1. Describe when it is appropriate for a company to use a job costing system.

2. Calculate the balance in OtobiFurn’s work in process inventory account as at 31 December.

3. Calculate the cost of the chairs in OtobiFurn’s finished goods inventory as at 31 December.

4. Actual manufacturing overhead incurred in December amounted to $252 000. Calculate

OtobiFurn’s overapplied or underapplied overhead balances when using a job costing system.

5. Explain two alternative accounting treatments for overapplied or underapplied overhead

balances when using a job costing system.

 

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Please show all equations and work as needed. Make the correct answer clear. If possible, please type work so it can be copied. Thank you.

 

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Quiz 3
Question 1 The capitalized earnings approach determines the
value of a business by capitalizing its expected profits using:

Question 2 Before buying an existing business, the buyer
should analyze two external elements of the business:

Question 3 Which of the following is a criterion for a bulk
transfer?

Question 4 The valuation method that is commonly used, but
tends to oversimplify the valuation process, is called:

Question 5 When negotiating the deal, the most important
thing to remember is:

Question 6 ESOP is the acronym for:

Question 7 One advantage of buying an existing business is:

Question 8 The inventory in an existing business:

Question 9 An agreement between a business seller and the
buyer, in which the seller agrees not to open a competing business within a
specific time period and geographic area, is called a:

Question 10 Perhaps the ideal source of financing the
purchase of an existing business is:

Question 11 The biggest source for the best companies to buy
is:

Question 12 When it comes to buying an existing business, it
is not uncommon to find it:

Question 13 The valuation approach that considers the value
of goodwill is the:

Question 14 Which of the following is an intangible asset?

Question 15 When a buyer is reviewing a candidate company’s
lease arrangements, location and appearance, intangible assets, etc., he is
answering what basic acquisition question?

Question 16 The ________ highlights significant financial
and operational events in the company’s life and should concentrate on the company’s
accomplishments.

Question 17 The ________ expresses the entrepreneur’s vision
for the company and what he/she hopes it will become.

Question 18 The ________ acquaints lenders and investors
with the nature of the business and the general goals and objectives of the
company.

Question 19 The organization chart is described in which
section of the business plan?

Question 20 ________ are short-term, specific targets which
are attainable, measurable, and controllable.

Question 21 Potential investors tend to believe that if an
entrepreneur can’t develop a good plan:

Question 22 When creating financial forecasts in a business
plan for a proposed venture, an entrepreneur should:

Question 23 Business plans need to pass three tests:

Question 24 The second essential purpose for creating a
business plan is:
Question 25 The C of the five Cs that is a synonym for
“cash flow” is:

Question 26 The ________ is the first part of the business
plan. It summarizes all the relevant points of the deal, but it should be the
last part written.
Question 27 Any assets pledged to the bank as security for
repayment of the loan are the ________ of the five Cs.
Question 28 Proving that a profitable market exists
involves:
Question 29 The focus of the competitor analysis section of
the business plan is to:
Question 30 An explanation of how the product will be
distributed is contained within the:

 

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1. ________ is the ability of a company to prepare on a large-scale basis individually designed products, services, programs, and communications.

 

2. Product launches include many tasks and often take longer than expected. To coordinate effectively, a planning technique such as ______ can be used. 

 

3. Poga International, a multinational beverage corporation, identifies that one of its competitors is launching an apple flavored drink. The company decides to launch an apple flavor brand along with its competitor. What timing strategy is used here?

 

4. A dance school in the Bronx teaches professional hip-hop and salsa. It is experiencing an increase in student admissions, which is leading to substantial improvement in profits. The school is going through the ________ phase of its life cycle.

 

5. Product-line analysis provides information for two key decision areas: product-line length and ________.

 

6. When the physical product cannot be easily differentiated, the key to competitive success may lie in adding valued services and improving their quality. The main service differentiators are ordering ease, delivery, installation, ________, customer consulting, maintenance, and repair.

 

7. Which of the following steps will help service firms to increase their quality control?

 

8. It was sunny when Jenny went to class, but by the time class was over it was raining heavily, so Jenny stopped by the student store to buy an umbrella before she walked back to her dorm. In this case, the umbrella is an example of a(n) ________.

 

9. Using the ________ level of the product hierarchy to market its soups, Campbell Soups feature the company name first, then the soup variety on their packaging. 

 

10. Campbell Soups is a newly established company that specializes in preparing healthy but tasty food for children under the age of 5. It is incurring huge production costs, nonexistent profits, and slow sales growth. The company is in the ________ phase of its life cycle.

 

11. Which of the following is the level at which the product’s primary characteristics operate?

 

12. Most new-product activities are devoted to

 

13. Which of the following will most help service providers overcome the limitation of intangibility of services when positioning itself?

 

14. One of the ways to change the course of a brand is to modify the product. Under product modification, ________ adds size, weight, materials, supplements, and accessories that expand the product’s performance, versatility, safety, or convenience.

 

15. Happy Home Products produces detergents, toothpaste, bar soap, disposable diapers, and paper products. This company has a product ________ of five lines.

 

16. Which of the following is the best example of a new-to-the-world product? 

 

17. The five product levels constitute a ________. At each level more customer value is added.

 

18. Services high in ________ are those services that have characteristics the buyer normally finds hard to evaluate even after consumption. 

 

19. Marketers must see themselves as benefit providers. For example, when a shopper purchases new shoes, he or she expects the shoes to cover his or her feet and allow him or her to walk unobstructed. This is an example of what level in the consumer-value hierarchy?

 

20. Some firms might delay the launch of their products until after the competitor has borne the cost of educating the market. Such an entry is called ________ entry.

 

21. Which of the following is most closely related with the organic growth of an organization? 

 

 

 

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