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introduction to managerial accounting

Questions and Answers of Introduction To Managerial Accounting

6. The salary of the president of the company is $200,000 per year.
5. The depreciation on the machines used to make the tables totals $10,000 per year. The machines have no resale value and do not wear out through use.
4. Electrical costs are $2 per machine-hour. Four machinehours are required to produce a table.
3. Workers assembling the tables are supervised by a factory supervisor who is paid $45,000 per year.
2. The tables are assembled by workers, at a wage cost of $40 per table.
1. The tables are made of wood that costs $100 per table.
In the 1970s, one million college-bound students were surveyed and asked to compare themselves to their peers. Some of the key findings of the survey were as follows:a. Seventy percent of the
Consumers and attorney generals in more than 40 states accused a prominent nationwide chain of auto repair shops of misleading customers and selling them unnecessary parts and services, from brake
The table below contains the names of six companies.Required:For each company, categorize its strategy as being focused on customer intimacy, operational excellence, or product leadership. If you
Exhibit P–2 from within the Prologue includes 12 questions related to 12 types of decisions that companies often face. In the prologue, these 12 decisions were discussed within the context of
Assume that you are a sales manager working with your boss to create a sales budget for next year. Once the sales budget is established, it will influence how other departments within your company
Describe three nonfinancial performance measures included in the report. Why do you think the company publishes this report?
Locate the website of any company that publishes a corporate social responsibility report (also referred to as a sustainability report).
LO1–6 Prepare income statements for a merchandising company using the traditional and contribution formats.
LO1–5 Understand cost classifications used in making decisions: relevant costs and irrelevant costs.
LO1–4 Understand cost classifications used to predict cost behavior: variable costs, fixed costs, and mixed costs.
LO1–3 Understand cost classifications used to prepare financial statements: product costs and period costs.
LO1–2 Identify and give examples of each of the three basic manufacturing cost categories.
LO1–1 Understand cost classifications used for assigning costs to cost objects: direct costs and indirect costs.
A number of terms that relate to organizations, the work of management, and the role of managerial accounting are listed below:Choose the term or terms above that most appropriately complete the
Describe the importance of analyzing financial statements for managers. (p. 427) LO.1
Identify factors that influence financial statements and their analysis. (p. 428) LO.1
Specify alternative standards useful in financial statement analysis. (p. 429) LO.1
Describe vertical and horizontal analysis, and their difference. (p. 430) LO.1
Explain the analysis of a firm's solvency. (p. 432) LO.1
Explain the analysis of a firm's performance. (p. 435) LO.1
What is the general purpose for conducting ratio analysis of financial statements? LO.1
Name three reasons why managers should analyze their firm’s financial statements. LO.1
What is the purpose of evaluation standards (benchmarks) in financial analysis? LO.1
What types of standards (benchmarks) are probably most relevant for financial analysis by managers? LO.1
Explain how managers use vertical and horizontal analysis when evaluating financial statements.What changes are usually made in the statements before managers use these techniques? LO.1
Explain and differentiate the terms solvency evaluation and performance evaluation. LO.1
Explain the difference between the current ratio and the acid test ratio. LO.1
Why is it useful to compute inventory turnover and the days sales in receivables? How is each of these measures computed? LO.1
What are the primary measures of long-term solvency? How are they computed? LO.1
Which financial statement analysis measure provides information concerning the sales output that a firm’s assets produce? LO.1
Why is interest expense added in the numerator in computing return on assets? LO.1
Explain the concept of financial leverage. What causes financial leverage to be favorable?Unfavorable? LO.1
Explain why comparisons to industry norms or averages are important when analyzing financial statements. . LO.1
What cautions should the manager take when using industry norms or benchmarks for comparison? LO.1
Short-Term Solvency Ratios (LO5)Following are financial data from year-end financial statements of York Company for 2012, 2011 and 2010.2012 2011 2010 INGCOUMISINCCCIVADI Om ateeeiaks rari 2 2 $
Long-Term Solvency Ratios (LO5)Summary data from year-end financial statements of Palo Alto Company for 2012 follow.Summary Income Statement Data SEES a's mo ota iracacr eee een ae eS $8,000,000(Cast
Measures of Performance and Financial Leverage (LO6)Following are selected data from year-end financial statements of Nelox Corporation for 2012 and OM, 2012 Ott UROTENERSIEUS) oid lace coisnreaecac
Financial Leverage (LO6)Following are data from McClellan Company and McDonough Company for 2012:McClellan McDonough Nein COMOmmtner nn ree ee ool cies va Dh ce ch aacacpaneen $ 270,000 $ 405,000 UNG
Changes in Working Capital (LO5)Following is a list of typical financial, investing, and operating transactions. For each transaction indicate whether current assets, current liabilities, and working
Effects of Financing Decisions (LO2, 5)Provo Company has total assets of $2,500,000 and total liabilities of $2,000,000. Provo is considering two alternatives for acquiring additional warehouse
Common Size Statements (LO3, 4) .Comparative balance sheets for Albany, Inc., follow for year-end 2012 and 2011. Its president is concerned about the decline in total assets and wants to know where
Changes in Working Capital (LO5)Auckland Industries had a July 31 current asset balance of $31,200 and a current liability balance of$20,800. The following transactions took place in August:¢ Sold
Assessing Inflationary Effects (LO2, 5)The president of Townville Office Products is pleased with the progress her company has made in recent years, but she cannot understand why the company is
Assessing Inflationary Effects (LO2, 6)The Nova Products Company wants to launch a new product to replace a current product that is technologically inferior. First-year sales for the replacement
Comprehensive Financial Analysis (LOS, 6)Comparative income statements and balance sheets for Seneca Company follow for 2012 and 2011.SENECA COMPANY Comparative Income Statements For Years Ended
Comprehensive Common Size Statement Analysis (LO3, 4)After reviewing the financial analyses conducted in Problem A-25, the managers of Seneca Company are still uncertain about the performance of the
Comprehensive Financial Statement Analysis (LO4, 5, 6)You are part of the acquisitions committee of Witter Company and are asked to examine the potential acquisition of Dryds, Inc., a merchandising
industry data are available, make a comparison of the company under analysis with its industry norms(LO4, 5, 6)and benchmarks. Evaluate the position the company holds within its industry. LO.1
Horizontal Analysis and Interpretation (LO3, 4)Selected 5-year data for the Lexington Company, a manufacturing firm, follow:Average cash balance... $ 12,500 $ 18,400 Sales) meee aa ait cete as
Interpreting Financial Analysis Ratios (LO5, 6)Thorpe Company is a wholesale distributor of professional equipment and supplies. The company’s sales averaged about $900,000 annually for the
Explain responsibility accounting. (p. 310) LO.1
Differentiate between static and flexible budgets for performance reporting. (p. 314) LO.1
Determine and interpret direct materials, direct labor, and overhead cost variances. (p. 317) LO.1
Calculate revenue variances and prepare a performance report for a revenue center. (p. 325) LO.1
Define a strategic business segment, and prepare and use segment reports. (p. 348) 2 LO.1
Explain transfer pricing and assess alternative transfer-pricing methods. (p. 353) LO.1
Determine and contrast return on investment and residual income. (p. 358) LO.1
Describe the balanced scorecard as a comprehensive performance measurement system. (p. 364) LO.1
What is responsibility accounting? Why should noncontrollable costs be excluded from performance reports prepared in accordance with responsibility accounting? LO.1
How can responsibility accounting lead to unethical practices? LO.1
Responsibility accounting reports must be expanded to include what nonfinancial areas? Give some examples of nonfinancial measures. LO.1
What is a cost center? Give some examples. LO.1
How is a cost center different from either an investment or a profit center? LO.1
What problems can result from the use of tight standards? LO.1
What is a standard cost variance, and what is the objective of variance analysis? LO.1
Standard cost variances can usually be broken down into two basic types of variances. Identify and describe these two types of variances. LO.1
How is standard labor time determined? Explain the two ways. LO.1
In the standard cost system, what is the appropriate treatment of a change in wage rates (per new labor union contract) that dominate the cost of labor? LO.1
Explain the difference between the revenue variance and the sales price variance. LO.1
Explain the net sales volume variance and list its components. LO.1
Explain the difference between how the actual costs and the standard cost of actual inputs are computed in variable overhead analysis. LO.1
Explain what the net sales volume variance measures. LO.1
| What is the relationship between segment reports and product reports? LO.1
What is a reporting objective? How is it determined? LO.1
Can a company have more than one type of first-level statement in segment reporting? LO.1
Explain the relationships between any two levels of statements in segment reporting. LO.1
Distinguish between direct and indirect segment costs. LO.1
What types of information are needed before management should decide to drop a segment? LO.1
In what types of organizations and for what purpose are transfer prices used? LO.1
What problems arise when transfer pricing is used? LO.1
When do transfer prices lead to suboptimization? How can suboptimization be minimized? Can it be eliminated? Why or why not? LO.1
For what purpose do organizations use return on investment? Why is this measure preferred to net income? LO.1
What advantages do residual income and EVA have over ROI for segment evaluations? LO.1
Contrast the difference between residual income and EVA. LO.1
Explain how a balanced scorecard helps with the evaluation process of internal operations. LO.1
How can a balanced scorecard be used as a strategy implementation tool? LO.1
Discuss the importance of budgets. (p. 270) LO.1
Describe basic approaches to budgeting. (p. 271) LO.1
Explain the relations among elements of a master budget and develop a basic budget. (p. 275) LO.1
Explain and develop a basic manufacturing budget. (p. 282) LO.1
Describe the relationship between budget development and manager behavior. (p. 286) LO.1
| What are the primary phases in the planning and control cycle? LO.1
Does budgeting require formal or informal planning? What are some advantages of this style of management? LO.1
Identify the advantages and disadvantages of the incremental approach to budgeting. LO.1

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