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In October, 5,000 meters of raw material were purchased at an actual cost of $4.50 per meter. During October, 4,850 meters of the raw material were used to produce 2,400 units of the completed product. Standards call for 2 meters of the raw material for each unit of the completed product. The standard price of the rate material is $4.70 per meter. The materials variances for October were:
Your father runs a small auto body shop. He has decided to computerize his records and has asked you to explain the basics of accounting to him so that he can enter the data into his accounting software.
Pelican'W s Investment in Crustacean account for 2003 should increase by:
Hayden's outside basis in his interest in the HIGH Partnership is $420,000. In a proportionate nonliquidating distribution, the partnership distributes to him cash of $100,000, inventory
What value should be assigned to the common shares issued? How should Need Cash record the issuance of the convertible debentures and detachable warrants?
Complete the income statement through gross profit for the year ended December 31, 2011. (List amounts from largest to smallest eg 10, 5, 3, 2.)
Explain why internal control is an important aspect of an accounting system, providing at least two specific example that would be in the policies and procedure of internal control.
Which of the following is not a condition that would permit a public college or private college or university to avoid accounting recognition of the value of its collections of art, historical treasures, and similar assets?
A patent or copyright is a barrier to entry based on: A) ownership of a key necessary raw material B) large economies of scale as output increases C) widespread network externalities D) government action to protect a producer
At the beginning of the year, the capital account balances were: franco capital, $40000; elisa capital, $58000. franco's capital account balance at the end of the year is ??
Meca Concrete purchased a mixer on January 1, 2007, at a cost of $45,000. Straight-line depreciation for 2007 and 2008 was based on an estimated 8-year life and $3,000 estimated residual value. Compute depreciation for 2009 and 2010.
Which of the following industries would normally use job order costing systems and which would normally use process costing systems?
Why does the direct write-off method of accounting for bad debts usually fail to match revenues and expenses?
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