Financial Accounting Practice Exam

Cost of Goods Sold – totaled $3,294,000.00 for year 6, and from years 6 to 7 grew +32.8% or $1,048,000.00.

Briefly summarize the key facts you noted in your study of the five components of internal control and the rationale for the conclusions you made in the audit program concerning whether each component was adequately designed and implemented.

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4. For the most recent year, what is the amount of cost of goods sold in the

cognizant of the fact that the choices he makes can affect the price a buyer pays

(cost of goods manufactured in 2008/ sales value for units produced in 2008) * ending inventory 2008

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

4. May Department Stores is a merchandising company and I would link it with balance sheet number four. First clue are the inventories, 23, 2 % of total assets, usual for this type of company. As stated above, the offer their own credit cards, which can be explained the level of account receivables, 25, 7 % of total assets. Compared to the other five companies, May Departments Stores have an amount of PPE (20 % of total assets) that suits best for this type of company. The current liabilities are relatively high, 38, 3 % of total liabilities and shareholders’ equity, usual for merchandising company and a low level of long term debt, 9, 3 %.

2. Calculate the company 's cost of goods sold. Cost of goods sold represents the cost of raw materials and production of the finished good. Cost of goods sold is the largest cost component the income statement of many companies. The formula for cost of goods sold is beginning merchandise inventory plus purchases of merchandise

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

The Becoming Company utilized several assets to run the business. The purchase of a back computer which has a brand of Dell OptiPlex 390 for purposes of storing files, accounting records, and all necessary sales directly from the POS system. The computer uses a custom made program to run the business according to her needs and to make the accounting system easier and organized. She also purchased POS from InitiaTek which has its own program to run. It contains a set of self-contained drawer and sales register and tabulation and transaction software written in a particular program called C#NET.

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

cost-of-goods-sold section might be in relation to the sales total. In the case of a merchandising firm,

(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.