Principles of Accounting II- Please help me to answer these questions and explanation so I can re-read through the chapters and understand better.

The total manufacturing cost variance consists of

direct materials price variance, direct labor cost variance, and fixed factory overhead volume variance
direct materials cost variance, direct labor rate variance, and factory overhead cost variance
direct materials cost variance, direct labor cost variance, and variable factory overhead controllable variance
direct materials cost variance, direct labor cost variance, and factory overhead cost variance

Match the following formulas or descriptions with the term (a-e) it defines.

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__3__(2)(Actual rate per hour – Standard rate per hour) × Actual hours__4__(1)(Actual price – Standard price) × Actual quantity__5__Standard variable overhead for actual units produced__1__(4)(Actual quantity – Standard quantity) × Standard price__2__(3)(Actual direct hours – Standard direct hours) × Standard rate per hour1.Direct materials price variance2.Direct labor rate variance3.Direct labor time variance4.Direct materials quantity variance5.Budgeted variable factory overhead

The master budget of a small manufacturer would normally include all necessary component budgets except the capital expenditures budget.


Cash flows from investing activities, as part of the statement of cash flows, include payments for the acquisition of fixed assets.

__5__(1)Amortization of intangible assets__7__Exchange of land for common stock__1__(3)Sale of land__3__(2)Decrease in accounts payable balance__2__(4)Purchase of equipment__7__(6)Acquisition of treasury stock__4__(6)Payment of dividends__6__(2)Gain on sale of investments__1__(2)Increase in accounts receivable balance__2__(6)Repayment of long-term note payable1.Increase cash from operating activities2.Decrease cash from operating activities3.Increase cash from investing activities4.Decrease cash from investing activities5.Increase cash from financing activities6.Decrease cash from financing activities7.Noncash investing and financing supplement

The number of days’ sales in inventory is one means of expressing the relationship between the cost of goods sold and inventory.


In addition to the differential costs in an equipment-replacement decision, the remaining useful life of the old equipment and the estimated life of the new equipment are important considerations.

__3__Purchase of the stock of another company as investment__1__Decrease in inventory__4__Exchange of land for note payable__2__Issuance of bond payable__1__Increase in accounts receivable__2__Payment of dividends to stockholders__1__(3)Sale of machinery held for use by the company__1__Loss on sale of equipment__3__(1)Dividends received on investment__1__Increase in income taxes payable1.Operating activities2.Financing activities3.Investing activities4.Schedule of noncash financing and investing

To determine cash payments for operating expenses for the statement of cash flows using the direct method, a decrease in accrued expenses is added to operating expenses payable other than depreciation.


Job order cost accounting systems can be used only for companies that manufacture a product.

__1__Cupcake mix__2__Factory rent__2__Depreciation expense—factory__4__Depreciation expense—office__4__Salesman commissions__3__Baker’s wages__2__Sprinkles for decoration (indirect material)__3__(1)Frosting1.Prime costs2.Conversion costs3.Both prime and conversion costs4.Neither prime or conversion costs

Standard costs should always be revised when they differ from actual costs.


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