Accounting

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Explanations for the Increase in Unit Manufacturing Costs Over a Month

Question GIVEN:  The controller for Traditional Manufacturing Inc. performed a trend analysis of the unit manufacturing costs of product T-2 for the month of March.  Two patterns emerged; there was a gradual upward trend in the unit costs over the month for T-2 and there was an upward spi ... Read More

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Explanations for the Friday Upward Spike in Unit Manufacturing Costs

Question GIVEN:  The controller for Traditional Manufacturing Inc. performed a trend analysis of the unit manufacturing costs of product T-2 for the month of March.  Two patterns emerged; there was a gradual upward trend in the unit costs over the month for T-2 and there was an upward spi ... Read More

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Calculation of Increase in Manufacturing Overhead Rate using Annually Predetermined Overhead Rate

Question GIVEN:  The controller for Traditional Manufacturing Inc. performed a trend analysis of the unit manufacturing costs of product T-2 for the month of March.  Two patterns emerged; there was a gradual upward trend in the unit costs over the month for T-2 and there was an upward spi ... Read More

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Difference between Traditional Costing system and Activity Based Costing System

Question Explain the Difference between Tradition Costing system and Activity Based Costing System. Summary This question belongs to management accounting and discusses about differences between Tradition Costing system and Activity Based Costing System. Total word count: 504   ... Read More

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What does Inventoriable Costs Includes-Multiple Choice Question

Question Inventoriable costs include all of the following except the a. cost of the goods purchased. b. freight in. c. cost of the beginning inventory. d. all of the above are included.     ... Read More

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Calculation of Cost of Goods Available for Sale-Multiple Choice Question

Question Abaco Enterprises had beginning inventory of $45,000 at March 1, 2013. During the month, the company made purchases of $360,000. The inventory at the end of the month is $51,000. What is cost of goods available for sale for the month of March? a. $45,000 b. $51,000 c. $354,000 d. $405, ... Read More

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How to Make Appropriate Adjustment on Bank Reconciliation-Multiple Choice Question

Question A check correctly written and paid by the bank for $271 is incorrectly recorded on the company's books for $217. The appropriate adjustment on bank reconciliation would be to a. deduct $271 from the book's balance. b. deduct $54 from the book's balance. c. deduct $54 from the bank's bal ... Read More

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Petty Cash Account Entries-Multiple Choice Question

Question The Petty Cash account should be debited a. whenever an expense is paid from the fund. b. when the fund is established. c. whenever the fund is replenished. d. when the fund is liquidated.     ... Read More

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Maturity of 90-day Promissory Note-Multiple Choice Question

Question A 90-day promissory note dated May 21 matures on a. August 21. b. August 20. c. August 19. d. August 18.     ... Read More

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Estimating Expected Uncollectible Accounts-Multiple Choice Question

Question The basis of estimating expected uncollectible accounts that emphasizes the matching of expenses with revenues is the a. percentage of receivables basis. b. percentage of sales basis. c. lower of cost or market basis. d. direct write-off method.     ... Read More

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LIFO and FIFO Costing Methods-Multiple Choice Question

Question A company just starting business purchased three merchandise inventory items at the following prices: first purchase $920; second purchase $880; third purchase $830. If two items were sold during the period and the company used the LIFO costing method, the gross profit for the period would ... Read More

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How an Error in the Physical Count of Goods Effects Current Period-Multiple Choice Question

Question An error in the physical count of goods on hand at the end of the current period resulted in a $3,000 understatement of the ending inventory. The effect of this error in the current period is to a. overstate cost of goods sold. b. understate cost of goods available for sale. c. overstat ... Read More

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