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horngrens cost accounting a managerial emphasis

Questions and Answers of Horngrens Cost Accounting A Managerial Emphasis

Identify the following forms: W-4, 941, W-2, W-3, 940. lop5
“Withheld taxes are taxes on employers.” Do you agree? Why? lop5
Name four common withholdings other than taxes. lop5
“Payroll fringe costs are large enough these days to justify adding an average fringe rate to the basic direct-labor rate.” Do you agree? Why? lop5
“Leveling or averaging of vacation costs and holiday pay is used to relate them to work done throughout the year.” What criteria should affect the decision to adopt such leveling arrangements?
“Conceivably, in some companies an employer may show no payroll tax costs for the last quarter of the year.” Why? Explain.Contrast the theoretical and practical accounting treatments of employer
If all bookkeeping is up to date, what does the balance in Accrued Payroll represent? lop5
“The timing of recognition of liability for employees’ and employer’s F.LC.A. taxes differs.” Explain. lop5
What are incentive plans? What is their objective? lop5
What is “makeup”? How is it accounted for? lop5
A company uses a separate payroll bank account. Weekly wage payments are$10,000. A $1,000 minimum balance is kept to provide for salary advances, separation payments, and so forth. What cash balance
Briefly describe how EDP can affect conventional payroll procedures. lop5
Unemployment Compensation Taxes (CPA) The cost of unemployment compensation taxes to an employer is sometimes reduced as a result of a“good” experience rating. A manufacturer negotiated with the
Accounting for Idle Time (J. March) ‘The labor distribution of the Dunne Desk Company is made from its payroll, all the wages of its twenty shop employees, except the foreman’s, being treated as
Group Incentives (SIA, adapted) The Smart Company of Hong Kong operates with five direct workers in its stamping department. All work is done on a job-order basis. During the week of August 15, each
Incentive Wage Plans (CPA, adapted) During your audit of the accounts of the Gelard Manufacturing Corporation of Singapore, your assistant tells you that he has found errors in the computation of the
Journal Entries for Payroll The Stable Company operates the year around with a gross payroll of $500 a day. Withholdings for Social Security taxes and federal income taxes amount to $100 a day. The
Journal Entries for Payroll (J. March) ‘The balance of the Accrued Wages of Kem Industries, Inc., was $12,120 on October 31, 19_1. The company has a job-order cost system. The cost accounts are in
7,920 4,060 11,980 Nov. 29-Dec. 5 8,430 4,470 12,900 Of the wages earned in the pay period ending December 5, one-third is applicable to November.Payrolls for pay periods ending in November are
“Business operations would be a hopeless tangle without the paperwork that is often regarded with disdain.” Explain. lo1
Define internal control. Distinguish it from internal check. lo1
“There are ten check points that I always use as a framework for judging the effectiveness of an internal-control system.” Name nine of the ten. lo1
“The words internal control are commonly misunderstood. They are thought to refer to those facets of the accounting system that are supposed to help prevent embezzling.”” Do you agree? Why? lo1
“TInternal-control systems have both negative and positive objectives.” Do you agree? Explain. lo1
Briefly describe how a bottler of soda water might compile data regarding control of finished product at the plant, where normal breakage can be expected. lo1
The branch manager of a national retail grocery chain has stated, “My managers are judged more heavily on the basis of their merchandise-shrinkage control than on their overall sales volume.”
Appraisal of Payroll System (CPA) The Generous Loan Company has 100 branch loan offices. Each office has a manager and four or five subordinates who are employed by the manager. Branch managers
Film Processing (W. Crum) Write not over one page about the possible areas where internal controls should be instituted in the business described briefly below. Keep in mind the size of the business
Retail Method and Internal Control ‘The following figures pertain to the Zenith Gift Store for the two-month period, November and December, 19_8.Sales $170,000 Purchases (at sales price) $ 80,000
Retail Method and Internal Control (Suggested by W. Crum) The following data are for a ladies’ clothing department in a large department store at retail selling prices:Net sales $1,900,000
Appraisal of Internal Control System From the San Francisco Chronicle, April 3, 1971:The flap over missing ferry fares was peacefully—and openly—resolved at a meeting of the Golden Gate Bridge
Use of Credit Card A business-school student used a BankAmericard for a variety of purchases. When checking his monthly bill, he compared his original copy with a duplicate copy for a gasoline
Multiple Choice; Discovering Irregularities In questions 1 through 7, you are given a well-recognized procedure of internal control. You are to identify the irregularity that will be discovered or
Refer to Exhibit 21-1. State the debit number code for: (a) requisition of supplies by a finishing department in San Francisco; (b) indirect labor incurred by a machining department in Dallas. lo1
Factory-Ledger Fundamentals Refer to the chart of general-ledger accounts used in the factory-ledger illustration in this chapter. Indicate the proper journal entries for the following transactions.
Factory Ledger (SIA) The DEF Company uses both a factory ledger, which includes all transactions up to Cost of Sales, and a general ledger. It records its cost under a job-cost plan.The following
Factory Ledger; Journal Entries The home offices of the Splitpea Company are in Chicago, but the manufacturing operations are located in Gary. The company uses a separate factory ledger, which is
Internal Audit of Inventory Differences Superfine Supermarkets is the operator of a chain of ninety-five supermarket grocery stores. The individual stores are the familiar supermarket type, located
Analysis of Production and Shipping Control ‘The Cucaracha Coffee Company is a large producer of coffee for the retail market. Each day, 300,000 pounds of green coffee are roasted; this results in
Hospital Internal Control You have been assigned to study various means to help reduce the overall cost of running a hospital.’ Your first project is in the 7 Assume that an objective of the
Why are intracompany transfer prices often necessary? lop1
What are two major bases for pricing intracompany transfers? lop1
What is the major limitation to transfer prices based on cost? lop1
"Company transfer-pricing policies must satisfy dual objectives." What are the objectives? lop1
Where reliable market prices cannot be ascertained for transfer pricing, what is the impact on divisional-performance measurement? lop1
What is the most common example in transfer pricing of a clash between divisional action and overall company profitability? lop1
If an optimal economic decision is wanted in a particular situation, what is a general rule for transfer pricing? lop1
What is outlay cost in the context of transfer pricing? lop1
Why is market price as a basis for transfer pricing a special case rather than a universal guide? lop1
What three problems regarding systems design are also applicable to transfer pricing? lop1
Transfer pricing is confined to profit centers.” Do you agree? Why?When does imperfect competition exist? lop1
Transfer Pricing in an Automobile Dealership A large automobile dealership is installing a responsibility-accounting system and three profit centers: parts and service; new vehicles; and used
Variable Cost as a Transfer Price A product’s variable cost is $1 and its market value is $2 at a transfer point from Division S to Division P. Division P’s variable cost of processing the
Transfer Pricing The Plastics Company has a separate division that produces a special molding powder. For the past three years about two-thirds of the output has been sold to another division within
Transfer-Pricing Dispute Allison-Chambers Corp., manufacturer of tractors and other heavy farm equipment, is organized along decentralized lines, with each manufacturing division operating as a
Conflict of Interests of Profit Centers and Company as a Whole |This and the next problem are adapted from David Solomons, Divisional Performance: Measurement and Control (New York: Financial
Transfer Prices in an Imperfect Market Division A is the supplier division and Divisions B and C are the consumer divisions of a large company. After Division B deducts its own processing costs, the
The Pertinent Transfer Price The XYZ Company has two divisions, A and B.the Sa By ee ee For one of the company’s products, Division A produces a major subassembly and Division B incorporates this
Pricing in Imperfect Markets Refer to Problem 22-21.1. Suppose the manager of A has the option of (a) cutting the external price to $195 with the certainty that sales will rise to 1,000 units or (b)
Utilization of Capacity (J. Patell) The California Instrument Company(CIC) consists of the Semiconductor Division and the Minicomputer Division, each of which operates as an independent profit
Transfer Pricing in Banks The Jackson Stone National Bank is a two-branch bank servicing retail and wholesale customers in the greater Big City metropolitan area. The head-office staff consists of
Transfer Pricing to Brazil The Amplifier Division of Cadillac Electronics, Inc., a diversified international company headquartered in New York, sells amplifier kits in the United States and several
Paper Company (Copyright 1957 by the President and Fellows of Harvard College. Reproduced by permission.) “If I were to price these boxes any lower than $480 a thousand,” said Mr. Brunner,
British Television (A. Kemble) Granada Group Ltd. was founded in the 1930s, when the present chairman opened his first movie theater in London, England. Since then the company has grown steadily and
“The problem of accounting for depreciation is one of joint costs.” Do you agree? Why? : lop1
“Nearly every manufacturing operation produces two or more products.”Do you agree? Why? lop1
List four methods of accounting for by-products. lop1
What is the main weakness of the relative-sales method of joint-cost allocation? lop1
Define net realizable value. lop1
“The relative-sales-value method of joint-cost allocation is the best method for managerial decisions regarding whether a product should be sold or processed further.” Do you agree? Why? lop1
Difference Between Joint Products and By-Products (CPA)1. Explain the basic difference between the method of accounting for joint products and that for by-products.2. State the conditions under which
Net Realizable-Value Method A company produces two joint products, A and B. The joint cost is $24,000. Added processing costs: A, $30,000; B, $7,500.A sells for $50 per unit; B sells for $25 per
Joint-Product Costs: Ending Inventories ‘The Darl Company operates a simple chemical process to reduce a single basic material into three separate items, here referred to as X, Y, and Z (all three
Markups and Appendix A 1. Refer to Appendix A. Suppose that market prices were available at split-off of 70¢ for Product A and 40¢ for Product B. What is the joint cost applicable to A? to B? To
Introduction to Joint-Costing Techniques The Wood Spirits Company produces two products, turpentine and methanol (wood alcohol), by a joint process. Joint costs amount to $12,000 per batch of output.
Net Realizable Value of Joint Products (CPA) Miller Manufacturing Company buys zeon for $.80 a gallon. At the end of processing in Department 1, zeon splits off into products A, B, and C. Product A
Christmas Trees; Allocating Joint Costs S. Claus is a retired gentleman who has rented a lot in the center of a busy city for the month of December, 19_0, at a cost of $5,000. On this lot he sells
Computation of Breakeven Point for Joint Processes (J. March) The March-I Company processes soybeans to obtain oil, meal, and chaff. There are three processes. In the cleaning process, the chaff and
Comparing Alternatives; Discounted Cash Flow Pottsville Process, Inc., processes an ore that yields 60 percent product A, 20 percent product B, and 20 percent complete waste. Willo, Inc., the sole
Relative-Sales-Value Method; Discounted Cash-Flow Approach to Joint-Process Replacement k 1. The A Company produces two items, X and Y. The items first go through joint processing. Then each receives
Alternative Accounting Methods for By-Products Reconsider the facts in Exhibit 17-2. Prepare a specific description of how the partial income statements for both years would be changed and how net
Role of Normal Margins and By-Products Refer to Problem
and to Appendix B of the chapter. Add the following method:e. Net realizable value less normal profit margin of by-product produced deducted from cost of major product produced.Assume that the normal
Joint and By-Products (CPA) The Harrison Corporation produces three products—Alpha, Beta, and Gamma. Alpha and Gamma are joint products while Beta is a by-product of Alpha. No joint cost is to be
Joint and By-Products (W. Crum) Miracle Company processes an ore in Department 1, out of which come two products, Product A and Product Z.Product A sells for $40 a pound. Product Z sells for $10 a
Joint Products and By-Products (W. Crum) Sycamore Company mines an ore, which is crushed and processed in Dept. 1. Out of this process come two major products, Argon and Urgon, and a by-product
Adding a Department (CMA) The management of Bay Company is considering a proposal to install a third production department within its existing factory building. With the company’s present
Joint and By-Products, Process Further (CMA) Gossett Chemical Company uses comprehensive annual profit planning procedures to evaluate pricing policies, to finalize production decisions, and to
Compute Maximum Price To Be Paid for Raw Materials ‘The Nerg Fertilizer Company buys special silt and dehydrates, sorts and bales it for sale as powerful fertilizer. The silt is separated into
Sell or Process Further; Allocation of Fixed Costs The Space Parts Co. receives cold-worked steel in sheet form from a nearby steel mill. The company has a special patented machine that takes the
Distinguish between producing departments and service departments. lop4
Give two definitions of control as the word may be used by an accountant. lop4
What is the purpose of a department cost sheet? lop4
What is the principal difference between job-cost and process-cost accounting systems? lop4
Distinguish between a clock card and a work ticket. lop4
What are the limitations of the general ledger as a cost accounting device? lop4
What is a normal product cost? lop4
T-Accounts The following data relate to operations of the Donnell Printing Company for the year 19_5 (in millions):Stores control, December 31, 19_4 Saltz’»Work-in-process control, December 31,
Journal Entries and Source Documents Refer to Problem 4-8. Prepare journal entries. For each entry, (a) indicate the most likely name of the source docu- ments that would authorize the entry, and (b)
Journal Entries ‘The H Company uses a job-order cost system. The following relate to the month of March:1. Raw materials issued to production, $96,000 2. Direct-labor analysis, $78,000 3.

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