Accounting Study 2

accounting study 2

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A static budget is appropriate for

A Variable overhead costs
B Direct materials costs
C Fixed overhead costs
D None of these

Neal Merchandising Company expects to purchase $90,000 of materials in July and $105,000 of materials in August. Three-quarters of all purchases are paid for in the month of purchase, and the other one-fourth are paid for in the month following the month of purchase. How much will August’s cash disbursements for materials purchases be?

A $67,500
B $78,750
C $101,250
D $105,000 read more

Accounting Study – WileyPlus

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Meyerhoff Company has the following budgeted sales: July $100,000, August $150,000, and September $125,000. 40% of the sales are for cash and 60% are on credit. For the credit sales, 50% are collected in the month of sale, and 50% the next month. The total expected cash receipts during September are

A $140,000
B $132,500
C $131,250
D $125,000

Ashcroft Inc. prepared a 2010 budget for 60,000 units of product. Actual production in 2010 was 65,000 units. To be most useful, what amounts should a performance report for this company compare? read more

Building Java Programs

Programming In JavaBuilding Java Programs: A Back to Basics Approach Plus MyProgrammingLab with Pearson eText — Access Card Package (4th Edition)

by Stuart Reges, Marty Stepp, Reges, Stuart^Stepp, Marty

Paperback, 1176 Pages, Published 2016

Layered, Back-to-Basics Approach to Java Programming

Newly revised and updated, this Fourth Edition of Building Java Programs: A Back to Basics Approach uses a layered strategy to introduce Java programming, with the aim of overcoming the difficulty associated with introductory programming textbooks. The authors’ proven and class-tested “back to basics” approach introduces programming fundamentals first, with new syntax and concepts added over multiple chapters, and object-oriented programming discussed only once readers have developed a basic understanding of Java programming. Previous editions have established the text’s reputation as an excellent choice for thoroughly introducing the basics of computer science, and new material in the Fourth Edition incorporates concepts related to Java 8, functional programming, and image manipulation. read more

Python program that will act as a calculator Flowchart

Pseudo Code for Python Calculator

Prompt for first number
Read first number and store in variable
Display operations (1-add, 2-subtract, 3-multiply, 4-divide)
Prompt for operation
Read operation and store in variable
Prompt for second number
Read second number and store in variable
If operation is equal to 1 (add)
Then
Add first number to second number and store result in variable
Otherwise if operation is equal to 2 (subtract)
Then
Subtract second number from first number and store result in a variable
Otherwise if operation is equal to 3 (multiply)
Then
Multiply first number with second number and store result in a variable Other wise if operation is equal to 4 (divide)
Then
Divide first number by the second number and store result in a variable
Otherwise exit program
Display the result stored in the variable
Exit the program read more

Exam Study Guide

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When 10,000 units are produced, fixed costs are $14 per unit. Therefore, when 20,000 units are produced fixed costs will

A   remain at $14 per unit

B   increase to $28 per unit

C   total $280,000

D    decrease to $7 per unit

ANSWER – D    decrease to $7 per unit

If the Manufacturing Overhead account has a debit balance at the end of a period, it means that

A    Actual overhead costs were less than overhead costs applied to jobs

B    Actual overhead costs were greater than overhead costs applied to jobs read more

Study Practice

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Meyerhoff Company has the following budgeted sales: July $100,000, August $150,000, and September $125,000. 40% of the sales are for cash and 60% are on credit. For the credit sales, 50% are collected in the month of sale, and 50% the next month. The total expected cash receipts during September are

A  $140,000

B  $132,500

C  $131,250

D  $125,000

ANSWER – B  $132,500

The total direct labor hours required in preparing a direct labor budget are calculated using the

A  Sales forecast

B  Production budget read more

Exam Practice

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  1.  An increase in the level of activity will have the following effects on unit costs for variable and fixed costs

Exam-2

A. A

B. B

C. C

D. D

ANSWER – D

  1.  Walker Manufacturing Company reported the following year-end information

Exam-2

How much is Walker Manufacturing’s cost of goods manufactured for the year?

A.   $734,000

B.   $1,074,000

C.  $1,070,000

D.  $1,078,000

ANSWER – C.  $1,070,000

Chmelar Manufacturing Company developed the following data

exam-2

How much are total manufacturing costs for the period?

A $1,185,000

B $945,000

C $825,000

D $915,000

ANSWER – B  $945,000

Costas Company has beginning and ending raw materials inventories of $64,000 and $80,000, respectively. If direct materials used were $260,000, what was the cost of raw materials purchased? read more

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Study Questions

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  1. If the cost of goods sold is greater than the cost of goods manufactured, then:

a. work in process inventory has decreased during the period.
b. finished goods inventory has increased during the period.
c. total manufacturing costs must be greater than cost of goods manufactured.
d. finished goods inventory has decreased during the period.

  1. Wages paid to the factory supply shop foreman are considered an example of:

            Direct Labor      Period Cost
A)             Yes                         Yes
B)              Yes                         No
C)              No                        Yes
D)              No                         No read more

Practice Questions

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When 10,000 units are produced, fixed costs are $14 per unit. Therefore, when 20,000 units are produced fixed costs will
A. remain at $14 per unit
B. increase to $28 per unit
C. total $280,000
D. decrease to $7 per unit

If the Manufacturing Overhead account has a debit balance at the end of a period, it means that

A. Actual overhead costs were less than overhead costs applied to jobs
B. Actual overhead costs were greater than overhead costs applied to jobs
C. Actual overhead costs were equal to overhead costs applied to jobs
D. No jobs have been completed read more