...ACC 557 WK 2 Chapter 1 Quiz - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/ACC-557-WK-2-Chapter-1-Quiz-All-Possible-Questions-ACC5574.htm ACC 557 WK 2 Chapter 1 Quiz - All Possible Questions TRUE-FALSE STATEMENTS 1. Owners of business firms are the only people who need accounting information. 2. Transactions that can be measured in dollars and cents are recorded in the financial information system. 3. The hiring of a new company president is an economic event recorded by the financial information system. 4. Management of a business enterprise is the major external user of information. 5. Accounting communicates financial information about a business enterprise to both internal and external users. 6. Accounting information is used only by external users with a financial interest in a business enterprise. 7. Financial statements are the major means of communicating accounting information to interested parties. 8. Bookkeeping and accounting are one and the same because the bookkeeping function includes the accounting process. 9. The origins of accounting are attributed to Luca Pacioli, a famous mathematician. 10. The study of accounting will be useful only if a student is interested in working for a profit-oriented business firm. 11. Private accountants are accountants who are not employees of business enterprises...
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...CHAPTER 2 Job Order Costing YOUR LEARNING OBJECTIVES After completing this chapter, you should be able to: LO1 LO2 LO3 LO4 LO5 LO6 Describe the key differences between job order costing and process costing. Describe the source documents used to track direct materials and direct labor costs to the job cost sheet. Calculate a predetermined overhead rate and use it to apply manufacturing overhead cost to jobs. Describe how costs flow through the accounting system in job order costing. Calculate and dispose of overapplied or underapplied manufacturing overhead. Calculate the cost of goods manufactured and cost of goods sold. Lecture Presentation–LP2 www.mhhe.com/whitecotton1e 36 FOCUS COMPANY: Toll Brothers Inc. “America’s Luxury Home Builder” www.tollbrothers.com H ave you ever found yourself in the following situation? You go out to a trendy new restaurant with a group of friends. You are on a limited budget, so you order the cheapest dish on the menu and a glass of ice water. Meanwhile, your friends indulge in a full-course meal with drinks, appetizers, entrees, and dessert. When it is time to pay the bill, would you prefer to split the check or get a separate tab for each person at the table? This common scenario illustrates the basic difference between the two costing systems discussed in the next two chapters. Process costing is similar to splitting the check, or spreading the total cost over the number of units produced (or in the case of a restaurant...
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...CHAPTER 2 Job Order Costing YOUR LEARNING OBJECTIVES After completing this chapter, you should be able to: LO1 LO2 LO3 LO4 LO5 LO6 Describe the key differences between job order costing and process costing. Describe the source documents used to track direct materials and direct labor costs to the job cost sheet. Calculate a predetermined overhead rate and use it to apply manufacturing overhead cost to jobs. Describe how costs flow through the accounting system in job order costing. Calculate and dispose of overapplied or underapplied manufacturing overhead. Calculate the cost of goods manufactured and cost of goods sold. Lecture Presentation–LP2 www.mhhe.com/whitecotton1e 36 FOCUS COMPANY: Toll Brothers Inc. “America’s Luxury Home Builder” www.tollbrothers.com H ave you ever found yourself in the following situation? You go out to a trendy new restaurant with a group of friends. You are on a limited budget, so you order the cheapest dish on the menu and a glass of ice water. Meanwhile, your friends indulge in a full-course meal with drinks, appetizers, entrees, and dessert. When it is time to pay the bill, would you prefer to split the check or get a separate tab for each person at the table? This common scenario illustrates the basic difference between the two costing systems discussed in the next two chapters. Process costing is similar to splitting the check, or spreading the total cost over the number of units produced (or in the case of a restaurant...
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...Chapter 1 Introduction Chapter one is composed of three (3) parts: (1) Organizational Background; (2) Organizational Unit Description; (3) Current System Description. Part one, Organizational Background, specifies the history and present structure of the whole organization and its situation. Part two, Organizational Unit Description, describes the structure of the organizational unit and its situation. Part three, Current System Description, narrative flow of the current system and its Data Flow Diagram. Nowadays, computers are very important. People use this modern technology to make their work easier and faster. Persons who are computer-literate enjoy their work because it’s not tiresome and they can finish work in a very short time. The Electronic Records Management System of the Registrar’s Office of West Visayas State University – Janiuay Campus is a records management system that aids the administrative staff conduct their day–to–day business of recording, data organization and account integration. An Electronic Records Management System is a software application for university offices that manages students and faculty data with regards to their records status. It enables students to check their status and get their copy of grades and Transcript of Records easily. The Electronic Records Management System is easy to use. It helps reduce the time spent on administrative tasks and allows the staff to attend to student’s records. It also processes and...
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...Confirming Pages CHAPTER 2 Job Order Costing YOUR LEARNING OBJECTIVES After completing this chapter, you should be able to: LO1 LO2 LO3 LO4 LO5 LO6 Describe the key differences between job order costing and process costing. Describe the source documents used to track direct materials and direct labor costs to the job cost sheet. Calculate a predetermined overhead rate and use it to apply manufacturing overhead cost to jobs. Describe how costs flow through the accounting system in job order costing. Calculate and dispose of overapplied or underapplied manufacturing overhead. Calculate the cost of goods manufactured and cost of goods sold. Lecture Presentation–LP2 www.mhhe.com/whitecotton1e 36 whi10777_ch02_036-087.indd 36 9/17/09 2:29:08 PM Confirming Pages FOCUS COMPANY: Toll Brothers Inc. “America’s Luxury Home Builder” www.tollbrothers.com H ave you ever found yourself in the following situation? You go out to a trendy new restaurant with a group of friends. You are on a limited budget, so you order the cheapest dish on the menu and a glass of ice water. Meanwhile, your friends indulge in a full-course meal with drinks, appetizers, entrees, and dessert. When it is time to pay the bill, would you prefer to split the check or get a separate tab for each person at the table? This common scenario illustrates the basic difference between the two costing systems discussed in the next two chapters. Process costing is similar...
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...CHAPTER 2 THE RECORDING PROCESS ACCT100 Fall 2013 Teresa Chu Chapter 2-1 The Account Record increases and decreases in a specific asset, liability or equity item Debit = “Left” Credit = “Right” Account Name T-Account form Debit / Dr. Credit / Cr. Chapter 2-2 Debits and Credits Double-entry system Dual effect of transaction Each transaction MUST affect 2 or more accounts to keep the basic accounting equation balance DEBIT = CREDIT for each transaction Chapter 2-3 Summary of Debit/Credit Rules Debits > Credits → Debit balance Credits > Debits → Credit balance Normal balance: the side to record increases Chapter 2-4 Steps in the Recording Process 1) Analysis of transaction → Analyze business documents which provide evidence of transactions (e.g. sales invoice, check, bill or cash register tape) 2) Journalizing 3) Posting Chapter 2-5 The Journal Also refer to “General Journal” Book of original entry Contributions: Record transactions in chronological order 1. Show complete effects of a transaction 2. Provide chronological record of transactions Chapter 2-6 Step 2 Journalizing: entering transactions in a journal 3. Help preventing or locating errors because debit and credit amounts can be easily compared Journalizing Oct. 1 Lynn Robbins begins business as a real estate agent with a cash investment of ¥200,000 in exchange for ordinary shares 2 Hires an administrative assistant. 3 Purchases office furniture...
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...CHAPTER 1 DECISION MAKING AND THE ROLE OF ACCOUNTING TEXT REFERENCE: Hoggett, J.R., Edwards, L., & Medlin, J., Accounting in Australia, Fifth Edition, Chapter 1. OBJECTIVES: When you have studied this chapter, you should be able to: 1. understand the nature of decisions and the decision-making process. 2. appreciate the wide range of economic decisions made in the marketplace. 3. explain the nature of accounting and its main functions. 4. identify the potential users of accounting information. 5. use information to make simple economic decisions. 6. understand the role of accounting information in the decision-making process. 7. understand the differences between accounting for management and accounting for external users. 8. understand how the accounting profession is organised in Australia. 9. identify the different areas of the economy in which accountants work. 10. understand the importance of ethics in business and accounting and how to recognise and handle ethical dilemmas as part of the decision-making process. 1 Chapter 1 STUDY TIPS FOR CHAPTER 1 1. This is an important chapter because it lays the foundation for all topics that will follow. 2. Make sure that you understand each new term as it is introduced. 3. Pay particular attention to the significance of accounting information for decisionmaking processes. 4. Identify the types of activities that are carried out...
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...ACCOUNT CLASSIFICATION AND PRESENTATION Account Title Accounts Payable Accounts Receivable Accumulated Depreciation—Buildings Accumulated Depreciation—Equipment Advertising Expense Allowance for Doubtful Accounts Amortization Expense Bad Debt Expense Bonds Payable Buildings Cash Common Stock Copyrights Cost of Goods Sold Debt Investments Depreciation Expense Discount on Bonds Payable Dividend Revenue Dividends Dividends Payable Equipment Freight-Out Gain on Disposal of Plant Assets Goodwill Income Summary Income Tax Expense Income Taxes Payable Insurance Expense Interest Expense Interest Payable Interest Receivable Interest Revenue Inventory Classification A Current Liability Current Asset Plant Asset—Contra Plant Asset—Contra Operating Expense Current Asset—Contra Operating Expense Financial Statement Balance Sheet Balance Sheet Balance Sheet Balance Sheet Income Statement Balance Sheet Income Statement Income Statement Balance Sheet Balance Sheet Normal Balance Credit Debit Credit Credit Debit Credit Debit Debit Credit Debit Debit Credit Debit Debit Debit Debit Debit Credit Debit Credit Debit Debit Credit Debit (1) Debit Credit Debit Debit Credit Debit Credit Debit B Operating Expense Long-Term Liability Plant Asset C Current Asset Stockholders' Equity Intangible Asset Cost of Goods Sold Balance Sheet Balance Sheet Balance Sheet Income Statement Balance Sheet Income Statement Balance Sheet Income Statement Retained Earnings Statement Balance Sheet Balance...
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...February | Topic 1 - Introduction | CMD ***Chapter 28 (not 28.3 or 28.4) | No Workshop | No Assessment | 2 | 7 March | Topic 2 - Regulation | Carlon Chapter 1 | Introduction | Formative - Practice Quiz topic 1and 2 | 3 | 14 March | Topic 3 - Financial Statement Analysis | Carlon Chapter 12 | Regulation | Formative - Practice Quiz Topic 3 | 4 | 21 March | No classes this week | Summative Quiz 1 – topics 1 and 2 Opens 21/3 10am Closes 22/3 10am | Mid-semester Break: 25/3 to 3/4 | 5 | 4 April | Topic 4 - The Recording Process | Carlon Chapter 2 | Financial Statement Analysis | Formative - Practice Quiz Topic 4 | 6 | 11 April | Topic 5 - Accrual Accounting Concepts | Carlon Chapter 3 | The Recording Process | Formative - Practice Quiz Topic 5 | | | | | | Summative Assignment Part A DUE 15/4 4pm through turnitin (15%) | 7 | 18 April | Topic 6 - Inventories | Carlon Chapter 4 and 5 | Accrual Accounting Concepts | Summative Quiz 2 – topics 3 and 4 Opens 18/4 10am Closes 19/7 10am | 8 | 25 April | Topic 7 - Accounting Information Systems | Carlon Chapter 6 | Inventories | Formative - Practice Quiz Topic 6 | 9 | 2 May | Topic 8 - Cash Part 1 | Carlon Chapter 7 (not pages 422 -428) | Accounting Information Systems | Summative Quiz 3 – topics 5 and 6 Opens 2/5 10am Closes 3/5 10am | 10 | 9 May | Topic 9 - Cash Part 2 | Carlon Chapter 7 (pages 422 -428) and Chapter 11 | Cash Part 1 | Formative - Practice...
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...Fifth Edition, Chapter 1. OBJECTIVES: When you have studied this chapter, you should be able to: 1. understand the nature of decisions and the decision-making process. 2. appreciate the wide range of economic decisions made in the marketplace. 3. explain the nature of accounting and its main functions. 4. identify the potential users of accounting information. 5. use information to make simple economic decisions. 6. understand the role of accounting information in the decision-making process. 7. understand the differences between accounting for management and accounting for external users. 8. understand how the accounting profession is organised in Australia. 9. identify the different areas of the economy in which accountants work. 10. understand the importance of ethics in business and accounting and how to recognise and handle ethical dilemmas as part of the decision-making process. 1 Chapter 1 STUDY TIPS FOR CHAPTER 1 1. This is an important chapter because it lays the foundation for all topics that will follow. 2. Make sure that you understand each new term as it is introduced. 3. Pay particular attention to the significance of accounting information for decisionmaking processes. 4. Identify the types of activities that are carried out by a professional accountant working in Australia. CHAPTER REVIEW 1. The nature of decisions and the decision-making process Decisions have...
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...Accounting, 8th Edition Chapter 1 – Decision Making and the Role of Accounting 1. Economic Decisions Many of the decisions that we make involve the use of economic resources for consumption or investment purposes. Other factors that need to be considered when making decisions are: 1. Personal taste. 2. Social factors. 3. Environmental factors. 4. Religious and/or moral factors. 5. Government policy. Steps in the decision making process: 1. Establish goals. 2. Gather available information on alternatives. 3. Determine consequences of alternatives. 4. Choose a course of action. In a complex society decision makers have to rely on data supplied by specialists. The accountant (as a specialist): o Is involved in steps 2 and 3 of the decision making process; o To offer advice regarding step 4; and o To measure the outcomes or consequences of the decision-making process. 2. Accounting Defined “The process of o Identifying - observing economic events and determining which of those events represents economic activities relevant to a particular business; o Measuring; o Recording – classification and summarisation; and o Communicating – preparing and distributing accounting reports economic information to permit informed judgements and economic decisions by users of the information”. 3. Users of Accounting Information The first objective of accounting is to provide information in reports which can be used by internal...
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...computers to automatically catalogue and put in a database for all to see the city has been able to manage their complaints more efficiently and make their citizens much happier. 1. How did the DTIS CRM team change the business process for dealing with abandoned vehicles in San Francisco? How did the old business process work, and what kinds of problems arose? Why was it necessary to change the business process before developing a new CRM system. Since the old system used voicemail, where complaints were given when a person called. and then had an operator that listened to all of the recordings and transferred via handwriting to some other document, the city was needing a more efficient way to achieve this. Their inefficient way had caused so many problems for the city and there was no communication between the different departments/agencies of the city. With the old system it was very easy to overlook or not realize that the same complaint was being made or how long after the complaint was made before the person listening actually got to the recording. The city in hopes of making their system run more smoothly adopted a new process by which people can call in their complaints but they were automatically catalogued into a computer. This process enabled an employee to better organize complaints especially recognizing when there is a repeated complaint. This enabled the city to full-fill their dream of a smoother...
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...F U N A C C O CHAPTER 1 DEFINITION AND NATURE OF ACCOUNTING Accounting – its function is to provide quantitative information, primarily financial in nature, about economic entities that is intended to be useful in making economic decisions. Stakeholders – all parties who have interest in an entity, whether indirect or direct. Stakeholders are grouped into two, namely: * External Users – groups or individuals who are not directly concerned with the day-to-day operations of the entity. * They make decisions that affect their relationship to the entity. * Internal Users – management personnel in all levels within an entity who are responsible for the planning and control of the operations and therefore, they have access to the day-to-day operations of the entity. Some of the users of financial information: * Investors – concerned with the risk inherit in, and return provided by, their investments. - need information to help them determine whether they should make additional, hold or sell their investments. * Lenders – interested in information that enable them to determine whether their loans, and the interest attaching to them, will be paid when due. * Suppliers and other Trade Creditors – interested in information that enable them to determine whether amount owing to them will be paid when due. * Employees – interested in the information about the stability and profitability of their employers...
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...Chapter 1 – Ethics are standards used to judge someone’s actions as right or wrong – Analyzing an ethical dilemma: Recognize the situation, Identify and analyze the elements of the situation, Identify the alternatives and their effects – Internal users: finance, marketing, human resources, production – External users: investors, creditors, labour unions, customers – Information systems do 3 things: identify, record, and communicate economic activities – GAAPs are the common set of standards implemented by the Canadian Institute of Chartered Accountants which guide the methods of accounting – GAAPs are now becoming the IFRS – Cost Principle: assets should be recorded at their original historic cost – Assumptions: create a foundation for the accounting process – Going Concern Assumption: assumes the company will continue to operate in the near future – Monetary Unit Assumption: only transactions that can be expressed through money is included in records – Economic Entity Assumption: the economic activities of an entity must be kept separate from the owner – Proprietorship: business owned by a single person – Partnership: business owned by two or more persons – Corporation: owned through transferable shares – Public corporation: a corporation of which shares can be purchased publically – Private corporation: a corporation of which shares can not be purchased publically – Income trust: special/limited purpose...
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...Accounting, 8th Edition Chapter 1 – Decision Making and the Role of Accounting 1. Economic Decisions Many of the decisions that we make involve the use of economic resources for consumption or investment purposes. Other factors that need to be considered when making decisions are: 1. Personal taste. 2. Social factors. 3. Environmental factors. 4. Religious and/or moral factors. 5. Government policy. Steps in the decision making process: 1. Establish goals. 2. Gather available information on alternatives. 3. Determine consequences of alternatives. 4. Choose a course of action. In a complex society decision makers have to rely on data supplied by specialists. The accountant (as a specialist): o Is involved in steps 2 and 3 of the decision making process; o To offer advice regarding step 4; and o To measure the outcomes or consequences of the decision-making process. 2. Accounting Defined “The process of o Identifying - observing economic events and determining which of those events represents economic activities relevant to a particular business; o Measuring; o Recording – classification and summarisation; and o Communicating – preparing and distributing accounting reports economic information to permit informed judgements and economic decisions by users of the information”. 3. Users of Accounting Information The first objective of accounting is to provide information in reports which can be used by internal...
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