achieving control of costs, and determining selling prices. 2. Originally issued for companies marketing products in Europe, a set of international standards for quality management, known as the ISO 9000 family, was designed by the International Organization for Standardization. Obtaining ISO 9000 is important because many companies will only contract with ISO 9000 suppliers. 3. Manufacturers convert purchased materials into finished goods by using labor, technology, and facilities. Merchandisers purchase completed products for resale. Service businesses or agencies sell or provide services rather than products. 4. A manufacturer differs from a merchandiser in these ways: a. The merchandiser buys items to sell while the manufacturing business must make the items it markets. b. Usually the manufacturer has a greater investment in physical facilities. c. The manufacturer will incur some costs peculiar to this type of industry, such as machine maintenance, materials handling, and inspection of manufactured goods. The two types of operations are similar in that they are both concerned with purchasing, storing, and selling goods;...
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...ACC 560 WK 3 Quiz 3 - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/ACC-560-WK-3-Quiz-3-All-Possible-Questions-19.htm ACC 560 WK 3 Quiz 3 - All Possible Questions TRUE-FALSE STATEMENTS 1. Process cost accounting focuses on the process involved in mass-producing products that are very similar in nature. 2. Process cost systems are used to apply costs to a specific job, such as the manufacturing of a specialized machine. 3. A company that produces motion pictures would likely use a process cost system. 4. In a process cost system, costs are tracked through a series of connected manufacturing processes or departments, rather than by individual jobs. 5. In a process cost system, total costs are determined at the end of a month or year. 6. Separate work in process accounts are maintained for each production department or manufacturing process in a process cost system. 7. In a process cost system, materials, labor and overhead are only added in the first production department. 8. The assignment of the three manufacturing cost elements to Work in Process in a process cost system is the same as in a job order cost system. 9. Fewer materials requisitions are generally required in a process cost system than in a job order cost system. 10. In a process cost system, labor costs incurred may be captured on time tickets. 11. A primary...
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...Assignment: Cost, Volume, and Profit Formulas ACC220 February 19, 2012 Assignment: Cost, Volume, and Profit Formulas In a business, it is profit that ultimately determines whether a business succeeds or fails a financial year. To aid in forming decisions, managers depend on information presented in Cost-Volume-Profit (CVP) analysis. In a CVP analysis, information is built on the interrelation of five general components. By understanding these components and how they relate to one-another, managers and accountants can also determine the contribution margin ratio. With these factors in hand, managers can predict the contribution ratios necessary to balance expenses and maximize profits. For managers to make successful decisions in business, they need to understand the components, the factors, and how they relate to one-another. Creating a CVP analysis requires knowledge of five general components: The volume of a business’ activities, the selling prices of individual units, the variable and fixed costs of producing each unit, and the net total of multiple types of units sold. The volume of business’ activities generally refers to the total units of any specific merchandise sold, which is multiplied with selling prices. Following the income of sales, the variable costs (costs to produce each unit) is subtracted to determine the contribution margin. Finally, the fixed costs (supporting budget) are subtracted from the contributions margin to determine the net income in a CVP...
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...ACC 560 WK 3 Quiz 3 - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/ACC-560-WK-3-Quiz-3-All-Possible-Questions-19.htm ACC 560 WK 3 Quiz 3 - All Possible Questions TRUE-FALSE STATEMENTS 1. Process cost accounting focuses on the process involved in mass-producing products that are very similar in nature. 2. Process cost systems are used to apply costs to a specific job, such as the manufacturing of a specialized machine. 3. A company that produces motion pictures would likely use a process cost system. 4. In a process cost system, costs are tracked through a series of connected manufacturing processes or departments, rather than by individual jobs. 5. In a process cost system, total costs are determined at the end of a month or year. 6. Separate work in process accounts are maintained for each production department or manufacturing process in a process cost system. 7. In a process cost system, materials, labor and overhead are only added in the first production department. 8. The assignment of the three manufacturing cost elements to Work in Process in a process cost system is the same as in a job order cost system. 9. Fewer materials requisitions are generally required in a process cost system than in a job order cost system. 10. In a process cost system, labor costs incurred may be captured on time tickets. 11. A primary...
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...The Difference Between Managerial Accounting and Financial Accounting ACC 560 Term Paper In this term paper the author will discuss Managerial Accounting and the components of Managerial Accounting. The author will also compare the different components of financial accounting compared to managerial accounting. According to McGraw Hill, Managerial Accounting is concerned with providing information to managers, people inside an organization who direct and control its operations.” (Garrison & Noreen) Financial Accounting according to McGraw Hill “is concerned with providing information to stockholders, creditors and others who are outside an organization.” (Garrison & Noreen) In managerial accounting a wide variety of reports are prepared. Reports in managerial accounting focus on how well managers and businesses have performed. Most of these reports provide timely, frequent updates on information regarding when orders are received, sales, order backlog, and utilization. Also, according to McGraw Hill, “financial accounting is oriented toward providing a limited set of specific annual and quarterly financial statements in accordance to the Generally Accepted Accounting Principles (GAAP).” (Garrison & Noreen) Managerial Accounting does not have too followed the Generally Accepted Accounting Principles (GAAP). For this reason, managers set aside their own rules concerning the content and form of internal reports. The only...
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...ACC 560 WK 6 Quiz 7 - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/ACC-560-WK-6-Quiz-7-All-Possible-Questions-023.htm ACC 560 WK 6 Quiz 7 - All Possible Questions TRUE-FALSE STATEMENTS 1. An important step in management's decision-making process is to determine and evaluate possible courses of action. 2. In making decisions, management ordinarily considers both financial and nonfinancial information. 3. In incremental analysis, total variable costs will always change under alternative courses of action, and total fixed costs will always remain constant. 4. Accountants are mainly involved in developing nonfinancial information for management's consideration in choosing among alternatives. 5. Decision-making involves choosing among alternative courses of action. 6. Financial data are developed for a course of action under an incremental basis and then it is compared to data developed under a differential basis before a decision is made. 7. In incremental analysis, total fixed costs will always remain constant under alternative courses of action. 8. A special one-time order should never be accepted if the unit sales price is less than the unit variable cost. 9. If a company has excess capacity and present markets will not be affected, it would be profitable to accept an order at a special unit price even though the price...
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...ACC 560 WK 6 Quiz 7 - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/ACC-560-WK-6-Quiz-7-All-Possible-Questions-023.htm ACC 560 WK 6 Quiz 7 - All Possible Questions TRUE-FALSE STATEMENTS 1. An important step in management's decision-making process is to determine and evaluate possible courses of action. 2. In making decisions, management ordinarily considers both financial and nonfinancial information. 3. In incremental analysis, total variable costs will always change under alternative courses of action, and total fixed costs will always remain constant. 4. Accountants are mainly involved in developing nonfinancial information for management's consideration in choosing among alternatives. 5. Decision-making involves choosing among alternative courses of action. 6. Financial data are developed for a course of action under an incremental basis and then it is compared to data developed under a differential basis before a decision is made. 7. In incremental analysis, total fixed costs will always remain constant under alternative courses of action. 8. A special one-time order should never be accepted if the unit sales price is less than the unit variable cost. 9. If a company has excess capacity and present markets will not be affected, it would be profitable to accept an order at a special unit price even though the price...
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...Unit 1 Lecture This unit explores the general business environment, in the Prologue, and the reason for the existence of managerial accounting in Chapter 1. Managers are in need of information. Managerial accounting is the vehicle that satisfies that need. Without reasonable, valid, timely information companies will always be at a disadvantage when it comes to competing in the marketplace. Managers use the provided information to carry out three major activities: planning, directing and motivating, and controlling Planning involves the identification of alternative business plans. The plans that are most beneficial to the company should be reviewed and implemented if feasible. The implementation process involves budgets. Budgets are prepared under the direction of a controller, a manager in charge of the accounting department. Typically, budgets are prepared annually. We will learn more about budgets in chapter 7. Besides analyzing business alternatives managers must direct and motivate employees. As we know, unhappy, unguided employees can be detrimental to a business. I have worked for companies where one employee would stifle other employees to the point where he had to be fired. Productivity is paramount to profitability. In addition to managing personnel, managerial must keep the company running in an orderly fashion by analyzing daily sales reports, among other reports, to ensure there are no bottlenecks in production, falling sales within certain product groups...
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...ACC 560 COMPLETE QUIZZES A+ Graded Tutorial Available At: http://hwsoloutions.com/?product=complete-quizzes Visit Our website: http://hwsoloutions.com/ Description: PRODUCT DESCRIPTION ACC 560 COMPLETE QUIZZES, ALL Week Quizes A++ …. CHAPTER 1 MANAGERIAL ACCOUNTING SUMMARY OF QUESTIONS BY LEARNING OBJECTIVES AND BLOOM’S TAXONOMY Item LO BT Item LO BT Item LO BT Item LO BT Item LO BT TRUE-FALSE STATEMENTS 1. 1 C 9. 2 K 17. 4 C 25. 6 C sg 33. 3 C 2. 1 K 10. 3 K 18. 4 K 26. 7 C sg 34. 4 K 3. 1 K 11. 3 K 19. 4 K 27. 7 K sg 35. 5 K 4. 1 K 12. 3 K 20. 4 K 28. 8 K sg 36. 6 K 5. 1 K 13. 3 K 21. 5 K 29. 8 K sg 37. 7 K 6. 2 K 14. 3 C 22. 5 K 30. 8 K 7. 2 C 15. 4 C 23. 5 K sg 31. 1 K 8. 2 K 16. 4 K 24. 6 K sg 32. 2 K MULTIPLE CHOICE QUESTIONS 38. 1 K 61. 2 C 84. 4 AP 107. 6 AP 130. 6 AP 39. 1 C 62. 2 K 85. 4 C 108. 6 AP 131. 6 AP 40. 1 K 63. 2 C 86. 4 C 109. 6 AP 132. 6 AP 41. 1 C 64. 3 C 87. 4 C 110. 5 AP 133. 6 AP 42. 1 K 65. 3 K 88. 4 C 111. 6 AP 134. 7 C 43. 1 C 66. 3 C 89. 4 K 112. 6 AP 135. 7 C 44. 1 K 67. 3 K 90. 4 C 113. 6 AP 136. 8 C 45. 1 C 68. 3 K 91. 4 K 114. 6 AP 137. 8 K 46. 1 C 69. 3 K 92. 5 K 115. 5 AP 138. 8 K 47. 1 K 70. 3 C 93. 5 C 116. 6 AP 139. 8 C 48. 1 K 71. 3 C 94. 5 C 117. 6 AP 140. 8 K 49. 1 K 72. 3 K 95. 5 C 118. 6 AP 141. 8 K 50. 1 K 73. 3 K 96. 5 C 119. 5 AP sg 142. 1 C 51. 1 C 74. 3 C 97. 6 AP 120. 6 AP sg 143. 2 K 52. 1 C 75. 3 K 98. 6 K 121. 6 AP sg 144. 4 K 53. 1 K 76. 3 C 99. 6 C 122. 6 AP sg 145. 4 K 54. 1 K...
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...Unit 1 Lecture This unit explores the general business environment, in the Prologue, and the reason for the existence of managerial accounting in Chapter 1. Managers are in need of information. Managerial accounting is the vehicle that satisfies that need. Without reasonable, valid, timely information companies will always be at a disadvantage when it comes to competing in the marketplace. Managers use the provided information to carry out three major activities: planning, directing and motivating, and controlling Planning involves the identification of alternative business plans. The plans that are most beneficial to the company should be reviewed and implemented if feasible. The implementation process involves budgets. Budgets are prepared under the direction of a controller, a manager in charge of the accounting department. Typically, budgets are prepared annually. We will learn more about budgets in chapter 7. Besides analyzing business alternatives managers must direct and motivate employees. As we know, unhappy, unguided employees can be detrimental to a business. I have worked for companies where one employee would stifle other employees to the point where he had to be fired. Productivity is paramount to profitability. In addition to managing personnel, managerial must keep the company running in an orderly fashion by analyzing daily sales reports, among other reports, to ensure there are no bottlenecks in production, falling sales within certain product...
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