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cost accounting
Questions and Answers of
Cost Accounting
Which of the following would most likely be classified as a current liability? a. Two-year notes payable. b. Bonds Payable. c. Mortgage payable. d. Unearned Rent.
Which of the following is not part of an oligopoly? A) Setting the product ʹ s price after considering what rivals will do B) Determining the amount of advertising a new product needs C) Deciding
Which one of the following statements is correct with regard to property loss exposures? 1. Homes can be grouped into classes that face essentially the same loss potential. 2. Commercial property
Which one of the following would be a bullish signal to a technical analyst using moving average rules? a. A stock price crosses above its 52-week moving average. b. A stock price crosses below its
Which one of the following should earn the most risk premium based on CAPM? a. Diversified portfolio with returns similar to the overall market b. Stock with a beta of 1.38 c. Stock with a beta of
Why are miniaturized identification systems used in clinical microbiology? Describe one such system and its advantage over classic dichotomous keys.
Why can radio astronomers observe at anytime of the day or night whereas optical astronomers are mostly limited to observing at night?
Why do policymakers want to keep inflation low? Who suffers when there is cyclical unemployment?
1. Why do you suppose that firms in Arctic nations are already developing specialized tanker ships and platforms for use in privately accessible Arctic areas? 2. What are possible opportunity costs
No major observatory has a Newtonian reflector as its primary instrument, whereas Newtonian reflectors are extremely popular among amateur astronomers. Explain why this is so.
Why is an attitudinal hazard more difficult to control? Give one example of carelessness or indifference that could result in serious legal liability.
Why is the inhalation of automobile exhaust fumes life-threatening? Explain the physiology involved.
Why is the price elasticity of demand a relative measure? That is, why is elasticity measured in percentage terms rather than absolute terms? 1. So the coeffecient of elasticity will not be dependent
1. Why might federal spending on roads, waterways, or national security be less subject to direct expenditure offsets than spending on health care or education? 2. What might account for the fact
Why might increasing taxes as a fiscal policy be a more difficult policy than the use of monetary policy to slow down an economy experiencing inflation? A. The legislative process works quickly. B.
______ refers to any work done for a company by people other than the company's employees and the country in which company located. A. off shoring B. Outsourcing C. In-house
Write a procedure named Str_remove that removes n characters from a string. Pass a pointer to the position in the string where the characters are to be removed. Pass an integer specifying the number
What are the equations illustrate the diazotiation of aniline and subsequent reaction with phenol; with dimethylaniline?
Write the structures of the following compounds:(a) Butyldiethylammonium bromide(b) Tetrabutylammonium hydroxide(c) Propylammonium iodide(d) Isopropylmethylammonium chloride
Xavier Corporation plans to purchase a new machine to replace an older machine on its assembly line. The new machine's purchase price is $500,000, and it will cost $75,000 to have the new machine
Yarmouth Company produces a liquid solvent in two departments: Mixing and Finishing. Accounting records at Yarmouth show the following information for Finishing operations for February (no new
Yasmeen purchases stock on January 30, 2014. If she wishes to achieve a long-term holding period, she will have to wait until at least to sell the stock.(i). January 20, 2015(ii). January 31,
You are considering two loans. The terms of the two loans are equivalent with the exception of the interest rates. Loan A offers a rate of 7.75 percent, compounded daily. Loan B offers a rate of 8
You are faced with two investments. One is very risky, but the potential returns are high. The other is safe, but the potential is quite limited. Pick one.
You are given a solution of the following cations in water: Ag+, Co2+, Ba2+, Zn2+, and Sn2+. You want to separate the ions out one at a time by precipitation using the following reagents: NaF, NaI,
You have a choice between a 30-year fixed rate loan at 3.5% and an adjustable rate mortgage (ARM) with a first year rate of 2%. Neglecting compounding and changes in principal,
You have just accepted your first job out of college, which requires you to evaluate loan requests at Beach Front National Bank. The first loan request you receive is from Surfer Dude Enterprises, a
You hold some shares of BMW listed in Frankfurt. The share price is € 750, and a gross dividend of € 30 is paid. The current exchange rate is 1.15 $/ € . The German government imposes a 15%
The spreadsheet in Microsoft Excel file ChOlExOl_U7e.xlsx contains records of employee activity on special projects. Open this workbook and examine the data that you find in the three spreadsheets it
You must determine the length of a long, thin wire that is suspended from the ceiling in the atrium of a tall building. A 2.00-cm-long piece of the wire is left over from its installation. Using an
You recently sold 100 shares of Microsoft stock to your brother at a family reunion. At the reunion your brother gave you a check for the stock and you gave your brother the stock certificates. Which
You want to estimate the proportion of individuals in your area who think the public school system needs major overhauling. If you believe the proportion will be about 35%, how many individuals will
You were told that the amount of time lapsed between consecutive trades on the New York Stock Exchange followed a normal distribution with a mean of 15 seconds. You were also told that the
Young Corp. hired Wilson as a sales representative for six months at a salary of $5,000 per month plus 6% of sales. Which of the following statements is correct? A) Young does not have the power to
Your company is considering expanding its warehouse facility in Memphis, Tennessee. The expansion will cost $50,000 and will be depreciated as a 7-year MACRS asset for ten years. What is the
Your company plans to acquire one of two assets. Assets A cost $162,500, and has expected annual cash savings of $37.500. Assets B cost $225,000 and has expected annual cash saving of $77,500. You'll
Zeus, Inc. produces a product that has a variable cost of $9.50 per unit. The company's fixed costs are $40,000. The product sells for $12.00 a unit and the company desires to earn a $20,000 profit.
Zippy is earning $25,000 per year working for Joe's car repair. He also has a savings of 100,000, on which he is earning 10% annual interest. He decides to leave. In the first year, Zippys earns
"This American Life" is a American Public Media radio program conceived, produced. Written, and performed by Ira Glass. In 2012, Episode 454. "Mr. Daisey and the Apple Factory," chronicled the
Compare and contrast RAND's Six Steps (2005) and Leppitt's Integrated Model (2006). Be sure to include an explanation of when an organization would prefer to use one model over the other and the
In this assignment, you are writing a program that converts common texting abbreviations to English words to allow people like yours truly can understand. For the assignment, you are provided with a
Modify MEMOIZED-CUT-ROD to return not only the value but the actual solution, too. The Fibonacci numbers are defined by recurrence (3.22). Give an 0(n)-time dynamic-programming algorithm to compute
Write SQL statements to create a table EMPLOYEE_BACKUP to back up the EMPLOYEE table shown in Figure 5.6.Figure 5.6One possible database state for the COMPANY relational database schemaEMPLOYEE
You are in charge of managing a local softball team, one in which there is a lot of turnover. While you have a couple of regulars, much of the team members come and go frequently. When it comes to
From the following account balances for June 2016, prepare in proper form(a) An income statement,(b) A statement of owner's equity, and(c) A balance sheet for French Realty.
From the following account balances for June 2016, prepare in proper form(a) An income statement,(b) A statement of owner's equity, and(c) A balance sheet for French Realty.
Jill Martin of Regina opened Martin's Catering Service. As her accountant, analyze the transactions listed below and present in proper form:1. The analysis of the transactions by utilizing the
Ruth Jones began a new business called RJ Graphics, located in Moncton.The following transactions resulted:A. Ruth invested $10,500 cash from her personal bank account in the graphics company.B.
Lewis Loh has asked you to prepare a balance sheet as of April 30, 2016, for Loh's Database Service of Orillia. Lewis Loh, Capital ........................ $49,000 Accounts Payable
Leroy Greene of Vancouver decided to open his own training services company at the end of October. Analyze the following transactions by recording their effects in the expanded accounting equation.A.
Jack James decided to open an editing service in Vernon. Record the following transactions in the transaction analysis charts:A. Jack invested $3,500 in the editing service from his personal savings
Val McIntyre of Halifax established a graphics company. Record the following transactions for Val in T account form. Label each entry with the letter of the transaction.A. Val McIntyre invested
From the following T accounts of Linda's Consulting Service of Taber,(a) Record and foot the balances on the appropriate pages in the Study Guide with Working Papers, and(b) Prepare a trial balance
On June 2, 2017, Betty Rice opened Betty's Art Studio in Toronto. The following transactions occurred in June: 2017 June .... 2 Betty Rice invested $12,000 in the art studio. ........... 3 Paid three
The following transactions occurred in June 2015 for A. French Placement Agency of Fredericton: 2015 June .... 1 A. French invested $9,000 cash in the placement agency. ...........1 Bought equipment
In April 2016, Jack Lang opened a new cleaning service in Victoria. Please assist him by journalizing the following business transactions: 2016 Apr. 1 Jack Lang invested $6,000 worth of cleaning
In July, the following transactions occurred for Rodger's Fitness Training Studio of Sydney: 2017 July ...... 2 Rodger Baldwin invested $16,200 in the studio. ............ 3 Paid three months' rent
Janet Fox, President of Angel Co., went to a tax seminar. One of the speakers at the seminar advised the audience to put off showing expenses until next year because doing so would allow them to take
Why do we need the Accumulated Depreciation account?
Why don't the formal financial statements contain debit or credit columns?
Please complete a partial worksheet up to the adjusted trial balance for CJ's Mountain Safety Training of Banff, using the following adjustment data and trial balance:a. Supplies on hand, $1,605b.
Given the following trial balance and adjustment data for The Debbie Rose Art Studio of Richmond, your task is to prepare a worksheet for the month of November, the first month of operations in a new
Refer to the worksheet for Chalke's Computer Repair Service of Brandon on page 229. The beginning balances (from the trial balance column) in each account are already entered in your working
From the following, calculate what amount Blue Co. can expect to receive from Frost Foundation with respect to invoice No. 6051, dated March 5, 2015. The total was $3,200 and terms are 3% 15 days,
On January 11, 2016, Glassiere Co. sold a Model 3146 home theatre equipment cabinet to the HLJ Company on invoice No. 3275. The unit has a list price of $4,600, and this customer receives a trade
Enter each of the following invoices into a multicolumn sales journal. Airwell Company sells three kinds of machining equipment: lathes (L), milling (M), and surfacing (S). Terms are all 2% 10 days,
Please refer to the information contained in the question 6-5A above. During August, 2017, Airwell Company deposited four cheques and made one additional deposit as follows: Refer to the information
From the following, calculate what amount Blue Co. can expect to receive from Frost Foundation with respect to invoice No. 6051, dated March 5, 2015. The total was $4,600 and terms are 3% 15 days,
On January 11, 2016, Glassiere Co. sold a Model 3146 home theatre equipment cabinet to the HLJ Company on invoice No. 3275. The unit has a list price of $3,800 and this customer receives a trade
Enter each of the following invoices into a multicolumn Sales Journal. Airwell Company sells three kinds of machining equipment: lathes (L), milling (M), and surfacing (S). Terms are all 2% 10 days,
Please refer to the information contained in the question 6-5B above. During August 2017, Airwell Company deposited four cheques and made one additional deposit as follows: Refer to the information
Wilson Chan has just taken over a business started by his aunt in Sarnia, Ontario, and moved the company to Regina, Saskatchewan. The company is called Chan's Imported Technology (CIT for short) and
Please refer to problem 6-A3. The sales data listed there form the basis for much of this problem. Refer to Problem 6-A, Wilson Chan has just taken over a business started by his aunt in Sarnia,
Wilson Chan has just taken over a business started by his aunt in Sarnia, Ontario, and moved the company to Regina, Saskatchewan. The company is called Chan's Imported Technology (CIT for short) and
Please refer to problem 6-B3. The sales data listed there form the basis for much of this problem. problem 6-B3, Wilson Chan has just taken over a business started by his aunt in Sarnia, Ontario, and
Martha Kuerti has started up a new company called Calgary Camera Company (CCC for short) in the Calgary region. CCC specializes in the sale of four types of cameras to customers in "industrial"
Please refer to problem 6-C3. The sales data listed there form the basis for much of this problem.Refer to problem 6-C3,Martha Kuerti has started up a new company called Calgary Camera Company (CCC
From the purchases journal below, record in the accounts payable subsidiary ledger and post to the general ledger accounts as appropriate.
From the following facts, calculate what Adam Dell must pay Black Co. for the purchase of a bedroom set. Sale terms are 2/10, n/30. a. Invoice price before tax, $3,000, dated April 5. b. Returned one
On July 8, 2017, Huston Co. issued debit memorandum No. 1 for $400 to Park Co. for merchandise returned from invoice No. 709. Your task is to journalize, record, and post this transaction as
Mary Rose Co. bought merchandise with a list price of $4,000. Mary's company was entitled to a 30% trade discount as well as a 3% cash discount. What was the actual cost of buying this merchandise
From the purchases journal below, record in the accounts payable subsidiary ledger and post to the general ledger accounts as appropriate.
From the following facts, calculate what Adam Dell must pay Black Co. for the purchase of a bedroom set. Sale terms are 2/10, n/30. a. Invoice price before tax, $5,000, dated April 5. b. Returned one
On July 10, 2017, Huston Co. issued debit memorandum No. 1 for $600 to Park Co. for merchandise returned from invoice No. 731. Your task is to journalize, record, and post this transaction as
Mary Rose Co. bought merchandise with a list price of $6,000. Mary's company was entitled to a 30% trade discount as well as a 2% cash discount. What was the actual cost of buying this merchandise
Ely Goldman recently opened a specialty food store in Brantford. As the bookkeeper of his shop, journalize, record, and post when appropriate the following transactions (account numbers are: Store
Sara's Cupcakes of Cold Lake uses a purchases journal (page 10) and a general journal (page 2) to record the following transactions (continued from April):2016May 8 Purchased merchandise on account
Peter Daly operates a photo printing centre in Whitehorse. All transactions requiring the payment of cash are recorded in the cash payments journal (page 5). The account balances as of May 1, 2016,
Mary James owns Mary's Card House in Halifax. As her newly hired accountant, your task is to:a. Journalize the following transactions for the month of March.b. Record in subsidiary ledgers and post
Ely Goldman recently opened a specialty food store in Brantford. As the bookkeeper of his shop, journalize, record, and post when appropriate the following transactions (account numbers are: Store
As the accountant of Sara's Cupcakes of Cold Lake(a) Journalize the following transactions in the purchases journal (page 10) or the general journal (page 2 ),(b) Record and post as appropriate,
Peter Daly operates a photo printing centre in Whitehorse. All transactions requiring the payment of cash are recorded in the cash payments journal (page 5). The account balances as of May 1, 2016,
As the new accountant for Mary's Card House in Halifax, your task is to:a. Journalize the transactions for the month of March.b. Record in subsidiary ledgers and post to the general ledger as
Amy Burke recently opened a gift store in Shelburne. As the bookkeeper of her shop, journalize, record, and post when appropriate the following transactions (account numbers are: Store Supplies, 124;
Super Sweets of Edmonton, owned and operated by Jennifer Blanca, uses a purchases journal (page 15) and a general journal (page 3) to record the following transactions (continued from July):2017Aug.
June Devlin operates a Water Bottling Service in Yellowknife. All transactions requiring the payment of cash are recorded in the cash payments journal (page 14). The account balances as of May 1,
Liz Ames owns Fancy Writing Supply Co. in Moncton. As her newly hired accountant, your task is to:a. Journalize the following transactions for the month of May.b. Record in subsidiary ledgers and
Explain the difference between payee, drawer, and drawee?
From the following July 28, 2017, bank statement (p. 387),(a) Complete a bank reconciliation for The Fresh Flower Shop of Halifax and(b) Journalize the appropriate entries as needed.a. A deposit of
On March 2, 2016, the accountant for Bergen Carpet Co. of Edmonton was injured in a skiing accident and was advised not to return to work for six weeks. The owners of the company are anxious to
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