Exam (elaborations)
ACCT 212 Final Exam-Liberty University 2024/2025 Questions With Completed & Verified Solutions.
- Course
- Institution
ACCT 212 Final Exam-Liberty University 2024/2025 Questions With Completed & Verified Solutions.
[Show more]
Content preview
ACCT 212 Final Exam-Liberty UniversityHorizontal 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............$$
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller LEWIS12. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79223 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
