# Summary Accounting For Non-Financial Managers

270 Flashcards & Notes
Scroll down to see the PDF preview!
• This + 400k other summaries
• A unique study and practice tool
• Never study anything twice again
• Get the grades you hope for
• 100% sure, 100% understanding
Remember faster, study better. Scientifically proven.

• ## 1 Quiz Quarrel

This is a preview. There are 5 more flashcards available for chapter 1

• 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
• 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