Homework Answers
c.Raw material.
Raw materials are usually used by goods manufacturing oraganisations but not service firms.
The service firms will incur the following costs among others:
Direct labor
overhead
indirect labor.
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Which of the following cost elements is generally absent in professional service organizations such as public...
Which of the following is true when using job costing at a professional service firm? Professional...
Which of the following is true when using job costing at a professional service firm? Professional labor cost would be considered an indirect cost of serving a client Professional labor cost would be assigned to client jobs Office rent would be considered a direct cost of servicing a client. none of the answers provided are true. The Big CPA firm strives to achieve a 20% profit on the cost to serve each client. Mary James has a salary of $65,000...
Summarize the influence exerted on the public accounting profession by various professional organizations and regulatory agencies....
Summarize the influence exerted on the public accounting profession by various professional organizations and regulatory agencies. Explain the concept of independence and identify circumstances in which independence is impaired.
1. Which of the following does NOT describe financial accounting? financial statements for the bank Balance...
1. Which of the following does NOT describe financial accounting? financial statements for the bank Balance sheet used only for internal decision making SEC filings 2. Which of the following does NOT describe managerial accounting? used for the SEC filings various formats are used not generally released to the public used primarily for internal making 3. Which of the following is NOT an example of indirect materials? lubricants wood in a desk screws nails 4. Which of the following is...
It can generally be argued that every product and in fact every service must consume at...
It can generally be argued that every product and in fact every service must consume at least one of the three elements of product/service costie. Direct Material (as defined), Direct Labor (as defined) and Overhead (as defined). Therefore, the total cost of a product/service is defined as follows: Product/Service Cost = DM +DL + OH. Both DM and DL can be directly traceable to a cost object but OH cannot be directly traced to a cost object. Therefore, the amount...
Which of the following is a cost firms incur when they issue shares to the public:...
Which of the following is a cost firms incur when they issue shares to the public: Spread All of the provided options are correct Indirect expenses Direct expenses
The AICPA Code of Professional Conduct (the Code) is generally recognized as a model for the...
The AICPA Code of Professional Conduct (the Code) is generally recognized as a model for the accounting profession. Other professional accounting organizations have their own Standards. Some use parts of the AICPA Code; but others are very different from the AICPA Code. 1. Discuss briefly which membership group or groups is covered and what threats and safeguards are covered in each of the following Topics in the AICPA Code: 100, 200, 300.
Which of the following is not a difference between job costing for service firms and job...
Which of the following is not a difference between job costing for service firms and job costing for manufacturing companies? Multiple Choice C) Service is generally use fewer direct m e a n manufacturing companies O Service for overhoed accounts have slightly different te leg. Applied Service Overhead O Service firms finished jobs are charged to Cost of Services Billed instead of Cost of Goods Sold O Services costs are immediately expensed since all work is completed during a period
QUESTION 2 (25 Marks) The following cost data relate to the manufacturing activities of Leenette Enterprise...
QUESTION 2 (25 Marks) The following cost data relate to the manufacturing activities of Leenette Enterprise during the most recent year: RM Manufacturing overbead costs incurred during the year: Property taxes 9,600 Factory utilities 10,600 Indirect labour 10,300 Depreciation factory 9,000 Insurance: factory 10,500 Other costs incurred during the year: Purchases of raw materials 56,000 Direct labour cost 87,000 Inventories: Begin raw materials 28.000 Ending raw material 29,000 Beginning work in process 16.000 Ending work in process 14,000 Begin finished...
Which of the following can be considered as variable cost? Select one: A. Direct Material and Manufacturing overhead. B...
Which of the following can be considered as variable cost? Select one: A. Direct Material and Manufacturing overhead. B. Manufacturing Overhead. C. Direct Material and Direct Labour. D. Direct Labour and Manufacturing Overhead.
10. set? cribe how a job order cost system can be used for professional service businesses....
10. set? cribe how a job order cost system can be used for professional service businesses. ic Exercises SHOW WE ROW BE 16.1 Issuance of materials Obj. 2 On May 7, Bergan Company purchased on account 10,000 units of raw materials at $8 per unit. During May, raw materials were requisitioned for production as follows: 7,500 units for Job 200 at $8 per unit and 1,480 units for Job 305 at $5 per unit. Journalize the entry on May 7...
Which of the following is true when using job costing at a professional service firm? Professional labor cost would be considered an indirect cost of serving a client Professional labor cost would be assigned to client jobs Office rent would be considered a direct cost of servicing a client. none of the answers provided are true. The Big CPA firm strives to achieve a 20% profit on the cost to serve each client. Mary James has a salary of $65,000...
Summarize the influence exerted on the public accounting profession by various professional organizations and regulatory agencies. Explain the concept of independence and identify circumstances in which independence is impaired.
It can generally be argued that every product and in fact every service must consume at least one of the three elements of product/service costie. Direct Material (as defined), Direct Labor (as defined) and Overhead (as defined). Therefore, the total cost of a product/service is defined as follows: Product/Service Cost = DM +DL + OH. Both DM and DL can be directly traceable to a cost object but OH cannot be directly traced to a cost object. Therefore, the amount...
Which of the following is not a difference between job costing for service firms and job costing for manufacturing companies? Multiple Choice C) Service is generally use fewer direct m e a n manufacturing companies O Service for overhoed accounts have slightly different te leg. Applied Service Overhead O Service firms finished jobs are charged to Cost of Services Billed instead of Cost of Goods Sold O Services costs are immediately expensed since all work is completed during a period
QUESTION 2 (25 Marks) The following cost data relate to the manufacturing activities of Leenette Enterprise during the most recent year: RM Manufacturing overbead costs incurred during the year: Property taxes 9,600 Factory utilities 10,600 Indirect labour 10,300 Depreciation factory 9,000 Insurance: factory 10,500 Other costs incurred during the year: Purchases of raw materials 56,000 Direct labour cost 87,000 Inventories: Begin raw materials 28.000 Ending raw material 29,000 Beginning work in process 16.000 Ending work in process 14,000 Begin finished...
Which of the following can be considered as variable cost? Select one: A. Direct Material and Manufacturing overhead. B. Manufacturing Overhead. C. Direct Material and Direct Labour. D. Direct Labour and Manufacturing Overhead.
10. set? cribe how a job order cost system can be used for professional service businesses. ic Exercises SHOW WE ROW BE 16.1 Issuance of materials Obj. 2 On May 7, Bergan Company purchased on account 10,000 units of raw materials at $8 per unit. During May, raw materials were requisitioned for production as follows: 7,500 units for Job 200 at $8 per unit and 1,480 units for Job 305 at $5 per unit. Journalize the entry on May 7...
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