Acct 202 exam - Study guides, Class notes & Summaries

Kahn Company's static budget was based on sales volume of 12,000 units. Its flexible budget was based on sales volume of 14,000 units. Based on this information - the (variable cost) labor cost volume variance is expected to be unfavorable. Capilla Company experienced a favorable sales volume variance and an unfavorable sales price flexible budget variance. Which of the following is a logical explanation for these variances? - The company reduced its sales price and therefore sold more ite...

What adjustment must be made when converting net income to net cash provided by operating activities using the indirect method? - increases in inventory and prepaid expenses must be deducted What is the primary purpose of the statement of cash flows? - to provide information about a company's cash receipts and cash payments during a reporting period Determine the ending cash balance for Court Corporation if the net cash provided by operating activities is $31,000, net cash used by investi...

All of the following are reported as current liabilities except a) bonds payable. b) unearned revenues. c) notes payable. d) accounts payable. - a) bonds payable

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Which type of company typically produces its own inventory? -Manufacturer Before these materials are used to manufacture its cars, Toyota classifies steel, glass, and plastic as - raw materials inventory. Macy's (the department store chain) classifies its clothing held for sale as -merchandise inventory. How would Chevrolet classify its partially completed vehicles? -Work in process inventory Which of the following is a characteristic of a service company? -Service companies generally hav...

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