Which of the following is an approach to sensitivity analysis - 89672

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Question 1 of 20 Which of the following is an approach to sensitivity analysis? A. contribution B. distribution C. margin D. profit Question 2 of 20 ABC Restaurant’s revenue budget reflects the following information for February: Food sales $260,000 Beverage and liquor sales $140,000 Total sales $300,000 ABC expects revenue to increase by 5% during both March and April. What is the budgeted amount of beverage and liquor sales revenue for March? A. $145,000 B. $154,350 C. $147,000 D. $150,000 Question 3 of 20 The entry for indirect materials (such as glue, etc.. requisitioned for use in production is __________. A. Raw Materials Inventory Work-in-Process Inventory B. Work-in-Process Inventory Accounts Payable C. Work-in-Process Inventory Raw Materials Inventory D. None of the above Question 4 of 20 If direct labor for the month is $80,000 and overhead is applied based on 75% of direct labor dollars, what is the entry to apply overhead? A. debit Work-in-Process Inventory $80,000; credit Payroll $80,000 B. debit Overhead-Applied $60,000; credit Work-in-Process Inventory $60,000 C. debit Work-in-Process Inventory $60,000; credit Overhead-Applied $60,000 D. debit Work-in-Process Inventory $80,000; credit Overhead-Applied $80,000 Question 5 of 20 An element of sensitivity analysis includes __________. A. unidimensional changes B. a sole focus on profit C. simultaneous changes D. a financial accounting approach Question 6 of 20 Factory Supplies Expense, Depreciation Expense-Factory, and Heat, Light, and Power-Factory appear on which section of the worksheet? A. statement of cost of goods manufactured B. balance sheet C. income statement D. statement of cost of goods sold Question 7 of 20 If direct labor for the month is $40,000, overhead is applied based on direct labor, annual overhead is $600,000, and annual direct labor is $1,000,000, what is the entry to charge direct labor to production? A. debit Work-in-Process Inventory $40,000; credit Payroll $40,000 B. debit Overhead-Applied $40,000; credit Work-in-Process Inventory $40,000 C. debit Work-in-Process Inventory $24,000; credit Overhead-Applied $24,000 D. debit Work-in-Process Inventory $66,000; credit Overhead-Applied $66,000 Question 8 of 20 What is the journal entry to record the direct labor summarized on the labor distribution report? A. debit Finished Goods; credit Payroll B. debit Work-in-Process; credit Payroll C. debit Payroll; credit Direct Labor D. debit Payroll; credit Cash Question 9 of 20 Raw material inventory appears on the __________. A. balance sheet B. income statement C. cost of goods manufactured statement D. both A and C Question 10 of 20 During the week ending on November 30, total factory payroll incurred was $6,000. Of this total, 80% was for direct labor. The entry to record the payroll distribution would include __________. A. debit Work-in-Process Inventory $4,800 and Overhead-Control $1,200 B. debit Work-in-Process Inventory $6,000 C. debit Work-in-Process Inventory $4,800 and Overhead-Applied $1,200 D. debit Work-in-Process Inventory $4,800 and Indirect Labor Expense $1,200 Question 11 of 20 Manufacturing overhead includes all manufacturing costs __________. A. including raw materials B. including overhead C. excluding raw materials and direct labor D. none of the above Question 12 of 20 Candyland completed the manufacturing process. The entry to transfer the product to finished goods is __________. A. Raw Materials Inventory Finished Goods Inventory B. Finished Goods Inventory Cost of Goods Sold C. Finished Goods Inventory Work-in-Process Inventory D. Finished Goods Inventory Raw Materials Inventory Question 13 of 20 Which of the following is part of a firm’s master budget? A. pro forma budget B. inventory purchases budget C. operating budget D. schedule of cash receipts budge Question 14 of 20 The entry to record rent expense $9,000, supervision expense $19,000, and depreciation expense $7,000 to overhead is __________. A. debit Overhead-Applied $35,000; credit Rent Expense $9,000; credit Supervision $19,000; credit Depreciation Expense $7,000 B. debit Overhead-Control $35,000; credit Rent Expense $9,000; credit Supervision $19,000; credit Depreciation Expense $7,000 C. debit Overhead-Applied $35,000; credit Overhead-Control $35,000 D. none of the above Question 15 of 20 ABC Restaurant’s revenue budget reflects the following information for February: Food sales: $260,000 Beverage and liquor sales: $140,000 Total sales: $300,000 ABC expects revenue to increase by 8% during both March and April. What is the budgeted amount of total sales revenue for April? A. $350,000 B. $345,580 C. $353,620 D. $349,920 Question 16 of 20 The budget that is developed first when preparing the master budget is the __________ budget. A. cash receipts B. inventory purchases C. sales D. administrative expense Question 17 of 20 Direct labor includes the wages of __________. A. an hourly worker producing the product B. the shop foreman C. maintenance workers D. administrators Question 18 of 20 The formula for cost of goods manufactured is __________. A. raw materials plus direct labor minus overhead plus beginning work-in-process inventory plus ending work-in-process inventory B. raw materials minus direct labor plus overhead plus beginning work-in-process inventory plus ending work-in-process inventory C. beginning work-in-process plus total manufacturing cost minus ending work-in-process D. raw materials plus direct labor less overhead plus beginning work-in-process inventory less ending work-in-process inventory Question 19 of 20 The statement of cost of goods manufactured does not include __________. A. direct labor costs B. raw material costs C. manufacturing overhead D. all of the above Question 20 of 20 Journal entries crediting Payroll and debiting Work-in-Process Inventory are made for __________. A. administrative salaries B. hourly manufacturing labor C. foremen’s salaries D. raw materials
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