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ACCT 212 Final Exam-Liberty University 2024/2025 Questions With Completed & Verified Solutions. $9.99   Add to cart

Exam (elaborations)

ACCT 212 Final Exam-Liberty University 2024/2025 Questions With Completed & Verified Solutions.

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ACCT 212 Final Exam-Liberty University 2024/2025 Questions With Completed & Verified Solutions.

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  • August 27, 2024
  • 10
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Theology
  • Theology
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LEWIS12
ACCT 212 Final Exam-Liberty University

Horizontal Analysis (side-by-side) - ANS compare year to year analysis of each account's dollar
amount changes and percentage changes; dollar change=current year minus previous year;
%change= dollar change/previous year

Vertical Analysis of Balance Sheet - ANS each item is stated as a percent of total assets.

Vertical Analysis of Income Statement - ANS account balance/net sales

ratio analysis - ANS the assessment of a firm's financial condition using calculations and
interpretations of financial ratios developed from the firm's financial statements

current ratio - ANS current assets/current liabilities

acid-test ratio - ANS (Current Assets - Inventory) / Current Liabilities

total asset turnover - ANS net sales/average total assets

A/R turnover - ANS Sales/Average A/R, net

Days' sales uncollected - ANS 365 / A/R Turnover

inventory turnover - ANS COGS/Average Inventory

debt-to-equity ratio - ANS total liabilities/total equity

times interest earned - ANS EBIT/ interest expense

profit margin - ANS net income/net sales

return on assets - ANS net income/average total assets

working capital - ANS current assets-current liabilities

fixed costs - ANS costs that remain constant as output changes

variable costs - ANS costs that vary directly with the level of production

direct costs - ANS Costs that can be specifically identified with a particular project or activity.

indirect costs - ANS Costs that cannot be easily and accurately traced to a cost object.

, schedule of cost of goods manufactured - ANS Direct Materials used
+Direct Labor
+Factory Overhead
=total manufacturing cost
+beginning WIP
-ending WIP
=COGM

direct labor - ANS the work of factory employees that can be physically and directly associated
with converting raw materials into finished goods

indirect labor - ANS The labor costs of janitors, supervisors, materials handlers, and other
factory workers that cannot be conveniently traced to particular products.

prime cost - ANS Direct Materials + Direct Labor

factory overhead - ANS manufacturing costs that are not raw material or direct labor costs
(depreciation, rent, insurance, utilities, etc.)

Inventory to COGS - ANS Raw material inventory+purchases-RM used(also called DM)=ending
RM inventory
WIP beginning+DM+DL+FOH-Ending WIP=COGM
Finished Goods+COGM-Ending Finished Goods=COGS

total quality management - ANS managing the entire organization so that it excels on all
dimensions of products and services that are important to the customer

process cost - ANS the total cost incurred in producing and delivering outputs

job costs - ANS customizable

build to order - ANS manufacturing a product only when there is an order from a customer

Predetermined Overhead Rate - ANS estimates cost of a job and is calculated by
total estimate overhead/total estimated activity base

raw materials to WIP - ANS WIP Inventory $$
RM inventory $$

Direct labor to WIP - ANS WIP inventory $$
------S&W Payable $$

Indirect materials to overhead - ANS FOH............$$

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