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UNISEMINAR


Accounting

Maastricht

2nd Edition

Academic Year  12/13


Accounting

Table of  Contents


Accounting

Chapter 01:  [FA]  Financial  Statements

Chapter 02:  [FA]  Transaction  Analysis

Chapter 03:  [FA]  Accrual  Accounting

Chapter 04:  [MA]  Accounting  and  Costs

Chapter 05:  [MA]  Job  Costing

Chapter 06:  [MA]  Process  Costing

Chapter 07:  [MA]  Cost  Allocation

Chapter 10:  [MA]  Cost  Behavior

Chapter 08:  [MA]  Activity  Based  Costing

Table of  Contents

Chapter 09:  [MA]  Absorption  versus  Variable  Costing

Chapter 11:  [MA]  Cost-­‐Volume-­‐Pro�it  Analysis

Chapter 12:  [MA]  Relevant  Information  and  Decision  Making Chapter  13:  [MA]  Preparing  Budgets  and  Variance  Analysis

012 –  041

042 –  069

070 –  099

100 –  154

155 –  178

179 –  194

195 –  211

212 –  231 232  –  248

249 –  271

272 –  295 296  –  321

322 –  367

Uniseminar


Accounting

Learning Card  Types Part  1

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Accounting Card Types

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

Uniseminar


Accounting

Learning Card  Types Part  2

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Accounting Card Types

In order  to  make  the  different  types  clear,  we  have  included  the  following  recognition   features  for  you:

De�initions are  framed  and  grey.

Formulas are  framed.

Examples are  printed  in  italic.

 

Numerations are  illustrated  by  bullet  points.

Continuative thoughts  are  marked  by  an  à.

Uniseminar


Accounting

Sample Front

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Accounting Sample Front

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: easy

medium

hard

  In the  footer  on  the  right:  the  number  of  the  current  card  as  well  as  the  total   number  of  cards.

Uniseminar


Accounting

Sample Back

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Accounting Sample Back

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   Uniseminar    T Theory    SScript    ffor    A Accounting

  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

Uniseminar


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  -­‐

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Accounting Standards Same  Accounting  Standards?

False. 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. Harrison  et  al.  (FA),  chapter  1  

Uniseminar


Accounting

Chapter 01:  Financial  Statements

List seven  users  of  accounting   information. -­‐  7  Points  -­‐

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Conceptual Framework  of  Accounting List  seven  users  of  accounting  information.

           

Investors Employees Creditors Suppliers and  trade  creditors Customers Government  and  its  agencies

Harrison et  al.  (FA),  chapter  1  

Uniseminar


Accounting

Chapter 01:  Financial  Statements

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  -­‐

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Accounting Equations

Application of  Accounting  Equation

P. 7

False. Use the  accounting  equation  and  solve  for   liabilities: $180,000  +  $75,000  -­‐  $20,000  -­‐  $65,000  =   $170,000 Harrison  et  al.  (FA),  chapter  1  

Uniseminar


Accounting

Chapter 02:  Transaction  Analysis

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  -­‐

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Recording Transactions Expense  Accounts

Correct  aanswer:    C C The  normal  balance  of  an  expense  account  is  a   debit  because  expenses  decrease  shareholders’   equity.   Harrison  et  al.  (FA),  chapter  2  

Uniseminar


Accounting

Chapter 02:  Transaction  Analysis

What is  a  journal? -­‐  De�inition  -­‐

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Recording Transactions De�inition  journal

P. 13

A jjournal  is  the  chronological  accounting  record   of  an  entitiy‘s  transactions.

Harrison et  al.  (FA),  chapter  2  

Uniseminar


Accounting

Chapter 03:  Accrual  Accounting

State the  formula  for  the  current  ratio. -­‐  Formula  -­‐

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Preparing Financial  Statements Formula  Current  Ratio

Total Current  Assets   Current  Ratio   =     Total  Current  Liabilities    

Harrison et  al.  (FA),  chapter  3

Uniseminar


Accounting

Chapter 04:  Accounting  and  Costs

List three  different  types  of  inventories  in   manufacturing  companies. -­‐  3  Points  -­‐

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Manufacturing-­‐Sector Companies

Different types  of  inventories  in  manuf.  companies

P. 25

  Direct materials     Work-­‐in-­‐progress   Finished  goods Bhimani  et  al.  (MA),  chapter  2

Uniseminar


Accounting

Chapter 05:  Job-­‐Costing

The following  information  was  gathered  for  Rogers   Company  for  the  year  ended  December  31,  20X5.                                                                                 Budgeted   Actual      Direct  labor-­‐hours       75,000   77,500    Factory  overhead   $525,000   $558,000     Assume  that  direct  labor-­‐hours  are  the  cost-­‐allocation  base.  

Compute the  budgeted  factory  overhead  rate. -­‐  Calculation  -­‐

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Job-­‐Costing Using  Normal  Costing Budgeted  Factory  Overhead  Rate

P. 31

Correct  aanswer:    $ $7.00    p per    h hour Apply  the  formula  for  budgeted  indirect  rate:   $525,000/75,000  hrs.  =  $7.00  per  hour Bhimani  et  al.  (MA),  chapter  3

Uniseminar


Accounting

Chapter 07:  Cost  Allocation

Give a  brief  de�inition  of  the  direct   method. -­‐  De�inition  -­‐

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Direct Method

De�inition Direct  Method

P. 43

The d direct    m method  allocates  support   department  costs  to  operating  departments   only. Bhimani  et  al.  (MA),  chapter  5

Uniseminar


Accounting

Chapter 11:  Cost–Volume–Pro�it  Analysis

Which formula  determines  the  operating   leverage? -­‐  Formula  -­‐

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Cost Planning  and  CVP Formula  Operating  Leverage?

Contribution Margin Degree    o of    �� = Operating    L Leverage Net  Operating  Pro�it

Bhimani et  al.  (MA),  chapter  8

Uniseminar


Accounting

Chapter 12:    Relevant  Information  and  Decision  Making

Name two  essential  differences  when   pricing  for  the  long  run  relative  to  the   short  run. -­‐  2  Points  -­‐

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One-­‐Off Special  Orders

P. 111 Two  differences  when  pricing  for  the  long  run/short  run   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. Bhimani  et  al.  (MA),  chapter  12

Uniseminar


Accounting

Chapter 12:    Relevant  Information  and  Decision  Making

Recap: What  is  the  decision  rule  for   special  orders? -­‐  Concept  -­‐

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One-­‐Off Special  Orders

Decision Rule  for  Special  Orders

P. 101

Decision  rrule:    Accept  the  order  if  the   differential  revenue  is  greater  than  the   differential  cost. Bhimani  et  al.  (MA),  chapter  10

Uniseminar


Accounting

Chapter 13:  Preparing  Budgets  and  Variance  Analysis

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. Actual   Budgeted   Units  sold   495,000   500,000   Variable  costs   $1,250,000   $1,500,000   Fixed  costs   $  925,000   $  900,000   What  is  the  static-­‐budget  variance  for  variable  costs? � -­‐  Calculation  -­‐

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Static Budgets  and  Flexible  Budgets Calculation  static-­‐budget  variance  of  revenues

P. 118

Correct  aanswer:    $ $250,000    F F Use  the  formula  for  the  static  budget  variance. $1,250,000  -­‐  $1,500,000=  $250,000  F Uniseminar


Accounting

Chapter 13:  Preparing  Budgets  and  Variance  Analysis

A favorable  variance  results  when   budgeted  revenues  exceed  actual   revenues. -­‐  True/False  -­‐

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Static Budgets  and  Flexible  Budgets Favorable  Variances

P. 118

False. An unfavorable  variance  results  when  budgeted   revenues  exceed  actual  revenues.   Uniseminar


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