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ACCOUNTING Verified answer
ACCOUNTING Verified answer
ACCOUNTING Verified answer
ACCOUNTING Marathon Oil Company manufactures two products, Regular and Supreme. Marathon's overhead costs consist of machining, $3,000,000; and assembling,$1,500,000. Information on the two products is: Regular: 10,000 Direct labor hours, 10,000 Machine hours, 90,000 parts Supreme: 15,000 Direct labor hours, 30,000 Machine hours, 160,000 parts How much Overhead is applied to Regular using traditional costing based on direct labor hours? A) $3,210,000. B)$1,290,000. C) $2,700,000. D)$1,800,000. Verified answer Other Quizlet setsRelated questionsRecommended textbook solutions
Glencoe Accounting: First Year Course1st EditionGlencoe McGraw-Hill 548 solutions Financial Accounting4th EditionDon Herrmann, J. David Spiceland, Wayne Thomas 1,097 solutions Intermediate Accounting16th EditionDonald E. Kieso, Jerry J. Weygandt, Terry D. Warfield 2,307 solutions
Cost Accounting: A Managerial Emphasis15th EditionCharles T. Horngren, Madhav V Rajan, Srikant M. Datar 853 solutions One difference between accounting for a governmental (not-for-profit) unit and a commercial (for-profit) enterprise is that a governmental unit should b. Always establish and maintain complete self-balancing accounts for each fund. Belle Valley incurred $100,000 of salaries and wages for the month ended March 31, 20X2. How should this be recorded on that
date? a. Expenditures—Salaries and Wages Vouchers Payable Which of the
following accounts of a governmental unit is credited when taxpayers are billed Fixed assets purchased from general fund revenue were received. What account, if any, should have been debited in the general fund? The initial transfer of cash from the general fund to establish an internal service fund requires the general fund to credit Cash and debit Which of the following steps in the acquisition of goods and services occurs
first? What account is used to earmark the fund balance to recognize the contingent obligations of goods ordered but not yet received?
d. Fund Balance—Assigned for Encumbrances. When a governmental unit’s Estimated Revenues Control account is closed out at the end of the fiscal year, the excess of estimated revenues over estimated appropriations is c. Debited to Budgetary Fund Balance—Unassigned. Carson City’s general fund issued purchase orders of $630,000 to vendors for supplies. Which of the following entries should the city make to record this transaction? A. ENCUMBRANCES 630,000 BUDGETARY FUND BALANCE—ASSIGNED FOR ENCUMBRANCES The following balances are included in the subsidiary records of Dogwood’s Parks and Recre- ation Department on March 31, 20X2: How much does the department have available to purchase additional supplies? a. $0. Which of the following accounts of a governmental
unit is credited when the budget is recorded? d. Appropriations Control. Which of the following accounts of a governmental unit is debited when supplies
previously ordered are received? b. Budgetary Fund Balance—Assigned for Encumbrances. Which of the following situations will increase a governmental unit’s fund balance
at the fiscal year-end? c. Appropriations are more than expenditures and encumbrances. Which of the following accounts of a governmental unit is credited to close it out at the fiscal year-end? The primary focus in accounting and reporting for governmental funds is b. Flow of financial resources. A Budgetary Fund Balance—Assigned for Encumbrances in excess of a balance of Encum- brances Control indicates The Encumbrances Control account of a governmental unit is debited when c. A purchase order is approved. Oak City issued a purchase order for supplies with an estimated cost of $5,000. When the supplies and accompanying invoice were received, the invoice indicated a $4,950 actual price. What amount should Oak City debit (credit) to Budgetary Fund Balance—Assigned for Encumbrances? Encumbrances outstanding at year-end in a state’s general fund should be reported as a c. Fund balance reserve in the general fund. Which of the following statements is correct regarding comparability of governmental finan- cial reports? b. Differences between financial reports should be due to substantive differences in underly- Questions not included in Flash Cards: E17-3 --> 4 Is Estimated revenues Debit or credit?Is the normal balance of estimated revenues account a credit or a debit? It is a debit.
What is the general rule for recognizing revenues in governmental funds?Governmental fund revenues can result from taxation and from other nonexchange transactions and events, or they can result from exchange transactions. Tax revenue should be recognized if the underlying transaction or event has taken place and the government has demanded the taxes, regardless of when cash is received.
How does governmental fund expenditure should be recognized in the accounting period?Governmental fund revenues and expenditures should be recognized on the modified accrual basis. Revenues should be recognized in the accounting period in which they become available and measurable.
What is a budgetary account of a governmental fund?I-F Budgetary AccountingBackground: Budgetary accounts are a category of general ledger accounts where transactions related to the receipt, obligation, and disbursement of appropriations and other authorities to obligate and spend agency resources are recorded.
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