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business
introduction to financial accounting

Questions and Answers of Introduction To Financial Accounting

5 Describe the various capacity concepts that firms can use in absorption costing.
4 Differentiate throughput costing from variable costing and absorption costing.
3 Understand how absorption costing can provide undesirable incentives for managers to build up inventory.
2 Compute income under absorption costing and variable costing, and explain the difference in income.
1 Identify what distinguishes variable costing from absorption costing.
7 Be aware of data problems encountered in estimating cost functions
6 Explain nonlinear cost functions, in particular those arising from learning-curve effects
5 Describe three criteria used to evaluate and choose cost drivers
4 Outline six steps in estimating a cost function using quantitative analysis
3 Understand various methods of cost estimation
2 Explain the importance of causality in estimating cost functions
1 Describe linear cost functions and three common ways in which they behave
7 Describe benchmarking and explain its role in cost management
6 Understand how managers use variances
5 Compute price variances and efficiency variances for direct-cost categories
4 Explain why standard costs are often used in variance analysis
3 Calculate flexible-budget variances and sales-volume variances
2 Examine the concept of a flexible budget and learn how to develop it
1 Understand static budgets and static-budget variances
8 Examine the use of overhead variances in nonmanufacturing settings
7 Calculate variances in activitybased costing
6 Explain the relationship between the sales-volume variance and the production-volume variance
5 Show how the 4-variance analysis approach reconciles the actual overhead incurred with the overhead amounts allocated during the period
4 Compute the fixed overhead flexible-budget variance, the fixed overhead spending variance, and the fixed overhead productionvolume variance
3 Compute the variable overhead flexible-budget variance, the variable overhead efficiency variance, and the variable overhead spending variance
2 Develop budgeted variable overhead cost rates and budgeted fixed overhead cost rates
1 Explain the similarities and differences in planning variable overhead costs and fixed overhead costs
8 Compare activity-based costing systems and department costing systems
7 Explain how managers use activity-based costing systems in activity-based management
6 Evaluate the benefits and costs of implementing activity-based costing systems
5 Cost products or services using activity-based costing
4 Describe a four-part cost hierarchy
3 Distinguish between simple and activity-based costing systems
2 Present three guidelines for refining a costing system
1 Explain how broad averaging undercosts and overcosts products or services
7 Appreciate the special challenges of budgeting in multinational companies
6 Recognize the human aspects of budgeting
5 Describe responsibility centers and responsibility accounting
4 Use computer-based financial planning models for sensitivity analysis
3 Prepare the operating budget and its supporting schedules
2 Describe the advantages of budgets
1 Describe the master budget and explain its benefits
9 Distinguish contribution margin from gross margin
8 Apply CVP analysis in service and not-for-profit organizations
7 Apply CVP analysis to a company producing multiple products
6 Use CVP analysis to plan variable and fixed costs
5 Explain how sensitivity analysis helps managers cope with uncertainty
4 Explain how managers use CVP analysis to make decisions
3 Understand how income taxes affect CVP analysis
2 Determine the breakeven point and output level needed to achieve a target operating income
1 Explain the features of cost–volume–profit (CVP) analysis
8 Understand variations from normal costing
7 Dispose of under- or overallocated manufacturing overhead costs at the end of the fiscal year using alternative methods
6 Track the flow of costs in a jobcosting system
5 Distinguish actual costing from normal costing
4 Outline the seven-step approach to normal costing
3 Describe the approaches to evaluating and implementing job-costing systems
2 Distinguish job costing from process costing
1 Describe the building-block concepts of costing systems
7 Understand what professional ethics mean to management accountants
6 Understand how management accounting fits into an organization’s structure
5 Describe three guidelines management accountants follow in supporting managers
4 Explain the five-step decisionmaking process and its role in management accounting
3 Describe the set of business functions in the value chain and identify the dimensions of performance that customers are expecting of companies
2 Understand how management accountants help firms make strategic decisions
1 Distinguish financial accounting from management accounting
8 Describe a framework for cost accounting and cost management
7 Explain why product costs are computed in different ways for different purposes
6 Illustrate the flow of inventoriable and period costs
5 Distinguish inventoriable costs from period costs
4 Interpret unit costs cautiously
3 Explain variable costs and fixed costs
2 Distinguish between direct costs and indirect costs
1 Define and illustrate a cost object
7. Can circuit breakers affect the statistical measurements of volatility? Can winsorizing(Box 5-8) solve this problem?
6. Explain how circuit breakers increase the reliability of a financial system.
5. Can you compute the delta of a product without a formal price model? Explain.
4. Explain how to build a statistically based alerting system for unusual stock price movements.
3. There are several sample portfolio optimization problems specified on the Web in AMPL or GAMS. Find one and use NEOS to solve it.
2. Circuit breakers are involved to shut down a system periodically. Show two examples, i.e., when there is a reduction in costs and when there is no reduction in costs.
1. Given the 1-year credit transition probabilities in Figure 9-11, what are the 10- and 20-year credit transition probabilities?
9. An expert system models human problem solving by automating the rules that people use to complete a task. In some financial applications, expert systems perform better than other systems that are
8. Discuss how Braess’ paradox could lead to a “glitch” in a financial system.
7. Comment on the system of system issues described in [31].
6. Comment on the demise of Drexel Burnham Lambert, Kidder Peabody, Barings, and Long Term Capital Management with respect to their SoS. Comment on their social networks and computer system networks.
5. According to the SEC, insider trading is “buying or selling a security, in breach of a fiduciary duty or other relationship of trust and confidence, while in possession of material, non-public
4. Some economists and finance professionals believe that markets provide the most effective way of predicting (or at least, assessing) the future. With this in mind, DARPA put in place a futures
3. Can futures markets be used to bet on arbitrary events? Discuss how the Iowa futures market and companies such as TradeSports may be used to purchase futures contracts on political events. Also,
2. Use the UML sequence diagram to specify a sequence of financial messages in a financial system.
1. For what kinds of financial systems is it most appropriate to use control flow, data flow, entity relationship, or onion diagrams?
10. What are the alternatives of not using an uncertainty calculus in financial systems?
9. Database Management Systems (DBMS) can implement rules with “stored procedures”or triggers. Which vendors support these?
8. Explain how a financial messaging standard can be used for international transactions where both parties do not speak the same (human) language.
7. Which financial XML standard(s) has the largest probability of success?
6. Is XML reliable?
5. The current buy price for 500 shares of a stock is $20. Suppose it is known that within a certain time, the price will fluctuate from $15 to $25. Associated with each $1 price increment is a
4. Can a program trade be a block trade? Can a block trade be a basket trade? How are these trades canceled?
3. In its purest form, a peer-to-peer network does not have the concept of server and client.How can peer-to-peer messaging protocols be used in financial systems? Should they?
2. How can a traceroute-type utility be used in connection with SEC Rules 11Ac1-5 and SEC Rule 11Ac1-6 (see [2]) that deal with order routing?
1. A standard TCP/IP utility that determines the route Internet messages (packets) take to reach a particular host is traceroute. Many servers provide access to traceroute as a free service; some

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