51) At the high point of the relevant range, labour hours at Bradco Restoration were $10,000 and wages were $22,500. At the low point of the relevant range, labour hours were 7,500 and wages were $17,500. What is the high-low estimate of the labour costs at Bradco Restoration when 8,000 hours are used? 51) ______ A) $18,500 B) $17,125 C) $17,750 D) $17,250 E) […]

  31) The sales-volume variance for revenue is the A) (actual sales quantity in units divided by budgeted individual product selling price per unit) times (budgeted sales quantity in units). B) (budgeted contribution margin per unit) times (actual unit sales plus static budget unit sales). C) (actual sales quantity in units plus budgeted sales quantity in units) divided by (budgeted individual product selling price per […]

    71. Which method of evaluating capital investment proposals uses present value concepts to compute the rate of return from the net cash flows expected from capital investment proposals? A. Internal rate of returnB. Cash paybackC. Net present valueD. Average rate of return   72. A series of equal cash flows at fixed intervals is termed a(n): A. present value indexB. price-level indexC. net cash flowD. annuity   73. The present value index is computed using which […]

    54. The amount of earnings per share is usually computed:  A. For both preferred and common stock. B. For common stock by deducting the dividends on preferred stock from net income and dividing the remaining amount by the weighted average number of common shares outstanding. C. By dividing net income by the combined number of preferred and common shares. D. On the basis of the number of shares […]

    111. The period costs of a textbook publisher would include:  A. wages of a press operator B. factory utility costs C. advertising expenses D. paper costs   112. Which types of inventories does a manufacturing business report on the balance sheet?  A. Finished goods inventory and work in process inventory B. Direct materials inventory and work in process inventory C. Direct materials inventory, work in process inventory, and finished goods inventory D. Direct […]

  1.APB Opinion No. 8 set minimum and maximum limits on the annual provision for pension cost. An amount that was always included in the calculation of both the minimum and the maximum limit is a.Normal cost b.Amortization of past service cost c.Interest on unfunded past and prior service costs d.Retirement benefits paid 2.In accounting for a pension plan, any difference between the pension cost […]

  73.Which of the following is not true regarding accounting and financial reporting for private not-for-profit hospitals? A)Expenses may be unrestricted or temporarily restricted depending on donor intent. B)Fund accounting is not required. C)The Statement of Cash Flows may use either the direct or indirect method. D)Net assets are classified as Unrestricted, Temporarily Restricted or Permanently Restricted. 74.Which of the following is true regarding revenue […]

  Use the information below to answer the following question(s).   Chem Manufacturing Company processes direct materials up to the split off point, where two products (X and Y) are obtained and sold. The following information was collected for the month of November.   Direct materials processed: 10,000 litres (10,000 litres yield 9,500 litres of good product and 500 litres of shrinkage)   Production: X […]

  1.One concept of income suggests that income be measured by determining the net change over time in the discounted present value of net cash flow expected to be received by the firm. Under this concept of income, which of the following, ignoring income taxes would not affect the amount of income for a period? a.Providing services to outsiders and investments of the funds received […]

    41. _____bonds permit the holder to exchange the bonds for shares of the firm’s common stock under certain conditions.   A. Derivative B. Convertible C. zero coupon D. Serial E. Debenture   42. The conversion option of convertible bonds has value because the holder can benefit from some of the later increases in the market value of the firm’s _____ after issuance of the bonds.   A. preferred stock B. paid-in-capital C. treasury […]