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Companies promoting continuous improvement strive to achieve _____________
standards by eliminating inefficiencies and waste.
Answer:
A _______________________ is a document the buyer issues to inform the seller of a
debit made to the seller's account in the buyer's records.
Answer:
The following information is available for Skate and Boards Rental Company.
Using the above information prepare an income statement, statement of retained
earnings and statement of cash flows for the Skate and Boards Rental for 2014. Also,
prepare its balance sheet as of December 31, 2014. Assume that the 12/31/13 cash
balance is $70,000.
Answer:
Macleod Company's product has a contribution margin per unit of $62.50 and a
contribution margin ratio of 25%. What is the per unit selling price of the product?
Answer:
The following data are available for Osman Corp. for the current year:
Using FIFO, calculate the equivalent units of production for the year.
Answer:
Classify each of the following cost items as a variable cost, a fixed cost, or a mixed cost
by placing an X in the appropriate column. Each cost should be evaluated in terms of
the volume of units of finished products produced. Also indicate with an X for each
item if it is a product cost or a period cost.
Answer:
The ______________________ overhead rate method uses a different overhead rate for
each production department.
Answer:
Answer:
What is inventory shrinkage? How do managers account for shrinkage?
Answer:
Define variable cost, fixed cost, and mixed cost.
Answer:
A company established a $400 petty cash fund by issuing a check to the custodian on
October 1. On October 15, the petty cash fund was replenished and increased to $1,000
in total. The contents of the petty cash fund at the time of the October 15 replenishment
were:
Prepare the general journal entry to record both the reimbursement and the increase of
the petty cash fund on October 15.
Answer:
A company issues bonds with a par value of $800,000 on their issue date. The bonds
mature in five years and pay 6% annual interest in two semiannual payments. On the
issue date, the market rate of interest is 8%. Compute the price of the bonds on their
issue date. The following information is taken from present value tables:
Answer:
Reference: 16_04
Refer to the following information about the Painting Department in the Richardson
Factory for the month of June:
If FIFO has been used, how many equivalent units of materials were added to all units
processed during June? How many equivalent units of labor and overhead were added
to all units processed during June?
Answer:
A management approach that emphasizes significant differences from plans is known as
___________________.
Answer:
Intangible assets are long-term resources used to produce or sell products and services;
they generally lack ______________ and their benefits are highly ____________.
Answer:
The _____________ method of process costing assigns costs to units assuming a
first-in, first-out flow of product.
Answer:
The four building blocks of financial analysis are (1) ____________________, (2)
__________________________, (3) ____________________ and (4)
_____________________.
Answer:
Scuba Company had net income on the current years income statement in the amount
of $800,000, other expense in the amount of $400,000, and a gross profit ratio of 58%.
What was the amount of net sales on the income statement?
Answer:
The measurement of key relationships between financial statement items is known as
_____________________________.
Answer:
Briefly describe the procedure of management by exception.
Answer:
