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10 Cards in this Set
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ACCT 505 Entire Course (DEVRY)
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ACCT 505 Week 1-7 All Discussion Questions * Cost Terms, Classifications, and Behavior* Research and Application * Job Order and Process Costing Systems * Research and Application * Variable Costing and CVP Concepts * Research and Application * Budgeting Case Study * Exam Review * Standards, Variances, Flexible Budgets * Research and Application * Segment Reporting and Relevant Costs * Research and Application * Capital Budgeting * Exam Review ACCT 505 Week 1 Case Study ACCT 505 Week 2 Quiz Job Order and Process Costing Systems ACCT 505 Week 3 Case Study II ACCT 505 Week 4 Midterm Exam ACCT 505 Week 5 Measuring Performance - Course Project A ACCT 505 Week 6 Quiz Segment Reporting and Relevant Costs for Decisions ACCT 505 Week 7 Capital Budgeting Course Project |
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ACCT 505 Final Exam Guide (DEVRY) |
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ACCT 505 Week 1 Case Study (DEVRY)
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Top Switch Inc. designs and manufactures switches used in telecommunications. Serious flooding throughout the state of Tennessee affected Top Switch’s facilities. Inventory was completely ruined, and the company’s computer system, including all accounting records, was destroyed. |
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ACCT 505 Week 1-7 All Discussion Questions (DEVRY)
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Week 1 DQ 1 Cost Terms, Classifications, and Behavior Week 1 DQ 2 Research and Application Week 2 DQ 1 Job Order and Process Costing Systems Week 2 DQ 2 Research and Application Week 3 DQ 1 Variable Costing and CVP Concepts Week 3 DQ 2 Research and Application Week 4 DQ 1 Budgeting Case Study Week 4 DQ 2 Exam Review Week 5 DQ 1 Standards, Variances, Flexible Budgets Week 5 DQ 2 Research and Application Week 6 DQ 1 Segment Reporting and Relevant Costs Week 6 DQ 2 Research and Application Week 7 DQ 1 Capital Budgeting Week 7 DQ 2 Exam Review |
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ACCT 505 Week 2 Quiz Job Order and Process Costing Systems (DEVRY)
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1. Question : (TCO F) For which situation(s) below would an organization be more likely to use a job-order costing system of accumulating product costs rather than a process costing system? 2. Question : (TCO F) Process costing would be appropriate for each of the following except: 3. Question : (TCO F) Lucas Company uses the weighted-average method in its process costing system. The company adds materials at the beginning of the process in the Forming Department, which is the first of two stages in its production process. Information concerning operations in the Forming Department in October follows: |
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ACCT 505 Week 3 Case Study II (DEVRY)
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Springfield Express is a luxury passenger carrier in Texas. All seats are first class, and the following data are available: Number of seats per passenger train car 90 Average load factor (percentage of seats filled) 70% Average full passenger fare $160 Average variable cost per passenger $70 Fixed operating cost per month $3,150,000 What is the break-even point in passengers and revenues per month? What is the break-even point in number of passenger train cars per month? If Springfield Express raises its average passenger fare to $ 190, it is estimated that the average load factor will decrease to 60 percent. What will be the monthly break-even point in number of passenger cars? (Refer to original data.) Fuel cost is a significant variable cost to any railway. If crude oil increases by $ 20 per barrel, it is estimated that variable cost per passenger will rise to $ 90. What will be the new break-even point in passengers and in number of passenger train cars? Springfield Express has experienced an increase in variable cost per passenger to $ 85 and an increase in total fixed cost to $ 3,600,000. The company has decided to raise the average fare to $ 205. If the tax rate is 30 percent, how many passengers per month are needed to generate an after-tax profit of $ 750,000? (Use original data). Springfield Express is considering offering a discounted fare of $ 120, which the company believes would increase the load factor to 80 percent. Only the additional seats would be sold at the discounted fare. Additional monthly |
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ACCT 505 Week 4 Midterm Exam (DEVRY)
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1. Question : (TCO A) Wages paid to an assembly line worker in a factory are a 2. Question : (TCO A) A cost incurred in the past that is not relevant to any current decision is classified as a(n) 3. Question : (TCO A) Depreciation of office buildings and office equipment is also known as 4. Question : (TCO A) When the activity level is expected to increase within the relevant range, what effects would be anticipated with respect to each of the following? 5. Question : (TCO F) Which of the following statements is true? I. Overhead application may be made slowly as a job is worked on. |
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ACCT 505 Week 5 Measuring Performance - Course Project A (DEVRY)
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Prepare a master budget for the three-month period ending June 30. Include the following detailed budgets: · 1. oa. A sales budget, by month and in total. ob. A schedule of expected cash collections from sales, by month and in total. oc. A merchandise purchases budget in units and in dollars. Show the budget by month and in total. od. A schedule of expected cash disbursements for merchandise purchases, by month and in total. · 2. A cash budget. Show the budget by month and in total. Determine any borrowing that would be needed to maintain the minimum cash balance of $50,000. · 3. A budgeted income statement for the three-month period ending June 30. Use the contribution approach. · 4. A budgeted balance sheet as of June 30. |
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ACCT 505 Week 6 Quiz Segment Reporting and Relevant Costs for Decisions (DEVRY)
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Question : (TCO D) Return on investment (ROI) is equal to the margin multiplied by 2. Question : (TCO D) For which of the following decisions are opportunity costs relevant? The decision to make or buy a needed part The desision to keep or drop a product line (A) Yes Yes (B) Yes No (C) No Yes (D) No No 3. |
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ACCT 505 Week 7 Capital Budgeting Course Project (DEVRY)
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Clark Paints: The production department has been investigating possible ways to trim total production costs. One possibility currently being examined is to make the paint cans instead of purchasing them. The equipment needed would cost $200,000 with a disposal value of $40,000 and would be able to produce 5,500,000 cans over the life of the machinery. The production department estimates that approximately 1,100,000 cans would be needed for each of the next five years. The company would hire three new employees. These three individuals would be full-time employees working 2,000 hours per year and earning $12.00 per hour. They would also receive the same benefits as other production employees, 18% of wages in addition to $2,500 of health benefits. It is estimated that the raw materials will cost 25¢ per can and that other variable costs would be 5¢ per can. Since there is currently unused space in the factory, no additional fixed costs would be incurred if this proposal is accepted. It is expected that cans would cost 45¢ per can if purchased from the current supplier. The company's minimum rate of return (hurdle rate) has been determined to be 12% for all new projects, and the current tax rate of 35% is anticipated to remain unchanged. The pricing for a gallon of paint as well as number of units sold will not be affected by this decision. The unit-of-production depreciation method would be used if the new equipment is purchased. |