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business
financial managerial accounting

Questions and Answers of Financial Managerial Accounting

SE 3. Given the following information, compute the ending balances of the Materials Inventory, Work in Process Inventory, and Finished Goods Inventory accounts:Materials Inventory, beginning balance
SE 2. Using the following information from Char Company, prepare an income statement through operating income for the year:Sales $900,000 Finished goods inventory, beginning 45,000 Cost of goods
SE 1. Indicate whether each of the following is a direct cost (D), an indirect cost(ID), or neither (N) and a variable (V) or a fixed (F) cost. Also indicate whether each adds value (VA) or does not
LO5 Define cost allocation, and explain how the traditional method of allocating overhead costs figures into calculating product or service unit cost.
LO4 Define product unit cost, and compute the unit cost of a product or service.
LO3 Describe the flow of costs through a manufacturer’s inventory accounts.
LO2 Compare how service, retail, and manufacturing organizations report costs on their financial statements and how they account for inventories.
LO1 Explain how managers classify costs and how they use these cost classifications.
LO1 Distinguish management accounting from financial accounting and explain how management accounting supports the management process.
LO2 Describe the value chain and its usefulness in analyzing a business.
LO3 Identify the management tools used for continuous improvement.
LO4 Explain the balanced scorecard and its relationship to performance measures.
LO5 Identify the standards of ethical conduct for management accountants.
Management accounting involves partnering with management in decision making, devising planning and performance management systems, and providing expertise in financial reporting and control to
Management accounting supports each stage of the management process.When managers plan, they work with management accounting to establish strategic, tactical, and operating objectives that reflect
The value chain conceives of each step in the production of a product or the delivery of a service as a link in a chain that adds value to the product or service.These value-adding steps—research
Management tools for continuous improvement include the just-in-time (JIT)operating philosophy, total quality management (TQM), activity-based management(ABM), and the theory of constraints (TOC).
Management accounting responds to a just-in-time operating environment by providing an information system that is sensitive to changes in production processes. In a total quality management
The balanced scorecard links the perspectives of an organization’s stakeholder groups—financial (investors and owners), learning and growth (employees), internal business processes, and
SE 2. Organizations stake out different strategic positions to add value and achieve success. Some strive to be low-cost leaders like Wal-Mart, while others become the high-end quality leaders like
SE 6. The following unit costs were determined by dividing the total costs of each component by the number of products produced. From these unit costs, determine the total cost per unit of primary
SE 7. The just-in-time operating environment focuses on reducing or eliminating the waste of resources. Resources include physical assets such as machinery and buildings, labor time, and materials
SE 9. In the balanced scorecard approach, stakeholder groups with different perspectives value different performance goals. Sometimes, however, they may be interested in the same goal. Indicate which
E 1. Explain this statement: “It is impossible to distinguish the point at which financial accounting ends and management accounting begins.”Management Accounting
E 2. In 1982, the IMA defined management accounting as follows:The process of identification, measurement, accumulation, analysis, preparation, interpretation, and communication of financial
E 3. Indicate whether each of the following management activities in a community hospital is part of planning (PL), performing (PE), evaluating (E), or communicating (C):1. Leasing five ambulances
E 4. John Jefferson is the sales manager for Sunny Greeting Cards, Inc. At the beginning of the year, the organization introduced a new line of humorous birthday cards to the U.S. market. Management
E 5. In recent years, United Parcel Service (UPS) (www.ups-scs.com/solutions/casestudies.html) has been positioning itself as a solver of supply-chain issues. Visit its website and read one of the
E 7. As mentioned in E 6, Edward Ortez recently opened his own company. He has been thinking of ways to improve the business. Here is a list of the actions that he will be undertaking:1. Engaging an
E 8. The items in the following list are associated with a hotel. Indicate which are part of the supply chain (S) and which are part of the value chain (V).1. Travel agency 2. Housekeeping supplies
E 9. The reports that follow are from a grocery store. Which report would be used for financial purposes, and which would be used for activity-based decision making? Why?Salaries $ 1,000 Scan grocery
E 11. The following are excerpts from a conversation between two managers about their companies’ management systems. Identify the manager who works for a company that emphasizes ABM and the one who
E 12. Tim’s Bargain Basement sells used goods at very low prices. Tim has developed the following business objectives:1. To buy only the inventory that sells 2. To have repeat customers 3. To be
E 13. Your college’s overall goal is to add value to the communities it serves. In light of that goal, match each of the following stakeholders’ perspectives with the appropriate
E 14. Katrina Storm went to work for NOLA Industries five years ago. She was recently promoted to cost accounting manager and now has a new boss, Vickery Howe, the corporate controller. Last week,
E 15. To answer the following questions, conduct a search of several companies’websites: (1) Does the company have an ethics statement? (2) Does it express a commitment to environmental or social
P 1. Clothing Industries, Inc. is deciding whether to expand its line of women’s clothing called Sami Pants. Sales in units of this product were 22,500, 28,900, and 36,200 in 2010, 2011, and 2012,
P 3. Medic Products Company (MPC) is known for developing innovative and high-quality products for use in hospitals and medical and dental offices. Its latest product is a nonporous, tough, and very
P 4. Howski Associates is an independent insurance agency that sells business, automobile, home, and life insurance. Maya Howski, senior partner of the agency, recently attended a workshop at the
P 5. Taylor Zimmer is the controller for Value Corporation. He has been with the company for 17 years and is being considered for the job of chief financial officer. His boss, who is the current
P 6. Daisy Flowers recently purchased Yardworks, Inc., a wholesale distributor of equipment and supplies for lawn and garden care. The organization, which is headquartered in Baltimore, has four
P 8. Sports Products Company (SPC) is known for developing innovative highquality shoes for lacrosse. Its latest patented product is a tough, all-weather, and very flexible shoe. SPC buys the
P 9. Resource College is a liberal arts school that provides local residents the opportunity to take college courses and earn bachelor’s degrees. Yolanda Howard, the school’s provost, recently
C 1. Obtain a copy of a recent annual report of a publicly held organization in which you have a particular interest. (Copies of annual reports are available at your campus library, at a local public
C 2. In C 1, you examined your new employer’s annual report and found some useful information. However, you are interested in knowing whether your division’s products or services are competitive,
Rudd Clothiers is a small company that manufactures tall-men's suits. The company has used a standard cost accounting system. In May 2020, 11,250 suits were produced. The following standard and
Deleon Inc. is preparing its annual budgets for the year ending December 31, 2020. Accounting assistants furnish the data shown below.An accounting assistant has prepared the detailed manufacturing
Thome and Crede, CPAs, are preparing their service revenue (sales) budget for the coming year (2020). The practice is divided into three departments: auditing, tax, and consulting. Billable hours for
Brett Stern was hired during January 2020 to manage the home products division of Hi-Tech Products. As part of his employment contract, he was told that he would get $5,000 of additional bonus for
Jorge Company bottles and distributes B-Lite, a diet soft drink. The beverage is sold for 50 cents per 16-ounce bottle to retailers. For the year 2020, management estimates the following revenues and
Westerville Company accumulates the following data concerning a mixed cost, using units produced as the activity level.a. Compute the variable- and fixed-cost elements using the high-low method.b.
Shaker Stairs Co. designs and builds factorymade premium wooden stairways for homes. The manufactured stairway components (spindles, risers, hangers, hand rails) permit installation of stairways of
Schultz Electronics manufactures two ultra highdefinition television models: the Royale which sells for $1,600, and a new model, the Majestic, which sells for $1,300. The production cost computed per
Spud, Inc. a manufacturer of gourmet potato chips, employs activity-based costing. The budgeted data for each of the activity cost pools is provided below for the year 2020.For 2020, the company had
Thakin Industries Inc. manufactures dorm furniture in separate processes. In each process, materials are entered at the beginning, and conversion costs are incurred uniformly. Production and cost
Deanna Nardelli started her own consulting firm, Nardelli Consulting, on May 1, 2020. The trial balance at May 31 is as follows.Nardelli ConsultingTrial BalanceMay 31, 2020In addition to those
Identify the three classes of debt investments and the three classes of equity investments.
Indicate where each of the following items is reported on financial statements. Choose from the following categories: (a) current assets, (b) long-term investments, (c) current liabilities, (d)
Review financial news sources such as Yahoo! Finance (finance.yahoo.com) and Google Finance (google.com/finance). Identify a company that has recently purchased 50% or more of another company’s
Prepare Tiker Company’s journal entries to record the following transactions and the adjusting entry to record the fair value of the stock investments portfolio. This is the first and only time the
Prepare Garzon Company’s journal entries to record the following transactions for the current year.Jan. 1 Purchases 6% bonds (as a held-to-maturity investment) issued by PBS at a cost of $40,000,
Explain how a price-setter differs from a price-taker.
Samsung must confront sunk costs. Why are sunk costs irrelevant in deciding whether to sell a product in its present condition or to make it into a new product through additional processing?
Review 30 to 60 minutes of financial news programming on television. Take notes on companies that are catching analysts’ attention. You might hear reference to over- and undervaluation of firms and
DUDs Dry Cleaners recently adopted total quality management. Dee Mathias, the owner, has hired you as a consultant. Classify each of the following activities as either value-adding (V) or
Go to a retail business, such as a bookstore, clothing shop, gift shop, grocery, hardware store, or car dealership in your local shopping area or a shopping mall. Ask to speak to someone who is
Moore Company had an Accounts Receivable balance of $640,000 and a credit balance in Allowance for Uncollectible Accounts of $33,400 at January 1, 2010. During the year, the company recorded the
Tenet Healthcare Corp., a major publicly traded hospital chain in the United States, had a large amount of uncollectible accounts expense because so many patients were unable to pay their medical
During economic or industry recessions, it is common to see downward revisions of bond ratings. Access Standard & Poor’s list of companies with lowered bond ratings and identify three whose names
Many Internet companies have gone public in recent years. These companies are generally unprofitable in their start-up years and require a great deal of cash to finance expansion. They also reward
Mergers and acquisitions are in the news almost every day. Go to the website for MSNBC and scan recent headlines to locate two articles related to one company purchasing or making an offer to
When the FASB ruled that public companies should report comprehensive income, it did not issue specific guidelines for how this amount and its components should be disclosed. Choose two companies in
Go to CVS Caremark Corporation’s website and find the statement of cash flows in its latest annual report. Compare it with the 2008 statement in the Supplement to Chapter 1 by doing the
In the “Cookie Company” case in the last chapter, you prepared a mission statement for your company. You also set its strategic, tactical, and operating objectives; decided on its name; and
In the “Cookie Company” case in the last chapter, your team selected a cookie recipe for your company. In this chapter, your team will use that recipe to bake a batch of cookies, collect cost and
Go to the website for Moody’s Investors Service. Click on “ratings,” which will show revisions of debt ratings issued by Moody’s in the past few days. Choose a rating that has been upgraded
Executive compensation is often based on meeting certain targets for revenue growth, earnings, earnings per share, return on assets, or other performance measures. But what if performance is not
Go to the website of any major company. Find the “Investor Relations” or “About Our Company” section and access either the company’s annual report or its Form 10-K. Find the financial
If the Bonds Payable account has a balance of $900,000 and the Discount on Bonds Payable account has a balance of $120,000, what is the carrying value of the bonds?
For the year ending December 31, 2020, Soto Inc. reports net income $170,000 and cash dividends $85,000. Determine the balance in retained earnings at December 31 assuming the balance in retained
The following stockholders’ equity accounts arranged alphabetically are in the ledger of Westin Corporation at December 31, 2020.Common Stock ($10 stated value)
Rosenthal Company manufactures bowling balls through two processes: Molding and Packaging. In the Molding Department, the urethane, rubber, plastics, and other materials are molded into bowling
Rich Novelty Company identified the following activities in its production and support operations. Classify each of these activities as either value-added or non–value-added.a. Machine setup.b.
Many of you will some day own your own business. One rapidly growing opportunity is no-frills workout centers. Such centers attract customers who want to take advantage of state-of-the-art fitness
The production budget of Justus Company calls for 80,000 units to be produced. If it takes 45 minutes to make one unit and the direct labor rate is $16 per hour, what is the total budgeted direct
Batista Company management wants to maintain a minimum monthly cash balance of $25,000. At the beginning of April, the cash balance is $25,000, expected cash receipts for April are $245,000, and cash
What is a major disadvantage of using ROI to evaluate investment and company performance?
Fallon Company uses flexible budgets to control its selling expenses. Monthly sales are expected to range from $170,000 to $200,000. Variable costs and their percentage relationship to sales are
Parsons Company is planning to produce 2,000 units of product in 2020. Each unit requires 3 pounds of materials at $5 per pound and a half-hour of labor at $16 per hour. The overhead rate is 70% of
Kansas Company uses a standard cost accounting system. In 2020, the company produced 28,000 units. Each unit took several pounds of direct materials and 1.6 standard hours of direct labor at a
Wayne Company is considering a long-term investment project called ZIP. ZIP will require an investment of $140,000. It will have a useful life of 4 years and no salvage value. Annual cash inflows
Wayne Company is considering a long-term investment project called ZIP. ZIP will require an investment of $120,000. It will have a useful life of 4 years and no salvage value. Annual revenues would
Sentinel Industries has manufactured prefabricated houses for over 20 years. The houses are constructed in sections to be assembled on customers' lots. Sentinel expanded into the precut housing
Preparing a personal budget is a great first step toward control over your personal finances. It is especially useful to prepare a budget when you face a big decision. For most people, the biggest
Campbell Soup Company is an international provider of soup products. Management is very interested in continuing to grow the company in its core business, while “spinning off” those businesses
Hart Labs, Inc. provides mad cow disease testing for both state and federal governmental agricultural agencies. Because the company's customers are governmental agencies, prices are strictly
The information shown below was taken from the annual manufacturing overhead cost budget of Connick Company.Variable manufacturing overhead costs .................................... $34,650Fixed
Manufacturing overhead data for the production of Product H by Shakira Company, assuming the company uses a standard cost system, are as follows.Overhead incurred for 52,000 actual direct labor hours
It is one thing to prepare a personal budget; it is another thing to stick to it. Financial planners have suggested various mechanisms to provide support for enforcing personal budgets. One approach
The Sports Equipment Division of Harrington Company is operated as a profit center. Sales for the division were budgeted for 2020 at $900,000. The only variable costs budgeted for the division were

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