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Accounting Exam 2

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Exam 2
1. Which of the following is NOT a component of the master budget?
c. Budget to Actual Variance Analysis
2.
Figure 4-10

The Manoli Company has collected the following data for use in calculating product costs:

Activity Data: (expected and actual) | rug cleaners | sweepers | total | units produced | 50,000 | 250,000 | 300,000 | prime costs | $200,000 | $750,000 | $950,000 | direct labor hours | 10,000 | 40,000 | 50,000 | machine hours | 20,000 | 10,000 | 30,000 | number of setups | 25 | 75 | 100 | inspection hours | 1,200 | 2,800 | 4,000 | number of moves | 140 | 210 | 350 |

Departmental Data: (expected and actual) | molding | assembly | total | direct labor hours | | | | rug cleaners | 5,000 | 5,000 | 10,000 | sweepers | 5,000 | 35,000 | 40,000 | total | 10,000 | 40,000 | 50,000 | machine hours | | | | rug cleaners | 17,000 | 3,000 | 20,000 | sweepers | 3,000 | 7,000 | 10,000 | total | 20,000 | 10,000 | 30,000 | overhead costs | | | | machining | $120,000 | $ 30,000 | $150,000 | moving materials | 40,000 | 30,000 | 70,000 | setting up | 70,000 | 10,000 | 80,000 | inspecting products | 20,000 | 30,000 | 50,000 | total | 250,000 | $100,000 | $350,000 | | |
Refer to Figure 4-10. What is the unit product cost for rug cleaners using activity based costing? | a. $ 7.26 | | | |
3. Wheeling Company produces and sells bikes. It expects to sell 20,000 bikes in April 2014 and had 1,200 bikes in finished goods inventory at the end of March 2014. Wheeling Company would like to complete operations in April with at least 1,500 completed bikes in inventory. The bikes sell for $100 each.

How many bikes would be produced in April 2014?
c. 20,300 bikes
Shiller Corporation has the following sales forecasts for the selected three-month period in 2014: Month | Sales | July | $24,000 | August | 14,000 | September | 16,000 |

All sales are on account. Seventy percent of sales are collected in the month of the sale, and the remainder are collected in the following month. Accounts receivable balance (July 1, 2014) | $20,000 | Cash balance (July 1, 2014) | 10,000 |

Minimum cash balance is $10,000. Cash can be borrowed in $1,000 increments from the local bank (assume no interest charges).

How much cash would be collected in September from sales?
d. 15,400

4. Shiller Corporation has the following sales forecasts for the selected three-month period in 2014: Month | Sales | July | $24,000 | August | 14,000 | September | 16,000 |

All sales are on account. Seventy percent of sales are collected in the month of the sale, and the remainder are collected in the following month. Accounts receivable balance (July 1, 2014) | $20,000 | Cash balance (July 1, 2014) | 10,000 |

Minimum cash balance is $10,000. Cash can be borrowed in $1,000 increments from the local bank (assume no interest charges).

How much cash would be collected in September from sales?
d. $15,400

5. Which of the following statement is correct regarding a continuous budget? | a. As a month/period expires in the budget, an additional month/period in the future is added so the company always has a 12-month budget on hand. | |

6. If activity-based costing is used, set-ups would be classified as a(n)
d. batch-level activity.
7. The following information pertains to the three divisions of Merrymount Company: | Division X | Division Y | Division Z | Sales | ? | ? | 1,250,000 | Net operating income | $36,000 | $25,000 | $75,000 | Average operating assets | 300,000 | ? | ? | Return on investment | ? | 20% | 15% | Margin | 0.10 | 0.05 | ? | Turnover | 1.5 | ? | ? | Target ROI | 15% | 12% | 10% |

What is the residual income for Division X?
b. $(9,000)
8. A competitive environment means that organizations will be
b. managing cause and effect linkages to customer satisfaction.

9. A manufacturing division of a company would most likely be evaluated as a(n) |
d. cost center

10. The formula for computing Manufacturing Cycle Efficiency (MCE) is
c. Processing Time / (Processing time + Move time + Inspection time + Waiting time + Other non-value-added time)
11. The following condition which demands maximum efficiency and can be achieved only if everything operates perfectly is called:
d. Ideal standards
12.
The Manoli Company has collected the following data for use in calculating product costs:

Activity Data: (expected and actual) | rug cleaners | sweepers | total | units produced | 50,000 | 250,000 | 300,000 | prime costs | $200,000 | $750,000 | $950,000 | direct labor hours | 10,000 | 40,000 | 50,000 | machine hours | 20,000 | 10,000 | 30,000 | number of setups | 25 | 75 | 100 | inspection hours | 1,200 | 2,800 | 4,000 | number of moves | 140 | 210 | 350 |

Departmental Data: (expected and actual) | molding | assembly | total | direct labor hours | | | | rug cleaners | 5,000 | 5,000 | 10,000 | sweepers | 5,000 | 35,000 | 40,000 | total | 10,000 | 40,000 | 50,000 | machine hours | | | | rug cleaners | 17,000 | 3,000 | 20,000 | sweepers | 3,000 | 7,000 | 10,000 | total | 20,000 | 10,000 | 30,000 | overhead costs | | | | machining | $120,000 | $ 30,000 | $150,000 | moving materials | 40,000 | 30,000 | 70,000 | setting up | 70,000 | 10,000 | 80,000 | inspecting products | 20,000 | 30,000 | 50,000 | total | 250,000 | $100,000 | $350,000 | | |
Refer to Figure 4-10. What is the activity rate for moving materials?
c. $200

13. If activity-based costing is used, set-ups would be classified as a(n) | a. batch-level activity. | |

14. A predetermined overhead rate is calculated using which of the following formulas? | a. Budgeted annual overhead / budgeted annual driver level | |

15. In a department that is drilling holes in materials, which activity base is likely to be most appropriate for assigning overhead costs? d. machine hours

16. In the Balanced Scorecard system, core objectives and measures | a. are common across all organizations. | |

17. The balanced scorecard
d. is a strategic-based performance management system that identifies objectives and measures from a financial perspective, customer perspective, process perspective, and learning and growth perspective.
18.
Figure 8-2

Asian Lamp Company manufactures lamps. The estimated number of lamp sales for the last three months of 2014 are as follows: Month | Sales | October | 10,000 | November | 14,000 | December | 13,000 |

Finished goods inventory at the end of September was 3,000 units. Ending finished goods inventory is budgeted to equal 25 percent of the next month's sales. Asian Lamp expects to sell the lamps for $25 each. January 2014 sales is projected at 16,000 lamps. | |
Refer to Figure 8-2. How many lamps should be produced in November?

c. 13,750 lamps
19. Omikron Division had the following information: Asset base in Omikron Division | $400,000 | Net income in Omikron Division | $50,000 | Weighted average cost of capital | 12% | Target ROI | 15% | Margin for Omikron Division | 20% |

What is EVA for Omikron Division?
a. $2,000

20. Responsibility accounting is defined as a system that
c. measures the results of each responsibility center and compares those results with some measure of expected or budgeted outcome.
21. Which of the following factors is NOT an advantage of preparing operating budgets?
d. It saves time and resources.
22. Which of the following changes would increase return on investment (ROI)?
d. Increase sales and expenses by the same percentage.
23. The unit standard cost is a. the product of the standard price times the standard quantity for each unit. | | 24. Omega Division had the following information: Asset base in Omega Division | $500,000 | Net income in Omega Division | $60,000 | Weighted average cost of capital | 12% | Target ROI | 15% | Margin for Omega Division | 20% |

What is the return on investment of Omega Division? | a. 12.0% | |
25. Which of the following equations measures the direct labor rate variance? b. (AR * AH) - (SR * AH)26. In setting price standards, the purchasing manager must considerd. all of these.27. For a labor-intensive manufacturing operation, which of the following would be the most appropriate activity driver?c. direct labor hours28. Mako Division had the following information: Asset base in Mako Division | $400,000 | Net income in Mako Division | $50,000 | Weighted average cost of capital | 12% | Target ROI | 15% | Margin for Mako Division | 20% |

What is the turnover ratio for Mako Division?d. 0.625 29. As a general rule, an investigation of a variance should be undertaken only if thed. anticipated benefits are greater than the expected costs. 30. Montana Company uses a standard costing system. The following information pertains to direct labor costs for the month of February: Standard direct labor rate per hour | $15.00 | Actual direct labor rate per hour | $13.50 | Labor rate variance | $18,000 favorable | Actual output | 1,000 units | Standard hours allowed for actual production | 10,000 hours |

What is the total labor budget variance for Montana Company?b. $12,000 (U)31. Firecracker Company has developed the following standards for one of its products. Direct materials: | 15 pounds * $16 per pound | Direct labor: | 4 hours* $24 per hour | Variable manufacturing overhead: | 4 hours * $14 per hour | | | The following activity occurred during the month of October: | | | | Materials purchased: | 10,000 pounds costing $170,000 | Materials used: | 7,200 pounds | Units produced: | 500 units | Direct labor: | 2,300 hours at $23.60/hour | Actual variable manufacturing overhead: | $30,000 |

The company records materials price variances at the time of purchase.

The direct materials price variance isb. $10,000 unfavorable. 32. Discus Productions needs to know its anticipated cash inflows for the next quarter by month. Cash sales are 10 percent of total sales each month. Historically, sales on account have been collected as follows: 60 percent in the month of sale, 30 percent in the month after the sale, and the remaining 10 percent two months after the sale. Sales for the quarter are projected as follows: April, $120,000; May, $100,000; and June, $80,000. Accounts receivable on March 31 were $60,000. | |
Refer to Figure 8-4. Discus Productions would expect to have an accounts receivable balance on June 30 of |
d. $37,800.33. The quantitative expression of a plan stated in either physical or financial terms or both is called a: | a. Budget | |
34. Mikhail Corporation has the following sales forecasts for the first three months of 2014: Month | Sales | January | $36,000 | February | 24,000 | March | 40,000 |

Sixty-five percent of sales are collected in the month of the sale and the remainder are collected in the following month. Mikhail will borrow from its bank to maintain its minimum cash balance. Accounts receivable balance (January 1, 2014) | $16,000 | Cash balance (January 1, 2014) | 12,000 | Minimum cash balance needed | 20,000 |

What is the cash balance at the end of January, assuming that cash is received only from customers and that $48,000 is paid out during January?c. $23,40035. | Figure 8-2

Asian Lamp Company manufactures lamps. The estimated number of lamp sales for the last three months of 2014 are as follows: Month | Sales | October | 10,000 | November | 14,000 | December | 13,000 |

Finished goods inventory at the end of September was 3,000 units. Ending finished goods inventory is budgeted to equal 25 percent of the next month's sales. Asian Lamp expects to sell the lamps for $25 each. January 2014 sales is projected at 16,000 lamps. | |
Refer to Figure 8-2. What is the expected sales revenue for December?b. $325,000 | | |

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...com/downloads/acc-202-week-5-assignment-final-paper/ For More Courses and Exams use this form ( http://hwguiders.com/contact-us/ ) Feel Free to Search your Class through Our Product Categories or From Our Search Bar (http://hwguiders.com/ ) Expand your analysis of a topic covered in chapters 10-16 into a 1 to 2 page APA style paper. Include your assessment of the topics’ application in managerial accounting. Include examples ACC 202 Week 5 Assignment Final Paper Get Tutorial by Clicking on the link below or Copy Paste Link in Your Browser https://hwguiders.com/downloads/acc-202-week-5-assignment-final-paper/ For More Courses and Exams use this form ( http://hwguiders.com/contact-us/ ) Feel Free to Search your Class through Our Product Categories or From Our Search Bar (http://hwguiders.com/ ) Expand your analysis of a topic covered in chapters 10-16 into a 1 to 2 page APA style paper. Include your assessment of the topics’ application in managerial accounting. Include examples ACC 202 Week 5 Assignment Final Paper Get Tutorial by Clicking on the link below or Copy Paste Link in Your Browser https://hwguiders.com/downloads/acc-202-week-5-assignment-final-paper/ For More Courses and Exams use this form ( http://hwguiders.com/contact-us/ ) Feel Free to Search your Class through Our Product Categories or From Our Search Bar (http://hwguiders.com/ ) Expand your analysis of a topic covered in chapters 10-16 into a 1 to 2 page APA style paper. Include your assessment...

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...Tavonna Triplett Career Paper Accounting The different types of accounting careers are Public, Government, National, Management, Financial, Tax, and. Fiduciary Accounting. Public accounting is the most varied type and includes bookkeeping, account management and financial analysis for individuals, private businesses, public firms, government or NGOs, which are either based nationally are internationally. A public accounting business can have one or more accountants and both certified and non-certified accountants can provide public accounting services to their clients. Government Accounting specific to government agencies and ensures all revenues and expenditure are in accordance to law. The conventional accounting methods of double entry system in ledgers and journals are used here. Government accounting is differentiated from other types of accounting in respect of providing service that is not profit based but service based. Government accountants are employed by the federal government, either as a part of the IRS or any other budget or asset management division. National Income Accounting is mainly for the government and is responsible for providing the general public the data with reference to the gross national product about all market-related information, such as the value of the country's goods and services provided and its purchasing power. National income accounting gives an idea about the state of economy of a country and how and where money is being generated...

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