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UNISEMINAR
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Accounting
Maastricht 2nd Edition Academic Year 12/13
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Table of Contents
Accounting
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Uniseminar
Accounting
Chapter 01: [FA] Financial Statements 012 – 041 Chapter 02: [FA] Transaction Analysis 042 – 069
Chapter 03: [FA] Accrual Accounting 070 – 099 Chapter 04: [MA] Accounting and Costs 100 – 154
Chapter 05: [MA] Job Costing 155 – 178 Chapter 06: [MA] Process Costing 179 – 194
Chapter 07: [MA] Cost Allocation 195 – 211 Chapter 08: [MA] Activity Based Costing 212 – 231
Chapter 09: [MA] Absorption versus Variable Costing 232 – 248 Chapter 10: [MA] Cost Behavior 249 – 271
Chapter 11: [MA] Cost-‐Volume-‐Pro�it Analysis 272 – 295
Chapter 12: [MA] Relevant Information and Decision Making 296 – 321 Chapter 13: [MA] Preparing Budgets and Variance Analysis 322 – 367
Table of Contents
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Learning Card Types Part 1
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Accounting
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Uniseminar
In order to prepare you as good as possible for your exam, we tried to integrate various question types.
The cards can be categorized according to the following “types“:
De�initions Concepts Formulas Calculations Multiple Choice Questions True/False Questions
Accounting Card Types
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Learning Card Types Part 2
Accounting
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Uniseminar
Accounting Card Types
In order to make the different types clear, we have included the following recognition features for you:
Examples are printed in italic.
NNuummeerraattiioonnss are illustrated by bullet points.
Continuative thoughts are marked by an à.
DDee��iinniittiioonnss are framed and grey.
Formulas are framed.
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Accounting
Sample Front
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Uniseminar
On the front of a learning card you will �ind the following:
In the header: the course title, the corresponding chapter as well as the topic
The question as well as an information about the card type
In the footer on the left: the dif�iculty of the question:
In the footer on the right: the number of the current card as well as the total number of cards.
easy medium hard
Accounting Sample Front
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Sample Back
Accounting
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Uniseminar
Sample Back
Accounting
On the back of a learning card, you will �ind the following:
In the header (middle): the topic as well as the question in short
In the header (right): the corresponding page, where to �ind the topic in the UUnniisseemmiinnaarr TThheeoorryy SSccrriipptt ffoorr AAccccoouunnttiinngg
In the footer (left): if available, the corresponding chapter in the Accounting textbook of the course
The correct answer(s) to the question on the front
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Accounting Chapter 01: Financial Statements
Since we live in a global economy, all countries have adopted the same accounting standards
for business transactions.
-‐ True/False -‐
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Uniseminar
Same Accounting Standards?
Harrison et al. (FA), chapter 1
Accounting Standards
FFaallssee.. Even though businesses becomes more global, many countries have their own accounting standards. IFRS is a solution to overcome fragmented accounting standards, but it is not yet adopted by every country.
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Accounting Chapter 01: Financial Statements
List seven users of accounting information.
-‐ 7 Points -‐
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Uniseminar
Investors Employees Creditors Suppliers and trade creditors Customers Government and its agencies
List seven users of accounting information.
Harrison et al. (FA), chapter 1
Conceptual Framework of Accounting
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Accounting
At the end of the accounting period, account balances were as follows: cash $180,000,
accounts receivable $75,000, common stock $20,000, retained earnings $65,000. Liabilities
for the period were $ 210,000.
-‐ True/False -‐
Chapter 01: Financial Statements
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Uniseminar
Application of Accounting Equation
Harrison et al. (FA), chapter 1
FFaallssee.. Use the accounting equation and solve for liabilities: $180,000 + $75,000 -‐ $20,000 -‐ $65,000 = $170,000
Accounting Equations P. 7
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Accounting
The normal balance of an expense account is a __________ because expenses decrease __________. a) debit, assets b) debit, expenses c) debit, shareholders’ equity d) credit, shareholders’ equity
-‐ Multiple Choice -‐
Chapter 02: Transaction Analysis
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Uniseminar
Expense Accounts
Harrison et al. (FA), chapter 2
Recording Transactions
CCoorrrreecctt aannsswweerr:: CC The normal balance of an expense account is a debit because expenses decrease shareholders’ equity.
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Accounting Chapter 02: Transaction Analysis
What is a journal?
-‐ De�inition -‐
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Uniseminar
A jjoouurrnnaall is the chronological accounting record of an entitiy‘s transactions.
De�inition journal
Harrison et al. (FA), chapter 2
Recording Transactions P. 13
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Accounting Chapter 03: Accrual Accounting
State the formula for the current ratio.
-‐ Formula -‐
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Uniseminar
Formula Current Ratio
Harrison et al. (FA), chapter 3
Current Ratio = Total Current Assets
Total Current Liabilities
Preparing Financial Statements
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Accounting
List three different types of inventories in manufacturing companies.
-‐ 3 Points -‐
Chapter 04: Accounting and Costs
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Uniseminar
Direct materials Work-‐in-‐progress Finished goods
Different types of inventories in manuf. companies
Bhimani et al. (MA), chapter 2
Manufacturing-‐Sector Companies P. 25
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Accounting
The following information was gathered for Rogers Company for the year ended December 31, 20X5. Assume that direct labor-‐hours are the cost-‐allocation base.
Compute the budgeted factory overhead rate.
-‐ Calculation -‐
Chapter 05: Job-‐Costing
Budgeted Actual Direct labor-‐hours 75,000 77,500 Factory overhead $525,000 $558,000
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Uniseminar
Budgeted Factory Overhead Rate
Bhimani et al. (MA), chapter 3
Job-‐Costing Using Normal Costing
CCoorrrreecctt aannsswweerr:: $$77..0000 ppeerr hhoouurr Apply the formula for budgeted indirect rate: $525,000/75,000 hrs. = $7.00 per hour
P. 31
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Accounting Chapter 07: Cost Allocation
Give a brief de�inition of the direct method.
-‐ De�inition -‐
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Uniseminar
The ddiirreecctt mmeetthhoodd allocates support department costs to operating departments only.
De�inition Direct Method
Bhimani et al. (MA), chapter 5
Direct Method P. 43
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Accounting Chapter 11: Cost–Volume–Pro�it Analysis
Which formula determines the operating leverage?
-‐ Formula -‐
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Uniseminar
Formula Operating Leverage?
Bhimani et al. (MA), chapter 8
DDeeggrreeee ooff ��OOppeerraattiinngg LLeevveerraaggee =
Contribution Margin
Net Operating Pro�it
Cost Planning and CVP
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Accounting
Name two essential differences when pricing for the long run relative to the
short run.
-‐ 2 Points -‐
Chapter 12: Relevant Information and Decision Making
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Uniseminar
Costs that are often irrelevant for short-‐run pricing decisions (�ixed costs) are often relevant in the long run. Pro�it margins in long-‐run pricing decisions are often set to earn a reasonable return on investment.
Two differences when pricing for the long run/short run
Bhimani et al. (MA), chapter 12
One-‐Off Special Orders P. 111
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Accounting Chapter 12: Relevant Information and Decision Making
Recap: What is the decision rule for special orders?
-‐ Concept -‐
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Uniseminar
Decision Rule for Special Orders
Bhimani et al. (MA), chapter 10
DDeecciissiioonn rruullee:: Accept the order if the differential revenue is greater than the differential cost.
One-‐Off Special Orders P. 101
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Accounting
Bates Inc. used the following data to evaluate their current operating system. The company sells items for $10 each and used a budgeted selling price of $10 per unit. What is the static-‐budget variance for variable costs?
�-‐ Calculation -‐
Chapter 13: Preparing Budgets and Variance Analysis
Actual Budgeted Units sold 495,000 500,000 Variable costs $1,250,000 $1,500,000 Fixed costs $ 925,000 $ 900,000
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Uniseminar
Calculation static-‐budget variance of revenues
CCoorrrreecctt aannsswweerr:: $$225500,,000000 FF Use the formula for the static budget variance. $1,250,000 -‐ $1,500,000= $250,000 F
Static Budgets and Flexible Budgets P. 118
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Accounting Chapter 13: Preparing Budgets and Variance Analysis
A favorable variance results when budgeted revenues exceed actual
revenues.
-‐ True/False -‐
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Uniseminar
Favorable Variances
FFaallssee.. An unfavorable variance results when budgeted revenues exceed actual revenues.
Static Budgets and Flexible Budgets P. 118
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