Top PDF Test Bank Cost Accounting 6e by Raiborn and Kinney 2 chapter

Test Bank Cost Accounting 6e by Raiborn and Kinney  2 chapter

Test Bank Cost Accounting 6e by Raiborn and Kinney 2 chapter

a. Work in Process Inventory and a credit to Finished Goods Inventory. b. Finished Goods Inventory and a credit to Cost of Goods Sold. c. Cost of Goods Sold and a credit to Finished Goods Inventory. d. Finished Goods Inventory and a credit to Work in Process Inventory.

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Test Bank Cost Accounting 6e by Raiborn and Kinney  16 chapter

Test Bank Cost Accounting 6e by Raiborn and Kinney 16 chapter

Continuous improvement is behavior that encourages employees, either production or service, to perform their tasks better as time passes. Thus, because product or service quality levels improve, continuous improvement is directly related to TQM. Employees are also encouraged to "group think" and brainstorm in quality circles to recognize and correct problems in the business environment.

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Test Bank Cost Accounting 6e by Raiborn and Kinney  15 chapter

Test Bank Cost Accounting 6e by Raiborn and Kinney 15 chapter

Strategic staffing is based on a department's needs related to its long-range objectives and those of the overall company. The department looks at its needs to see how a combination of temporary and permanent personnel fills the bill. By using temporary personnel, flexible staffing is provided that helps insulate the jobs of permanent personnel. Also, when temporary personnel are used by a

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Test Bank Cost Accounting 6e by Raiborn and Kinney  18 chapter

Test Bank Cost Accounting 6e by Raiborn and Kinney 18 chapter

Business process reengineering is a tool to achieve large, quick gains in effectiveness or efficiency through redesigning the execution of specific business functions. It is a method of examining processes to identify and then eliminate, reduce, or replace functions and processes that add little customer value to products or services. BPR is designed to bring radical changes to an organization's operations. BPR is often associated with employee layoffs, outsourcing initiatives, and technology acquisition.

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Solution Manual and Test Bank Advanced Accounting by Guerrero & Peralta 2 CHAPTER 09

Solution Manual and Test Bank Advanced Accounting by Guerrero & Peralta 2 CHAPTER 09

Sales ...... ..... ............................................................................................................. .................... P212,000 Cost of sales ............................................................................................................. .................... 165,000 Gross profit on regular sales ...................................................................................... .................... 47,000 Add Realized gross profit on installment sales (Schedule 1) ..................................... .................... 40,300 Total realized gross profit.......................................................................................... .................... 87,300 Less Loss on repossession ......................................................................................... .................... 400 Total realized gross profit after adjustment for loss on repossession ........................ .................... 86,900 Selling and administrative expenses .......................................................................... .................... 66,000 Net income .. ............................................................................................................. .................... P 20,900
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Test bank Cost Accouting 6e by Rainborn Chapter 19

Test bank Cost Accouting 6e by Rainborn Chapter 19

There are two major problems with accrual-based accounting numbers. The first problem is that they can be easily manipulated by managers. For example, the timing of end of period transactions can be accelerated or delayed to affect performance measures. Secondly, accounting measures cannot capture all corporate goals. Accounting measures are particularly inappropriate to measure qualitative changes in the workforce, qualitative changes in products, and achievement of social and non-monetary

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Solution Manual and Test Bank Advanced Accounting by Guerrero & Peralta 2 CHAPTER 15

Solution Manual and Test Bank Advanced Accounting by Guerrero & Peralta 2 CHAPTER 15

Under the purchase method, the investment cost is equal to the fair value of stock issued by Palo (P250,000) plus direct acquisition cost (P10,000) or a total of P260,000. The P20,000 stock issue cost is treated as a reduction from the additional paid-in capital. The entry to record the acquisition of stock is as follows:

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Test Bank Cost Accounting 14E by Horngren  7 chapter

Test Bank Cost Accounting 14E by Horngren 7 chapter

Direct manufacturing labor's unfavorable efficiency variance may have been caused by: (1) poor working conditions, (2) changes in the production process (learning something new initially takes longer), (3) different types of direct materials to work with, or (4) poor attitudes on behalf of the workers.

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Test Bank Cost Accounting 14E by Horngren  21 chapter

Test Bank Cost Accounting 14E by Horngren 21 chapter

Stage 1 of a capital budgeting project is the identify projects stage in which a firm determines which types of capital investments are necessary to accomplish organization objectives and strategies. Stage 2 is the obtain information stage in which a firm gathers information from all parts of the value chain to analyze alternative projects. Stage 3 is the make predictions stage in which the firm forecasts all potential cash flows attributable to the alternative projects. Stage 4 is the make decisions by choosing among alternatives stage in which the firm determines which investment yields the greatest benefit and the least cost to the organization. Stage 5 is the implement the decision, evaluate performance, and learn stage that is further separated into two sub stages: (1) obtain funding and make the investments selected in the stage 4 process, and (2) track the realized cash flows, compare against the forecast numbers, and revise plans if necessary.
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Test Bank Cost Accounting 14E by Horngren  8 chapter

Test Bank Cost Accounting 14E by Horngren 8 chapter

manufacturing overhead, a spending variance for the fixed overhead component, an efficiency variance for the variable overhead, and a production-volume variance for the fixed overhead. When the firm uses a 3-variance approach, the fixed and variable spending variance is combined into a single variance, while the variable overhead efficiency is still shown separately and the fixed overhead production- volume variance is singled out. In the 2-variance method, the fixed and variable spending variances are combined into one amount along with the variable efficiency, and then the fixed production-volume is shown as a separate variance. The 1-variance method shows the difference between the actual costs incurred and the flexible-budget amount for the output level achieved.
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Solution Manual and Test Bank Advanced Accounting by Guerrero & Peralta 2 CHAPTER 10

Solution Manual and Test Bank Advanced Accounting by Guerrero & Peralta 2 CHAPTER 10

Percentage of completion Zero Profit Total cost incurred 1,006,250 1,006,250 Total gross profit earned 332,500 218,750 Construction in progress 1,338,750 1,225,000 Less: Billings 1,312,500 1,312,500 Due from (to) 26,250 (87,500)

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Test Bank Cost Accounting 14E by Horngren  11 chapter

Test Bank Cost Accounting 14E by Horngren 11 chapter

2) Local Steel Construction Company produces two products, steel and wood beams. Steel beams have a unit contribution margin of $200, and wood beams have a unit contribution margin of $150. The demand for steel beams exceeds Local Steel Construction Company's production capacity, which is limited by available direct labor and machine-hours. The maximum demand for wood beams is 90 per week. Management desires that the product mix should maximize the weekly contribution toward fixed costs and profits.

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Test Bank Cost Accounting 6e by Raiborn and Kinney  6 chapter

Test Bank Cost Accounting 6e by Raiborn and Kinney 6 chapter

The assignment of costs in a process costing system first involves determining total production costs. These costs are then assigned to units completed and transferred out during the period and to the units in Work in Process Inventory at the end of the period. To assign costs, the cost per equivalent unit must be established using either the FIFO or weighted average method. The cost per EUP is then multiplied by the number of equivalent units in the component being costed. Transferred-out costs using the weighted average method are computed as the number of units transferred times the total price per equivalent unit. When using FIFO, transferred-out units are computed as follows: the costs in beginning WIP are added to the current period costs to complete the units which sums to the total cost of beginning WIP; the units started and completed are priced at current period costs; the total of the costs of beginning inventory and units started and completed are then transferred out.
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Test Bank Cost Accounting 6e by Raiborn and Kinney  9 chapter

Test Bank Cost Accounting 6e by Raiborn and Kinney 9 chapter

6. Cost-volume-profit analysis is a technique available to management to understand better the interrelationships of several factors that affect a firm's profit. As with many such techniques, the accountant oversimplifies the real world by making assumptions. Which of the following is not a major assumption underlying CVP analysis?

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Test Bank Cost Accounting 6e by Raiborn and Kinney  14 chapter

Test Bank Cost Accounting 6e by Raiborn and Kinney 14 chapter

6. Riordan Corporation is interested in purchasing a state-of-the-art widget machine for its manufacturing plant. The new machine has been designed to basically eliminate all errors and defects in the widget- making production process. The new machine will cost $150,000, and have a salvage value of $70,000 at the end of its seven-year useful life. Riordan has determined that cash inflows for years 1 through 7 will be as follows: $32,000; $57,000; $15,000; $28,000; $16,000; $10,000, and $15,000, respectively. Maintenance will be required in years 3 and 6 at $10,000 and $7,000 respectively. Riordan uses a discount rate of 11 percent and wants projects to have a payback period of no longer than five years.
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Test Bank Cost Accounting 6e by Raiborn and Kinney  13 chapter

Test Bank Cost Accounting 6e by Raiborn and Kinney 13 chapter

The minimum price that Ball Bearing Division would accept is the one that would leave its profits at the same level as if it only produced "T" bearings. To produce the "S" bearing, Ball Bearing Division must give up production and sale of 1,000 "T" bearings. These 1,000 bearings generate $20,000 of contribution margin: [1,000 × ($50 - $30) ]. The sales price would have to be high enough to recoup both the variable costs of the "S" bearings and the contribution margin that is forfeited on the 1,000 units of "T" bearings: $60 + ($20,000/600) = $93.33
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Solution Manual and Test Bank Advanced Accounting by Guerrero & Peralta 2 CHAPTER 07

Solution Manual and Test Bank Advanced Accounting by Guerrero & Peralta 2 CHAPTER 07

Sale of land and buildings ............................. ...... 180,000 _234,000 Total ..................... ................................................. ................... 242,000 Less: Cash disbursements ...................................... ................... ____ – 0 – Cash balance, March 31, 2008 ............................... ................... P242,000

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Solution Manual and Test Bank Advanced Accounting by Guerrero & Peralta 2 CHAPTER 03

Solution Manual and Test Bank Advanced Accounting by Guerrero & Peralta 2 CHAPTER 03

Santos capital ..................................................... 2,148 Reyes capital ...................................................... 7,304 Diaz capital ........................................................ 4,869 To record implied goodwill. Diaz will be paid P53,562 (110% of the capital balance for his interest. This amount is P4,869 in excess of the capital account. Since Diaz is only entitled to a 34% share of profits and losses, the additional P4,869 must indicate that the partnership as a whole is undervalued by P14,321 (P4,869/34%) which is treated as goodwill.
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Solution Manual and Test Bank Advanced Accounting by Guerrero & Peralta 2 CHAPTER 08

Solution Manual and Test Bank Advanced Accounting by Guerrero & Peralta 2 CHAPTER 08

Since the Company has a reorganization value of P800,000 but only P653,000 can be assigned to specific assets based on market value, the remaining P147,000 is reported as a Reorganizatio[r]

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