Accounting Sample Exam

You discover that a product sale was made and recorded in December for $128,600; the product had not yet been shipped. The cost

$175,000 in Equipment was purchased on credit ($100 was due on delivery and was paid in cash).

repay the Board for the money it lent 16 months ago. On March 24, 2010 a Board of Directors

Accounting theory including recording, valuation, and statement presentation of assets, liabilities, capital, and earnings. Funds statements, financial analysis, interest theory and applications.

On December 11, MD received an order for a total price of $22,100. Barbor Furniture Ltd. (Barbor) provided a deposit of $9,000 which was recorded as revenue when it was received on December 13. Barbor was not billed until January 2. The order was not shipped until after the year end on January 2. The remaining balance owing was recorded in accounts receivable and

The following is a summary report to recommend whether Competition Bikes should change its traditional costing method to activity based costing, and an analysis of the breakeven point with regards to sales units and dollars for both CarbonLite and Titanium bikes. It also discusses the impacts to the breakeven point. The cost-volume-profit evaluation and the traditional vs activity based costing method overhead analysis were used for the review and analysis.

|Q| In the surgical care unit, the nurse is attending the needs of the client who has Kock pouch for urinary diversion. Which one of the following nursing interventions is most effective in decreasing the likelihood of urinary tract infection of the client?

Ms. Feman was unable to provide the serial number for the to bicycles. They were not entered

uses budgeted fleet hours to allocate variable manufacturing overhead. The following information pertains to the company 's manufacturing overhead data:

1. Tutti’s Sandwich Shop has the following information regarding costs at various levels of monthly sales. Help Tutti separate her costs into fixed costs and variable costs so that she can predict and evaluate costs at varying levels of guests served.

Feedback: Management accounting is the preparation and use of accounting information systems to achieve the organization's objectives by supporting decision makers inside the enterprise. LO 4

3. Assume that cost of goods sold for a company consists only of variable costs and gross margin is = (revenue – cost of goods sold)/revenue. Which of the following is true

13. Janfer Book Store purchased a new automobile that cost $10,000, made a down payment of $3,000, and signed a note payable for the balance. The entry to record this transaction is:

(5 points) $100 invested for 10 years at 12% interest is worth more in FV terms than $200 invested for 10 years at 4% interest.

ABCO Corporation has a parts division in country A. Its assembly division is in country B, which has a higher tax rate than country A. To minimize the corporation's overall income tax, how should ABCO set its transfer prices between its parts and assembly divisions?