Premium Essay

Account Chapter 2

In: Business and Management

Submitted By gigadeath
Words 7365
Pages 30
CHAPTER 17 (FIN MAN); CHAPTER 2 (MAN) JOB ORDER COSTING
EYE OPENERS
1. Product cost information is used by managers to (1) establish product prices, (2) control operations, and (3) develop financial statements. 2. a. Job order cost system and process cost system. b. The job order cost system provides a separate record of each quantity of product that passes through the factory. c. Process cost systems accumulate costs for each department or process within a factory. 3. Job order costing is used by firms that sell custom goods and services to customers. The job order system is frequently associated with firms that will produce a product or service specifically to a customer order. 4. No. A job order cost system is not appropriate because workers could not physically differentiate between the products being worked on in different orders. 5. Work in Process 6. Materials should not be issued by the storekeeper without a properly authorized materials requisition. Both the storekeeper and the recipient of the materials should initial the materials requisition when the materials are issued to indicate release of the proper amount of materials from the storeroom. 7. a. Purchase invoice or receiving report b. Materials requisition 8. A job cost sheet is the subsidiary ledger to the work in process control account. The cost of materials, labor, and overhead are listed on the job cost sheet for each job. A summary of all the job cost sheets during an accounting period is the basis for journal entries to the control accounts. 9. a. The clock card is a means of recording the hours spent by employees in the factory. The time ticket is a means of recording the time the employee spends on a specific job or, in cases of indirect labor (factory overhead), the department in which the time was spent. b. The total time reported on an employee’s time tickets for a payroll period is...

Similar Documents

Premium Essay

To What Extent Do the Different Theories of Development Discussed in Book 1, Chapter 2 Take Account of the Role of Social Experiences in Child Development? Use Examples in Your Essay to Illustrate Different Aspects of Child Development.

...In this essay, I will be exploring the role of social experiences in child development. It is important to consider and define what social experience is when taking it into account in the terms of social development. For the purpose of exploring the ideas in Book 1, Chapter 2; social experiences is physical and mental interaction between other children and adults either directly or through observation by watching social interaction and feeling socially involved. So, with that in mind, for a child’s environment to not contain some sort of social experience, they would have to be socially isolated by either being alone or by ignoring their surroundings. Throughout this essay I will be assessing the role of social experience in each theory and evaluating the extent it has played in a child’s development. ‘Behavourism’ is a conditioning theory, which involves consequences for behaviour. Depending on the desired behaviour, the child is either rewarded or punished for how they behave according to the particular behaviour. The ‘Constructivism’ theory is a school of though that children build their own learning depending and through their own experiences and activities. In the ‘constructivism’ theory, children follow a set of stages in development. The ‘Social Learning Theory’ teaches that children learn by example, by observing others they understand and learn how to behave. The last theory I will be exploring is ‘Social Constructivism’ theory believes that children build their......

Words: 1873 - Pages: 8

Free Essay

Halo~

...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......

Words: 963 - Pages: 4

Premium Essay

Busn-380-11616 Personal Financial Planning Quiz 2

...1. Question : (TCO 2) This type of tax is assessed on specific goods and services at the time of purchase. Student Answer: Estate Inheritance CORRECT Excise General sales Value added Instructor Explanation: Chapter 4, page 106 Points Received: 1 of 1 Comments: Question 2. Question : (TCO 2) A $3,000 deposit to a tax-deferred retirement account for a person in a 25% tax bracket would result in a reduced tax bill of Student Answer: $3,000. $2,250. $1,500. CORRECT $750. $300. Instructor Explanation: Chapter 4, pages 109, 112–113 Points Received: 1 of 1 Comments: Question 3. Question : (TCO 2) A person has $3,000 in medical expenses and an adjusted gross income of $34,000. If taxpayers are allowed to deduct the amount of medical expenses that exceed 7.5% of adjusted gross income, what would be the amount of the deduction in this situation? Student Answer: $225 CORRECT $450 INCORRECT $2,550 $3,000 $34,000 Instructor Explanation: Chapter 4, page 109 Points Received: 0 of 1 Comments: $450 Chapter 4, page 109 Question 4. Question : (TCO 2) You have invested in the stock market and receive dividends. The dividend income must be reported as _____ income. Student Answer: passive earned CORRECT investment capital gain excluded Instructor Explanation: Chapter 4, page 108 Points Received: 1 of 1 Comments: Question......

Words: 1110 - Pages: 5

Premium Essay

Mgec61 Note - Chapter 13

...of the course 1) Introduction – chapter 13 2) Interest rate parity (how exchange rate is determined by the flows of capital) and exchange rate overshooting – chapters 14 & 15 3) Purchasing power parity and the exchange rate in the long run (how exchange rate is determined by the flows of goods and the determinants of exchange rate in the long run) – chapter 16 4) The DD-AA model (the model that explains how exchange rate and output are determined in general equilibrium setting) – chapters 17 &18  Flexible exchange rate – chapter 17  Fixed exchange rate – chapter 18 5) International macroeconomic policy – chapters 19 & 21  Arguments for and against flexible exchange rates – chapter 19  Interdependence of macroeconomic policies – chapter 19  Arguments for and against common currency – chapter 21 MGEC61 – Chapter 13 © Iris Au 1 Chapter 13: National Income Accounting and the Balance of Payments The National Income Identity for an Open Economy  The national income identity for an open economy is: Output (Y) = C + I + G + (EX – IM)  A country’s current account (CA) balance shows the difference between exports of goods and services and imports of goods and services (including net income on foreign investments), plus net unilateral transfer. CA = EX – IM + Net unilateral transfer Foreign aid received – Foreign aid gave out  If net unilateral transfer = zero, CA = EX – IM, then: Y = C + I + G + CA Saving and the Current Account  National saving (S): the......

Words: 1017 - Pages: 5

Free Essay

Acc 557 Tutor Pride in Excellence/Acc557Tutordotcom

...ACC 557 Week 3 Assignment 1 Review of Accounting Ethics (2 Paper) ACC 557 Week 6 Assignment 2 You Are an Entrepreneur! (2 Paper) ACC 557 Week 10 Assignment 3 You Are an Investment Analyst (2 Papers) ACC 557 Week 1, Chapter 1 (E1-4, E1-7, E1-11, P1-2A) ACC 557 Week 2 Chapter 2 (E2-6, E2-9, E2-11, P2-2A) ACC 557 Week 2 Chapter 3 (E3-6, E3-7, E3-11, P3-2A) ACC 557 Week 3 Chapter 4 (E4-1,E4-5, E4-7, E4-13, P4-4A) ACC 557 Week 4 Chapter 6 (E6-1,E6-10,E6-14,P6-3A) ACC 557 Week 5 Chapter 7 (E7-5 E7-7 E7-14 P7-3A) ------------------------------------------------------------------------------- ACC 557 Midterm Part 1 FOR MORE CLASSES VISIT www.acc557tutor.com ACC 557 Midterm Part 1 Question 1 What is the order in which assets are generally listed on a classified balance sheet? Question 2 The information for preparing a trial balance on a worksheet is obtained from Question 3 The most efficient way to accomplish closing entries is to Question 4 All of the following are property, plant, and equipment except ------------------------------------------------------------------------------- ACC 557 Week 1, Chapter 1 (E1-4, E1-7, E1-11, P1-2A) FOR MORE CLASSES VISIT www.acc557tutor.com ACC 557 Week 1, Chapter 1 (E1-4, E1-7, E1-11, P1-2A) E1-4 : The following......

Words: 1027 - Pages: 5

Free Essay

Syllabus for Chem

...Hours: 4 Contact Hours: 5 Lab Hours: 2 Prerequisite(s): Math 1710 or equivalent. Required Text(s): 1. Chemistry: The Central Science, 12th edition, Brown, et. al., Prentice Hall, ISBN #978-0-321-78756-9 2. General Chemistry Lab Manual, Cengage Learning ISBN # 9781285127712 3. Register for Sapling Learning homework system ($29.99) See bottom of last page of syllabus for more information!!! Required Supplies/Material(s): Chemical Splash Proof Safety Goggles Recommended Supplementary Material(s): 1. Study Guide and Solutions Manual for Chemistry: The Central Science, 12th edition, Brown, et. al., 2. Scientific calculator Disabilities: A student with a disability who requires academic accommodations MUST contact Sonja Hood, director of disability services, to request an academic accommodation plan. Contact information: Simon Hall 129, (931) 393-1765, shood@mscc.edu Evaluation Plan (subject to revision): |Task |Weight | |Exam 1 (Chapters 10-12) |10% | |Exam 2 (Chapters 13-16) |10% | |Exam 3 (Chapters 17,19-21) |10% | |Final exam (Chapters 1-10) |25%......

Words: 1068 - Pages: 5

Premium Essay

Accounting

...presented in Chapter 1 through Chapter 13. Each question is worth 2.5 points. This study guide indicates the items you should review before taking the exam. GOOD LUCK! CHAPTER 1 1. Know the 3 forms of business entities 2. Know the definitions of revenues and expenses 3. Know the difference between internal and external users 4. FASB – responsible for GAAP (accounting principles) 5. Accounting Equation 6. Know the 3 activities that business engage in and give examples of each activity. (These 4 questions also relate to Chapter 12, The Statement of Cash Flows) 7. The International Accounting Standards Board is responsible for developing a single set of worldwide accountings standards (IFRS). 8. These standards will help companies to reduce accounting costs, make it easier to acquire foreign companies, and facilitate comparisons between foreign companies. 9. Know the primary objective of financial reporting 10. What makes information relevant? 11. Financial information should be understandable to whom 12. Balance Sheet – lists assets, liabilities and owners’ equity 13. Income Statement – revenues minus expenses equal net income 14. Net Income = Revenues - Expenses 15. Assets are recorded at historical/original cost because it is objective and verifiable CHAPTER 2 1. Review various source documents. Source documents indicate a transaction has occurred. Ex: Invoice, check, time card, shipping/receiving documents. 2. How do......

Words: 1038 - Pages: 5

Premium Essay

Acc 400- Week 2: E-Text Individual Assignments

...Week 2: E-text Individual Assignments ACC/400 Week 2: E-text Individual Assignments Financial Accounting: Tools for Business Decision Making, 4th edition Chapter 8: Question 3 3. What are the essential features of the allowance method of accounting for bad debts? According to Kimmel, Weygandt, & Kieso (2007), the allowance method of accounting has three essential features: 1. Estimated uncollectible accounts receivable are matched against revenues within the same accounting period in which they are recorded. 2. Estimated uncollectibles are debited to Bad Debts Expense and credited to Allowance for Doubtful Accounts via an adjusting entry at the end of each period. 3. Actual uncollectibles are debited to Allowance for Doubtful Accounts and credited to Accounts Receivable at the time the specific account is written off as uncollectible. Chapter 8: Question 4 4. Lauren Anderson cannot understand why the cash realizable value does not decrease when an uncollectible account is written off under the allowance method. Clarify this point for Lauren. Cash realizable value does not change/decrease because the decrease in cash realizable value is when estimated uncollectibles are recognized/accounted for in an adjusting entry. Write-off of uncollectible accounts reduces accounts receivable and allowance for doubtful accounts by an equal amount. Chapter 8: Exercise E8-5 a) Determine the total estimated uncollectibles. |Age of Accounts ...

Words: 567 - Pages: 3

Premium Essay

Bus1050 Outline

...B. Keeping of accounts – knowing where one stands financially II. Accounting Intro PPT (Canvas) and transparencies (study these on your own) III. Intro to Accounting Lecture A. Definition of accounting B. Accounting Equation Assets = Liabilities + Owners Equity dr↑ cr↓ dr↓ cr↑ dr↓ cr↑ C Asset accounts 1. Current: those expected to be realized/used within 12 months Example: cash, inventory, accounts receivable 2. Long Term: Those assets with long lives Example: buildings, land, patents D Liability accounts: debts 1. Short term: those paid in less than 12 months, e.g. accounts payable 2. Long term: those paid in longer than 12 months, e.g. home mortgage E. Double entry 1. For each transaction, must be two entries – a debit and a credit 2. Debits must equal credits F. T accounts: debits (dr) on the left; credits (cr) on the right IV. Accounting review A Definition B Financial Statements 1 Balance Sheet (BS) (accounting equation) 2 Income (Profit and Loss) Statement (IS) 3 Cash Flow Statement 4 Footnotes 5 Retained earnings (RE) links BS and IS C Accounting cycle V. Pacioli reading A. Father of accounting B. Chapter 1 1. Three things to run a business a. Cash b. A good bookkeeper and ready mathematician c. Transactions arranged in a systematic way 2. The Venetian......

Words: 992 - Pages: 4

Premium Essay

Acct504

...Owner maintains control Instructor Explanation: Chapter 1 Points Received: 5 of 5 Comments: Question 2. Question : (TCO A) Preferred stock _____. Student Answer: provides voting rights is an asset account is very common CORRECT provides preferred shareholders with a priority claim on assets versus common stockholders Instructor Explanation: Chapter 10 Points Received: 5 of 5 Comments: Question 3. Question : (TCOs A, B) Below is a partial list of account balances for LBJ Company: Cash $15,000 Prepaid insurance 1,000 Accounts receivable 3,500 Accounts payable 3,000 Notes payable 6,000 Common stock 100,000 Dividends 1,500 Revenues 75,000 Expenses 45,500 What did LBJ Company show as total credits? Student Answer: INCORRECT $185,500 $250,500 $66,000 CORRECT $184,000 Instructor Explanation: Chapter 2 and Chapter 3 Points Received: 0 of 5 Comments: Question 4. Question : (TCOs B, E) Which of the following statements is correct with regard to cash-basis accounting? Student Answer: Cash-basis accounting is required by GAAP. CORRECT Cash-basis accounting does not record any expenses until they are paid. Cash-basis is never allowed by the IRS. Cash-basis accounting records revenue when the product is shipped. Instructor Explanation: Chapter 3 Points Received: 5 of 5 ......

Words: 1423 - Pages: 6

Premium Essay

Acct 504 Mid Term

...Instructor Explanation: Chapter 1 Points Received: 3 of 3 Comments: Question 2. Question : (TCO C) Collecting cash from customers would be an example of which type of activity? Student Answer: *Operating Investing Financing Non-cash financing activity Instructor Explanation: Chapter 1 Question 3. Question : (TCO A) Assets include Student Answer: loans obtained by the company. stockholders’ investment in the business. dividends paid to shareholders. *supplies and prepaid expenses. Instructor Explanation: Chapter 1 Points Received: 3 of 3 Comments: Question 4. Question : (TCO A) Which of the following should not be classified as a current liability? Student Answer: Accounts Payable * A note payable due in 15 months Income Tax Payable Unearned Revenue Instructor Explanation: Chapter 3 Points Received: 3 of 3 Comments: Question 5. Question : (TCO B) For 2012, LBJ Corporation reported net income of $40,000; net sales $1,400,000; and weighted average shares outstanding of 10,000. There were no preferred stock dividends. What was the 2012 earnings per share? Student Answer: *$4.00 $2.00 $14.00 $140.00 Instructor Explanation: ($40,000 minus 0) divided by 10,000 shares = $4.00, Chapter 11 Points Received: 3 of 3 Comments: Question 6. Question : (TCO D) Which of the following describes the normal balance and classification of the Unearned Revenue account? Student...

Words: 1077 - Pages: 5

Premium Essay

Enterpreneurship Development in a Depress Economy

...Acknowledgment Table of contents CHAPTER ONE 0. INTRODUCTION OF “THE NEED FOR THE DEVELOPMENT OF ENTREPRENEURSHIP IN A DEPRESSED ECONOMY” 1. Background of the study 2. History background of the case study 3. Statement of the problem 4. Objective of the study 5. Significance of the study 6. Formulation of hypothesis 7. The scope of the study 8. Limitations of the study 9. Definition of terms CHAPTER TWO 1. Meaning and history of entrepreneurship development in Nigeria 2. History of entrepreneurship development in Nigeria 3. Meaning and functions of an entrepreneur 4. Functions of an entrepreneur 5. Activities of the Nigeria Association of Small-scale Industrialists (NASSI) in the development of entrepreneurship 6. Problem of NASSI in the discharge of entrepreneurship development in Enugu 7. Comments 8. Reference CHAPTER THREE 0. DATA COLLECTION AND ANALYSIS OF “THE NEED FOR THE DEVELOPMENT OF ENTREPRENEURSHIP IN A DEPRESSED ECONOMY” 1. Method of data collection 2. Population of the study 3. Sample and sample techniques 4. Research instruments 5. Method of data analysis CHAPTER FOUR 0. DATA PRESENTATION AND ANALYSIS OF “THE NEED FOR THE DEVELOPMENT OF ENTREPRENEURSHIP IN A DEPRESSED ECONOMY” 1. Test of hypothesis CHAPTER FIVE 0. DISCUSSION OF FINDINGS AND RECOMMENDATION OF “THE NEED FOR THE DEVELOPMENT OF ENTREPRENEURSHIP IN A DEPRESSED ECONOMY” 1. Discussion of findings 2.......

Words: 1089 - Pages: 5

Premium Essay

Capital Budgeting

...CAPITAL BUDGETING IN THE PRIVATE SECTOR TABLE OF CONTENT Title page Approval page Dedication Acknowledgement Abstract Table of content CHAPTER ONE 1. INTRODUCTIONS OF “CAPITAL BUDGETING IN THE PRIVATE SECTOR” 1.1 Statement of the problem 1.2 Objective of study 1.3 Significance of study 1.4 Statement of the hypothesis 1.5 Scope of the study 1.6 Definitions of terms CHAPTER TWO 2. REVIEW OF THE RELATED LITERATURE OF “CAPITAL BUDGETING IN THE PRIVATE SECTOR” 2.1 Meaning of capital budgeting decision 2.2 Importance of capital budgeting decision 2.3 Types of capital budgeting decision 2.4 Problems 2.5 Analysis of capital project 2.6 Deterring the cash flow 2.7 Techniques used in capital budgeting decision 2.7.1 Payback method 2.7.2 Net present value 2.7.3 Internal rate of return 2.7.4 Accounting rate of return 8. Ranking of investment proposal CHAPTER THREE 3. RESEARCH DESIGN AND METHODOLOGY OF “CAPITAL BUDGETING IN THE PRIVATE SECTOR” 3.1 Source of data 3.2 Primary 3.3 Secondary data 3.4 Sample used 3.5 Method of investigation CHAPTER FOUR 4. DATA ANALYSIS AND INTERPRETATION OF “CAPITAL BUDGETING IN THE PRIVATE SECTOR” 4.1 Data presentation and analysis 4.3 Test of hypothesis CHAPTER FIVE 5. SUMMARY, CONCLUSION AND RECOMMENDATION OF “CAPITAL BUDGETING IN THE PRIVATE SECTOR” 5.1 Summary of the findings 5.2 Conclusion 5.3 Recommendation Bibliography Appendix Questionnaire *** Read the following......

Words: 1054 - Pages: 5

Premium Essay

Quiz

...Instructions: 1. The following pages have answer areas for the chapter quizzes and selected matching exercises from the chapters for this workshop. 2. You will need to use your textbook to find the actual quiz and matching exercises. 3. Note that the answer to the quizzes are shown at the end of the chapter under “AIS Action Solutions”. Check your answers for the chapter quizzes before you upload the completed document. 4. Your instructor will evaluate your submitted work and determine the points you will earn for this activity. Chapter 1 quiz Question No. | Answer | 1. | B | 2. | C | 3. | C | 4. | B | 5. | A | 6. | B | 7. | C | 8. | B | 9. | A | 10. | B | Problem 1.4 Match the description in the right column with the information characteristic in the left column. Two of the questions, Numbers 2 and 4 have two acceptable answers. _F__ 1. Relevant | a. The report was carefully designed so that the data contained on the report became information to the reader | _E__ 2. Reliable | b. The manager was working one weekend and needed to find some information about production requests for a certain customer. He was able to find the report on the company’s network. | _D___ 3. Complete | c. The data on a report was checked by two clerks working independently | _G___ 4. Timely | d. An accounts receivable aging report that included all customer accounts | _A___ 5. Understandable | e. A report checked by 3......

Words: 619 - Pages: 3

Premium Essay

Midterm 08/2012

...creditors are considered external users. Regulatory authorities such as the SEC are considered internal users. Taxing authorities are considered external users. Instructor Explanation: Chapter 1 page 7 Points Received: 3 of 3 Comments: 2. Question : (TCO C) Issuing shares of stock in exchange for cash is an example of a(n): Student Answer: delivering activity. investing activity. financing activity. operating activity. Instructor Explanation: Chapter 1 page 9 Points Received: 2 of 3 Comments: Issuing stocks is considered financing since it generates cash for the business operations. 3. Question : (TCO C) Buying and selling products are examples of: Student Answer: operating activities. investing activities. financing activities. delivering activities. Instructor Explanation: Chapter 1 page 10 Points Received: 3 of 3 Comments: 4. Question : (TCO A) The best definition of assets is, the Student Answer: cash owned by the company. collections of resources belonging to the company and the claims on these resources. Owners' investment in the business. resources belonging to a company that offer future benefits to the company. Instructor Explanation: Chapter 1 page 9 Points Received: 3 of 3 Comments: D is a better definition, but you could also make an argument for B being correct. 5. Question : (TCO C) Finley Company recorded the following......

Words: 878 - Pages: 4