ACC 561 Entire Course

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Week One ACC561 Discussion Questions.doc
Week One ACC561 Individual Assignment Guillermo Furniture Store Scenario.doc

Week Two ACC561 Discussion Questions.doc
Week Two ACC561 Learning Team Assignment Financial Statement Analysis.doc

Week Three ACC561 Accounting Questions.doc
Week Three ACC561 Aunt Connie’s Cookies.doc
Week Three ACC561 CVP and Break-Even.xls
Week Three ACC561 Discussion Questions.doc
Week Three ACC561 Discussion Summary.doc

Week Four ACC561 Discussion Questions.doc
Week Four ACC561 Individual Assignment Master Budget.doc
Week Four ACC561 Team Assignment Guillermo Furniture Store Analysis.doc
Week Four ACC561 Team Flex Budget.xls

Week Five ACC561 12-59.xls
Week Five ACC561 Accounting Questions.doc
Week Five ACC561 Discussion Questions.doc

Week Six ACC561 Learning Team Guillermo Furniture Store Paper.doc
ACC 561 Finals.pdf

Answer of the below questions

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use the following information to answer questions 1 – 3:
Skyline Corporation began operations on January 1, 2010. Skyline’s budgeted January 2010, February 2010, and March 2010 sales are $1,000,000, $1,200,000, and $2,000,000 respectively. The company estimates that 75% of its sales will be made on credit. The company also estimates that 50% of Skyline’s customers will pay their outstanding balances in the month of the sale, 30% in the first month subsequent to the sale, and 20% in the second month subsequent to the sale.

1. How much cash should Skyline expect to receive from its customers in January 2010?
a. $250,000
b. $375,000
c. $500,000
d. $625,000
e. $750,000

2. How much cash should Skyline expect to receive from its customers in February 2010?
a. $450,000
b. $675,000
c. $750,000
d. $900,000
e. $975,000

3. How much cash should Skyline expect to receive from its customers in March 2010?
a. $1,170,000
b. $1,500,000
c. $1,670,000
d. $1,707,500
e. $1,920,000

Use the following information to answer questions 4 – 6:
Cyclone Inc. is a wholesaler of mattresses that began business on January 1. The company’s sales policy requires 40% payment in the month of sale, 30% the next month, and 30% due the third month. Purchases will be paid 60% in the month of purchase and 40% in the following month. Cyclone expects to begin operations in January with $5,000 in cash. Cyclone’s expected transactions from January to May are as follows:
January February March April May
Sales $50,000 $60,000 $30,000 $100,000 $65,000
Purchases 20,000 15,000 7,500 40,000 25,000

4. The budgeted available cash balance for February is
a. $ 8,000.
b. $13,000.
c. $30,000.
d. $35,000.
e. none of the above.

5. Budgeted cash collections for April are
a. $ 36,000.
b. $ 40,000.
c. $ 63,000.
d. $ 75,000.
e. $100,000.

6. Cyclone anticipates borrowing $25,000 in May and paying for a piece of equipment costing $7,600. Given these expectations, what is May’s budgeted ending cash balance?
a. $ 88,400
b. $ 93,400
c. $116,000
d. $145,000
e. none of the above

Multiple Choice Answers

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1. One advantage of level production is that:
A. manpower and equipment are used efficiently at lower cost.
B. current assets fluctuate more than with seasonal production.
C. seasonal bulges and sharp declines in current assets occur.
D. None of the above

2. Samuelson will produce the 20,000 units using level production. If each bed costs $1,000 to manufacture, what is the dollar value of ending inventory at the end of Winter quarter?
A. $0
B. $1,000,000
C. The inventory level will be more than $1,100,000.
D. There will be a shortage.

3. The use of cash budgeting procedures:
A. helps the firm plan its current asset levels for a given production plan.
B. makes managing inventory easier under seasonal production.
C. illustrates fluctuating levels of current assets for a given production plan.
D. All of the above

4. Assuming level production throughout the year, and assuming receivables are collected in two equal installments over the two months subsequent to the sales period, developing the cash budget requires:
A. estimating bank borrowing and repayments.
B. a monthly sales forecast.
C. estimating monthly cash receipts.
D. calculating cash flow, after calculating production-related cash payments.

5. Normally, permanent current assets should be financed by:
A. long-term funds.
B. short-term funds.
C. borrowed funds.
D. internally generated funds.

6. A conservatively financed firm would:
A. use long-term financing for all fixed assets and short-term financing for all other assets.
B. finance a portion of permanent assets and short-term assets with short-term debt.
C. use equity to finance fixed assets, long-term debt to finance permanent assets, and short-term debt to finance fluctuating current assets.
D. use long-term financing for permanent assets and fixed assets and a portion of the short-term fluctuating assets and use short-term financing for all other short-term assets.

7. The term structure of interest rates:
A. is an indication of investors’ expectations about inflation and future interest rates.
B. will be downward sloping if short-term interest rates are higher than long-term rates.
C. will be upward sloping under normal conditions.
D. All of the above

8. The term structure of interest rates:
A. changes daily to reflect current competitive conditions in the money and capital markets.
B. plots returns for securities of different risk.
C. shows the relative interest spread between bonds with different risk ratings such as AAA, AA, A, BBB, etc.
D. depicts interest rates for T-bills over the last year.

9. “Float” takes place because:
A. a firm is early in paying its bills.
B. the level of cash on the firm’s books is equal to the level of cash in the bank.
C. a lag exists between writing a check and clearing it through the banking system.
D. a customer writes “hot” checks.

10. Which of the following is NOT a method of speeding up collections?
A. Lock-box system
B. Regional collection centers
C. Extended disbursement float
D. All of the above are methods for speeding up collections.

11. The credit department of SRO Incorporated reports an accounts receivable balance of $413,060 and average daily credit sales of $10,870. The average collection period is:
A. 26 days.
B. 36 days.
C. 38 days.
D. 40 days.

12. An increase in the average collection period may be the result of:
A. planned expansion of credit terms.
B. poor credit administration.
C. Either A or B
D. too many weak accounts.

13. Which of the following is NOT a valid quantitative measure for accounts receivable collection policies?
A. Average collection period
B. Aging of accounts receivables
C. Ratio of debt to equity
D. Ratio of bad debts to credit sales

14. Variables important to credit scoring models include:
A. age of company in years.
B. negative public records.
C. facility ownership.
D. All of the above

15. Your company anticipates selling 3,400 units per month for the upcoming fiscal year. It will cost $10 to order units at $1 per unit, plus an additional $0.15 per unit carrying charge. Assuming that your company uses inventory at a constant rate throughout the year, how many units should you order each time? Round to the higher whole number.
A. 476
B. 674
C. 102
D. 510

16. Novelty Gifts, Inc., is experiencing some inventory control problems. The manager, Wanda LaRue, currently orders 5,000 units four times each year to handle annual demand of 20,000 units. Each order costs $15 and each unit costs $1.50 to carry. Calculate the economic ordering quantity (EOQ), rounding to the higher whole number.
A. 517
B. 633
C. 410
D. 515

Multiple Choice Answers

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1. In return for employee rights guaranteed in the union contract, union employees agree to all of the following except to: (Points : 1)
Abide by the employer’s work rules
Follow supervisor’s directions
Refrain from striking over grievances
Refrain from criticizing the organization or its management

2. Which of the following is a typical outcome of a discharge grievance case in which the arbitrator rules in favor of the employee? (Points : 1)
The employee is reinstated with or without full back pay.
The employee is awarded compensatory damages.
The employee is granted back pay but denied reinstatement.
The employee is awarded punitive damages.

3. The final step in a typical union grievance procedure is appealing to __________________? (Points : 1)
a mediator.
the regional office.
binding arbitration.
the Supreme Court

4. In return for the privilege of being the exclusive representative, unions have an obligation to represent all of the bargaining unit employees without discrimination. This principle is known as: (Points : 1)
Exclusive representation
Duty of nondiscrimination
Duty of fair representation
Weingarten Rights

5. The first step in a typical grievance procedure is _____________________? (Points : 1)
filing a complaint with the union
discussion between employee and supervisor
mediation
disciplinary action

6. In making a decision regarding a union-management dispute, an arbitrator’s task is to: (Points : 1)
Interpret the contract and apply it to the current situation.
Conform exactly to the letter of the contract.
Rewrite the contract so the terms are more clear to the parties and future disputes are avoided.
Introduce new language that clarifies the intent of the parties.

7. At the end of the strike, for an employer to be able to claim that strike replacements that were hired were “permanent”, it must be able to show: (Points : 1)
That all of the strike replacements are willing to stay on as permanent employees
That the strikers do not wish to return to their jobs
That the strike replacements were promised permanent employment at the time of hire
All of the above

8. Which of the following is not an interest dispute? (Points : 1)
Wage levels
Seniority based layoff systems
Whether a particular employee has been properly disciplined
Whether employees should participate in management decision making

9. Which of the following is true with respect to strike activity in the U.S.? (Points : 1)
It declined sharply after WWI but has increased steadily since.
It has increased steadily since WWI.
It has declined sharply since the 1980’s.
It has remained steady throughout most of U.S. history.

10. Third-party dispute resolution mechanisms use _______________ to settle bargaining impasses with the goal of avoiding costly strikes. (Points : 1)
a neutral third-party
decertification elections
boycotts
a local county judge

11. Which of the following is a strike not protected under the NLRA? (Points : 1)
economic
unfair labor practice
jurisdiction
recognition

12. Although many argue that public sector unions have unlimited bargaining power, this theory is refuted all of the following except: (Points : 1)
Public sector occupations can be replaced by technology.
Laws forbid public sector workers from striking.
The public is not always willing to pay more for government services (e.g., in the form of higher taxes)
The public is heavily dependent upon certain government services such as police and firefighting.

13. Intraorganizational bargaining arises due to the: (Points : 1)
Involvement of the government in contract negotiations
Involvement of a mediator or arbitrator in contract negotiations
Presence of diverse interests within a negotiating party’s constituency
Interaction between management and the union

14. When the terms and conditions from one contract negotiations are used to determine terms and conditions of other contracts, it is called: (Points : 1)
Pattern bargaining
Centralized bargaining
Decentralized bargaining
Industry-wide bargaining

15. Which of the following is not mandatory bargaining issue? (Points : 1)
Seniority provisions
Just cause discipline provisions
Food prices in the company cafeteria
Union representation on the board of directors

16. If the union members are unhappy with the terms of a contract settlement and vote to reject it: (Points : 1)
They are bound to the terms of the old contract
They can fire the bargaining committee and begin negotiations again
They can petition to the NLRB for changes
The negotiators return to the bargaining table to try again or impasse is reached

17. In distributive bargaining, each party’s target point is often: (Points : 1)
The same as the other party’s resistance point
The same as the other party’s target point
Lower than the other party’s resistance point
Higher than the other party’s resistance point

18. If an employer denies a request for voluntary recognition, what is the next employee step in the union organizing process? (Points : 1)
Filing a grievance with the NLRB
Collecting additional authorization card signatures
Organizing a card-check election
Filing an election petition with the NLRB

19. Due to problems in the certification process outlined by the NLRA, more and more unions are pursuing union organizing campaigns that: (Points : 1)
Rely on use of the secret ballot election.
Rely on neutrality and card-check agreements with employers.
Rely on legal intervention to force employers to recognize and negotiate with a union.
Rely on intervention by the NLRB to issue Gissel orders that force employers to recognize and negotiate with a union

20. To restrict the ability of a union to solicit union members during work hours, the employer should: (Points : 1)
Institute a no solicitation policy that only allows charitable organizations to solicit donations but doesn’t allow private entrepreneurs to sell products.
Institute a no solicitation policy that could be loosely applied, thus allowing charitable organizations such as the Girls Scouts to sell products.
Institute a no solicitation policy that is applied to all organizations, including charitable organizations.
Not worry about it because no matter what they do, the union will be allowed to have access to the organization.

21. If a group of employees is represented by a union and another union that has a better track record also wants to represent those workers, the employees: (Points : 1)
Can choose to belong to both unions.
Can immediately switch unions.
Can file for a decertification election if enough workers express interest in an election.
Must stick with the union they have until the contract expires.

22. Which of the following is not likely to be considered illegal under the National Labor Relations Act? (Points : 1)
Firing an employee who is trying to organize a union.
Improving wages, benefits and working conditions just before a representation election.
Lies, misrepresentation, and distortion of facts.
Questioning employees about whether they intend to vote for the union.

23. After a lengthy negotiation involving a series of contract changes agreed to by management and the union, General Soft Drinks refused to make any further changes to the contract even though the union was ready to strike. The parties are: (Points : 1)
committing an unfair labor practice in violation of the NLRA
negotiating in bad faith
at a bargaining impasse
ready for final and binding arbitration

24. Oshkosh Corporation is a large manufacturer of military vehicles used in Afghanistan. If Oshkosh Corporation workers went out on strike and the President believed this strike presented a significant threat to the nation’s safety, he could do all the following except: (Points : 1)
Discharge the strikers and replace them with new workers
Appoint a board of inquiry to investigate the labor dispute
Seek a court-ordered injunction preventing the strike
Ask congress to legislate a settlement to the strike

25. An employee who wants to work instead of strike has the legal right to: (Points : 1)
Cross their own union’s picket line but not another union’s picket line.
Resign from the union but cannot cross the picket line.
Cross another union’s picket line but not their own picket line.
Cross any picket line and/or resign from the union.

26. Workers at Coniff Enterprises recently went out on strike in protest over employer actions it claimed were in violation of the NLRA Section 8(a)(3). The strike lasted for a period of about 50 days before the NLRB ruled that the company was innocent of any wrongdoing. Coniff Enterprises hired temporary strike replacements to keep the business running. At the end of the strike, the striking workers were entitled to: (Points : 1)
Immediate reinstatement to their jobs and back pay for the 50 day period
Immediate reinstatement to their jobs
The right to be hired first if any of the strike replacements decided to quit or were fired
Nothing

27. In the 1980’s, black female workers at Delta Pride, a catfish processing plant in Mississippi, embarked on a union organizing drive. As part of this effort, the union was aggressive in publicizing wrongdoings by the employer, pressuring members of the board of directors to disassociate from the company, and sending postcards to over 100,000 Mississippi residents seeking their support for unionization. As a result of these tactics, the union won recognition. The tactics used in this organizing drive can best be described as: (Points : 1)
A sympathy strike
A corporate campaign
A boycott
A work slowdown

28. On a cold winter day, a group of employees decides that the temperature in their manufacturing plant is unbearably cold. Together, the employees approach their employer and request that the heat be turned up. The employer: (Points : 1)
Must collectively bargain with this group of employees over the plant temperature.
May refuse the employees request.
Must turn up the heat at the request of the employees.
Can fire the employees for insubordination.

29. Pierre is unsure as to whether he should support a union but is leaning toward a “no” vote. After talking with several of his coworkers, he realizes that most of them are very supportive of unionization. Recognizing the importance of “sticking together,” and not wanting to disappoint his coworkers, Pierre decides he should vote “yes” in the upcoming election. Which of the following factors best explains Pierre’s change of heart? (Points : 1)
Union instrumentality
General beliefs about unions.
Workplace social identity and/or social pressure.
Utility maximization

30. A union organizing tactic in which paid union organizers attempt to get hired by a company is know as: (Points : 1)
Featherbedding.
Salting.
Gissel bargaining order.
Hiring fraud.

31. The evening before a union election, an employer held a company picnic for its employees. Attendance at the picnic was required and the company president gave a passionate speech urging employees not to vote for the union. The most likely reason the NLRB would consider this a violation of the NLRA is: (Points : 1)
The picnic amounts to a captive audience meeting held within 24 hours of the election.
The picnic could be considered an inducement or reward for not voting for the union.
The president’s passionate speech could be considered threatening.
None of the above; the employer did not violate the NLRA in any way.

32. When an employer prohibits outside organizations from entering the workplace and interacting with workers, it is called ______________? (Points : 1)
A private injunction
A no solicitation rule
Salting
The Monarch Rubber rule

33. Interpreting, applying, and resolving conflicts that arise under a union contract is called: (Points : 1)
Contract negotiations
Past practice
Mediation
Contract administration

34. Sandy was scheduled to work an 8 hour shift on a Thursday afternoon and evening. When she arrived at work, her supervisor told her the shipment she was to process had not arrived and that she could go home. Under her union contract, Sandy was entitled to four hours of pay because she showed up for work as scheduled. This contract provision is called: (Points : 1)
Reporting pay
Scheduled hours pay
Straight-time pay
Guaranteed hours pay

35. Billings Paper Co. recently sold their Green Bay, WI plant to a larger company. The union contract specified that any new owner would need to recognize and bargain with the existing union at Billings. This contract provision is called a: (Points : 1)
Successorship clause
Union recognition
Union shop agreement
Employee rights clause

36. Critics of union shop agreements that argue these agreements violate employees’ individual freedom by depriving them of a free choice about where to work. These critics argue they are protecting workers.: (Points : 1)
Right to work
Seniority rights
Free rider rights
Job placement rights

Multiple Choice Answers

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1. Which of the following are used to test for the statistical significance or explanatory power of an individual variable?
A) t-statistic
B) p-value
C) t-statistic and p-value
D) R-squared
E) F-statistic
F) R-squared and F-statistic

2. Which of the following are used to test the statistical significance and explanatory power of all the independent variables together (i.e., the explanatory power of the model)?
A) t-statistic
B) p-value
C) t-stastistic and p-value
D) R-squared
E) F-statistic
F) R-squared and F-statistic

3. Which should be used to determine if an individual variable should be added to the regression model?
A) Economic, business or physical theory.
B) The t-statistic and p-value of the variable coefficient.
C) The correlation with other variables included in the model.
D) All of the above.

4. Using situation 8.2.2, what would happen to computer sales if ATC increased the advertising budget by $1000 (check units of measurement before you start to answer)?
A) Sales would increase by approximately 240 units.
B) Sales would increase by approximately 241 units.
C) Sales would increase by approximately 24,000 units.
D) Sales would increase by approximately 14,000 units.

5. Which of the following is NOT likely to occur when multicollinearity exists in a model?
A) Inflated Adjusted R-squared
B) High correlation between a pair or pairs of variables.
C) A variance inflation factor (VIF) > 5.
D) Theoretically important variables having coefficients that are statistically insignificant.
8.2.1: An analyst is evaluating the demand for building and construction materials relative to the cost of borrowing or the mortgage rate in Los Angeles and San Francisco. He believes that the following model is appropriate: Y = 10 + 5X1 + 8X2, where Y is demand in $100 per capita; X1 is mortgage rate in %, and X2 equals 1 if SF, 0 if LA.

6. Given the information in 8.2.1, each additional increase of 1% in the mortgage rate will lead to an estimated average _________________ in demand for building materials, holding constant the effect of city.
A) Increase of $500 per capita.
B) Decrease of $500 per capita.
C) Increase of $5 per capita.
D) Decrease of $5 per capita.

7. Using the model in 8.2.1, the interpretation of the coefficient for X2 is: Holding constant the effect of mortgage rates,
A) Demand for building materials is $800 more per capita in SF than in LA.
B) Demand for building materials is $800 more per capita in LA than SF.
C) Demand for building materials is $8 more per capita in LA than in SF.
D) Demand for building materials is $8 more per capita in SF than in LA.
8.2.2: Advanced Technology Corporation (ATC) manufactures a home computer system and has hired a market research team to analyze the potential demand for this product using historical data on sales of similar products in 66 regions of the country in conjunction with information from consumer surveys. The research firm estimated the following demand function: Q = -36,000 – 10P + 2Px + 300I + 24A – 0.01Asquared, where Q=annual demand in units, P=price of ATC computer ($), Px=price of ATC major competitor computer ($), I = average family disposable income ($100), and A = advertising by ATC ($100).

8. Using situation 8.2.2, the correct interpretation of the coefficient for Px (i.e., +2) is:
A) An increase of computer sales of one unit will occur if there is a $2 increase in the price of the competitor’s computer holding constant P, I, and A.
B) An increase of computer sales of one unit will occur if there is a $200 increase in the price of the competitor computer, holding constant P, I, and A.
C) A $1 increase in the price of the competitor’s computer will increase ATC computer sales by 2 units, holding constant P, I, and A.
D) A $1 increase in the price of the competitor’s computer will increase ATC computer sales by 200 units, holding constant P, I and A.

9. Suppose you review the information in situation 8.2.2 and plan to test the explanatory power of: 1. the overall model and 2. a one-tail test of the individual coefficients, both at the .05 level of significance, then what critical values would you use for your tests? The first answer refers to tests for the model; the second answer refers to the test for the individual variable coefficient.
A) F=2.37 and t=1.671
B) t=1.671 and F=2.37.
C) F=2.25 and t=1.671
D) t=2.00 and F=2.37.