Acct 346 Study guides, Class notes & Summaries

ACCT 346.MANAGERIAL ACCOUNTING. LATEST Week 4 Midterm EXAM WITH A SCORE OF 22/25( with student answer& instructor’s explanation)-Highly recommended 1. Question : (TCO 1) Which of the following is not a difference between financial accounting and managerial accounting? Student Answer: Financial accounting is primarily concerned with reporting the past, whereas managerial accounting is more concerned with the future. Managerial accounting uses more nonmonetary information than is used ...

Which components of the audit risk model can be controlled by the auditor? - Detection risk is the only component that can be controlled by the auditor - DR varies based on IR and CR - Can not change IR, can only be assesses because it is given for a particular client - IF CR is medium or low the auditor may choose to rely on the controls and perform some compliance testing - AR is specified for the auditor - For a given level of AR, DR is inversely related to IR and CR. - The level of DR...

1. Active Equipment produces high-quality basketballs. If the fixed cost per basketball is $3 when the company produces 24,000 basketballs, what is the fixed cost per basketball when it produces 36,00 0 basketballs? Assume both volumes are in the same relevant range. Identify the formula, then compute the new fixed cost per basketball when it produces 36,000 basketballs. New fixed cost / = per basketball / = 2. Pamela's Quilt Shoppe sells homemade Amish quilts. Pamela buys the quilts from local...

ACCT 346 Week 2 Homework (graded) ACCT 346 Week 2 Homework (graded) ACCT 346 Week 2 Homework (graded) ACCT 346 Week 2 Homework (graded) Show Less

1) (TCO 7) Elliot’s Escargots sells commercial and home snail extraction tools and serving pieces. Currently, the snail extraction line of products takes up approximately 50 percent of the company’s retail floor space. The CEO of Elliot’s wants to decide if the company should continue offering snail extraction tools or focus only on serving pieces. If the snail extraction tools are dropped, salaries and other direct fixed costs can be avoided and serving piece sales would increase by 13 pe...

DeVry University ACCT346 Weekly Assignment Week 3 Directions: Your assignment this week is to answer the two questions below. Please note that Question #2 has 2 parts, Part A and Part B. Please show your work for full credit and use the box provided. Please add more rows or columns to the box if needed. 1. Beginning WIP inventory is 15,500 units, 75% complete for materials. During the month, 90,000 units were started; 87,000 were finished; and ending WIP was 18,500 units that were 50% complete f...

Liberty University ACCT 370 Exam 4 Complete solution Liberty University ACCT 370 Exam 4 Complete solution 100% satisfied: solutions 1. Condensed financial data are presented below for the Phoenix Corporation: 2. 3. 2019 4. 5. 2018 6. Accounts receivabl e 8. 267,500 9. 10.11.$ 12.230,00 0 13. 14.Inventory 15. 16.312,500 17. 18.19. 20.257,50 0 21. 22.Total current assets 23. 24.670,000 25. 26.27. 28.565,00 0 29. 30.Intangibl e assets 31. 32.50,000 33. 34.35. 36.60,0003...

Liberty University ACCT 370 Exam 2 Complete solution Liberty University ACCT 370 Exam 2 Complete solution 100% satisfied: solutions 1. The Common Stock account is reported on the balance sheet at the: 2. The time that the performance obligation is satisfied for revenue recognition is usually: 3. When reporting a change in an accounting principle, the general rule requires that the current year’s income from continuing operations reflect: 4. Using the same accounting methods to recor...