CON 7020 Overhead Should Cost Review Exam

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Managerial accountants could prepare all of the following reports except a(n) a.control report comparing direct material usage over time b.sales report targeting monthly sales and potential bonuses c.performance report identifying amounts of scrap d.annual report for external regulators such as the SEC

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You have recently been appointed as the management accountant attached to the head office of the company with special responsibility of monitoring the performance of the companies within the group. Each company is treated as an investment center and every month produces an operating statement for the group headquarters. Summaries of the statements for companies X and Y which make similar products selling at similar prices for the last month showed a typical situation. Extract from the company monthly operating statements.                                                               X                         Y                                                             GHS000               GHS000 Sales                                                        600                       370 Less variable cost                                    229                       208 Contribution                                             371                       162 Less controllable fixed…

B1.  Account

Westinghouse Electric CorporationThe following note appears in the “Summary of Significant Accounting Policies” section of the Annual Report of Westinghouse Electric Corporation. Note 1 (in part): Revenue Recognition. Sales are primarily recorded as products are shipped and services are rendered. The percentage-of-completion method of accounting is used for nuclear steam supply system orders with delivery schedules generally in excess of five years and for certain construction projects where this method of accounting is consistent with industry practice. WFSI revenues are generally recognized on the accrual method. When accounts become delinquent for more than two payment periods, usually 60 days, income is recognized only as payments are received. Such delinquent accounts for which no payments are received in the current month, and other accounts on which income is not being recognized because the receipt of either principal or interest is questionable, are classified as nonearning…

Nance Network Consultants, Incorporated uses the percentage-of-completion method to account for its long-term contracts. It uses the cost-to-cost approach to measure progress. During the current year, Nance signed a contract to develop a computer network for an international accounting firm. Information related to the contract follows.     DELIVERABLES     Compute the percentage-of-completion for each year. Compute the gross profit and revenue to be recognized each year of the contract. Prepare the journal entries required for each year of the contract. Prepare the t-accounts for construction in progress, billings on construction in progress, and accounts receivable. Determine the net asset (liability) for each year of the contract on December 31. Contract Price 800,000

Financial statements after initial month of operations The Black Hole, a unit of the Space Department, was established October 1, 2022. Its purpose is toprobe deep space. It is financed by an appropriation from Congress.Following are the transactions of the agency during October 2022:October 1 The agency received a certified copy of an appropriation warrant from the Departmentof the Treasury for $900,000.October 1 The entire appropriation of $900,000 was apportioned by the OMB.October 1 Of the amount apportioned, $400,000 was allotted to the agency by the SpaceDepartment to finance its October operations.October 4 The agency ordered special training equipment at an estimated cost of $275,000.October 14 The equipment arrived, together with an invoice for $300,000. The equipment wasaccepted at the price charged, because the contract permitted a 10 percent cost overrun.October 24 The agency sent a disbursement schedule to Treasury requesting payment of thefollowing items. (The agency does…

Financial statements after initial month of operations The Black Hole, a unit of the Space Department, was established October 1, 2022. Its purpose is toprobe deep space. It is financed by an appropriation from Congress.Following are the transactions of the agency during October 2022:October 1 The agency received a certified copy of an appropriation warrant from the Departmentof the Treasury for $900,000.October 1 The entire appropriation of $900,000 was apportioned by the OMB.October 1 Of the amount apportioned, $400,000 was allotted to the agency by the SpaceDepartment to finance its October operations.October 4 The agency ordered special training equipment at an estimated cost of $275,000.October 14 The equipment arrived, together with an invoice for $300,000. The equipment wasaccepted at the price charged, because the contract permitted a 10 percent cost overrun.October 24 The agency sent a disbursement schedule to Treasury requesting payment of thefollowing items. (The agency does…

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Hh.: subject: account

You are analysing the performance of the 5 top planning consultants in your company. You are interested in the revenue generated from projects completed in the second half of the year. please RANK the consultants from MOST revenue generated to LEAST revenue generated between July and December (Q3 and Q4).

Assume that Whee, Cheatham, and Howe is an auditing firm that has found that its summer interns are subject to a 90 percent learning curve for one of its important tasks, proofreading financial statements. For one of its interns, Kim Down, the firm has started to analyze the relation between time and financial statement proofreading. Financial StatementsProofread (X) Time Required to Proofreadthe Xth Financial Statement 1 2.0 hours 2 1.8 hours 4 ? 8 ? 16 ?     Required: a. Compute the time required to proofread 4, 8, and 16 financial statements.

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Nance Network Consultants, Incorporated uses the percentage-of-completion method to account for its long-term contracts. It uses the cost-to-cost approach to measure progress. During the current year, Nance signed a contract to develop a computer network for an international accounting firm. Information related to the contract follows. Prepare the t-accounts for construction in progress, billings on construction in progress, and accounts receivable. Determine the net asset (liability) for each year of the contract on December 31.

1. State University, a public university, has a policy of granting faculty members a one-year paid sabbatical leave after a period of seven years continuous employment. The leave is for further study, research or public service. A particular faculty member earns $70,000 per year. Assuming that the college maintains its books and records in a manner that facilitates the preparation of the government-wide financial statements and assuming that any appropriate accruals have been made, what is the appropriate entry to record the employee s salary paid while on sabbatical leave? a. Debit Expenditures $70,000; Credit Cash $70,000. b. Debit Expenses $70,000; Credit Cash $70,000. c. Debit Sabbatical Leave Payable $70,000; Credit Cash $70,000. d. No entry required.   2. State University, a public university, has a policy of granting faculty members a one-year paid sabbatical leave after a period of seven years continuous employment. The leave is for further study, research or public service. A…