Date post: | 08-Feb-2016 |
Category: |
Documents |
Upload: | uniseminar |
View: | 212 times |
Download: | 0 times |
UNISEMINAR
Accounting
Maastricht 2nd Edition Academic Year 12/13
Table of Contents
Accounting
Uniseminar
Accounting
Chapter 01: [FA] Financial Statements 012 – 041 Chapter 02: [FA] Transaction Analysis 042 – 069
Chapter 03: [FA] Accrual Accounting 070 – 099 Chapter 04: [MA] Accounting and Costs 100 – 154
Chapter 05: [MA] Job Costing 155 – 178 Chapter 06: [MA] Process Costing 179 – 194
Chapter 07: [MA] Cost Allocation 195 – 211 Chapter 08: [MA] Activity Based Costing 212 – 231
Chapter 09: [MA] Absorption versus Variable Costing 232 – 248 Chapter 10: [MA] Cost Behavior 249 – 271
Chapter 11: [MA] Cost-‐Volume-‐Pro�it Analysis 272 – 295
Chapter 12: [MA] Relevant Information and Decision Making 296 – 321 Chapter 13: [MA] Preparing Budgets and Variance Analysis 322 – 367
Table of Contents
Learning Card Types Part 1
7 / 370
Accounting
Uniseminar
In order to prepare you as good as possible for your exam, we tried to integrate various question types.
The cards can be categorized according to the following “types“:
De�initions Concepts Formulas Calculations Multiple Choice Questions True/False Questions
Accounting Card Types
Learning Card Types Part 2
Accounting
8 / 370
Uniseminar
Accounting Card Types
In order to make the different types clear, we have included the following recognition features for you:
Examples are printed in italic.
NNuummeerraattiioonnss are illustrated by bullet points.
Continuative thoughts are marked by an à.
DDee��iinniittiioonnss are framed and grey.
Formulas are framed.
Accounting
Sample Front
9 / 370
Uniseminar
On the front of a learning card you will �ind the following:
In the header: the course title, the corresponding chapter as well as the topic
The question as well as an information about the card type
In the footer on the left: the dif�iculty of the question:
In the footer on the right: the number of the current card as well as the total number of cards.
easy medium hard
Accounting Sample Front
Sample Back
Accounting
10 / 370
Uniseminar
Sample Back
Accounting
On the back of a learning card, you will �ind the following:
In the header (middle): the topic as well as the question in short
In the header (right): the corresponding page, where to �ind the topic in the UUnniisseemmiinnaarr TThheeoorryy SSccrriipptt ffoorr AAccccoouunnttiinngg
In the footer (left): if available, the corresponding chapter in the Accounting textbook of the course
The correct answer(s) to the question on the front
Accounting Chapter 01: Financial Statements
Since we live in a global economy, all countries have adopted the same accounting standards
for business transactions.
-‐ True/False -‐
19 / 370
Uniseminar
Same Accounting Standards?
Harrison et al. (FA), chapter 1
Accounting Standards
FFaallssee.. Even though businesses becomes more global, many countries have their own accounting standards. IFRS is a solution to overcome fragmented accounting standards, but it is not yet adopted by every country.
Accounting Chapter 01: Financial Statements
List seven users of accounting information.
-‐ 7 Points -‐
21 / 370
Uniseminar
Investors Employees Creditors Suppliers and trade creditors Customers Government and its agencies
List seven users of accounting information.
Harrison et al. (FA), chapter 1
Conceptual Framework of Accounting
Accounting
At the end of the accounting period, account balances were as follows: cash $180,000,
accounts receivable $75,000, common stock $20,000, retained earnings $65,000. Liabilities
for the period were $ 210,000.
-‐ True/False -‐
Chapter 01: Financial Statements
32/ 370
Uniseminar
Application of Accounting Equation
Harrison et al. (FA), chapter 1
FFaallssee.. Use the accounting equation and solve for liabilities: $180,000 + $75,000 -‐ $20,000 -‐ $65,000 = $170,000
Accounting Equations P. 7
Accounting
The normal balance of an expense account is a __________ because expenses decrease __________. a) debit, assets b) debit, expenses c) debit, shareholders’ equity d) credit, shareholders’ equity
-‐ Multiple Choice -‐
Chapter 02: Transaction Analysis
61 / 370
Uniseminar
Expense Accounts
Harrison et al. (FA), chapter 2
Recording Transactions
CCoorrrreecctt aannsswweerr:: CC The normal balance of an expense account is a debit because expenses decrease shareholders’ equity.
Accounting Chapter 02: Transaction Analysis
What is a journal?
-‐ De�inition -‐
62 / 370
Uniseminar
A jjoouurrnnaall is the chronological accounting record of an entitiy‘s transactions.
De�inition journal
Harrison et al. (FA), chapter 2
Recording Transactions P. 13
Accounting Chapter 03: Accrual Accounting
State the formula for the current ratio.
-‐ Formula -‐
98 / 370
Uniseminar
Formula Current Ratio
Harrison et al. (FA), chapter 3
Current Ratio = Total Current Assets
Total Current Liabilities
Preparing Financial Statements
Accounting
List three different types of inventories in manufacturing companies.
-‐ 3 Points -‐
Chapter 04: Accounting and Costs
149 / 370
Uniseminar
Direct materials Work-‐in-‐progress Finished goods
Different types of inventories in manuf. companies
Bhimani et al. (MA), chapter 2
Manufacturing-‐Sector Companies P. 25
Accounting
The following information was gathered for Rogers Company for the year ended December 31, 20X5. Assume that direct labor-‐hours are the cost-‐allocation base.
Compute the budgeted factory overhead rate.
-‐ Calculation -‐
Chapter 05: Job-‐Costing
Budgeted Actual Direct labor-‐hours 75,000 77,500 Factory overhead $525,000 $558,000
170 / 370
Uniseminar
Budgeted Factory Overhead Rate
Bhimani et al. (MA), chapter 3
Job-‐Costing Using Normal Costing
CCoorrrreecctt aannsswweerr:: $$77..0000 ppeerr hhoouurr Apply the formula for budgeted indirect rate: $525,000/75,000 hrs. = $7.00 per hour
P. 31
Accounting Chapter 07: Cost Allocation
Give a brief de�inition of the direct method.
-‐ De�inition -‐
202 / 370
Uniseminar
The ddiirreecctt mmeetthhoodd allocates support department costs to operating departments only.
De�inition Direct Method
Bhimani et al. (MA), chapter 5
Direct Method P. 43
Accounting Chapter 11: Cost–Volume–Pro�it Analysis
Which formula determines the operating leverage?
-‐ Formula -‐
293 / 370
Uniseminar
Formula Operating Leverage?
Bhimani et al. (MA), chapter 8
DDeeggrreeee ooff ��OOppeerraattiinngg LLeevveerraaggee =
Contribution Margin
Net Operating Pro�it
Cost Planning and CVP
Accounting
Name two essential differences when pricing for the long run relative to the
short run.
-‐ 2 Points -‐
Chapter 12: Relevant Information and Decision Making
317 / 370
Uniseminar
Costs that are often irrelevant for short-‐run pricing decisions (�ixed costs) are often relevant in the long run. Pro�it margins in long-‐run pricing decisions are often set to earn a reasonable return on investment.
Two differences when pricing for the long run/short run
Bhimani et al. (MA), chapter 12
One-‐Off Special Orders P. 111
Accounting Chapter 12: Relevant Information and Decision Making
Recap: What is the decision rule for special orders?
-‐ Concept -‐
318 / 370
Uniseminar
Decision Rule for Special Orders
Bhimani et al. (MA), chapter 10
DDeecciissiioonn rruullee:: Accept the order if the differential revenue is greater than the differential cost.
One-‐Off Special Orders P. 101
Accounting
Bates Inc. used the following data to evaluate their current operating system. The company sells items for $10 each and used a budgeted selling price of $10 per unit. What is the static-‐budget variance for variable costs?
�-‐ Calculation -‐
Chapter 13: Preparing Budgets and Variance Analysis
Actual Budgeted Units sold 495,000 500,000 Variable costs $1,250,000 $1,500,000 Fixed costs $ 925,000 $ 900,000
348 / 370
Uniseminar
Calculation static-‐budget variance of revenues
CCoorrrreecctt aannsswweerr:: $$225500,,000000 FF Use the formula for the static budget variance. $1,250,000 -‐ $1,500,000= $250,000 F
Static Budgets and Flexible Budgets P. 118
Accounting Chapter 13: Preparing Budgets and Variance Analysis
A favorable variance results when budgeted revenues exceed actual
revenues.
-‐ True/False -‐
349 / 370
Uniseminar
Favorable Variances
FFaallssee.. An unfavorable variance results when budgeted revenues exceed actual revenues.
Static Budgets and Flexible Budgets P. 118