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accounting

Questions and Answers of Accounting

Differentiate between essential and nonessential activities.
Define computer-integrated manufacturing.
Discuss the importance to the cost accounting department of the move ticket.
How realistic are the assumptions of the economic order quantity model? Discuss each assumption individually.
Supervisors in the work centers oversee the usage of raw material in production; explain why the work centers do not keep the records of the work-in-process.
Explain how prenumbered documents help to provide indirect access control over assets.
What role does the general ledger department play in the conversion cycle?
Describe the characteristic of a world-class company.
How does automation help achieve manufacturing flexibility?
Identify three areas where the consumer directly uses computer-aided design software applications to aid in designing the product.
How can poor quality be expensive to the firm, especially if low-cost raw materials are used to reduce cost of goods sold and raise net income?
Discuss how an emphasis on financial performance of cost centers, as measured by traditional cost accounting information, may lead to inefficient and ineffective production output.
How can activity-based costing be used to switch the management of business activities from a custodial task to a continuous improvement activity?
How are cost structures fundamentally different between the traditional and computer-integrated manufacturing environments?
How can a firm control against excessive quantities of raw materials being used in the manufacturing process?
What is a value stream map?
Discuss the advantages of activity-based costing.
Discuss the disadvantages of activity-based costing.
Explain why traditional cost allocation methods fail in a computer-integrated manufacturing environment
Explain the concept of a product family and its relationship to value stream accounting.
Explain the relationship between MRP II and ERP.
(Multiple Choice)1. Which of the following is not an advantageous reason to reduce inventories?a. Inventories provide a competitive advantage.b. Inventories can invite overproduction.C. Inventories
Out Camping is a manufacturer of supplies and has several divisions, one of which is the tent division that produces that deluxe tent Away From Home. Fourteen thousand of these tents are made each
Visit your School’s library (either in person or online) and perform a search on the keywords “world-class companies” and “manufacturing.” Find five companies that claim to be world-class
Examine the flowchart for Problem 4 and determine any control threats. Specifically discuss the control problems, the possible dangers, and any corrective procedures you wouldrecommend.
Design and document with a system flowchart a computer-based manufacturing process that possesses the information flows of the manual systems depicted in Figure. Assume that the manufacturing process
Playthings, a toy manufacturer specializing in toys for toddlers, are considering switching to a JIT manufacturing process. The CEO has been talking with the production consultants, who tell her that
Cut it Up, Inc., is manufacturer of wooden cutting boards that are sold through a chain of kitchen stores. For years, the company has allocated overhead based on total machine hours. A Recent
Write an easy outlining the key principles of lean manufacturing.
a. Create a data flow diagram of the current system.b. Create a system flowchart of the existing system.c. Analyze the internal control weaknesses in the system. Model your response according to the
a. Create a data flow diagram of the current system.b. Create a system flowchart of the existing system.c. Analyze the internal control weaknesses in the system. Model your response according to the
a. Create a data flow diagram of the current system.b. Create a system flowchart of the existing system.c. Analyze the internal control weaknesses in the system. Model your response according to the
Using the information about Bumper Cars, Ltd., along with your knowledge, either agree or disagree with the various solutions that the company’s employees suggest. Discuss what you feel is the best
a. Create a data flow diagram of the current system.b. Create a system flowchart of the existing system.c. Analyze the internal control weaknesses in the system. Model your response cording to the
a. The first three steps in an activity-based cost implementation are to define the resource categories, activity centers, and first-stage resource drivers. These steps have already been completed at
What information is contained in the general ledger master file?
What is the purpose of a responsibility center file?
List the primary users of the FRS, and discuss their information needs.
Name in order the eleven steps of the financial reporting process?
What assumption is made regarding the external users of financial statements?
When are adjusting entries made to the worksheet, and what is their purpose? When are the corresponding voucher entries made?
What tasks should the general ledger clerk not be allowed to do?
What does XML stand for?
What does XBRL stand for?
Explain how the formalization of tasks promotes internal control.
Explain why it is important that both responsibility and authority are appropriately assigned to employees.
Distinguish between narrow and wide span of control. Give an example of tasks appropriate to each type.
How does management by exception help to alleviate information overload by a manager?
Contrast the four decision types—strategic planning, tactical planning, management control, and operational control—by the five decision characteristics—time frame, scope, level of details,
What are the three elements that distinguish structured and unstructured problems? Give an example of each type of problem. Which type of problem is more suitable to a transaction processing system?
What management levels are more likely to deal with unstructured problems? With structured problems? Why?
What are two objectives that enable reports to be considered useful?
List and define the seven report attributes.
What is responsibility accounting?
What are the two phases of responsibility accounting?
What is data mining?
What is a data warehouse?
Explain some reporting techniques that may cause dysfunctional behavior by a manager.
Explain how ad hoc reports have allowed managers to make more timely and better-quality decisions. Give an example.
Explain how exception reporting would be invaluable to the manager of a credit department.
What types of variances are found on cost center reports Explain what each variance is measuring and why this information is important?
Distinguish between a profit center and an investment center. Draw a diagram illustrating the relationship between cost, profit, and investment centers.
Discuss any separation of duties necessary to control against unauthorized entries to the general ledger. What other control procedures regarding the general ledger should be employed?
Discuss the various sources of data for the FRS output and how these data are processed into information (output) for the different external users.
Explain how erroneous journal vouchers may lead to litigation and significant financial losses for a firm.
Ultimately, is the purpose of an audit trail to follow a transaction from its input through its processing and finally to the financial statements or vice versa? Explain your answer.
Discuss the benefits that may be realized in switching from a computerized batch processing system to a direct access storage system. Also, discuss any additional control implications.
Controls are only as good as the predetermined standard on which they are based. Discuss the preceding comment and give an example.
Discuss three audit implications of XBRL.
Although HTML and XML documents look very similar, and both use tags, explain how they differ significantly as a financial reporting medium.
If management control and strategic planning decisions do not receive a high level of support from traditional information systems, then how do they get the support?
In terms of decision-making capabilities, which type of report do you think is generally more important—scheduled reports or on -demand reports? Explain your answer and give an example of each type
Scheduled reports may contain some information that is relevant to some decisions and irrelevant to other decisions. Why are some scheduled reports designed this way, rather than multiple reports
Sometimes a trade-off must be made between information accuracy and timeliness. Give an example in which it is imperative to make an estimate now, rather than wait a couple of weeks for an exact
Figure illustrates both upward and downward flows of information. What are the downward flows and their purpose? What about the upward flows? Are the downward and upward flowsrelated?
Distinguish between the verification model and the discovery model approaches to data mining.
Explain how a data warehouse database is fundamentally different from a transaction processing database.
Why are cost centers considered to be more appropriate than profit centers for production departments?
Explain how a production quota used to evaluate a supervisor can adversely affect quality control, material usage efficiency, and labor relations.
Explain and give an example as to how a manager can manipulate the return on investment figure in the short run. Why are these manipulations bad for the company in the long run? Suggest some
Comment on the following statement: “More information is always preferred to less; you can never have too much information.”
Draw a diagram depicting the relationship between the general ledger master file, control accounts, subsidiary files, and financial statements.
The following contains the various steps of the financial reporting process. Place these steps in the proper order and indicate whether each step is a function of the TPS, GLS, or FRS.• Record
John Ozment, director of special projects and analysis for Ozment’s Corporation, is responsible for preparing corporate financial analyses and monthly statements and reviewing and presenting the
Leslie Epstein, an employee of Bormack Manufacturing Company, prepares journal vouchers for general ledger entries. Because of the large number of voided journal vouchers caused by errors, the
Crystal Corporation processes its journal vouchers using batch procedures similar to the process outlined in Figure in the text. To improve customer satisfaction, the sales system is going to be
The top management team at Olympia, Inc., wishes to have real-time access to the general ledger. Currently the general ledger is updated nightly via a batch processing system, similar to Figure in
Expand Figure in the text to incorporate the journal voucher listing and general ledger change report as control mechanisms. Also discuss the specific controls they impose on the system.
Prepare an organizational chart for your university.
Classify the following decisions as being characteristic of strategic planning, tactical planning, managerial control, or operational control.Determining the mix of products to manufacture this
Classify the following reports as being either scheduled or on-demand reports.Cash disbursements listingOvertime reportCustomer account historyInventory stock-out reportAccounts receivable aging
Relco Industries recently purchased Arbeck, inc., a manufacturer of electrical components that the construction industry uses. Roland Ford has been appointed as chief financial officer of Arbeck, and
Bames Corporation recently purchased Parker Machine Company, a manufacturer of sophisticated part for the aircraft industry. Donald Jenkins has been appointed vice president of production at Parka,
While attending night school to earn a degree in computer engineering, Stan Wilson worked for Morlot Container Company (MCC) as an assembly line supervisor. MCC was located near Wilson’s hometown
The Star Paper Division of Royal Industries is located near Los Angeles. A major expansion of the divisionâ€™s only plant was completed in April 2007. The expansion consisted of an addition to
Family Resorts. Inc., is a holding company for several vacation hotels in the northeastern and mid-Atlantic states. The firm originally purchased several old inns, restored the buildings, and
A variety of quantitative measures are used to evaluate employee performance, including standard costs, financial ratios, human resource forecasts, and operating budgets.Requireda. Discuss the
Engineers Education Association (EEA) is a volunteer membership organization providing educational and professional services to its members. The professional staff is organized into four divisions
Multiply Choice1. Sequential access means thata. Data are stored on magnetic tape.b. The address of the location of data is found through the use of either an algorithm or an index.c. To read any
Multiply Choice1. Which of the following is not a characteristic of the strategic planning process?a. Emphasis on both the short and long run.b. Analysis of external economic factors.c. Review of the

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