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Accounting Expert Answers & Study Resources : Page 214

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34.              (Preparation of financial statements) (This problem is based on the transactions for problem 33.) Following is a trial balance for LilyRose Day Care, as of July 31, 2013, the end of its first month of business. Based on the trial balance, prepare an income statement for the month ended July 31,.

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  • 34.              (Preparation of financial statements) (This problem based the transactions for
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11.              What can a financial analyst learn from a hospital's number of days' revenue in receivables? a.              the hospital's accounts receivable collection efficiency b.              the average length of stay of patients in the hospital c.              the average daily occupancy rate of the hospital's beds d.              the proportion of hospital beds occupied by patients covered.

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  • 11.              What can a financial analyst learn from a hospital's
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28.(Financial statement analysis of a governmental enterprise hospital) Following is a trial balance (with 000 omitted for simplification) showing the accounts of Beta Hospital at December 31, 2013. Using the information from the trial balance, analyze Beta's financial statements by answering the following questions. Show all calculations. a.              What is the current.

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  • 28.(Financial statement analysis of a governmental enterprise hospital) Following a trial
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Learning Objective 1-2 1) Strategic cost management describes cost management that: A) is not consistent with organizational goals. B) does not relate to ethical practices. C) has no focus on the organization. D) specifically focuses on strategic issues. E) does not specifically focus on strategic issues. 2) Which of the following is not one of the six.

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  • Learning Objective 1-2 1) Strategic cost management describes cost management that: A)
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30.              (Analyzing a governmental entity's financial statements) The following data comes from the 2013 financial statements of the Village of Matthews. Although presented in summarized format, the balance sheet debits and credits are equal and the operating statement information is complete. General Fund - Balance Sheet Elements Cash$1,200,000 Short-term investments405,000 Property taxes receivable - delinquent282,000 Due.

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  • 30.              (Analyzing a governmental entity's financial statements) The following data comes
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Learning Objective 2-1 1) The cost incurred is: A) actual costs. B) budgeted costs. C) cost object. D) cost accumulation. E) cost allocation. 2) A ________ is usually measured as the amount of money that must be paid to acquire goods and services. A) time B) cost C) goal D) product E) prediction 3) Which of the following explains why managers compare the.

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  • Learning Objective 2-1 1) The cost incurred is: A) actual costs. B) budgeted
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29.              Prepare journal entries to record the following transactions regarding a fire insurance policy purchased by Chang Electronics. Chang's business operates on a calendar-year basis. a.              April 1, 2013 - Chang arranges to buy fire insurance. He receives a bill for $10,000 for an insurance policy that covers the period April.

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  • 29.              Prepare journal entries to record the following transactions regarding
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Multiple Choice 1.              What is the major purpose of the statement of net position from a financial analysis perspective? a.              to describe the major sources of revenue and types of expense b.              to show the inflows and outflows of cash during the reporting period c.              to show whether the entity was efficient and effective.

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  • Multiple Choice 1.              What the major purpose of the statement of
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29.              (Analyzing and assessing the implications of a government's account balances) Following is a pre-closing trial balance of a village's General Fund at December 31, 2013. The amount shown as Fund balance (unassigned) has not changed since the year started. The amount shown as appropriations includes the amounts appropriated for transfers. .

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  • 29.              (Analyzing and assessing the implications of a government's account
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Multiple Choice 1.              Which of the following formulations of the accounting equation is incorrect? a.              assets - liabilities = equity b.              assets = liabilities + equity c.              assets = liabilities + opening equity + (revenues - expenses) + (owner additions to – withdrawals from equity) d.              assets = liabilities - equity 2.              John pays cash to.

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  • Multiple Choice 1.              Which of the following formulations of the accounting
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  Problems 26.              (Assessment of a hospital's accounts receivable collection efficiency) Assess Plains Regional Hospital's accounts receivable collection efficiency based on the following set of facts: a.              Days' revenue in patient accounts receivable at December 31, 2012, for Plains Regional Hospital - 76 days b.              Extracts from Plains Regional Hospital's calendar year 2013 financial statements: Net.

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  •   Problems 26.              (Assessment of a hospital's accounts receivable collection efficiency) Assess Plains
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Learning Objective 1-1 1) Managers use management accounting information to do all of the following except: A) collect. B) analyze. C) perform. D) categorize. E) summarize. 2) Managers make cost management decisions to increase the value of products and services they provide to customers and to achieve organizational goals. Which of the following is not an.

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  • Learning Objective 1-1 1) Managers use management accounting information to
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42.              (Journal entries for a hospital's General Fund) following transactions and events in the Hospital's General Fund. a.              Third-parties and direct-pay patients were billed $4,200,000 at the hospital's established billing rates. b.              The billings in transaction a. included the following: (1)              Services provided to charity care patients totaled $170,000; and (2)              Services were provided to.

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  • 42.              (Journal entries for a hospital's General Fund) following transactions and
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  Problems 41.              (Journal entries for patient service revenues; computation of net patient service revenue) Prepare journal entries to account for the following transactions for Cort Hospital. Also, compute the net service revenue to be reported in the Hospital's statement of operations. a.              Cort provided services to patients during the year, billing a total.

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  •   Problems 41.              (Journal entries for patient service revenues; computation of net
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Learning Objective 2-3 1) The costing systems that managers use to identify the cost of each activity such as testing, design, or set-up are called: A) product-based costing systems. B) action-based costing systems. C) managerial-based costing systems. D) activity-based costing systems. E) resource-based costing systems. 2) Financial accountants realize that a mixed cost is: A) a fixed cost. B).

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  • Learning Objective 2-3 1) The costing systems that managers use to
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11) A BMW X6 sports activity coupe is an example of the ________ cost object at BMW. A) product B) service C) project D) customer E) activity 12) Accountants measure the cost of direct materials or advertising at manufacturing plants by using the monetary amount paid to acquire them. 13) Budgeted costs are also known as predicted.

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  • 11) A BMW X6 sports activity coupe an example of
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43.(Accounting for donations and donor-restricted and board-designated resources) A not-for-profit hospital uses the following funds to account internally for its resources: General Fund (GF); Specific Purpose Funds (SPF); Plant Replacement and Expansion Funds (PREF); and Endowment Funds (EF). The hospital is establishing a special trauma unit for brain-related injuries, and is.

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  • 43.(Accounting for donations and donor-restricted and board-designated resources) A not-for-profit hospital
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11) The ________ ________ is an administration function that includes the human resource management function of training front-line workers. A) design function B) distribution function C) production function D) marketing function E) customer service function 12) The ________ function is the function of analyzing, reporting, and accounting for those resources spent in different marketing channels; while.

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  • 11) The ________ ________ an administration function that includes the
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31.              Differences between a hospital's established rates and amounts negotiated with third-party payers are referred to as: a.              contractual adjustments b.              unrecovered costs c.              equity adjustments d.              restricted revenues 32.              Which of the following is reported as an expense by not-for-profit hospitals? a.              charity care b.              bad debts c.              contractual adjustments d.              volunteer and employee discounts 33.              The accounting and.

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  • 31.              Differences between a hospital's established rates and amounts negotiated
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46.              (Preparing a not-for-profit hospital operating statement) Whitt Valley Hospital is a not-for-profit initial care facility.  Prepare a Statement of Operations for Whitt Hospital using the following information for its calendar year ending December 31, 2012:   Third-parties and direct-pay patients were billed $6,500,000 at the hospital's established billing rates   The hospital.

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  • 46.              (Preparing a not-for-profit hospital operating statement) Whitt Valley Hospital a
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27.              State whether each of the following statements is true or false. Explain the true statements and discuss why the false statements are false. a.              A debit always results in increasing the balance in an account. b.              As expenses increase, the equity of an entity will decrease. c.              Posting is the process of.

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  • 27.              State whether each of the following statements true or
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9) Jim's Manufacturing currently produces 1,250 brakes per month. The following per unit data apply for sales to regular customers: Direct materials$225 Direct manufacturing labor28 Variable manufacturing overhead50 Fixed manufacturing overhead35 Total manufacturing costs$338 The plant has capacity for 2,000 brakes. Required: a.What is the total cost of producing 1,000 brakes? b.What is the total cost of producing 1,500.

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  • 9) Jim's Manufacturing currently produces 1,250 brakes per month. The
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35.              (Transaction analysis, journal entries, and adjusting journal entries) Ricardo Sanchez repairs automobiles. He started calendar year 2013 year with the following account balances: Cash - $5,000; Accounts receivable - $30,000; Allowance for uncollectible accounts - $3,000; Repair parts inventory - $23,000; Equipment - $60,000; Accumulated depreciation - $25,000; Accounts payable.

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  • 35.              (Transaction analysis, journal entries, and adjusting journal entries) Ricardo Sanchez
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44.              (Use of funds) Andy Kelly Hospital uses the following types of funds for internal purposes: General Fund; Specific Purpose Funds; Plant Replacement and Expansion Fund; and Endowment Fund. State which fund (or funds) would be used to account for each of these transactions or events. a.              Ms. Shaw makes a gift.

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  • 44.              (Use of funds) Andy Kelly Hospital uses the following types
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33.              (Transaction analysis, journal entries, and adjusting journal entries) Lillian Rose opened a facility to provide day care for children. The following transactions occurred during the month of July 2013, the first month of business. a.              Lillian Rose invested $10,000 of her personal funds in a business, to be known as LilyRose.

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  • 33.              (Transaction analysis, journal entries, and adjusting journal entries) Lillian Rose
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Learning Objective 1-7 1) Which of the following is not an ethical behavior of Practitioner's of Management Accounting and Financial Managers? A) Maintains an appropriate level of professional expertise by continually developing knowledge and skills. B) Performs professional duties in accordance with relevant laws, regulations, and technical standards. C) Provides decision support information and.

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  • Learning Objective 1-7 1) Which of the following not an ethical
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