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Summary Accounting for Non-Financial Managers

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A snapshot of the summary - Accounting for Non-Financial Managers

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  • Alberta Inc. Has sales of $1,000,000, operating profit of $50,000, interest expense of $12,500, tax expense of $7,500, total equity of $200,000, and total debt of $300,000Long-term assets had cost $500,000 and had a written-down value of $400,000. Current assets consisted of inventory of $70,000 and account receivable of $30,000. The company's inventory holding period (to the nearest day) is:

    • 34 days
    • 11 days
    • 26 days
    • 18 days  
    26 days
  • Hernandez inc. Manufactures 5 models of picture frames, for a total of 12,000 frames per year. The unit cost to produce a metal frame follows:

    • Direct Materials:     $4
    • Direct Labour          $5
    • Variable Overhead    1
    • Fixed Overhead (60% unavoidable)     6  
    • Total                                             $16


    A local company has offered to supply Hernandez the 12,000 metal frames it needs for $10 each.

    Calculate the total cost of buying from the local company.

    • 120,000
    • 72,000
    • 192,000
    • 163,200
    • 163,200
  • The assembly department has the following production and cost data for the current month:

    • Beginning Work in Process Units     0
    • Units Transferred Out     42,150
    • Ending Work in Process  35,700

    Materials are entered at the beginning of the process. The ending work in process units is 73% complete as to conversion costs.

    Calculate the equivalent units of production for conversion costs. (Round your answer to the closet dollar, and no commas)
    68211
  • In June, ABC Company bought a truck at the beginning of the month. Amortization on the truck was calculated to be $529. The expected life of the truck was 4 years, with no residual value and the amortization expense was based on the straight-line model. The cost of the truck was:

    (No commas)
    25392
  • For Biswell Company, variable costs are 61% of sales and fixed costs are $177,000. Calculate the required sales in dollars that are needed to achieve management's target operating income of $75,900.

    (Use the contribution margin approach)  

    • $453846.15
    • $530169.23
    • $648461.54
    • $194615.38  
    648461.54
  • Which one of the following correctly describes job-order costing?

    Select one:
    • Homogeneous goods are being produced
    • Have distinguishing characteristics
    • Large batches are produced
    • A series of connected manufacturing processes is necessary
    Have distinguishing characteristics
  • In the absorption cost approach, the mark-up percentage covers the:

    • Desired ROI and fixed costs
    • The desired ROI only
    • Desired ROI and selling administrative expenses
    • Selling and administrative expenses only
    Desired ROI and selling administrative expenses
  • If a payback period for a project is greater than its expected useful life, the:

    • The project would only be accepted if the company's cost of capital was low

    • The project's return will always exceed the company's cost of capital

    • The project will always be profitable

    • The entire initial investment will not be recovered  
    The entire initial investment will not be recovered
  • What is the present value of $8,000 received in 7 years at 8% interest? (Round answer to 0 decimal places, and COMMAS)
    4,668
  • Conan Bardwell will receive $1,000 in 6 years from an investment that returns 12%. How much did he invest?
    507
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