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financial managerial accounting

Questions and Answers of Financial Managerial Accounting

Financial statement effects for manufacturing versus service organizations The following horizontal financial statements model shows the effects of recording the expiration of insurance in two
Allocating product costs between ending inventory and cost of goods sold Kawa Manufacturing Company began operations on January 1. During January, it started and completed 2,000 units of product. The
Recording product versus general, selling, and administrative costs in a financial statements model Long Electronics Company experienced the following events during its first accounting period.1.
Product versus general, selling, and administrative costs In reviewing Quartey Company’s September accounting records, Ken Helm, the chief accountant, noted the following depreciation costs.1.
Product costs in a manufacturing company Because friends and neighbors frequently praise her baking skills, Susan Spann plans to start a new business baking cakes for customers. She wonders how to
Effect of product versus general, selling, and administrative cost on financial statements Required Fletcher Corporation recognized the annual expiration of insurance on December 31, 2008. Using the
Effect of product versus general, selling, and administrative costs on financial statements Required Dunn Plastics Company accrued a tax liability for $2,500. Use the following horizontal financial
Classifying costs: product or period/asset or expense Required Use the following format to classify each cost as a product cost or a general, selling, and administrative (GS&A) cost. Also indicate
Identifying product versus general, selling, and administrative costs Required Indicate whether each of the following costs should be classified as a product cost or as a general, selling, and
Financial versus managerial accounting items Required Indicate whether each of the following items is representative of financial or managerial accounting.a. Financial results used by stockbrokers to
Value chain analysis Palmer Company invented a new process for manufacturing ice cream. The ingredients are mixed in high-tech machinery that forms the product into small round beads. Like a bag of
Internal control procedures James Blunt is a model employee. He has not missed a day of work in the last five years. He even forfeits his vacation time to make sure that things run smoothly. James
Using JIT to minimize waste and lost opportunity Pass CPA, Inc., provides review courses twice each year for students studying to take the CPA exam.The cost of textbooks is included in the
Using JIT to reduce inventory holding costs DiChara Manufacturing Company obtains its raw materials from a variety of suppliers. DiChara’s strategy is to obtain the best price by letting the
Importance of cost classification Bailey Manufacturing Company (BMC) was started when it acquired $40,000 by issuing common stock. During the first year of operations, the company incurred
Service versus manufacturing companies Chekwa Company began operations on January 1, 2008, by issuing common stock for $36,000 cash.During 2008, Chekwa received $48,000 cash from revenue and incurred
Product versus general, selling, and administrative costs The following transactions pertain to 2007, the first-year operations of Kirby Company. All inventory was started and completed during 2007.
Effect of product versus period costs on financial statements Giovanni Manufacturing Company experienced the following accounting events during its first year of operation. With the exception of the
Product versus general, selling, and administrative costs Rousey Manufacturing Company was started on January 1, 2008, when it acquired $90,000 cash by issuing common stock. Rousey immediately
Value chain analysis SoundWave Company manufactures and sells high-quality audio speakers. The speakers are encased in solid walnut cabinets supplied by Herrin Cabinet, Inc. Herrin packages the
Professional conduct and code of ethics In February 2006 former senator Warren Rudman of New Hampshire completed a 17-month investigation of an $11 billion accounting scandal at Fannie Mae (a major
Applications of the Sarbanes-Oxley Act The CFO of the Bancor Microscope Corporation intentionally misclassified a downstream transportation expense in the amount of $50,000,000 as a product cost in
Using JIT to minimize holding costs Cedric Pet Supplies purchases its inventory from a variety of suppliers, some of which require a sixweek lead time before delivering the goods. To ensure that she
Using JIT to minimize waste and lost opportunity Kim Weston, a teacher at Reid Middle School, is in charge of ordering the T-shirts to be sold for the school’s annual fund-raising project. The
Identify the effect of a just-in-time inventory system on financial statements After reviewing the financial statements of Martina Company, Joe Santana concluded that the company was a service
Upstream and downstream costs During 2008, Adair Manufacturing Company incurred $9,000,000 of research and development(R&D) costs to create a long-life battery to use in computers. In accordance with
Financial statement effects for manufacturing versus service organizations The following financial statements model shows the effects of recognizing depreciation in two different circumstances. One
Allocating product costs between ending inventory and cost of goods sold Lyon Manufacturing Company began operations on January 1. During the year, it started and completed 4,000 units of product.
Recording product versus general, selling, and administrative costs in a financial statements model Guyton Manufacturing experienced the following events during its first accounting period.1.
Identifying product versus general, selling, and administrative costs A review of the accounting records of Borland Manufacturing indicated that the company incurred the following payroll costs
Identifying product costs in a manufacturing company Jill Rogers was talking to another accounting student, Frank Vinson. Upon discovering that the accounting department offered an upper-level course
Identify effect of product versus general, selling, and administrative costs on financial statements Required Lowder Industries recognized the annual cost of depreciation on December 31, 2008. Using
Identifying effect of product versus general, selling, and administrative costs on financial statements Required Highfield Corporation recognized accrued compensation cost. Use the following model to
Classifying Costs: Product or GS&A/Asset or Expense Required Use the following format to classify each cost as a product cost or a general, selling, and administrative (GS&A) cost. Also indicate
Identifying product versus general, selling, and administrative costs Required Indicate whether each of the following costs should be classified as a product cost or as a general, selling, and
Identifying financial versus managerial accounting items Required Indicate whether each of the following items is representative of managerial or of financial accounting.a. Information includes
What do the terms value-added activity and nonvalue-added activity mean? Provide an example of each type of activity. (Appendix B)
What is a value chain? (Appendix B)
What does the term activity-based management mean? (Appendix B)
What does the term reengineering mean? Name some reengineering practices. (Appendix B)
What are the two dimensions of a total quality management (TQM) program? Why is TQM being used in business practice? (Appendix B)
Identify emerging trends in accounting(Appendix B).
Explain how the Sarbanes-Oxley Act affects management accountants.
Identify the standards of ethical conduct and the features that motivate misconduct.
Explain how cost classification can be used to manipulate financial statements.
Show how just-in-time inventory can increase profitability.
Explain how product costing differs in service, merchandising, and manufacturing companies.
Distinguish product costs from upstream and downstream costs.
Explain the effects on financial statements of product costs versus general, selling, and administrative costs.
Identify the cost components of a product made by a manufacturing company: the cost of materials, labor, and overhead.
Distinguish between managerial and financial accounting.
Spreadsheet Assignment Mastering Excel Refer to Problem 5-31A.Requireda. Prepare a spreadsheet to solve Requirementsa, b, and c in Problem 5-31A.b. While constructing formulas for Requirement a of
Spreadsheet Assignment Using Excel Dorina Company makes cases of canned dog food in batches of 1,000 cases and sells each case for$15. The plant capacity is 50,000 cases; the company currently makes
Ethical Dilemma Asset replacement clouded by self-interest John Dillworth is in charge of buying property used as building sites for branch offices of the National Bank of Commerce. Mr. Dillworth
Writing Assignment Relevant versus full cost State law permits the State Department of Revenue to collect taxes for municipal governments that operate within the state’s jurisdiction and allows
Research Assignment Systems replacement decision The April 2003 issue of Strategic Finance contains an article “Why Automate Payables and Receivables? Electronic Are More Accurate and Less
Group Assignment Relevance and cost behavior Maccoa Soft, a division of Zayer Software Company, produces and distributes an automated payroll software system. A contribution margin format income
Business Application Case Elimination of a product line The following excerpts were drawn from the article entitled “The Scottish Shogun,” published in U.S.News & World Report, May 19, 1997, on
Conflict between short-term versus long-term performance Doyle Construction Components, Inc., purchased a machine on January 1, 2006, for $240,000. The chief engineer estimated the machine’s useful
Allocating scarce resources Hawn Company makes two products, M and N. Product information follows.Required Identify the product that should be produced or sold under each of the following
Comprehensive problem including special order, outsourcing, and segment elimination decisions Heth Company’s electronics division produces a radio/cassette player. The vice president in charge of
Effect of activity level and opportunity cost on segment elimination decision Gilder Company has three separate operating branches: Division X, which manufactures utensils; Division Y, which makes
Eliminating a segment Chow’s Grocery Store has three departments, meat, canned food, and produce, each of which has its own manager. All departments are housed in a single store. Recently, the
Outsourcing decision affected by equipment replacement During 2007, Pleasant Toy Company made 15,000 units of Model K, the costs of which follow.An independent contractor has offered to make the same
Effects of the level of production on an outsourcing decision One of Eby Company’s major products is a fuel additive designed to improve fuel efficiency and keep engines clean. Eby, a petrochemical
Effect of order quantity on special order decision Carroll Company made 100,000 electric drills in batches of 1,000 units each during the prior accounting period. Normally, Carroll markets its
Context-sensitive relevance Avery Machines Company is evaluating two customer orders from which it can accept only one because of capacity limitations. The data associated with each order
Scarce resource decision Newtech has the capacity to annually produce either 50,000 desktop computers or 28,000 laptop computers. Relevant data for each product follow:Required Assuming that Newtech
Annual versus cumulative data for replacement decision Because their three adult children have all at last left home, Alex and Nancy Hough recently moved to a smaller house. Alex owns a riding
Asset replacement decision Hulcher Company, a Texas-based corporation, paid $57,000 to purchase an air conditioner on January 1, 1997. During 2007, surging energy costs prompted management to
Asset replacement decision Sorenson Company is considering whether to replace some of its manufacturing equipment. Information pertaining to the existing equipment and the potential replacement
Asset replacement decision Weldon Electronics purchased a manufacturing plant four years ago for $7,500,000. The plant costs$2,000,000 per year to operate. Its current book value using straight-line
Identifying avoidable cost of a segment Roberts Corporation is considering the elimination of one of its segments. The following fixed costs pertain to the segment. If the segment is eliminated, the
Segment elimination decision Yakovsky Company divides its operations into six divisions. A recent income statement for the Martin Division follows:Requireda. Should Yakovsky eliminate the Martin
Segment elimination decision Willard Company operates three segments. Income statements for the segments imply that Willard could improve profitability if Segment X is eliminated.Requireda. Explain
Opportunity costs Two years ago, Bob Walla bought a truck for $22,000 to offer delivery service. Bob earns $32,000 a year operating as an independent trucker. He has an opportunity to sell his truck
Asset replacement decision Tidwell Fishing Tours, Inc., owns a boat that originally cost $98,000. Currently, the boat’s net book value is $25,000, and its expected remaining useful life is four
Outsourcing decision affected by opportunity costs Taylor Doors Company currently produces the doorknobs for the doors it makes and sells. The monthly cost of producing 2,000 doorknobs is as
Making an outsourcing decision with qualitative factors considered Shipley Computers currently purchases for $15 each keyboard it uses in the 50,000 computers it makes and sells annually. Each
Establishing a price for an outsourcing decision Pierce Corporation makes and sells skateboards. Pierce currently makes the 60,000 wheels used annually in its skateboards but has an opportunity to
Making an outsourcing decision Rowe Boats Company currently produces a battery used in manufacturing its boats. The company annually manufactures and sells 2,000 units of a particular model of
Using the contribution margin approach for a special order decision Gonzalez Company produces and sells a food processor that it prices at a 25 percent markup on total cost. Based on data pertaining
Identifying qualitative factors for a special order decision Required Describe the qualitative factors that Sago should consider before accepting the special order described in Exercise 5-6B.
Special order decision Sago Automotive Company manufactures an engine designed for motorcycles and markets the product using its own brand name. Although Sago has the capacity to produce 28,000
Special order decision Varela Textile Company manufactures high-quality bed sheets and sells them in sets to a well-known retail company for $40 a set. Varela has sufficient capacity to produce
Distinction between avoidable costs and cost behavior Treadaway Phones, Inc., makes telephones that it sells to department stores throughout the United States.Treadaway is trying to decide which of
Distinction between relevance and cost behavior Rox Company makes and sells a toy plane. Rox incurred the following costs in its most recent fiscal year:Rox could purchase the toy planes from a
Distinction between relevance and cost behavior Ted Mercer is planning to rent a small shop for a new business. He can sell either sandwiches or donuts. The following costs pertain to the two
Conflict between short-term versus long-term performance Roy Notter manages the cutting department of Leng Timber Company. He purchased a tree-cutting machine on January 1, 2007, for $400,000. The
Allocating scarce resources The following information applies to the products of Zoghbi Company.Required Identify the product that should be produced or sold under each of the following constraints.
Comprehensive problem including special order, outsourcing, and segment elimination decisions Shadeed Corporation makes and sells state-of-the-art electronics products. One of its segments produces
Effect of activity level and opportunity cost on segment elimination decision Monge Manufacturing Co. produces and sells specialized equipment used in the petroleum industry. The company is organized
Eliminating a segment Mazzel Boot Co. sells men’s, women’s, and children’s boots. For each type of boot sold, it operates a separate department that has its own manager. The manager of the
Outsourcing decision affected by equipment replacement Taggart Bike Company (TBC) makes the frames used to build its bicycles. During 2006, TBC made 20,000 frames; the costs incurred follow.TBC has
Effects of the level of production on an outsourcing decision Heacock Chemical Company makes a variety of cosmetic products, one of which is a skin cream designed to reduce the signs of aging.
Effect of order quantity on special order decision Karim Quilting Company makes blankets that it markets through a variety of department stores. It makes the blankets in batches of 1,000 units. Karim
Context-sensitive relevance Bisson Construction Company is a building contractor specializing in small commercial buildings.The company has the opportunity to accept one of two jobs; it cannot accept
Scarce resource decision Colvin Funtime Novelties has the capacity to produce either 36,000 corncob pipes or 16,000 cornhusk dolls per year. The pipes cost $3 each to produce and sell for $6 each.
Annual versus cumulative data for replacement decision Because of rapidly advancing technology, Grayson Publications Corporation is considering replacing its existing typesetting machine with leased
Asset replacement decision Lange Company paid $60,000 to purchase a machine on January 1, 2007. During 2009, a technological breakthrough resulted in the development of a new machine that costs

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