This website uses cookies to ensure you have the best experience. Learn more

Midterm Answers Essay

5964 words - 24 pages

| Question : | (TCO 2) Bubba’s Crawfish Processing Company uses a traditional overhead allocation based on direct labor hours. For the current year overhead is estimated at $2,250,000 and direct labor hours are budgeted at 415,000 hours. Actual overhead was $2,200,000 and actual direct labor hours worked were 422,000.
(a) Calculate the predetermined overhead rate.
(b) Calculate the overhead applied.
(c) Determine the amount of overhead that is over/underapplied. |
  | Student Answer: |   | a) Calculate the predetermined overhead rate. 2250000/415000 = 5.4217 per hour (b) Calculate the overhead applied. 422000 x 5.4217 = 2287952 (c) Determine the amount of overhead that is ...view middle of the document...

| Question : | (TCO 1) List and briefly describe four of the five differences between managerial accounting and financial accounting. |
  | Student Answer: |   | 1). Managerial accounting provides information for internal users, and Financial accounting is better off for external users. Typical examples of Managerial accounting reports include but not limited to various budget, labor, sales, production, material, variance analysis stating the difference between the budget and the actual results. On the other hand, examples of FA reports are Income Statement, Cash Flow Statements, and Balance Sheet. 2). Managerial accounting uses historical data to create future reports, while use of only historical information for Financial accounting. 3). Managerial accounting can create reports at any point of time, as for Financial accounting, it has a set period usually the fiscal or financial year. 4). Managerial accounting can be prepared using an entity's own rules and regulation, but with Financial accounting, it follows the generally Accepted Accounting Principles. 5). Managerial accounting can produce custom or already made reports; on the other hand, Financial accounting has a set of standard financial report. |
  | Instructor Explanation: | 1. Financial accounting is aimed primarily at external users of accounting information, while managerial accounting is aimed primarily at internal users. 2. Financial accounting is prepared in accordance with GAAP (generally accepted accounting principles), while conformance with GAAP is not required for managerial accounting reports. 3. Financial accounting information is highly summarized, while managerial accounting reports may contain much more detail. 4. Managerial accounting reports may contain a substantial amount of nonmonetary information. 5. Financial accounting records what has happened in the past, while managerial accounting places considerable emphasis on the future. |
  | Points Received: | 4 of 4 |
  | Comments: | |

 4. | Question : | (TCO 2)The following information is available for Sappy’s Surgical Shears for the fiscal year ending December 31, 20XX.
Beginning balance in Finished Goods                                          $  17,000
Ending balance in Finished Goods                                                  15,200
Beginning balance in Work in Process                                             2,500
Ending balance in Work in Process                                                 1,836
Selling expenses                                                                        123,000
General and administrative expenses                                             89,000
Direct material cost                                                                      54,500
Direct labor cost                                                                           66,000

Other Papers Like Midterm Answers

Acc 557 Midterm Exam Part 2

1267 words - 6 pages by the bank against the account, the correct balance in the bank account at month end is • $44,100. • $45,000. • $45,900. • $62,100. Question 15 A system of internal control • is infallible. • can be rendered ineffective by employee collusion. • invariably will have costs exceeding benefits. • is premised on the concept of absolute assurance. Want to see the answers of ACC 557 Midterm Exam click…..?? ACC 557 Midterm Exam

Gdhdgfrdes Essay

1222 words - 5 pages Faculty of Computer Studies M180 Data Structures and Algorithms in Java Mid-Term Assessment (MTA) Fall – 2013 Saturday 17, November 2012 Number of MTA Pages: (including this cover sheet) ( 3 ) Time Allowed: ( 2 ) Hour Instructions: 1- Write all your answers on the same exam paper. 2- Electronic devices (especially calculators) are not allowed. Question Type Max. Mark Part 1: Multiple Choice Questions 10 Part 2

Midterm Info

1746 words - 7 pages BA 302 online: Instructions for Midterm, Fall 2015 Window period: Friday, October 16th, 2015, 8 a.m. – Monday October 19th, 11:59 p.m. (I have extended the window period by one day from originally scheduled) Time limit Six hours (you can take the Exam only at one stretch) The test will consist of 17 True/False type (4 points each), 16 Multiple/Choices (7 points each) and 8 Essay Type (15 points each) with a total of 300 points. The Chapters


920 words - 4 pages PASS MOCK EXAM – FOR PRACTICE ONLY Course: __CHEM 1001 A/T___ Facilitator: _Saumya Bansal____ Dates and locations of mock exam take-up: Wednesday 4 – 5 30 (SA 502) Wednesday 6 30 – 8 (ME 3269) , Extra session maybe on Thursday (details in class) IMPORTANT: It is most beneficial to you to write this mock midterm UNDER EXAM CONDITIONS. This means: 1. • Complete the midterm in __1.5_ hour(s). 2. • Work on your own

Fina 3070

825 words - 4 pages The Chinese University of Hong Kong CUHK Business School FINA3070 Corporate Finance: Theory and Practice First Term 2014 – 2015 Name: Student ID: Lecture: FINA 3070A (Wed) / FINA 3070B (Tue) DO NOT TAKE AWAY Midterm Quiz (Two Hours Closed Book) 24 October 2014 (Friday), 6:45 pm – 8:45 pm Instructions: 1. Please answer all questions in the answer book. Any answers written on this question paper will not be graded. 2

Swot Dippin Dots

769 words - 4 pages Midterm Exam Fall 2013 NAME: _ ______________________________ COVERING CHAPTERS 1-7 Use your copy of the case entitled: “Dippin’ Dots Ice Cream” and any notes you have made on the case itself to answer the following questions. 1. (10 points) The mission of Dippin’ Dots as contained in the corporate web site is: “At Dippin’ Dots we want to put you in a good mood and offer you a unique experience every day

Thesis Chapter 2

1019 words - 5 pages cohorts of students. This system not only offers the possibility of simple multiple-choice questions, but a more extensive examination of the students via use of complex question or audit types (long menu, key feature, etc.). The analysis is completely automated after the students submit their answers. The subsequent statistical evaluation of the data provides long-term quality assurance of the exam content. Their services in this area include

Fins2624 Course

4870 words - 20 pages . For the revision questions the answers are available from a separately sold solutions manual. When you attempt the weekly online quizzes you will receive the correct answer whenever a mistake is made. The tutors will monitor and participate in the discussion forum during their consultation times to complement the peer assistance. We will post on feedback on the assignment within 3 weeks of the (last) administration or submission date for you to

English Essays - 1

791 words - 4 pages Guns, Germs, and Steel Midterm Essay In the book Guns, Germs, and Steel written by Jared Diamond, he explains how the environment and geographic location of certain civilizations led them to advance technologically faster and thus dominate others. Diamond mentions five ultimate factors that contributed to the disparity between Eurasian and the Americas. These factors were: the date of human arrival to the continents; the distribution of large


710 words - 3 pages Andra’ J. Windom Jr. March 1, 2013 Ms. Richardson Oral Communication Midterm Study Guide Chapter 1: 1. Practical Benefits: Controlling your communication anxiety Expressing your ideas with power and conviction Personal Benefits: Learning more about yourself Expanding your cultural horizons 2. Ethnocentrism- Our tendency to presume that our own cultural ways of seeing and doing things are

Software To Support Assessment

1142 words - 5 pages student response system that helps teachers by engaging their entire classrooms with educational exercises and games. The apps that can be downloaded to any device can measure a students’ understanding of the content in real time (Smart Student Response System, 2013). Teachers are able to ask questions and gather anonymous answers. Students are then less reluctant to share if they know no one will know it is them. Teachers can use socrative to give

Related Essays

Acct504 Midterm Exam Study Guide Essay

1354 words - 6 pages ACCT504 Midterm Study Guide YOU MAY WANT TO PRINT THIS GUIDE. 1. The Midterm is open book and open notes. The maximum time you can spend in the exam is 2 hours and 30 minutes. If you have not clicked the Submit for Grading button by then, you will be exited from the exam automatically. In the exam environment, the Windows clipboard is disabled, so you will not be able to copy exam questions or answers to or from other applications. 2. You

Soc 100 Midterm Exam Part 2 Assignment

1113 words - 5 pages theories • Cultural theories • Subgroup theories Complete SOC 100 midterm exam part 2 questions and answers click here to download SOC 100 Midterm Exam Part 2 Question 16 The theory that people differ not only in their motivation to engage in deviant acts but also in their opportunity to do so is referred to as: • Strain theory • Opportunity theory • Life chances theory • Deviant prospects theory Question 17 The

Gm520 Midterm Exam Essay

823 words - 4 pages GM520 Midterm Exam Study Guide YOU MAY WANT TO PRINT THIS GUIDE. 1. The midterm exam is "open book, open notes." The maximum time you can spend in the exam is 2 hours, 30 minutes. If you have not clicked the Submit For Grade button by then, you will be automatically exited from the exam. In the midterm exam environment, the Windows clipboard is disabled, and so you will not be able to copy exam questions or answers to or from other

Bus 515 Midterm Exam Assignment

951 words - 4 pages • RF • FMS • RFID Strayer University Midterm Answers BUS 515 Complete Midterm Exam Answer Multiple Choice Question 47 Early supplier involvement refers to the involvement of critical suppliers for what? • Strategic planning • Assembly line design • Speedy delivery planning • Selection of new suppliers • New product design Multiple Choice Question 42 What term refers to the mission or objectives of a partnership? • Impact