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A snapshot of the summary - Accounting for Non-Financial Managers
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1 Quiz Quarrel
This is a preview. There are 5 more flashcards available for chapter 1
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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 $300,000. Long-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
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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 toconversion costs.Calculate theequivalent units of production forconversion 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 noresidual value and the amortization expense was based on thestraight-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 0decimal 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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