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cost accounting

Questions and Answers of Cost Accounting

The Financial Accounting Standards Board (FASB) is a private organization established to improve accounting standards and financial reporting. The FASB conducts extensive research before issuing a
The Public Company Accounting Oversight Board (PCAOB) was created as a result of the Sarbanes-Oxley Act. It has oversight and enforcement responsibilities over accounting firms in the U.S.
Alternative Distributor Corp., a distributor of groceries and related products, is headquartered in Medford, Massachusetts.During a recent audit, Alternative Distributor Corp. was advised that
As a new auditor for the CPA firm of Ticke and Tie, you have been assigned to review the internal controls over mail cash receipts of Perso Company. Your review reveals that checks are promptly
Banks charge fees for "bounced" checks'that is, checks that exceed the balance in the account. It has been estimated that processing bounced checks costs a bank roughly $1.50 per check. Thus, the
If your school has a subscription to the FASB Codification, to log in and prepare responses to the following.(a) How is cash defined in the Codification?(b) How are cash equivalents defined in the
Some people argue that the internal control requirements of the Sarbanes-Oxley Act (SOX) put U.S. companies at a competitive disadvantage to companies outside the United States. Discuss the
State whether each of the following is true or false. For those that are false, explain why. (a) A proposed new financial accounting standard would not allow cash equivalents to be reported in
The financial statements of Zetar plc are presented in Appendix C. The company’s complete annual report, including the notes to its financial statements, is available at Instructions(a) Which
Net vision uses flexible budgets that are based on the following data:Sales commissions ............... 10% of salesAdvertising expense .............18% of salesMiscellaneous selling expense
The productions supervisor of the Machining department for Cramer Company agreed to the following monthly static budget for the up coming year:Cramer CompanyMachining Department Monthly
Steelcase Inc. is one of the largest manufactures of office furniture in the United States. In Grand Rapids, Michigan, it produces filing cabinets in two departments: Fabrication and Trim Assembly.
Rite Weight, Inc. produces a small and large version of its popular electronic scale. The anticipated unit sales for the scales by sales region are as follows: The finished goods inventory estimated
Audio Mechanics, Inc. manufactures two models of speakers, DL and XL. Based on the following production and sales data for September 2012, prepare(a) A sales budget and(b) A production budget.
Perez and Ford, CPAs, offer three types of services to clients: auditing, tax, and small business accounting. Based on experience and projected growth, the following billable hours have been
Based on the data in Exercise 21-7 and assuming that the average compensation per hour for staff is $40 and for partners is $150, prepare a professional labor cost budget for each department for
Romano’s Frozen Pizza Inc. has determine from its production budget the following estimate production volumes for 12’ and 16” frozen pizzas for June 2012:There are three direct materials used
Coca-Cola Enterprises is the largest bottler o Coca-Cola in Western Europe, The company purchases Coke and Sprite concentrate from The Coca-Cola Company, dilutes and mixes the concentrate with
Anticipated sales for Sale Ride ‘Tire Company were 36,000 passenger car tires and 16,000 truck tires. Beginning and ending finished goods inventories for both products were negligible, and thus
Ace Racket Company manufactures two types of tennis rackets, the Junior and Pro Striker models. The Production budget for May for the two rackets is as follows: Both rackets are produced in two
Executive Inn, Inc., operates a downtown hotel property that has 200 rooms. On average, 90% of Executive Inn’s rooms are occupied on weekdays, and 60% are occupied during the weekend. The manager
The controller of Fleet Shoes Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information:The company expects to sell about
Children’s Hospital of the King’s Daughters Health system in Norfolk, Virginia, introduced a new budgeting method that allowed the hospital’s annual plan to be updated for changes in operating
A bank manager of City savings bank Inc. uses the managerial accounting system to track the costs of operating the various departments with in the bank. The departments include Cash Management,
Domino’s Pizza LL.C, operates pizza delivered and carry-out restaurants. The annual report describes its business as follows:We offer a focused menu of bigb-quality, value-priced pizza with three
The management of Gourmet Appliance Company in Exercise 26-14 has asked you to use activity-based costing to allocate factory overhead costs to the two products. You have determined that $57,000 of
Whirlpool Corporation conducted an activity-based costing study of its Evansville, Indiana, plant in Order to identity its most profitable products. Assume that we select three representative
Empire Furniture company has two major product lines with the following characteristics:Commercial office furniture: Few large orders, little advertising support, shipments in full truckloads, and
Volt-Gear, Inc., manufactures power equipment. Volt-Gear has two primary products-generators and air compressors. The following report was prepared by the controller for Volt-Gear senior marketing
Schneider Electric manufacturing power distribution equipment for commercial customers, such as hospital and manufactures. Activity-based costing was used to determine customer profitability.
Breeze beverage company manufacturing soft drinks, information about two products is as follows: It is known that both products have the same direct materials and direct labor costs per case.
Wells Fargo insurance Services (WFIS) is an insurance brokerage company that classified insurance products as either “easy” or “difficult”. Easy and difficult products were defined as
The controller of Fidelity Sounds Inc, prepared the following product profitability report for management, using activity-based costing methods for allocation both the factory overhead and the
Ashton Mills. President of Smart Calc Inc., was reviewing the product profitability reports with the controller, Andrew Scott. The following conversation took place.Ashton: I’ve been reviewing the
Bank have variety of product, such as savings accounts, checking accounts, certificates of deposit (CDs), and loans. Assume that you were assigned the task of determining the administrative costs of
Do the terms debit and credit signify increase or decrease or can they signify either? Explain
Weir Company adheres to a policy of depositing all cash receipts in a bank account and making all payments by check. The cash account as of December 31 has a credit balance of $3,190, and there is no
Resource Services Company performed services in February for a specific customer, for a fee of $11,250. Payment was received the following March.(a) Was the revenue earned in February or March?(b)
If the two totals of a trail balance are equal, does it mean that there are no errors in the accounting records? Explain.
Assume that when a purchase of supplies of $3,100 for cash was recorded, both the debit and the credit were journalized and posted as $1,300.(a) Would this error cause the trial balance to be out of
Assume that Timberline Consulting erroneously recorded the payment of $9,000 of dividends as a debit to Salary Expense.(a) How would this error affect the equality of the trial balance?(b) How would
Assume that Western Realty Co. borrowed $200,000 from Mountain First Bank and Trust. In recording the transaction, Western erroneously recorded the receipt as a debit to Cash, $200,000, and a credit
Checking accounts are the most common form of deposits for banks. Assume that Village Storage has a checking account at Camino Savings Bank. What type of accounts (asset, liability, capital stock,
On February 3, 2012, Wilco Co. purchased $3,250 of supplies on account. In Wiko Co.’s chart of accounts, the supplies account in No. 15, and the accounts payable account is No. 21.(a) Journalize
The following selected transactions were completed during August of the current year:1. Billed customers for fees earned, $35,700.2. Purchased supplies on account, $2,000.3. Received cash from
During the month, Lathers Co. received $400,000 in cash and paid out $290,000 in cash.(a) Do the data indicate that Lathers Co. had net income of $110,000 during the month? Explain.(b) If the balance
(a) During October, $90,000 was paid to creditors on account, and purchases on account where $125,000. Assuming the October 31 balance of Accounts Payable was $40,000 determine the accounts balance
As of January 1, retained earnings had a credit balance of $125,000. During the year, dividends totaled $7,000, and the business incurred a net loss of $130,000.(a) Compute the balance of retained
Southwest Tours Co. is travel agency. The nine transactions recorded by Southwest Tours during May 2012, its first month of operations, are indicated in the following T accounts:Indicate for each
Based upon the T accounts in Exercise 2-15, prepare the nine journal entries from which the postings were made. Journal entry explanations may be omitted.
Based upon the data presented in Exercise 2-13,(a) Prepare an unadjusted trial balance, listing the accounts in their proper order. (b) Based upon the unadjusted trial balance, determine the net
The accounts in the ledger of Dive Co. as of July 31, 2012, are listed in alphabetical order as follows. All accounts have normal balances. The balance of the cash account has been intentionally
Indicate which of the following errors, each considered individually, would cause the trial balance totals to be unequal:a. A fee of $15,000 earned and due from a client was not debited to Accounts
The following preliminary unadjusted trial balance of Seats-For-You Co, a sports ticket agency, does not balance: When the ledger and other records are reviewed, you discover the following: (1) the
The following errors occurred is posting from a two-column journal:1. A credit of $7,150 to Accounts Payable was not posted.2. An entry debiting Accounts Receivable and crediting Fees Earned for
Identify the errors in the following trial balance. All accounts have normal balances.
The following errors took place in journalizing and posting transactions:a. Rent of $12,500 paid for the current month was recorded as a debit to Rent Expense and a credit to Prepaid Rent.b.
The following errors took place in journalizing and posting transactions:(a) Cash of $12,975 received on account was recorded as a debit to Fees Earned and a credit to Cash.(b) A $3,200 purchase of
The following data (in millions) is taken from the financial statements of Target Corporation. a. For Target Corporation, comparing 2009 with 2008, determine the amount of change in millions and
The following data were adapted from the financial statements of Kmart Corporations, prior to its filing for bankruptcy: a. Prepare a horizontal analysis for the income statement showing the amount
State for each account whether it is likely to have (a) Debit entries only,(b) Credit entries only, or(c) Both debit and credit entries. Also, indicate its normal balance1. Accounts Receivable2.
State for each account whether it is likely to have (a) Debit entries only, (b) Credit entries only, or(c) Both debit and credit entries also, indicate its normal balance.1. Accounts Payable 2.
Prepare a journal entry for the purchase of office equipment on March 4 for $27,150, paying $5,000 cash and the remainder on account.
Prepare a journal entry for the purchase of office equipment on office supplies on August 7 for $4,000, paying $1,000 cash and the remainder on account.
Prepare a journal entry on September 6 for fees earned on account, $8,000.
Prepare a journal entry on May 29 for cash received for services rendered, $5,000.
Prepare a journal entry on December 22 for the payment of dividends of $10,000.
Prepare a journal entry on February 3 for the payment of dividends of $7,500.
On June 1, the cash account balance was $17,200. During June, cash payments totaled $178,300, and the June 30 balance was $23,900. Determine the cash receipts during June.
On October 1, the supplies account balance was $900. During October, supplies of $2,750 were purchased, and $1,025 of supplies were on hand as of October 31, determined supplies expense for October.
For each of the following errors, considered individually, indicate whether the error would cause the trial balance totals to be unequal. If the error would cause the trial balance totals to be
For each of the following errors, considered individually, indicate whether the error would cause the trial balance totals to be unequal. If the error would cause the trial balance totals to be
The following errors took place in journalizing and posting transactions:(a) Advertising expense of $2,700 paid for the current month was recorded as a debit to Miscellaneous Expense and a credit to
The following errors took place in journalizing and posting transactions:(a) The receipt of $5,800 for services rendered was recorded as a debit to Accounts Receivable and a credit to Fees
Two income statements for Boyer Company are shown on the following.
If the working papers correlating with this textbook are not used, omit Problem 2-5A.The following records of A-Aall Electronic Repair are presented in the working papers;Journal containing entries
Imperial Carpet has the following unadjusted trial balance as of March 31, 2012. The debit and credit totals are not equal as a result of the following errors:a. The balance of cash was understated
(a) Name and describe the five elements of internal control.(b) Is any one element of internal control more important than another?
Why should the employee who handles cash receipts not have the responsibility for maintaining the accounts receivable records? Explain.
The ticket seller at a movie theater doubles as a ticket taker for a few minutes each day while the ticket taker is on a break. Which control procedure of a business’s system of internal control is
Why should the responsibility for maintaining the accounting records be separated from the responsibility for operations? Explain.
Assume that Peggy Gyger, accounts payable clerk for Patmen Inc., stole $193,750 by paying fictitious invoices for goods that were never received. The clerk set up accounts in the name of the
Before a voucher for the purchase of merchandise is approved for payment, supporting documents should be compared to verify the accuracy of the liability. Give an example of supporting documents for
The balance of Cash is likely to differ from the bank statement balance. What two factors are likely to be responsible for the difference?
What is the purpose of preparing a bank reconciliation?
Smyrna Inc. has a petty cash fund of $900. (a) Since the petty cash fund is only $900, should Smyrna Inc., implement controls over petty cash?(b) What controls, if any, could be used for the petty
(a) How are cash equivalents reported in the financial statements?(b) What are some examples of cash equivalents?
Identify each of the following as relating to (a) The control environment, (b) Control procedures, or (c) Information and Communication.1. Separating related operations2. Report of internal
Identify each of the following as relating to (a) The control environment, (b) Control procedures, or (c) Monitoring.1. Personnel policies2. Safeguarding inventory in a locked warehouse3. Hiring of
The following items may appear on a ban statement:1. EFT payment2. Note collected for company3. Bank correction of an error from recording a $7,200 deposit as $2,7004. Service chargeusing the format
The following items may appear on a ban statement:1. NSF check2. Bank correction of an error from posting another customer’s check to the company’s account3. Loan proceeds4. EFT depositUsing the
The following data were gathered to use in reconciling the bank account of Azalea Company:Balance per bank $25,000Balance per company records 27,475Bank service charges 75Deposit
The following data were gathered to use in reconciling the bank account of Bradford Company:Balance per bank............... $17,000Balance per company records.......... 5,765Bank service
Prepare journal entries for each of the followinga. Issued a check to establish a petty cash fund of $800.b. The amount of cash in the petty cash fund is $225. Issued a check to replenish the fund
Prepare journal entries for each of the followinga. Issued a check to establish a petty cash fund of $750.b. The amount of cash in the petty cash fund is $325. Issued a check to replenish the fund
Financial data for Hauser company are shown below.For Year EndingDecember 31, 2012Cash on December 31, 2012$58,800Cash flow from operations (72,000)a. Compute the ratio of cash to monthly cash
Financial data for Preston Company are shown below.For Year EndingDecember 31, 2012Cash on December 31, 2012$184,800Cash flow from operations (158,400)a. Compute the ratio of cash to monthly cash
Using Wikipedia (www.wikipedia.org), look up the entry for Sarbanes-Oxley Act. Look over the table of contents and find the section that describes Section 404. What does section 404 require of
Joan Whalen has recently been hired as the manager of Jittery Coffee Shop. Jittery Coffee Shop is a national chain of franchised coffee shops. During her first month as store manager, Joan
Meridian Clothing is a retail store specializing in women’s clothing. The store has established a liberal return policy for the holiday season in order to encourage gift purchases. Any item

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