true false questions 1 a statement of cost goods manufactured supports the income st 4302089

True / False Questions
 

1. A statement of cost goods manufactured supports the income statement. 
True    False

 

2. The beginning and ending balances of the finished goods inventory are not used in the computation of cost of goods manufactured. 
True    False

 

3. Raw Materials Used is not an element of manufacturing overhead. 
True    False

 

4. Amounts paid to factory repair and maintenance employees are considered direct labor. 
True    False

 

5. Cleaning materials and lubricants used in factory operations and maintenance are considered manufacturing overhead. 
True    False

 

6. The Cost of Goods Sold section of the income statement for a manufacturing business shows the work in process inventory. 
True    False

 

7. Products that are only partially completed are called work in process. 
True    False

 

8. Information about depreciation, insurance, and property taxes for the factory building of a manufacturing business would be shown in the Operating Expenses section of the income statement. 
True    False

 

9. The amounts of the raw materials used, direct labor, and manufacturing overhead for a fiscal period are reported on the statement of cost of goods manufactured. 
True    False

 

10. Gross profit for a manufacturing business is computed by deducting cost of goods manufactured from net sales. 
True    False

 

 

 

question c 1 fill in the quot with subsidy quot chart 2 compleate the two sentences 4305151

Question

C

1- FILL IN THE “WITH SUBSIDY” CHART

2-compleate the two sentences with the banks.

In this case, if Hightech decides to produce, it will incur a : A.loss B. Profit of ………….. .

However, if Hightech decides against launching its new product, Inobeshon`s : A. Loss B.profit will be ……….. .

assuming that the two companies produces entirerly for export, the subsidy results in a transfer of ………… in : a.loss b.profit from : A. the united states B. japan to : A. jAPAN B. United states.

table 10 9 sandu trucking on july 1 2013 sandu trucking bought a truck for 42 000 ca 4308981

 

Table 10-9 Sandu Trucking

On July 1, 2013, Sandu Trucking bought a truck for $42,000 cash. It has estimated residual value of $6,000, and an estimated life of 4 years, or 300,000 kilometres. The truck drove 80,000 kilometres in 2013, 90,000 kilometres in 2014, 100,000 kilometres in 2015, and 50,000 kilometres in 2016. Sandu Trucking has a December 31st year end. 

91) Refer to Table 10-9. Prepare the journal entry to record the sale of the truck on March 31, 2015 for $21,000 assuming that Sandu Trucking uses straight-line amortization up to the point of sale.

 

 

 

 

17 1 questions 1 consolidated financial statements combine the books of two or more 4307850

 

17.1   Questions

1) Consolidated financial statements combine the books of two or more ________ into one set of financial statements.

A) subsidiaries

B) divisions

C) separate legal entities

D) segments

2) Dividends received from trading securities are reported by the investor as ________.

A) an increase in the investment account

B) a decrease in the investment account

C) dividend revenue on the income statement

D) equity in earnings of the investee on the income statement

3) Dividends received from available-for-sale securities are reported by the investor as ________.

A) an increase in the investment account

B) a decrease in the investment account

C) dividend revenue on the income statement

D) equity in earnings of the investee on the income statement

4) An investor in trading securities has the following information available at December 31, 2012:

Market value of trading securities$10,000

Acquisition cost of trading securities$9,000

How does the investor report the change in market value on the trading securities at December 31, 2012?

A) unrealized loss of $1,000 on income statement

B) unrealized gain of $1,000 on income statement

C) $1,000 is added to other comprehensive income account on the balance sheet

D) $1,000 is subtracted from the other comprehensive income account on the balance sheet

5) An investor in available-for-sale securities has the following information available at December 31, 2012:

Market value of available-for-sale securities$10,000

Acquisition cost of available-for-sale securities$9,000

How does the investor report the change in market value on the available-for-sale securities at December 31, 2012?

A) unrealized loss of $1,000 on income statement

B) unrealized gain of $1,000 on income statement

C) $1,000 is added to accumulated other comprehensive income account on the balance sheet

D) $1,000 is subtracted from the accumulated other comprehensive income account on the balance sheet

6) Changes in the market value of trading securities are reflected in the ________ account.  Changes in the market value of available-for-sale securities are reflected in the ________ account.

A) equity in earnings of investment; retained earnings

B) retained earnings; equity in earnings of investment

C) retained earnings; other comprehensive income or loss

D) other comprehensive income or loss; retained earnings

7) Company B has 40,000 shares of its common stock outstanding.  Company A owns 5,000 shares of Company B's stock.  What method should Company A use to account for its investment in Company B?

A) market-value

B) equity

C) consolidated

D) available-for-sale

8) Company B has 40,000 shares of its common stock outstanding.  Company A owns 15,000 shares of Company B's stock.  What method should Company A use to account for its investment in Company B?

A) market-value

B) equity

C) consolidated

D) available-for-sale

9) Company B has 40,000 shares of its common stock outstanding.  Company A owns 35,000 shares of Company B's stock.  What method should Company A use to account for its investment in Company B?

A) market-value

B) equity

C) consolidated

D) cost

10) Marketable securities that the investor company buys only with the intent to resell them shortly are called ________.

A) available-for-sale securities

B) underpriced securities

C) trading securities

D) options

1

problems topic acquisition date consolidation lo 2 1 on january 2 2013 illinoiscorpo 4314396

Problems

Topic: Acquisition-Date Consolidation

LO: 2

1.  On January 2, 2013, IllinoisCorporation issued 200,000 new shares of its $5 par value common stock valued at $19 a share for all of NorthDakota Company’s outstanding common shares.  The fair value and book value of NorthDakota's identifiable assets and liabilities were the same.  Summarized balance sheet information for both companies just before the acquisition on January 2, 2013is as follows:

Illinois

NorthDakota

Cash

$  150,000

$  240,000

Inventories

320,000

800,000

Other current assets

500,000

1,000,000

Land

350,000

500,000

Property, plant & equipment

4,000,000

3,000,000

Total Assets

$5,320,000

$5,540,000

Accounts payable

$1,000,000

$  600,000

Notes payable

1,300,000

1,320,000

Common stock, $5 par

2,000,000

1,000,000

Additional paid-in capital

1,000,000

200,000

Retained earnings

20,000

2,420,000

Total Liabilities & Equities

$5,320,000

$5,540,000

Required:Prepare a consolidated balance sheet for IllinoisCorporation immediately after the business combination.

 

 

true false 1 to build and preserve a significant market share in any competitive mar 4313265

TRUE/FALSE

1.To build and preserve a significant market share in any competitive market, a firm must offer a unique value proposition, the key source of customer value, to its target market.

2.Firms following Kaizen Strategy couple their strategy with market power to raise significant barriers to potential entrants thereby preserving their market share and long-term profitability.

3.Firms following a value differentiation strategy focus on continuous improvement and customer satisfaction.

4.With differentiation strategy, innovation is more important than cost control.

5.Product costs do not play as critical a role in pricing as the market’s perception of the value differentiation.

6.A value chain is a set of logically sequenced, value adding activities that convert input resources into products or services in a manner consistent with the chosen business strategy.

7.It is typically best for a firm to outsource or form strategic alliances with outside suppliers to perform those value activities in which it does not have a unique advantage.

8.The value chain should never extend beyond the boundaries of the firm.

9.The activity-based approach to configuring the value chain is useful for both value differentiation and cost leadership strategies.

10.Firms following the cost leadership strategy intensively scrutinize costs, starting once the product is finished to after the customer purchases the product.

153 on december 31 2010 parent corporation paid 800 000 to acquire 100 of the voting 4305874

153) On December 31, 2010, Parent Corporation paid $800,000 to acquire 100% of the voting common shares of Child Corporation. At that date Child Corporation had common shares of $500,000 and retained earnings of $250,000. Assume any amount paid in excess of shareholders' equity is attributable to goodwill.

a) Prepare the entry on Parent Corporation's books to record the purchase of the Child Corporation shares.

b) Show in journal entry format how accounts on the consolidation worksheet will be affected by the elimination entry.

154) The Fisher Corporation engaged in the following transactions during 2010.  Fisher uses a perpetual inventory system:

Apr. 1 Purchased merchandise from a Mexican supplier at a cost of 100,000 pesos. The exchange                             rate on this date was $0.15 per peso.

May 5Paid for the merchandise. The exchange rate on this date was $0.16 per peso.

Jun. 10Sold goods to a U.S. buyer at a selling price of $80,000 U.S. dollars. The exchange rate on this                             date was $1.54 Canadian dollars for each U.S. dollar. Ignore the journal entry to record                             cost of goods sold.

Jul. 30Received payment from the U.S. buyer for the goods sold on June 10. The exchange rate on                             this date was $1.52 Canadian dollars for each U.S. dollar.

a) Prepare the journal entries necessary to record each of the above transactions.

b) During the periods of time covered by the transactions, was the Canadian dollar getting stronger or weaker relative to the Mexican peso and the U.S. dollar?

 

31 which of the following taxes has a ceiling on the amount of annual earnings subje 4306624

31) Which of the following taxes has a ceiling on the amount of annual earnings subject to tax?

A) FICA—OASDI taxes

B) Sales Tax

C) Federal income tax

D) FICA—Medicare taxes

32) ________ is a pay amount stated at an hourly rate.

A) Salary

B) Wage

C) Commission

D) Bonus

33) ________ is pay stated as a percentage of a sale amount.

A) Salary

B) Wage

C) Commission

D) Bonus

34) Which of the following is pay over and above base salary, usually paid for exceptional performance?

A) FICA

B) Benefits

C) Wages

D) Bonuses

35) Extra compensation items that are not paid directly to an employee are called ________.

A) bonuses

B) benefits

C) wages

D) commissions

36) Federal income taxes are ________.

A) deducted to arrive at an employee's gross pay

B) added to arrive at an employee's net pay

C) deducted to arrive at an employee's net pay

D) not borne by the employee

37) Which of the following deductions is paid by both the employer and employee?

A) Federal income taxes

B) Federal unemployment taxes

C) FICA taxes

D) SUTA taxes

38) Berkley's gross pay for the month is $5,400. His deduction for federal income tax is based on a rate of 18%. He has no voluntary deductions. His yearly pay is under the limit for OASDI. What is Berkley's net pay? (Assume a FICA—OASDI Tax of 4.2% and FICA—Medicare Tax of 1.45%.)

A) $4,122.90

B) $5,400.00

C) $5,094.90

D) $4,428.00

39) Isabelle's gross pay for the week is $850. Her deduction for federal income tax is based on a rate of 19%. She has voluntary deductions of $135. Her yearly pay is under the limit for OASDI. What is her net pay? (Assume a FICA—OASDI Tax of 4.2% and FICA—Medicare Tax of 1.45%.)

A) $553.50

B) $688.50

C) $640.47

D) $505.47

40) Tom's gross pay for the month is $2,400. Tom's deduction for federal income tax is based on a rate of 20%. Tom has no voluntary deductions. Tom's yearly pay is under the limit for OASDI. What is the amount of FICA tax withheld from Tom's pay? (Assume a FICA—OASDI Tax of 4.2% and FICA—Medicare Tax of 1.45%.)

A) $615.60

B) $135.60

C) $480.00

D) $296.40

learning objective 15 1 1 which of the following is not true about the formal manage 4311766

Learning Objective 15-1

1) Which of the following is not true about the formal management control system?

A) Includes procedures.

B) Includes explicit rules.

C) Includes shared values.

D) Includes incentive plans.

E) Includes performance measures.

2) Which of the following is true about the informal management control system?

A) Includes procedures.

B) Includes explicit rules.

C) Includes incentive plans.

D) Includes company culture.

E) Includes performance measures.

3) A means of gathering and using information to aid and coordinate planning and control decisions throughout an organization and to guide behavior of its managers and other employees is called ________.

A) ability

B) determination

C) goal congruence

D) procedure development

E) management control system

4) Which of the following is not true about effective management control?

A) Closely aligned with organization's goals.

B) Closely aligned with organization's strategies.

C) Management control systems reinforce goals.

D) Designed to support organizational responsibilities of individual managers.

E) Effective management control systems do not motivate managers and other employees.

5) ________ is the desire to attain a selected goal combined with resulting pursuit of that goal.

A) Esteem

B) Ability

C) Motivation

D) Determination

E) Achievements

6) ________ exists when individuals and groups work toward achieving the organization's goals.

A) Esteem

B) Ability

C) Motivation

D) Determination

E) Goal congruence

7) Which of the following is the extent to which managers strive or endeavor to achieve a goal?

A) Effort.

B) Esteem.

C) Development.

D) Determination.

E) Goal congruence.

8) Some companies design their management control system around the concept of the balanced scorecard.

9) Effective management control systems should also motivate managers and other employees.

10) Management control systems do not need to fit an organization's structure.

1

23 column 1 column 2 column 3 column 4 raw materials purchases 24 column 1 column 2 4303334

 

23)

 

Column 1

Column 2

Column 3

Column 4

Raw materials purchases

 

 

 

 

24)

 

Column 1

Column 2

Column 3

Column 4

Cost of goods sold

 

 

 

 

25)

 

Column 1

Column 2

Column 3

Column 4

Factory rent expense