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

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.
Baca lebih lanjut

68 Baca lebih lajut

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

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

1. The advancement of technology has made possible electronic remittance of accounts payable and the use of robotic equipment to move and assemble components in a manufacturing facility. Advancements in technology have improved efficiencies throughout the supply chain.

13 Baca lebih lajut

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

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

Discretionary costs are difficult to control because it is difficult to identify the exact benefits of discretionary activities and the relationship of these activities to the organization's output and goals. Thus, it is difficult to decide at what level a discretionary activity should be funded or if it should be funded at all based on the lack of a definite causal relationship between the discretionary activity and the firm's output and goals.

21 Baca lebih lajut

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

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

Prevention costs are incurred to prevent product or service defects and decrease the number of nonconforming units produced. These costs include items such as quality training programs, quality reporting, quality audits, and quality circles. Raw material vendors are selected with the understanding that all delivered materials meet acceptable quality limits.

22 Baca lebih lajut

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

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

Acadian Savings and Loan has three departments that generate revenue: loans, checking accounts, and savings accounts. Acadian Savings and Loan has two service departments: Administration/Personnel and Maintenance. The service departments provide service in the order of their listing. The following information is available for direct costs. Administration/ Personnel costs are best allocated based on number of employees while Maintenance costs are best allocated based on square footage occupied.

44 Baca lebih lajut

Test Bank Advanced Accounting 3E by Jeter  04 chapter

Test Bank Advanced Accounting 3E by Jeter 04 chapter

4. When the parent company uses the cost method, dividends received are recorded as dividend income. When the parent company uses the partial equity method, the parent company recognizes equity income on its books equal to its ownership percentage times the investee company‟s reported net income. When the parent company uses the complete equity method, the parent recognizes income similar to the partial equity method, but adjusts the equity income for additional charges or credits when the purchase price differs from the fair value of the investee company‟s net assets, and for intercompany profits (addressed in chapters 6 and 7).
Baca lebih lanjut

21 Baca lebih lajut

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

42 Baca lebih lajut

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

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

33. Refer to Value Pro. In the upcoming year, Value Pro estimates that it will produce and sell 4,000 units. The variable costs per unit and the total fixed costs are expected to be the same as in the current year. However, it anticipates a sales price of $16 per unit. What is Value Pro's projected margin of safety for the coming year?

29 Baca lebih lajut

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

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

The relevant range is that range of activity over which a variable cost remains constant on a per-unit basis and a fixed cost remains constant in total. Managers can review the various ranges of activity and the related effects on variable cost (per-unit) and fixed cost (in total) to determine how a change in the range will affect costs and, thus, the firm's profitability.

29 Baca lebih lajut

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

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

The predicted useful life of the equipment is 10 years, with zero scrap value. The equipment will easily serve the same volume that the lunch counter handled. A catering company will completely service and supply the machines. Prices and variety of food and drink will be the same as those that prevailed at the lunch counter. The catering company will pay 5 percent of gross receipts to the Reed Company and will bear all costs of food, repairs, and so forth. The part-time employee will be discharged. Thus, Reed Company’s only cost will be the initial outlay for the machines.
Baca lebih lanjut

43 Baca lebih lajut

Test bank Advanced Accounting 10e by Beams Chapter 04

Test bank Advanced Accounting 10e by Beams Chapter 04

Parrot Corporation acquired 80% of Hollow Co. on January 1, 2005 for $24,000 cash when Hollow’s stockholders’ equity consisted of $10,000 of Common Stock and $3,000 of Retained Earnings. The difference between the price paid by Parrot and the underlying equity acquired in Hollow was allocated solely to a patent amortized over 10 years. The separate company statements for Parrot and Hollow appear in the first two columns of the partially completed consolidation working papers.

31 Baca lebih lajut

Test Bank Advanced Accounting 10E by  Beams  02 chapter

Test Bank Advanced Accounting 10E by Beams 02 chapter

8 Jabiru Corporation purchased a 20% interest in Fish Company common stock on January 1, 2002 for $300,000. This investment was accounted for using the complete equity method and the correct balance in the Investment in Fish account on December 31, 2004 was $440,000. The original excess purchase transaction included $60,000 for a patent amortized at a rate of $6,000 per year. In 2005, Fish Corporation had net income of $4,000 per month earned uniformly throughout the year and paid $20,000 of dividends in May. If Jabiru sold one-half of its investment in Fish on August 1, 2005 for $500,000, how much gain was recognized on this transaction?
Baca lebih lanjut

26 Baca lebih lajut

Test Bank Advanced Accounting 3E by Jeter  15 chapter

Test Bank Advanced Accounting 3E by Jeter 15 chapter

14. Pete, Joe, and Ron are partners with capital balances of $135,000, $90,000, and $60,000, respectively. The partners share profits and losses equally. For an investment of $120,000 cash, Jerry is to be admitted as a partner with a one-fourth interest in capital and profits. Based on this information, the amount of Jerry’s investment can best be justified by which of the following? a. Jerry will receive a bonus from the other partners upon his admission to the partnership. b. Assets of the partnership were overvalued immediately prior to Jerry’s investment.
Baca lebih lanjut

20 Baca lebih lajut

Test Bank Advanced Accounting 8E by Baker  04 chapter

Test Bank Advanced Accounting 8E by Baker 04 chapter

9. On January 1, 2008, Blake Company acquired all of Frost Corporation's voting shares for $280,000 cash. On December 31, 2009, Frost owed Blake $5,000 for services provided during the year. When consolidated financial statements are prepared for 2009, which entry is needed to eliminate intercompany receivables and payables in the consolidation workpaper?

56 Baca lebih lajut

Test bank Advanced Accounting 10e by Beams Chapter 21

Test bank Advanced Accounting 10e by Beams Chapter 21

Unrestricted Revenues - Investment Income ............. 96,000 Temporarily restricted gain on sale of investments .... 9,000 Expenses - Research ................................... 3,200,000 Expenses - Fund Raising ............................... 700,000 Expenses - Management and General ..................... 300,000 Restricted Support - Contributions .................... 600,000 Restricted Revenues - Investment Income ............... 50,000 Permanently Restricted Support - Contributions ........ 60,000

21 Baca lebih lajut

Test bank Advanced Accounting 10e by Beams Chapter 20

Test bank Advanced Accounting 10e by Beams Chapter 20

In a proprietary fund statement of cash flows, cash paid to other funds, except for interfund services used, should be classified as a cash outflow from a?. noncapital financing acti[r]

15 Baca lebih lajut

Solution Manual and Test Bank Advanced Accounting by Guerrero & Peralta 2 CHAPTER 05

Solution Manual and Test Bank Advanced Accounting by Guerrero & Peralta 2 CHAPTER 05

Based on the above cash priority program, the P2,000 is only a partial payment to Bello who is entitled to a maximum of P2,400 under Priority I. Only after satisfying Priority I, Cruz will receive payment and only after P7,900 has been distributed to Bello and Cruz will Arce receive payment. Therefore no payments are made to Arce and Cruz.

20 Baca lebih lajut

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.
Baca lebih lanjut

26 Baca lebih lajut

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

In order for the holder of Debt Two to received exactly P142,000, the other free assets must be sold for P308,000. With that much money, the liabilities with priority (P110,000) can be paid with the remaining P198,000 going to the unsecured debts of P330,000. This 60% figure would insure that the holder of Debt Two would get P100,000 from the pledged asset and P42,000 (P70,000 x 60%) from the free assets.

15 Baca lebih lajut

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]

6 Baca lebih lajut

Show all 10000 documents...