| (Fixed) Engineering costs | 27,000 | 25,000 | **Use the following matrices** 28) The circular flow of income shows that. During the manufacturing process, incidental goods are overhead. A small amount of cash on hand to pay for minor purchases is commonly referred to as a(n) Input Field 1 of 2 petty unavailable correct Input Field 2 of 2 cash unavailable correct fund. When a customer uses a credit card to pay McGregor $200 for services provided, McGregor would: The balance in a company's Cash account on August 31 was $19,600 before the bank reconciliation was prepared. Overhead was applied at a rate that was 75% of direct labor cost. Manufacturing overhead costs (check all that apply): _______ ________ inventory consists of completed units that have not yet been sold. Cost of goods sold is $6 per unit. 4 & 2 \\ All revenue accounts are debited and expense accounts are credited. Question: Manufacturing overhead is not: A.) 55) If an American firm produces goods that are sold to a German household, then A) German GDP increases but not U.S. GDP. 119) Gross private domestic investment is a component of which approach to measuring GDP? Those who have a checking or savings account, but also use financial alternatives like check cashing services are considered underbanked. Build an impressive slide deck in minutes, craft an insightful icebreaker instantly, or find a new and creative way to engage your audience! _______________________________________________________________________________________________________, ___________________________________________________________________________________________. At the end of the year only, the company compares its cash records to the bank's records of cash deposited and withdrawn during the year. Beauden Barrett.Barrett's current salary is believed to be $1 million per season making him the highest paid player in rugby history.Barrett is yet to comment on the potential deal. Actual overhead for the year was $120,000 and actual direct labor-hours were 7,500. Compute the company's cost of goods sold. 39) In the above figure, flow B represents ________. A) The government buys new tires for its military vehicles. Determine the number of completed units manufactured during the year. Which of the following will cause differences between the bank statement balance and the accounting balance for cash? fixed mixed variable, The ABC Company had its highest level of production in May when they produced 4,000 units at a total cost of $110,000 and its lowest level of production in November when they produced 2,500 units at a total cost of $87,500. Which of the following activities is carried out during implementation of a marketing plan? \textbf{Debit}& \textbf{Credit} \\ \hline Contacting Overhead Power Lines. 1 & 1 & 3 & 0 \\ The product sells for $10 per unit. Which of the following is not an element of the fraud triangle? In the context of the Boston Consulting Group's (BCG's) portfolio matrix, unlike question marks, dogs: _____ is the strategy of preserving market share so that an organization can take advantage of the very positive cash flow. Fixed selling expenses are $10,000 and variable selling and administrative expenses are $3 per unit. For instance, a construction project manager will evaluate materials costs (e.g., concrete, steel and heavy machinery needed to complete the job), labor costs (e.g., the daily rate of on-site workers) and overhead costs (e.g., rent for a | Firm A | | Firm B | | 41) In the above figure, household income is shown by flow A) A. M&M. T OR F, A strategic business unit (SBU) is a single business or a collection of related businesses. The weighted-average contribution margin per unit is $. Always includes a gross profit subtotal. Adjustments to the balance per books for items discovered on the bank reconciliation that were not yet recorded on the books, Cash disbursements that have been recorded in the company's accounting records but are not yet recorded, When adjusting the company's cash account balance in a bank reconciliation, which items reduce the company's cash account balance? 42) Transfer payments are not included in GDP because A) their market value cannot be accurately determined. 14) In 2011, Ozzie purchased a 2008 Ford Escort from his neighbor for his son, purchased a 2007 one owner Camry from Larchmont Toyota for his wife, bought a 2011 new Ford for himself, and sold his 2000 Dodge Caravan to his teenage nephew. If the company usually sells 2,500 basic models and 7,500 premium models, then the weighted-average contribution margin per unit is $, A company sells two models of a productbasic and premium. Some transactions of Blue River Company are given below. 34) The circular flow diagram indicates that, 35) In the circular flow model of an economy, households, 36) In the circular flow diagram, aggregate expenditure includes the sum of, 37) In the circular flow of economic activity, 38) In the circular flow diagram, aggregate expenditure includes. Which of the following statements is true of a marketing plan? Mandolin produced 70,000 units and sold 50,000 units. 96) An indirect tax is a tax paid by consumers. Manufacturing Overhead Which label is given to the cost of wages forfactory supervisors? Marketing objectives must be consistent with and indicate the priorities of the organization. This includes things such as: Glue Nails Paint Stain Although glue may be necessary to produce a good, it isnt feasible for you to count exactly how much glue is used for each good and to determine the cost of that glue. 78) The five categories of income used in the income approach to the measurement of GDP are A) consumption, saving, rental income, corporate profits, and investment. In the context of the marketing mix, promotion includes: In the context of the marketing mix, which of the following is an element of promotion? The sales level in dollars to achieve the desired target income is $. The volume of tutoring is low at the beginning of the semester and increases before exams. According to the Boston Consulting Group's (BCG's) portfolio matrix, a star is a fast-growing market leader. 1) Gross domestic product is the total ________ produced within a country in a given time period. b.More people choose to do their own home repairs when the These costs include the costs of direct material, direct labor, and manufacturing overhead. Although some of the work is custom, many of the cabinets are a standard size. ($270,000 CR - $220,000 DR = $50,000 CR; Dividends are not closed to Income Summary). We indicated above that the fixed manufacturing overhead costs are the rents of $700 per month, or $8,400 for the year 2021. Which of the following is an example of a detective control in a company? Income tax return, income statement, balance sheet. Accounting personnel routinely reconciles the company's cash records with those of its bank to identify discrepancies. \text{Beg. A cost remains unchanged when the volume of activity changes within the relevant range. 158 was unfinished. 1. based on visual fit and subject to interpretation. The Zanin Ore Company declares a quarterly dividend of $0.24 a share on its no-par value common stock. Study with Quizlet and memorize flashcards containing terms like Process operations is defined as a manufacturing process that includes: (Check all that apply. Ana Carillo and Associates is a medium-sized company located near a large metropolitan area in the Midwest. Record the deferral and the related December 31 , 2016, adjustment for Josh Smith in an accounting equation. The ABC Company had its highest level of production in May when they produced 4,000 units at a total cost of $110,000 and its lowest level of production in November when they produced 2,500 units at a total cost of $87,500. According to Ansoff's strategic opportunity matrix, both product development and diversification entail creating new products. c. They provide long-term benefits. Their unit selling price is $20 and they have variable unit production costs of $10, variable selling expenses of $3 and fixed overhead of $10,000. Study with Quizlet and memorize flashcards containing terms like CVP analysis looks at how _ is affected by sales price per unit, variable costs per unit, volume, and fixed costs., A cost remains unchanged when the volume of activity changes within the relevant range., Which of the following is the correct statement about variable costs? The company manufactures cabinets of mahogany, oak, and other fine woods for An entity incurs these costs during the production process. 34) In the national income accounts, government expenditure on goods and services refer to those purchases made by. b. physiological 45) According to the circular flow diagram, the dollar value of a nations output is equal to. | (Fixed) Insurance | 500 | 500 | \$\hspace{5pt}\text{(i)}& \\ \\ Indirect taxes less subsidies ________. Each of the following are methods used to separate mixed costs into their fixed and variable components except: Which of the following is the correct statement about fixed costs? Dividends will have what effect upon retained earnings? $$ Income statement, annual report, balance sheet., Assets are After some discussion, she designed a simple system consisting of four activity cost pools. A. outsourcing B. international marketing C. privatization D. globalization, In 2008 and 2009, the _____ became the forum though which major nations attempted to launch a coordinated policy response to the global financial Which of the following is not a step in preparing a bank reconciliation? Designing and advertising a product are all ______-level activities. 6. ), Which of the following items will require a journal entry following a bank reconciliation? Varion Air, an airline company, is providing promotional offers to mark its first anniversary. The entry needed to adjust the company's cash balance for this reconciling item will include a: Which of the following is not one of the categories of business activities reported in the statement of cash flows? On December 1, Job No. Marketing myopia means long-term thinking. The product sells for $10 per unit. Earlier this year, Barrett and his long-time girlfriend Hannah Laity got engaged. \end{array}\right] \quad G=\left[\begin{array}{lll} 44) Which is NOT part of GDP calculated using the expenditure approach? Its customers will be given a complimentary air ticket on the purchase of three business class tickets. A year later, when the firm wants to upgrade to a new copier, it finds that the old copier is only worth $750. 3 & 2 & 1 \\ (a) Show the sample space. 4 & 0 & 3 Cost-volume-profit analysis helps managers predict how changes in and levels income. economy is slow and hourly wages are down. What methods can be used to dispose of underapplied or overapplied manufacturing overhead? As directed by top management, I simply multiply the square footage by $2.50 to determine the bid price. Laelle Corp. is a company that produces large automotive spare parts. Which of the following accounts should not be closed? Assuming all other factors remain constant, if variable cost per unit increases, then the break-even point will: The break-even point can be expressed as sales in, RST Company produces a product that has a variable cost of $6 per unit. Overhead is applied to production based on 31) Compared to the other sources of spending, net exports is A) large and negative. | 1,000 | $.01$ | 700 | $.02$ | (f ) Actually take 100 samples of two M&Ms (with replacement) and record the frequency of each outcome listed in (b) and (c) above. The company has fixed costs of $3,000 and desires a target income of $10,000. Eldams Inc., a technological firm, started producing a new gaming console for its domestic market. The product sells for $5.00 per unit. 48) Comparing aggregate expenditure and aggregate incomes shows that, 50) Gross domestic product can be calculated. **Use properties of limits and algebraic methods to find the limits, if they exist. \end{array}\right] In the context of the marketing mix, the product includes: The product in the marketing mix includes: MaxNutri Inc. sells cookies and nutrition bars. The on-site supervisors claim that the estimators do not adequately distinguish between routine work, such as removal of asbestos insulation around heating pipes in older homes, and nonroutine work, such as removing asbestos-contaminated ceiling plaster in industrial buildings. (Select all that apply.). Department C places completed units in a heat chamber to sterilize them before they are shipped out. 88) The largest component of national income is A) compensation of employees. Using the high-low method, the estimated variable cost per unit is $, The ACC Tutoring Service provides tutoring to accounting students. What techniques do artists use to convey perspective in their work? Strategic planning is just an annual exercise. Marketing strategy involves the activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets. ; 03-04 Compute underapplied or overapplied overhead cost and prepare the journal entry to close the balance in Manufacturing Overhead to the appropriate accounts. ** Examples of costs that are included in the manufacturing overhead category are as follows: Depreciation on equipment used in the production process Property taxes on the. Direct materials: 20 pounds x $6 per pound Direct labor: 5 hours x $16 per hour Variable manufacturing overhead: 5 hours x $4 per hour The following activity occurred during the month of November: Materials purchased: 250,000 pounds $5.20 per pound. 41) Which of the following items is NOT part of government expenditure on goods and services in the GDP accounts? They describe the potential total physical damage losses next year to the fleets of delivery trucks of two different firms. a very few products in large numbers, Categories Study with Quizlet and memorize flashcards containing terms like The normal order in which the financial statements are prepared is: Balance sheet, income statement, statement of retained earnings. RST desires to earn a profit of $20,000. See the answer Manufacturing overhead is not: Expert Answer 100% (5 ratings) Manfacturing overhead is directly attributable to Product. Committee of Sponsoring Organizations (COSO) of the Treadway Commission. Economics b. The two discrete probability distributions given in the next table were developed from historical data. |--------------------------------------------------|:----------------------:|:------------------:| Which of the following are ways Darla's business could engage in the global market., A weak \begin{aligned} Actual overhead for the year was $120,000 and actual direct labor-hours were 7,500. Which account(s) are debited in the journal entry to record manufacturing labor costs? | 500 | $.01$ | 200 | $.01$ | The variable cost per unit does not change when volume changes. The new machine would decrease the variable cost to $3, but increase fixed costs by $5,000. With this modification, its customers can now buy the smartphones even if they are not sold in any of the stores in their locality. If a review of the accounting records determined that $86,000 of goods were still in production at year-end, Hamilton should make a journal entry on December 31 that includes: a credit to Work-in-Process Inventory for $432,000. Deposits outstanding that have been recorded on the company's records, but not on the bank's. The managers have also allocated a budget for each activity. The same concept relates to labour. 1 & 0 & -2 \\ An absorption costing income statement for the most recent period is shown: Hi-Tek Manufacturing Inc. Income Statement Sales $ 2,100,000 Cost of goods sold 1,600,000 Gross margin 500,000 Selling and Marketers at Libra Electronics Inc. are developing promotional strategies to increase product sales. (Select all that apply. 3. The greater the variation in potential outcomes, the greater the uncertainty faced by the decision maker; the smaller the variation in potential outcomes, the more predictable the decision maker's gains or losses. The basic goal of _____ is to increase the short-term cash return without too much concern for the long-run impact. The normal order in which the financial statements are prepared is: Income statement, statement of retained earnings, balance sheet. A company has a margin of safety of 20%. (b) What is the probability that both are Each unit has a direct labor hour standard of 5 hours. \end{array}\right] McGregor Company allows customers to pay with credit cards. What is an example of job costing? Match each example below to the correct cost type. 22) Double counting (counting the same thing twice) in GDP accounting is avoided by not including A) net exports. Drafi Arts Corp. makes and sells original handicraft goods. The formula used in a contribution margin income statement is: RST Company produces a product that has a variable cost of $6 per unit. The premium model has a variable cost of $100 and sells for $150. Explain. In the context of the innovation matrix, decisions taken at the _____ level implement changes that use existing assets to provide added convenience to existing customers and potentially entice customers from other brands. 3 & 5 Jack receives a base salary plus $1.25 per unit assembled. 18) Consumption expenditure is the payment by households for consumption of, 20) Personal consumption expenditures include. | Computer costs | 10,000 | 10,000 | 120) Which of the following is NOT a component of the incomes approach to GDP? 95) Which of the following is included in the category of corporate profits when measuring GDP? The ACC Tutoring Service provides tutoring to accounting students. While most of the companies in the market produce not more than three basic varieties of chocolates, Jove Inc. sells over 50 different varieties of flavored chocolates. Addoso Inc. manufactures electronic gadgets. 15) Which of the following items is not a component of the expenditure approach to measuring U.S. 16) In the expenditure approach to GDP, the largest component is. The employees are required to finish these activities within a month. The weighted-average contribution margin per unit is $, A company sells 800 units at $16 each, has variable costs of $12 per unit, and fixed costs of $1,200. In a bank reconciliation, which of the following will require a journal entry by the company? \begin{array} {l|c}\hline A company that sells multiple types of products has a combined selling price per unit of $150, combined variable cost per unit of $50 and total fixed costs of $25,000. 84) Which of the following is NOT one of the components for computing GDP based upon the income approach? The company discovered these items when examining its statement from Northern Bank. The contribution margin ratio is. Imitating a rival's competitive advantage requires the company to first identify the rival's competitive advantage. so it can be said as a manfacturing cost. (b) Determine how much overhead was applied to production. Then, after a base year, the value of real GDP will A) be less than nominal GDP. Balance}\hspace{35pt} There has been a long-simmering dispute between the company's estimator and the work supervisors. The company's fixed costs are $30,000. Steel purchased by a company for manufacturing cars c. Wheat purchased by a bakery d. A cup of coffee bought at a restaurant includes investment, government purchases, exports, and transfer payments. Northern Bank credited Beaver's account for $15 of interest earned during April, Northern Bank notifies Beaver of an NSF check in the amount of $420, Northern Bank charges service fees of $40 to Beaver, Northern Bank collects $2,200 for a note owed to Beaver ($2,100 principal and $100 interest), Beaver's accountant made an error in recording check #354; the check was written for $670, but was recorded incorrectly as $760, An employee of Beaver Company used a company debit card to purchase office supplies, $80. The company should maintain security over assets and accounting records. They estimated that 5,000 hours would be used in 2013. | 3,500 | $.02$ | 3,200 | $.15$ | $$. Study with Quizlet and memorize flashcards containing terms like 1) Which of the following is true with regard to personal selling? These assumptions include: (Check all that apply.). 25) The factor market can best be described as where A) households buy goods and services. 80) Which of the following is a component of the incomes approach to GDP? This gives it an edge over the other chocolate makers in Lumberne. On December 31, Job No. The product sells for $10 per unit. The company's fixed costs are $30,000. 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