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SHORT ANSWER 1.Breakeven point analysis is one of the most common uses of cost-volume-profit analysis. What is the breakeven point and why is it useful for managers to know what it is for their company? 2.List and explain two assumptions about costs and activities that are made in cost-volume-profit analysis. 3.Explain how the.
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PROBLEM 1.The Transporter Company produces material-handling equipment for use in commercial manufacturing. As part of its operations, Transporter has three distinct product lines: belts, conveyors, and elevators. The company is currently considering the elimination of the belt product line. The belt line’s sales average $850 000 annually. Annual variable manufacturing costs.
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37. In the first volume of the Accountants' Index, forensic-type articles were found under which category? 38. Expert witnessing can be traced back to a court decision in 1817 in what country? 39. Who was probably the first modern forensic accountant? 40. Which statement is false? 41. Which statement is.
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57. A forensic accountant should ____________ express an opinion in a report regarding the guilt or innocence of any person or party. 58. The forensic certification provided by the NACVA is the ____________. 59. The American College of Forensic Examiners’ certification is ____________. 60. ____________ organization basically controls the forensic.
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2.The Multiproducts Company currently purchases a component for $30 each. The company has excess capacity and is considering the possibility of making the component. The Cost Accounting Department estimates that the following costs would be incurred to make each unit of the component: Direct materials   $8 Direct labour   10 Variable overhead    8 Total manufacturing.
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SHORT ANSWER 1.Describe the accounting rate of return (ARR) and payback period methods of evaluating capital projects, including the formula and decision criterion associated with each method. 2.Describe the major disadvantages of using the accounting rate of return (ARR) and payback period methods as bases for evaluating capital projects. .
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PROBLEM 1.Harglo Construction is considering purchasing a radio antenna for broadcasting to service trucks over the airwaves, rather than using telephone lines. The antenna is expected to reduce cash operating costs by $2000 the first year, $2500 the second year, and $3000 the third year. The antenna will cost $6000, will.
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67. ____________ said that “what the use of finger prints was to the 19th century, and DNA analysis was to the 20th century, forensic accounting will be to the 21st century.” 68. WorldCom’s main fraud strategy was ____________. 69. ____________ was the external auditor during the WorldCom fraud. 70. ____________.
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5.Hartly Company manufactures three products: A, B, and C. A B C Selling price $180 $270 $240 Less variable expenses: Direct materials   24   72   32 Direct labour   97   86 140 Variable overhead    5    4    8 Total variable expenses 126 162 180 Contribution margin $ 54 $108 $ 60 The same raw material is used in all three products. The company has only 5000 kilograms of material on.
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21.A positive net present value indicates that: A. the IRR is less than the discount rate. B. the cost of capital is greater than the present value of the future cash inflows. C. the projected return on the investment is expected to exceed the cost of capital plus the cost of the initial investment. D. the IRR is.
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TRUE/FALSE 1.The accounting rate of return (ARR) is a traditional method of project evaluation, which involves dividing either the average net profit by the average book value of the investment, or the average net profit by the total initial investment value. 2.The payback period is a method used to assist in making.
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TRUE/FALSE 1.Cost-volume-profit (CVP) analysis is a technique that examines the interrelationship between cost, volume and profit at constant activity levels. 2.A firm sells a product for $250. Variable costs are $100 per unit and total fixed costs are $120 000. The break-even point will be 800 units. 3.To calculate the break-even point, that.
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11.Ridge NL is considering investing in a new project. Given the following information, which project would Ridge choose if a maximum payback period of 5.8 years is set? Project A Project B Initial investment $160 000 $180 000 Cash flows Year 1    25 000    25 000 Year 2    25 000    30 000 Year 3    25 000    35 000 Year 4   .
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MULTIPLE CHOICE 1.In which of the following situations would it not be useful to apply the concepts and techniques used in capital investment decisions? A. A company is considering the purchase of a new machine that would reduce the cost of direct labour in the production process. B. A company is comparing the profitability and.
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1. The forensic accounting field is broader than fraud auditing. 2. Forensic accountant qualifications work together to support each other like a four-layered wedding cake. 3. A forensic accountant can normally assume that the books and records are true and correct. 4. Forensic accounting courses in universities and colleges have.
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37. Forensic accountants need an understanding of: 38. Which curriculum content item was ranked number 1 by practitioners in a recent research study? 39. Which curriculum content item was ranked number 1 by professors in a recent research study? 40. What would be a task of a litigation services practitioner?.
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1. President George W. Bush established the Corporate Fraud Task Force within the Department of Justice. 2. Transparency is one of the nine qualities and characteristics that make financial information useful for investors and creditors according to the AICPA committee (No. 2). 3. The audit committee is one leg of.
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MULTIPLE CHOICE 1.Sunk costs are: A. costs of replacing an item today. B. costs incurred and no longer recoverable. C. costs of an item discounted at an appropriate rate. D. equivalent to the historical cost of an item. 2.The selection of a special order will improve net profit when the order’s income exceeds: A. the direct labour cost of the order. B. the replacement.
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3.Southern Mills is a textile manufacturing company in eastern Tennessee. Every year the company prepares a complete set of budgets. The budgeting process begins with information supplied by the Sales and Marketing department. Variable manufacturing costs, for which direct labour hours is the cost driver, are expected to be $2 120 800. Fixed.
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31.An entity is contemplating investing in a long-term project. A comparison of two mutually exclusive projects reveals that Project A has an initial outlay of $10 000 with cash inflows of $3400 for years 1–5; Project B has a cash outlay of $4500 with cash inflows of $1400 for years.
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3.For many years, Condor Company has produced a small part that it uses in the production of its standard line of equipment. The company’s cost of producing one part, based on a production level of 50 000 parts per year, is: Cost Per Part Direct materials $8.00 Direct labour   5.00 Variable overhead  10.00 Fixed overhead  12.00   Total $35.00 An outside supplier has offered.
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6.A company is considering two projects with the following cash flows: (Albright, 12, p.4) Year Project A Project B 0 ($526 677) ($74 809) 1 $180 000 $30 000 2 $180 000 $30 000 3 $180 000 $30 000 4 $180 000 $30 000 5 $180 000 -0- Present value of $1 to be received after N periods: N Periods Interest Rate Period 1 Period 2 Period 3 Period 4 Period 5 19% 0.8403 0.7062 0.5934 0.4987 0.4190 20% 0.8333 0.6944 0.5787 0.4823 0.4019 21% 0.8264 0.6830 0.5645 0.4665 0.3855 22% 0.8197 0.6719 0.5507 0.4514 0.3700 Present value of an annuity of $1 for.
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21. Forensic-type fieldwork refers to an attitudinal shift in an auditor's degree of skepticism. 22. Consulting standards may apply to a forensic accountant. 23. Peremptory refers to the fact that a forensic accountant can be proactive. 24. A forensic audit is generally a sampling activity. 25. Doug Carmichael is the.
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PROBLEM 1.Projected Profit   A company can determine its projected profit by using the following equation:           profit = total income – (total fixed costs + total variable costs) Based on market research, CSO Corporation feels its product will sell for $200 / unit. At that price, CSO can sell 150 units per month. Currently,.
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11.The following information relates to the production cost of product PX 244. Selling price $55 Raw materials $12 Labour $18 Fixed overheads $16 What is the contribution per unit of PX 244? A. $9 B. $25 C. $37 D. $43 12.Consider the following information. Selling Labour Advertising Machinery Sales price cost cost costs Product X 12 000 units $5 per unit $3 per unit $400 $5000 Product Y 16 000 units $4 per unit $3.50 per unit $200 $6200 Which of the following is true? Product X: A. contributes more to profit.
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77. Doug Carmichael prefers more tests of __________ rather than relying on tests of __________. 78. Satyam means _____________. 79. In North America, forensic accounting can be traced as far back as 1817 to a ___________ court decision. 80. ________________________ was the auditor for Sunbeam, Waste Management, Baptist Foundation of.
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11. In 2002, a magazine ranked forensic accounting as one of the most secure career tracks. 12. Salaries for forensic accountants range from $40,000 to $115,000. 13. Shoplifters steal more than employees. 14. On a Kessler survey, more than 85% of employees admitted to stealing office supplies and falsifying expense.
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1. Forensic accounting and fraud auditing are synonymous. 2. Forensic accountants generally look at history rather than the future. 3. The scribes of ancient Egypt were the forerunners of today's accountants. 4. Over time the definition of forensic accounting has changed from being an investigative accountant to litigation support (testifying.
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67. Two professors’ AICPA research found the most important skill of a forensic accountant was: 68. _______________ steal more than _________________. 69. Fighting fraud is a _______________ and not a sprint. 70. The bad guy in the Canadian Mountie illustration dealing with the $2.5 trillion worth of fake bonds was.
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TRUE/FALSE 1.Incremental or differential costs are the increases in costs or benefits between alternative opportunities available to an entity. 2.Sunk costs are costs that have been incurred, or whose payment cannot be avoided; they are irrelevant to future decisions. 3.Avoidable costs are those costs that will not be incurred if a particular decision.
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47. The National Association of Certified Valuation Analysts does not provide the following certification: 48. Which is the oldest professional organization devoted to the appraisal of closely held businesses? 49. Which certification program requires the passing of a two-year university program? 50. Which of the following is not included in.
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11. Arbitration was the driving force for expert witnessing in England in the early years. 12. Robert Lindquist probably invented the phrase "forensic accounting." 13. Arthur Andersen created a CPA firm that eventually disappeared. 14. The Journal of Accounting began in 1964. 15. In 1948, there were less than 100.
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21. The control environment is one of the five interrelated components of internal controls. 22. In an Ernst & Young study, 50% of the most serious fraud was committed by the organization's own management. 23. An exact profile has been developed of a potential fraudster by several large CPA firms..
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21.On a break-even graph, the break-even point is the point on the graph where the: A.revenue line crosses the fixed-cost line. B.revenue line crosses the line that represents fixed costs plus variable costs. C.revenue line crosses the contribution margin line. D.total cost line crosses the contribution margin line. 22.The dollar value that is available to.
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MULTIPLE CHOICE 1.Under the assumptions used in cost-volume-profit analysis, as volume increases: A.fixed costs increase in proportion to the increase in volume. B.variable costs per unit remain the same. C.fixed costs per unit remain the same. D.variable costs per unit increase in proportion to the increase in volume. 2.All of the following are assumptions made in.
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4.The Moony Company, which makes and sells two products, boys’ and girls’ bikes, has $30 000 to spend on advertising. The company has estimated that using the $30 000 to advertise boys’ bikes would increase sales of that product by 1000 units. Moony is uncertain, however, how many additional girls’.
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21.Ausco Products provides the following information: Product X Product Y Product Z Estimated sales (units) 200 400 200 Estimated labour hours per unit 1 2 5 Contribution margin per unit $4 $8 $10 The total labour availability is limited to 1000 hours at these costs. Which products should Ausco Products produce? A. Product X only. B. Product Y only. C. Product Z only. D. Product X and Y. 22.Ausco Products provides the following information: Product X Product.
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