use the information below to answer the following question s marguerite inc expects 4315085

Use the information below to answer the following question(s).

Marguerite Inc.. expects to sell 20,000 pool cues for $20.00 each. Direct materials costs are $2.00, direct manufacturing labour is $12.00, and manufacturing overhead is $0.80 per pool cue. Each pool cue requires 0.5 kilograms (kg) of material which is all added at the start of production. The units in work-in-process beginning and ending inventory were half complete as to direct labour and manufacturing overhead costs; the units in beginning inventory are completed before new units are started.. Each pool cue requires one hour of direct labour, and manufacturing overhead is allocated based on direct labour hours. The following inventory levels are expected to apply to 2016:

Beginning inventory

Ending inventory

Direct materials

800 kg

1,000 kg

Work-in-process inventory

200 units

300 units

Finished goods inventory

2,000 units

2,500 units

52) On the 2016 budgeted income statement, what amount will be reported for gross margin?

A) $124,000

B) $104,000

C) $312,000

D) $160,000

E) $400,000

53) How many pool cues need to be produced in 2016?

A) 22,500 cues

B) 18,000 cues

C) 20,000 cues

D) 19,500 cues

E) 20,500 cues

54) How many kilograms of material will need to be purchased for 2016 production and inventory requirements?

A) 11,500 kg

B) 10,700 kg

C) 10,300 kg

D) 10,500 kg

E) 10,000 kg

55) On the 2016 budgeted income statement, what amount will be reported for cost of goods sold?

A) $296,000

B) $280,000

C) $276,000

D) $290,000

E) $292,000

56) What are the 2016 budgeted costs for direct manufacturing labour?

A) $248,000

B) $247,200

C) $249,000

D) $246,600

E) $246,000

Use the information below to answer the following question(s).

Samson Inc. expects to sell 10,000 barbells for $18.00 each. Direct materials costs are $5.00, direct manufacturing labour is $6.00, and manufacturing overhead is $2.50 per barbell. Each barbell requires 6 kilograms (kg) of material which is all added at the start of production. The units in work-in-process beginning and ending inventory were half complete as to direct labour and manufacturing overhead costs; the units in beginning inventory are completed before new units are started.. Each barbell requires one-quarter hour of direct labour, and manufacturing overhead is allocated based on direct labour hours. Marketing costs are $2.00 per barbell. The following inventory levels are expected to apply to 2016:

Beginning inventory

Ending inventory

Direct materials

500 kg

800 kg

Work-in-process inventory

100 units

200 units

Finished goods inventory

200 units

150 units

57) On the 2016 budgeted income statement, what amount will be reported for gross margin?

A) $45,000

B) $70,000

C) $25,000

D) $40,000

E) $35,000

58) How many barbells need to be produced in 2016?

A) 11,050

B) 9,850

C) 10,000

D) 10,050

E) 9,950

59) How many kilograms of material will need to be purchased for 2016 production and inventory requirements?

A) 60,900 kg.

B) 60,600 kg.

C) 60,300 kg.

D) 60,000 kg.

E) 62,100 kg.

60) On the 2016 budgeted income statement, what amount will be reported for cost of goods sold?

A) $132,975

B) $135,675

C) $134,325

D) $135,000

E) $155,000

61) What are the 2016 budgeted costs for direct manufacturing labour?

A) $59,700

B) $60,300

C) $60,700

D) $240,000

E) $60,000

62) Shamokin Manufacturing produces two products, Big and Bigger. Shamokin expects to sell 10,000 units of product Bigger and to have an inventory of 2,000 units of Bigger on hand at the end of the period. Currently, Shamokin has 800 units of Bigger on hand. Bigger requires two labour operations, molding and polishing. Each unit of Bigger requires one hour of molding and two hours of polishing. The direct labour rate for molding is $20 per molding hour and the direct labour rate for polishing is $25 per polishing hour. The expected number of hours of direct labour for Bigger is

A) 8,800 hours of molding; 17,600 hours of polishing.

B) 11,200 hours of molding; 22,400 hours of polishing.

C) 17,600 hours of molding; 8,800 hours of polishing.

D) 22,400 hours of molding; 11,200 hours of polishing.

E) 10,000 hours of molding; 20,000 hours of polishing.

31 which of the following is true about enterprise resource planning erp a erp is a 4308870

31) Which of the following is true about enterprise resource planning (ERP)?

A) ERP is a suite of software applications that integrates existing systems by providing layers of software that connect applications together.

B) ERP, though unable to incorporate functions of CRM, includes accounting, manufacturing, inventory, and human resources applications.

C) The layers of ERP software enable existing applications to communicate with each other and to share data.

D) ERP systems are used to forecast sales and to create manufacturing plans and schedules to meet those forecasts.

32) ________ is a suite of software applications that integrates existing systems by providing layers of software that connect applications together.

A) ERP

B) EAI

C) CRM

D) SAP

33) Which of the following is a function of EAI?

A) It is used to forecast sales and to create manufacturing plans and schedules to meet those forecasts.

B) It posts activities in the general ledger and other accounting applications.

C) It consolidates business operations into a single, consistent, computing platform.

D) It enables a gradual move to ERP.

34) Which of the following statements is true of EAI?

A) The process of converting from a current system to an EAI system is a daunting task.

B) The layers of EAI software prevent existing applications from communicating with each other.

C) EAI makes use of a centralized database.

D) EAI leverages existing systems—leaving functional applications as is, but providing an integration layer over the top.

35) When implementing new enterprise systems, the only solution for resolving process issues and providing enterprise process management is ________.

A) communicating the need for the change to the employees

B) developing committees and steering groups

C) establishing clear and absolute contractual guidelines

D) reinforcing employees' sense of self-efficacy

36) ________ is a major task when implementing enterprise systems.

A) Process blueprinting

B) Encapsulation

C) Module development

D) Gap identification

37) Which of the following is true about the challenges of requirements gaps?

A) To specify a gap, an organization must know both what it needs and what the new product does.

B) The first challenge is to find a licensed enterprise product that is a perfect fit for the organization.

C) While identifying the gaps is easy, deciding what to do with them is a major challenge.

D) While resolving gaps, changing the way an organization adapts to a new application is easier than altering an application to match what the organization does.

38) ________ is a person's belief that he or she can be successful at his or her job.

A) Hope

B) Arrogance

C) Faith

D) Self-efficacy

6 the actual costs of all individual overhead categories are recorded in the manufac 4315176

6) The actual costs of all individual overhead categories are recorded in the manufacturing overhead control account as credit entries.

7) The manufacturing overhead control account and the manufacturing overhead allocated account both have zero balances at the end of each year after all adjustments are recorded.

8) The general ledger account that combines the separate job cost records is called the ________ account.

A) Cost of Goods Sold

B) Finished Goods Control

C) Manufacturing Overhead Allocated

D) Manufacturing Overhead Control

E) Work-in-Process Control

9) XYZ Company uses a normal job costing system. The direct labour rate is $27 per hour; and, the budgeted indirect cost allocation rate is $20 and uses direct labour hours as the cost allocation base.

Direct labour hours

1,000

Direct materials cost

$12,000

Marketing costs

$17,000

Non-manufacturing overhead

$9,000

What amount should be added to Work-in-Process control?

A) $12,000

B) $47,000

C) $59,000

D) $76,000

E) $85,000

10) In normal costing the manufacturing overhead control and manufacturing overhead allocated accounts in the general ledger respectively, refer to

A) the record of actual overhead costs, and the record of overhead allocated to specific jobs using budgeted rates × actual base units.

B) the record of total budgeted overhead costs and the record of actual overhead allocated to date.

C) the record of actual overhead costs, and the record of overhead allocated to specific jobs using actual rates × budgeted base units.

D) the record of total budgeted overhead costs, and the record of overhead allocated to specific jobs using budgeted rates × actual base units.

E) the record of actual overhead costs, and the record of overhead allocated to specific jobs using budgeted rates × budgeted base units.

11) To allocate or spread the under/overallocated overhead between ending Inventory, Cost of Goods Sold, and the Work-in-Process control accounts is called the

A) adjusted allocation-rate approach.

B) proration approach.

C) flexible budget approach.

D) allocation variance approach.

E) inventory adjustment approach.

12) When using the proration approach the final balance in the Manufacturing Overhead Control account can be closed to which account(s) at year-end?

A) Work-in-Process Control

B) Income Summary

C) Finished Goods Inventory

D) Cost of Goods Sold

E) Work-in-Process Control, Finished Goods Inventory or Cost of Goods Sold would normally be used.

13) The Manufacturing Overhead Control account is debited for

A) the actual costs in all the individual overhead categories ( such as indirect materials and electric power).

B) the amount of the under applied overhead.

C) the budgeted costs in all the individual overhead categories ( such as indirect materials and electric power).

D) the budgeted amount of indirect manufacturing overhead costs.

E) the overhead allocated to Work-in-Process inventory.

14) Which method(s) for dealing with under/over allocated overhead provides the most accurate inventory and cost of goods sold account balances when the amount is material?

A) proration approach

B) adjusted allocation-rate approach

C) immediate write-off to cost of goods sold

D) either proration or adjusted allocation-rate approach

E) either the proration approach or the immediate write-off to cost of goods sold

15) Which method for dealing with under/over allocated overhead provides the most accurate individual job cost records?

A) proration approach

B) adjusted allocation-rate approach

C) immediate write-off to cost of goods sold

D) either proration or adjusted allocation-rate approach would give same result

E) either the proration approach or the immediate write-off to cost of goods sold

11 which of the following statements is correct in relation to the recognition of ex 4315345

11.Which of the following statements is correct in relation to the recognition of expenses?

a.Under the Conceptual Framework, the recognition of expenses is based on the matching process.

b.The recognition of expenses is not subject to the same degree of regulation as revenue.

c.Under the Conceptual Framework, recognition of expenses is not tied to the matching process.

d.Individual accounting standards do not need to be consulted to determine the appropriate treatment for particular types of expenses.

12.According to AASB 101, an entity will classify a liability as current when:

a.it expects to settle the liability outside its normal operating cycle.

b.it expects to settle the liability within its normal operating cycle.

c.the entity has an unconditional right to defer the settlement of the liability for at least 12 months after the reporting date.

d.the liability is due to be settled more than 12 months after the reporting date.

13.AASB 101 requires which of the following in relation to the classification of expenses?

a.Expenses to be classified by either nature or function.

b.Expenses to be classified by nature, unless classification by function is more relevant.

c.Expenses to be classified by function, unless classification by nature is more relevant.

d.Expenses to be classified by both nature and function.

14. In relation to the measurement of an asset, the amount of consideration given to acquire the asset at its acquisition date is known as its:

a. historical cost.

b. current cost.

c. realisable value.

d. present value.

15. Which of the following categories of revenue is not included in AASB 118 Revenue?

a. Revenues from services rendered

b. Gains from asset revaluations

c. Royalties

d. Dividends

16. Which of the following statements is correct in relation to the payment of dividends?

a. Dividends can only be paid if a company has generated a profit in the current period.

b. The payment of dividends is regulated by the Corporations Act.

c. A company can only pay an interim dividend if its constitution allows it.

d. Preference dividends must be paid on a cumulative basis.

17.According to the Corporations Act, dividends may:

a.only be paid to shareholders once a year.

b.only be paid out of the current year’s profits of a company.

c.be declared and paid to shareholders irrespective of whether a company has accumulated losses.

d.be paid if the company has an excess of assets over liabilities.

18. The appropriate accounting entry to record the declaration of a bonus dividend out of the Revaluation Surplus account is which of the following?

a. DR Bonus dividend

CR Asset revaluation surplus

b. DRAsset revaluation surplus

CR Cash

c. DRAsset revaluation surplus

CR Share capital

d. DRCash

CR Share capital

19.Dividends declared after the reporting period:

a.meet the criteria for recognition as a liability.

b.satisfy the criteria for recognition as an expense.

c.are recognised in the statement of financial position as they meet the definition of equity.

d.do not meet the AASB 132 recognition criteria for liabilities.

20.Which of the following statements is not correct in relation to cumulative preference shares?

a.Holders of cumulative preference shares are guaranteed a dividend every year.

b.Undeclared cumulative preference share dividends accumulate, or carry forward, to future periods.

c. The accumulated amount of any cumulative preference share dividend plus the current year’s preference dividend must be paid before any dividend can be paid to ordinary shareholders.

d. Cumulative preference share dividends that are not declared in the year they are due are called dividends in arrears.

11 treasury department circular 230 regulates the practice of attorneys cpas enrolle 4315256

11) Treasury Department Circular 230 regulates the practice of attorneys, CPAs, enrolled agents, and enrolled actuaries before the IRS.

12) Anyone who prepares a tax return is subject to the provisions of Circular 230.

13) The Internal Revenue Service is part of the

A) Congress.

B) Treasury Department.

C) Federal Bureau of Investigation.

D) U.S. Customs Department.

14) The program specifically designed to identify returns with a high potential for a deficiency assessment is the

A) TCMP.

B) DIF program.

C) instant audit program.

D) 1040 program.

15) Identify which of the following statements is false.

A) The majority of the individual tax returns that are audited are selected under the DIF program.

B) The TCMP audit program has been temporarily suspended by the IRS and replaced in part by lifestyle audits.

C) The IRS is authorized to pay a reward to individuals who provide information resulting in increased collections.

D) All of the above are false.

16) Identify which of the following statements is true.

A) If a taxpayer has been audited in at least one of the two previous years on the same item and the earlier audit did not result in any additional tax owed, the taxpayer may qualify for the special audit relief rule.

B) A taxpayer can request and always receive an exemption from an audit by the IRS if his return was audited in at least one of the two previous years and the previous audit did not result in any change to his tax liability.

C) The signing of Form 870 allows the taxpayer to wait for 30 interest-free days after the billing date to pay the tax.

D) All of the above are true.

17) Identify which of the following statements is false.

A) A Technical Advice Memorandum may be requested by an IRS auditor if the transaction in question involves an especially complex tax issue.

B) If the taxpayer being audited does not concur with the proposed assessment, the Service is required to send the taxpayer a 30-day letter detailing the proposed changes and the available appeals process.

C) During the audit process, if the taxpayer concurs with the assessment of tax by the IRS and signs Form 870 (Waiver of Restrictions on Assessment and Collection of Deficiency in Tax), then the taxpayer is precluded from filing a refund suit.

D) Interest on a deficiency accrues from the due date of the return through the payment date.

18) Identify which of the following statements is false.

A) Appeals officers usually have the operating authority to settle disputes with taxpayers based on the “hazards of litigation.”

B) When an appeals officer is dealing with an “appeals coordinated issue,” he has the authority to settle with the taxpayer based on the “hazards of litigation.”

C) A Technical Advice Memorandum may be requested by an IRS auditor if the transaction in question involves an especially complex tax issue.

D) If the taxpayer and the appeals officer fail to reach agreement, the IRS issues a 90-day letter.

19) The IRS provides advice concerning an issue that arises during an audit by issuing

A) a revenue ruling.

B) an audit memorandum.

C) a technical advice memorandum.

D) a private letter ruling.

20) In order to appeal to the Appeals Division, a taxpayer must submit a protest letter to the IRS

A) if an office audit is involved.

B) as a response to receiving a 30-day letter.

C) in a field audit involving a assessment of taxes, interest, and penalties in excess of $25,000.

D) if a TCMP audit is involved.

125 what accounting records are used by accounts payable personnel to keep track of 4315839

125. What accounting records are used by accounts payable personnel to keep track of amounts

       owed to each vendor? 

126. Identify some inefficiencies inherent in a manual expenditures processing system. 

127. What are the advantages of BPR? 

128. List three examples of BPR used in the expenditures processes. 

129. Explain how system logic errors could cause cash management problems. 

 

10 6 describe the impact of time as a cost driver 1 the customer response time revea 4314995

10.6   Describe the impact of time as a cost driver.

1) The customer response time reveals how quickly customers respond to a company's new products.

2) Customer response time is the time between when a company first markets a new product, and when sales exceed supplies on hand (test inventory).

3) Uncertainty about when customers will demand a product or service is generally credited as being the primary cause of bottlenecks.

4) Manufacturing lead time is a combination of order receipt time and order manufacturing time.

5) Manufacturing lead times can affect costs but do not affect sales revenue.

6) Customer-response time is a measure of how long it takes for the customer to return a call.

7) Manufacturing lead time is the sum of waiting time and manufacturing time for an order.

8) Two important drivers of time are limited capacity and bottlenecks.

9) The average waiting time is the average amount of time an order will wait at the company's shipping office before it is sent to the customer.

10) Inventory carrying costs include the opportunity cost of the investment.

 

56 this governing group is the federal regulatory agency responsible for protecting 4315915

56.This governing group is the federal regulatory agency responsible for protecting the interests of investors by making sure that public companies provide complete and transparent financial information:

A.COSO

B.SEC

C.FASB

D.IASB

57.This governing group created the framework for internal controls evaluations:

A.COSO

B.SEC

C.FASB

D.IASB

58.It is necessary that certain stakeholders remain independent related to the corporation’s financial reporting.  Which of the following correctly states the stakeholders that should remain independent?

A.Internal Auditors, Audit Committee and External Auditors

B.Audit Committee and Internal Auditors

C.External Auditors and Audit Committee

D.Both Internal and External Auditors

59.The system of checks and balances in corporate governance includes several interrelated functions.  Which of the following is not one of those functions?

A.Management Oversight

B.Financial Stewardship

C.Ethical Conduct

D.Governing Bodies

60.The concept that encompasses the policies and procedures in place to lead the directorship of the company is called:

A.Financial Stewardship

B.Management Oversight

C.Ethical Conduct

D.Internal Controls and Compliance

61.Which of the following is not typical relationship in an organization chart?

A.Supervisors report to managers

B.Managers report to officers

C.Managers report to supervisors

D.Officers report to the board of directors

62.According to the authors, the downfall of Enron involved poor management oversight, and included the following criticism(s) of the board of directors:

A.Board meetings were few and brief

B.They did not challenge the company’s aggressive accounting policies

C.Board allowed senior executives to be exempted from the company’s policies regarding conflicts of interest

D.All of the above

63.The correctness of the financial information presented is called:

A.Accuracy

B.Transparency

C.Stewardship

D.Fiduciary

64.This characteristic of financial information, relates to how clearly the information can be understood.  It requires a straightforward, consistent, and timely approach.

A.Accuracy

B.Financial Stewardship

C.Fiduciary Duty

D.Transparency

65.Companies that emphasize accuracy and transparency:

A.Will have internal controls in place to make sure that their financial reports do not contradict each other.

B.Will have fewer opportunities for errors or fraud.

C.Will be more likely to prevent opportunities for wrongdoers to cross the line into fraud.

D.All of the above.

 

81 refer to table 10 7 calculate and record the amortization expense for the truck f 4308999

81) Refer to Table 10-7. Calculate and record the amortization expense for the truck for the year 2016 using the straight-line method.

 

 

 

 

82) Refer to Table 10-7. Calculate and record the amortization expense for the truck for the year 2016  assuming the the unit-of-production method is used and that the truck was driven for 44,000 kilometers to June 30, 2012.

 

 

 

 

83) On January 1, 2012, a company buys a equipment for $10,000. It has estimated residual value of $1,000, and an estimated life of 5 years. Assume the company uses double-declining-balance amortization. Please complete the amortization schedule below.

Date

Asset Cost

Amortizable Cost

AmortizationRate

Amortization Expense

Accumulated Amortization

Book Value

2001-01

2031

2013-01

2014-01

2015-01

2016-01

true or false 1 hardware consists of electronic components and related gadgetry that 4308939

True or False

1) Hardware consists of electronic components and related gadgetry that input, process, output, and store data according to instructions encoded in computer programs or software.

2) Printers are examples of output hardware.

3) A flatbed plotter is an example of an input device.

4) The CPU selects instructions, processes them, performs arithmetic and logical comparisons, and stores results of operations in memory.

5) Optical disks are the most common storage devices.

6) A dual-processor computer has 16 or more CPUs.

7) A quad-processor computer has two CPUs.

8) USB connectors complicated the connection of peripheral gear to computers for users.

9) Main memory is also called cache memory.

10) DVDs are the most common storage devices.