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managerial accounting tools for business decision making
Questions and Answers of
Managerial Accounting Tools For Business Decision Making
Telecommunications, Inc., is a U.S. company, a global leader in information technology, and it specializes in building data network systems. The company is a major player in the industry, although it
Explain how the cognitive-developmental approach influences one's ability to make ethical judgments.
Aristotle said, "Character is that which reveals moral purpose, exposing the class of things a man chooses or avoids." Explain what you think Aristotle meant by this statement.
Mahatma Gandhi, the famous Indian philosopher, said: "Cowards can never be moral." Explain what you think Gandhi meant by this statement.
Thorne believes that virtue-based reasoning tends to increase a decision maker's propensity to make sound ethical judgments. Discuss how this process occurs.
Comment on whether you believe that one's personal judgment is developed by an individual through practice in everyday decision making and/or whether it is cultivated by a professional firm.
In what ways does professional skepticism help an auditor evaluate the sufficiency and competency of evidence in the process of examining the financial statements of a client company?
Why is professional skepticism important for management accountants?
What is the role of the ethical principles and standards embedded in the accounting profession's codes of ethics in making professional judgments?
Cynthia Cooper details her trials and tribulations about her experiences at WorldCom in the book Extraordinary Circumstances: The Journey of a Corporate Whistleblower.The following excerpts from the
Auditors today are subject to increased expectations from regulators and the investing public. At the same time, corporations are expanding, transactions have become more complex, and there are
Brenda Sells sent the tax return she prepared for the president of Purple Industries, Inc., Harry Kohn, to Vincent Dim, the manager of the tax department at her accounting firm, Dim asked Sells to
Better Boston Beans is a coffee shop located in the Faneuil Hall Marketplace near the waterfront and Government Center in Boston. The coffee shop specializes in exotic blends of coffee including
Kevin Lowe is depressed. He has been with the CPA firm Stooges LLP for only three months. Yet the partners in charge of the firm—Bo Chambers and his brother Moe Chambers—have asked for a
“I’m sorry, Lucy. That’s the way it is,’ Ricardo Rikey said.“I just don’t know if I can go along with it, Rikey,” Lucy replied.“We have no choice. Juggyfroot is our biggest client,
Mahatma Gandhi is quoted as saying: “Capitalism as such is not evil; it is its wrong use that is evil.” What do you think Gandhi meant by this statement? Give an example of when capitalism may
To whom do managers owe their allegiance? Is it to the shareholders? To other stakeholders? Be sure to support your answer with ethical thought and examples in the text from discussions about
Marvin Bower, the former managing partner of McKinsey & Company, said: “There is no such thing as business ethics. There is only one kind—you have to adhere to the highest standards.”What does
The four pillars of corporate governance are responsibility, accountability, fairness, and transparency. Discuss how each of these pillars helps create ethical corporate governance systems
Why do you think there was a reduction of cases where fraud was detected by internal audit and internal controls in the 2006-2008 comparison survey by the ACFE? Does it mean that these elements of
In 2005, a group of concerned shareholders of Johnson & Johnson requested the board of directors establish a policy of, whenever possible, separating the roles of the chair and CEO, so that an
Evaluate the ethicality of the corporate governance systems at Microsoft based on the discussion in the text.
In the Bernie Madoff case, some investors who lost money are concerned about the potential for "clawback" suits that might be brought by the trustee in charge of liquidating Madoff's firm. Such suits
The Institute of Internal Auditors states in its November 2005 issue of “The Tone at the Top” that businesses can rely on an industry standard, Znternal Control—Integrated Framework, to comply
On the evening of January 27, 1986, the temperature outside the Kennedy Space Center in Florida dropped below freezing. The National Aeronautics and Space Administration (NASA)had a dilemma. In
On February 26, 2009, the SEC accused Robert Allen Stanford of executing a “massive Ponzi scheme” over the last decade, in which he and his cohorts misappropriated funds and made more than
Companies are sometimes faced with crisis management decisions. A good example is that of Ford with its Pinto brand. Compare Ford’s reaction, from an ethical perspective, to the gas tank problem in
The opening quote in this chapter includes the statement: “By certifying the public reports that collectively depict a corporation’s financial status, the independent auditor assumes a public
In their landmark book that was published in 1966, Ethical Standards of the Accounting Profession, John Carey and William Doherty state: “The code [of ethics] in effect is an announcement that, in
The accounting profession has been investigated by Congress over a number of years. However, none of the investigations or recommendations for change seems to have made a difference in that fraud
Have you ever agreed to do something when you weren’t sure that you had the skills to accomplish the job? Why did you agree to do it? Can you draw an analogy between your motivations and the
The following two questions directly relate to ethics standards in the AICPA Code of Professional Conduct:a. Is it ever improper for a CPA/CPA firm to accept a commission from a client for
Lew Walls is a CPA and a sole practitioner. Walls serves a small client base in the city of Tuscaloosa, Alabama. A potential client comes into Walls’s office one day and asks to discuss the
Give one example each of when an auditor might render an unqualified opinion with an explanatory paragraph, a qualified opinion, and an adverse opinion. When might a disclaimer be an acceptable
Assume a local health club, Texas Two-Step (TTS), records 100 percent of amounts received from annual membership fees in the month the cash is received, which is the first month of the new year. The
Assume the successor auditor requests permission from a potential client to discuss with the predecessor the reasons and circumstances for the firm’s withdrawal from the engagement.What ethical
Professor Slim Pickens makes the following statement in his Intermediate II Accounting class:“The standards of fieldwork provide the foundation to ensure that the financial statements present
How do materiality judgments impact the consistency and comparability of financial statements over a period of time?
Why do you think mandatory job rotation and vacations are effective controls to reduce instances of fraud?In its 2008 Report to the Nation on Occupational Fraud and Abuse, the Association of
Does it surprise you that the audit of ICFR and external audit were ranked at the bottom as effective tools to prevent/detect fraud? Why or why not?In its 2008 Report to the Nation on Occupational
In a 2005 poll sponsored by Wall Street Journal Online and Harris Interactive, 2,061 U.S. investors were asked whether the regulations and costs of SOX were too strict. Overall, 55 percent called the
Each of the following formulas is correct except: (a) Labor price variance = (Actual hours Actual rate) (Actual hours x Standard rate). (b) Total overhead variance = Actual overhead Overhead
In producing product \(\mathrm{ZZ}, 14,800\) direct labor hours were used at a rate of \(\$ 8.20\) per hour. The standard was 15,000 hours at \(\$ 8.00\) per hour. Based on these data, the direct
The formula to compute the overhead volume variance is: (a) Fixed overhead rate X (Standard hours Actual hours). (b) Fixed overhead rate x (Normal capacity hours Actual hours). (c) Fixed overhead
Loper Corporation manufactures a single product. The standard cost per unit of product is as follows.The master manufacturing overhead budget for the month based on normal productive capacity of
Orlanda Manufacturing Company uses a standard cost accounting system to account for the manufacture of exhaust fans. In July 2010, it accumulates the following data relative to 1,500 units started
Goltra Clothiers manufactures women's business suits. The company uses a standard cost accounting system. In March 2010, 11,800 suits were made. The following standard and actual cost data applied to
Heath Manufacturing Company uses a standard cost accounting system. In 2010, the company produced 36,000 units. Each unit took several pounds of direct materials and \(1 \frac{1}{3}\) standard hours
Gibsen Manufacturing Company uses standard costs with its job order cost accounting system. In January, an order (Job No. 84) was received for 4,100 units of Product D. The standard cost of 1 unit of
How will the creation of such standards help a business or organization?
How might management use this raw material cost information?
Which of the perspectives of a balanced scorecard were the focus of United's CEO?
Rochelle Company is considering purchasing new equipment for \($250,000.\) The equipment has a 5-year useful life, and depreciation would be \($50,000\) (as- suming straight-line depreciation and
Select one of the world’s religions and give a concrete example of how the Golden Rule applies in that religion.
a. What (who) has had the most influence on your personal ethics to this point in your life?Do you feel that your ethics are still evolving? What would cause you to change your ethics positively or
How John Edwards ruined his reputation by having an affair, covering it up, and then not admitting to fathering a child out of wedlock. Shortly after the Edwards disclosure, the public was stunned to
Steroid use in baseball is an important societal issue. Many members of society are concerned that their young sons and daughters may be negatively influenced by what apparently has been done at the
Some people believe that ethics is relative to the situation. Others believe we should act the same way in similar situations. Comment on these opposing points of view.
Assume you are coming home from the store one day and see a fast-moving fire approach your neighbor’s house. You notice that the neighbor’s car is in the garage. The garage door entrance to the
In the new age of texting, blogging, tweeting, and updating one’s Facebook, a variety of new activities have occurred that raise interesting ethical questions. For example, stay-at-home moms that
a. Assume you have been hired by the head of a tobacco industry group to do a cost-benefit analysis of whether the tobacco firms should disclose that nicotine is addictive. Assume this is before the
Former associate justice of the U.S. Supreme Court Potter Stewart (1915-1985) said, “Fairness is what justice really is.’ How would you interpret this statement in the context of business
Assume in the DigitPrint case that the venture capitalists do not provide additional financing to the company even though the adjustments have not been made. The company hires an audit firm to
Clarke Company estimates that 240,000 direct labor hours will be worked during 2010 in the Assembly Department. On this basis, the following budgeted manufacturing overhead data are computed.It is
Flaherty Manufacturing Company produces one product, Kebo. Because of wide fluctuations in demand for Kebo, the Assembly Department experiences significant variations in monthly production levels.The
Hardesty Company uses budgets in controlling costs. The May 2010 budget report for the company's Packaging Department is as follows.The monthly budget amounts in the report were based on an expected
Grider Manufacturing Inc. operates the Home Appliance Division as a profit center. Operating data for this division for the year ended December 31, 2010, are shown below.In addition, Grider
Jeffery Manufacturing Company manufactures a variety of garden and lawn equipment. The company operates through three divisions. Each division is an investment center. Operating data for the
How might managers of separate divisions be able to reduce division costs through collaboration?
What might be the reason that movie studios do not produce G-rated movies as much as R-rated ones?
Describe a situation in which a business "sells as much as it can" but cannot "keep its employees paid."
What approach did Time Warner use to prepare the old budget? What approach did it use to prepare the new budget?
Why does it matter whether the Olympic Games exceed their budget?
In Mussatto Company, direct labor is \(\$ 20\) per hour. The company expects to operate at 10,000 direct labor hours each month. In January 2010, direct labor totaling \(\$ 203,000\) is incurred in
Wasson, Inc. reports the following financial information.Compute the return on investment and the residual income. Average operating assets Controllable margin Minimum rate of return $3,000,000 $
The Sports Equipment Division of Brandon McCarthy Company is operated as a profit center. Sales for the division were budgeted for 2008 at \(\$ 900,000\). The only variable costs budgeted for the
Presented below is selected information for three regional divisions of Yono Company.Instructions:(a) Compute the return on investment for each division.(b) Compute the residual income for each
Krause Farm Supply Company manufactures and sells a fertilizer called Basic II. The following data are available for preparing budgets for Basic II for the first 2 quarters of 2010 .1. Sales: Quarter
Mercer Inc. is preparing its annual budgets for the year ending December 31, 2010. Accounting assistants furnish the following data.An accounting assistant has prepared the detailed manufacturing
Litwin Industries has sales in 2010 of \(\$ 4,900,000\) (700,000 units) and gross profit of \(\$ 1,187,500\). Management is considering two alternative budget plans to increase its gross profit in
Orton Company prepares monthly cash budgets. Relevant data from operating budgets for 2011 are:All sales are on account. Collections are expected to be \(60 \%\) in the month of sale, \(30 \%\) in
Soriano Company is preparing its budgeted income statement for 2010. Relevant data pertaining to its sales, production, and direct materials budgets can be found in the Do It! exercise on page
Besides increasing their conversion rates, what steps can online merchants use to lower their break-even points?
Why do you suppose restaurants are so eager to sell' beverages and desserts?
What is the limited resource for a retailer, and what implications does this have for sales mix?
As a result of being in business for a long time, the established airline giants also must pay very large retirement payments, a cost the newer airlines do not face. What impact do these payments
In the month of June, Angela's Beauty Salon gave 3,500 haircuts, shampoos, and permanents at an average price of \(\$ 30\). During the month, fixed costs were \(\$ 16,800\) and variable costs were
Ger Company reports the following operating results for the month of August: Sales \(\$ 300,000\) (units 5,000); variable costs \(\$ 210,000\); and fixed costs \(\$ 70,000\). Management is
Hall Company had sales in 2010 of \(\$ 1,500,000\) on 60,000 units. Variable costs totaled \(\$ 720,000\), and fixed costs totaled \(\$ 400,000\).A new raw material is available that will decrease
Moctezuma Inc. produces and sells three products. Unit data concerning each product is shown below.The company has 2,000 hours of labor available to build inventory in anticipation of the company's
Hardwood Inc. produces wooden crates used for shipping products by ocean liner. In 2010, Hardwood incurred the following costs.Assume Hardwood used an average 500 kilowatt-hours each month over the
Griffey Manufacturing's sales slumped badly in 2010. For the first time in its history, it operated at a loss. The company's income statement showed the following results from selling 500,000 units
Washington Corporation has collected the following information after its first year of sales. Net sales were \(\$ 2,400,000\) on 200,000 units; selling expenses \(\$ 360,000\) ( \(30 \%\) variable
Zaki Metal Company produces the steel wire that is used for the production of paper clips. In 2009, the first year of operations, Zaki produced 40,000 miles of wire and sold 30,000 miles. In 2010 ,
In Astoria Company, data concerning two products are: Contribution margin per unit-Product A \$10, Product B \$12; machine hours required for one unitProduct A 2, Product B 3. Compute the
Ron's Shingle Corporation is considering the purchase of a new automated shingle-cutting machine. The new machine will reduce variable labor costs but will increase depreciation expense. Contribution
Logan Corporation manufactures two products with the following characteristics.If Logan's machine hours are limited to 2,000 per month, determine which product it should produce. Product 1 Product 2
Are the costs associated with use of the computer-driven cutting machines fixed or variable?
How did Flight Serve determine that it would break even with 3.3 seats full per flight?
What amount of sales dollars are required for the promoter to break even?
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