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Assignment
QUESTION 1Managerial accounting applies to each of the following types of businesses exceptservice firms.merchandising firms.manufacturing firms.managerial accounting applies to all types of firms. QUESTION 2Managerial accounting does not encompasscalculating product cost.calculating earnings per share.determining cost behavior.profit planning. QUESTION 3What activities and responsibilities are not associated with management's functions?PlanningAccountabilityControllingDirecting QUESTION 4A materials requisition slip showed that direct materials requested were $66,000 and indirect materials requested were $9,000. The entry to record the transfer of materials from the storeroom isWork In Process Inventory 66,000Raw Materials Inventory 66,000
Direct Materials 66,000Indirect Materials 9,000Work in Process Inventory 75,000Manufacturing Overhead 75,000Raw Materials Inventory 75,000Work In Process Inventory 66,000Manufacturing Overhead 9,000Raw Materials Inventory 75,000 QUESTION 5Which one of the following is a source document that impacts the job cost sheet?Raw materials receiving slips.Materials purchase orders.Labor time tickets.Finished goods shipping documents. QUESTION 6Equivalent units are calculated bymultiplying the percentage of work done by the equivalent units of output.dividing physical units by the percentage of work done.multiplying the percentage of work done by the physical units.dividing equivalent units by the percentage of work done. QUESTION 7In a process cost system, product costs are summarized:on job cost sheets.on production cost reports.after each unit is produced.when the products are sold. QUESTION 8In traditional costing systems, overhead is generally applied based ondirect labor.machine hours.direct material dollars.units of production. QUESTION 9Fixed costs normally will not includeproperty taxes.direct labor.supervisory salaries.depreciation on buildings and equipment. QUESTION 10Companies recognize fixed manufacturing overhead costs as period costs (expenses) when incurred when usingfull costing.absorption costing.product costing.variable costing.
Explain the budgeting process and its importance to a business, identifying the components of different budgets, forecast estimates for inclusion in the budgets.
Prepare a retained earnings statement for the year and Prepare a stockholders' equity section of given case.
Prepare a master budget for the three-month period.
Construct the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.
Evaluate the Predetermined Overhead Rate
Determine the company's bid if activity-based costing is used and the bid is based upon full manufacturing cost plus 30 percent.
Complete the schedule to compute the pool rates for the different activities.
Prepare Company financial statements
This individual assignment is based on the TerraCycle Inc.
Discuss the ethical issues
Calculate the GDP in Income Approach and Expenditure Approach
A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.
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