Strayer JWI530 Week 7 Knowledge Check Latest 2020 JULY

Question # 00616583
Course Code : JWI530
Subject: Economics
Due on: 09/14/2020
Posted On: 09/14/2020 09:36 AM
Tutorials: 1
Rating:
4.9/5
Question Dot Image

JWI530 FINANCIAL MANAGEMENT I

Week 7 Knowledge Check

Question 1Variance analysis is a very important tool for financial analyses. As soon as the variance is computed, the exact reasons are for the variance are clear.

Answers:            

True

 False

Question 2Wilson is a cost analyst, and he has just received a standard cost report for October 2018. Wilson notes that the report shows a negative variance for materials – the annotation is 2,388 pounds used, 2,154 pounds standard. This illustrates what is called an unfavorable rate variance.

Answers:            

True

 False

Question 3Standards are the cost system that estimates costs incurred and time used and compares to actual costs.

Answers:            

 True

False

Question 4The Institute of Management Accountants (IMA) has promulgated an ethics code for management accountants called The Statement of Ethical Practice, which has four standards of ethical conduct. Which of the following is NOT one of those standards?

Answers:            

A. Competence

B. Credibility

C. Continuing Education

D. Integrity

E. Confidentiality

Question 5Doc Jones owns Doc's coffee shop, and his accountant has told him that his total fixed costs to run his business in a very nice upscale business-oriented neighborhood, excluding his salary, are $15,000 per month. Doc is in competition with a Seattle's coffee shop just down the block. Consequently, his prices are about the same as theirs. He has calculated that the average cup of coffee cost him $1.87 cents, which includes the coffee, the cup and condiments, such as sugar, sweetener, creams, napkins, and stir sticks.

His average selling price is $4.85 per cup. He currently sells 8,000 cups of coffee per month. Doc has figured that if he lowers his price by $1.00 per cup, he would increase his sales to 11,000 cups per month and make more money. The amount he would increase his earnings is:

Answers:            

A. Not enough information to answer the question.

B. $13,451

C. Doc would earn the same.

D. $4,289

E. Doc would earn less.

Question 6Activity-Based-Costing (ABC) is a cost allocation system that is designed to allocate overhead costs to activities and then assigns those costs to products. Which of the following is NOT associated with ABC?

Answers:            

A. Cost objects

B. Activity center

C. Full absorption

D. Cost driver

Question 7The use of a standard cost system is a great employee motivator because each negative variance causes the employee to work harder, especially if management is very diligent about follow-up punitive measures.

Answers:            

True

 False

Question 8Cost allocation is in the process of spreading or assigning indirect costs to a finished product. Assume that the cost of an overhead item is $100. There are 3 products that benefit from this overhead item and during this period 10 units of A, 20 units of B, and 70 units of C are produced.

If the allocation of the overhead expense is based on units of production, which product will absorb the most of the $100?

Answers:            

A. Product A

B. Product B

C. Product C

D. All products will receive the same amount of overhead (called "fair share")

Question 9Susie owns a belt store and her fixed costs are $2500 per month. She sells each of her belts for $30 and they each cost her $10 each to buy. How many belts does Susie have to sell to break even?

Answers:            

A. 1,250

B. 125

C. 25

D. 140

Question 10Jane’s New Cosmetics is considering opening a new store and has determined that total monthly fixed costs will be $23,500. Jane’s average contribution margin rate is 32.4%. Her breakeven for the projected new store would be approximately:

Answers:            

A. $72,530 per month

B. $82,600 per month

C. $1,400,000 per year.

D. None of the above.

 

Dot Image
expertguy Posted By :
Questions: 34513 Tutorials: 33884
Tutorials for this Question

Strayer JWI530 Week 7 Knowledge Check Latest 2020 JULY

Tutorial # 00615238
Posted On: 09/14/2020 09:36 AM
Feedback Score: 100% (by 7 users)
Purchased By: 9
expertguy
Posted By:
Questions:
34513
Tutorials:
33884
Report this Tutorial as Inappropriate
Tutorial Preview
The solution of Strayer JWI530 Week 7 Knowledge Check Latest 2020 JULY...
Attachments
Knowledge_Check_7.docx (33.46 KB)
Recent Feedback
Rated By Feedback Comments Rated On
Tutorials helped score excellent grades 12/19/2021
Satisfied with the subject solutions 09/23/2021
Great assistance and understandable tutors 06/24/2021
Provide top-quality and plagiarism-free assignments 06/23/2021
Puddle of top-experts to choose from 06/20/2021

Great! We have found the solution of this question!

Related Questions
Strayer JWI530 Week 10 Discussion Latest 2020 JULY
JWI530 FINANCIAL MANAGEMENT I Week 10 Discussion Budgeting Describe your company's annual budget process. What is your involvement in the process? What works well? What doesn't …
Strayer JWI530 Week 7 Discussion Latest 2020 JULY
JWI530 FINANCIAL MANAGEMENT I Week 7 Discussion Costing Systems and Analysis Option 1 Discuss the usage and creation of standard costs by an operation. How are these costs developed? How …
Strayer JWI530 Week 6 Discussion Latest 2020 JULY
JWI530 FINANCIAL MANAGEMENT I Week 6 Discussion Costs Option 1 Your team has been assigned to design and launch of a new product or service. This could be an external product for sale or …
Strayer JWI530 Week 8 Discussion Latest 2020 JULY
JWI530 FINANCIAL MANAGEMENT I Week 8 Discussion Cost Benefit Analyisis Option 1 As we discovered this week from our readings and video’s, not all cost-benefit decisions can be made …
Strayer JWI530 Week 5 Discussion Latest 2020 JULY
JWI530 FINANCIAL MANAGEMENT I Week 5 Discussion Earnings Call Review Listen to (or read the transcript of) your organization's or any publicly traded company's most recent quarterly …
Strayer JWI530 Week 4 Discussion Latest 2020 JULY
JWI530 FINANCIAL MANAGEMENT I Week 4 Discussion Cash Flow Statement Analyis This week we turn to the last of the major financial statements – the Cash Flow Statement. Locate and pos …
Strayer JWI530 Week 2 Discussion Latest 2020 JULY
JWI530 FINANCIAL MANAGEMENT I Week 2 Discussion Balance Sheet Analysis The discussion questions for Weeks 2 – 4 are designed to help teach you to derive meaning from financial statemen …
Strayer JWI530 Week 1 Knowledge Check Latest 2020 JULY
JWI530 FINANCIAL MANAGEMENT I Week 1 Knowledge Check Question 1Historical cost is an accounting principle that says what a company owns is originally recorded at which of the following Answer …
Strayer JWI530 Week 3 Discussion Latest 2020 JULY
JWI530 FINANCIAL MANAGEMENT I Week 3 Discussion Income Statement Analysis This week’s DQ focuses on the Income Statement. It builds on the insights we gained in Week 2, but goes a litt …
Strayer JWI530 Week 9 Discussion Latest 2020 JULY
JWI530 FINANCIAL MANAGEMENT I Week 9 Discussion Forecasting and CBA Option 1 As we are discovering, Cost Benefit Analysis is based on assumptions about financial forecasts of future cash …
Recent Questions
How To Write A Great Information Technology Strategic Plan
How To Write A Great Information Technology Strategic Plan . Pick a fortune 500 company . List the advancement over the next 5 years that this company should acheive to be successful. Then write a doc …
Leadership Essay - Choose any two leaders who you consider
 South University Leadership Essay put well-known personalities and  yourself under the microscope to learn what makes you and the  individuals you select not only leaders but also w …
Open Heart Surgery - Why is the hospital considering
South University Open Heart Surgery Case Study  read Case 19: The Case for Open Heart Surgery at Cabarrus Memorial Hospital Why is the hospital considering this additional service? …
Community Blood Center Full Case Analysis
South University Community Blood Center Full Case Analysis Review the case: Community Blood Center of the Carolinas: Donations, Donations, Donations.  Complete  a full case analysis in …
Imagine that the CFO of your manufacturing company is seeking
Assignment-5 Imagine that the CFO of your manufacturing company is seeking your help regarding a decision to switch to an Activity Based Costing system from their traditional Absorption Costing sys …
Lewin’s theory was created in the 1940s,How would you modify
Lewin’s theory was created in the 1940s. How would you modify/alter his theory to ensure that it remains relevant and applicable within KSA? Discuss any changes to be made to his theory to refle …
Unit 2 Chicago versus United States Demographic Profile Analysis
Unit 2 Chicago versus United States Demographic Profile Analysis Presentation For this assignment, you will need to become familiar with specialized business intelligence (BI) software, then downlo …
Intercultural Communication Competence - identify what techniques you can implement
Ashford University Intercultural Communication Competence Discussion 1)In a 250-300 word response, identify what techniques you can implement to improve the likelihood that your communications will …
Unit 4 Multivariate Data Analysis and Management Project
Unit 4 Multivariate Data Analysis and Management Project Using the information from Units 1, 2, & 3, Big D Incorporated will be examining how multivariate techniques can serve the organization …
Marketing Unit 4 Discussion - Big D Incorporated is nearing completion
Marketing unit 4 Primary Task Response: Within the Discussion Board area, write 400-600 words that respond to the following questions with your thoughts, ideas, and comments. This will be the …