Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

1. A manufacturing firm's cost of goods produced is equivalent to merchandising firm's:

a. Cost of goods purchased.
b. Cost of goods available.
c. Beginning merchandise inventory.
d. Ending merchandise inventory.
e. Cost of goods sold.

2. At the present year-end, Hardly Company found that its overhead was under applied by $2,500, and this amount was not deemed to be material amount. Based on this information, Hardly must:

a. Carry $2,500 to the next period.
b. Do nothing about $2,500, as it is not material, and it is probable that overhead will be over applied by same amount next year.
c. Close $2,500 to Finished Goods Inventory.
d. Carry $2,500 to the income statement as "Other Expense"
e. Close $2,500 to Cost of Goods Sold.

3. The three major cost components of manufactured product are:

a. General, selling, and administrative costs.
b. Marketing, selling, and administrative costs.
c. Differential costs, opportunity costs, and sunk costs.
d. Indirect labor, indirect materials, and miscellaneous factory expenses.
e. Direct materials, direct labor, and factory overhead.

4. Sales level at which company neither earns profit nor incurs a loss is:

a. Step-wise variable level.
b. Relevant range.
c. Break-even point.
d. Contribution margin.
e. Margin of safety.

5. Regardless of system utilized in departmental cost analysis:

a. Direct costs are allocated, indirect costs are not.
b. Indirect costs are allocated, direct costs are not.
c. Total departmental costs will always be the same.
d. Neither direct nor indirect costs are allocated.
e. Both direct and indirect costs are allocated.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M918921

Have any Question? 


Related Questions in Accounting Basics

Almas recording studio rents studio time to musicians in

Alma's Recording Studio rents studio time to musicians in 2-hour blocks. Each session includes the use of the studio facilities, a digital recording of the performance, and a professional music producer/mixer. Anticipate ...

Problem 1conceptual leasing bought a grader for 600000 and

Problem 1 "Conceptual Leasing bought a grader for $600,000 and the leased it back to Parole Inc. on January 1, 2011. The description of the lease follows: • Quarterly Rent Payments=$34,000 • Leaser term= 4 years (16 quar ...

Accounting discussion questionbulldiscuss the advantages of

Accounting Discussion Question • Discuss the advantages of understanding accounting as it relates to your current or future position. (Consider careers in management, sales, business operations, finance, and business own ...

Accounting information systemsquestion 1a describe five

Accounting Information Systems Question 1 a) Describe five technologies that can support electronic commerce. b) List and explain five main reasons for implementing AIS in organizations. c) What is the role of a database ...

Excel spreadsheet and 1-2 pagesconsider the following

Excel Spreadsheet and 1-2 pages Consider the following scenario: Andre has asked you to evaluate his business, Andre's Hair Styling. Andre has five barbers working for him. (Andre is not one of them.) Each barber is paid ...

Accounting questionin germany and china separate

Accounting Question: In Germany and China separate institutions established by law carry out the roles of public accounting and auditing. What is the impact of this professional practice on the usefulness of internationa ...

Assignment1 government entity ccr 2 government entity power

Assignment 1.) Government Entity CCR 2.) Government Entity Power Point presentation Refer to www.agacgfm.org for information on the CCR. A CCR is a 4 page document summarizing information and creating a presentation for ...

The following data relate to the operations of shilow

The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31:        Cash $8,000        Accounts receivable $20,000        Inventory $36,000      ...

Accounting assignmentaccounting is the study of how

Accounting Assignment Accounting is the study of how businesses track their income and assets over time. Accountants engage in a wide variety of activities in addition to preparing financial statements and recording busi ...

Question 1 this problem continues the haupt consulting

Question 1: This problem continues the Haupt Consulting situation from Problem 2-64 of Chapter 2. Start from the trial balance and the posted T-accounts that Haupt Consulting prepared at December 18, as follows: HAUPT CO ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro