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introduction to managerial accounting

Questions and Answers of Introduction To Managerial Accounting

Distinguish between cost estimation and cost prediction. (p. 54)
Why is a scatter diagram helpful when used in conjunction with other methods of cost estimation? (p. 54)
Identify two advantages of least-squares regression analysis as a cost estimation technique. (p. 54)
Why is it important to match activity and costs within a single observation? When is this matching problem most likely to exist? (p. 54)
Distinguish between the unit-, batch-, product-, and facility-level activities of a manufacturing organization. (p. 63)
Classifying Cost Behavior (LO1)Classify the total costs of each of the following as variable, fixed, mixed, or step. Sales volume is the cost driver.a. Salary of the department managerb. Memory chips
Classifying Cost Behavior (LO1)Classify the total costs of each of the following as variable, fixed, mixed, or step.a. Straight-line depreciation on a buildingb. Maintenance costs at a hospitalc.
Classifying Cost Behavior (LO1)For each of the following situations, select the most appropriate cost behavior pattern (as shown in the illustrations on the top next page) where the lines represent
Classifying Cost Behavior (LO1)For each of the graphs displayed at the top of page 2-24, select the most appropriate cost behavior pattern where the lines represent the cost behavior pattern, the
Computing Average Unit Costs (LO2)The total monthly operating costs of Chili To Go are:$10,000 + $0.40X where X = servings of chili Requireda. Determine the average cost per serving at each of the
Automatic versus Manual Processing (LO2)Photo Station Company operates a printing service for customers with digital cameras. The current service, which requires employees to download photos from
Automatic versus Manual Processing (LO2)Mid-Town Copy Service processes 1,800,000 photocopies per month at its mid-town service center.Approximately 50 percent of the photocopies require collating.
High-Low Cost Estimation (LO2)Assume the local DHL delivery service hub has the following information available about fleet miles and operating costs:Year Miles Operating Costs 2ONOK ee meee: 556,000
Scatter Diagrams and High-Low Cost Estimation (LO2, 3)Assume the local Pearle Vision has the following information on the number of sales orders received and order-processing costs.Month Sales Orders
Scatter Diagrams and High-Low Cost Estimation (LO2, 3)From April | through October 31, Knox County Highway Department hires temporary employees to mow and clean the right-of-way along county roads.
Cost Behavior Analysis in a Restaurant: High-Low Cost Estimation (LO2)Assume a Papa John’s restaurant has the following information available regarding costs at representative levels of monthly
Developing an Equation from Average Costs (LO2)The America Dog and Cat Hotel is a pet hotel located in Las Vegas. Assume that in March, when dogdays(occupancy) were at an annual low of 500, the
Selecting an Independent Variable: Scatter Diagrams (LO2, 3)Peak Production Company produces backpacks that are sold to sporting goods stores throughout the Rocky Mountains. Presented is information
Selecting a Basis for Predicting Shipping Expenses (Requires Computer Spreadsheet*) (LO2, 3)Penn Company assembles and sells computer boards in western Pennsylvania. In an effort to improve the
High-Low and Scatter Diagrams with Implications for Regression (LO2, 3)Trumpet Bagels produces and sells bagels at each of its restaurants. Presented is monthly cost and sales information for one of
Multiple Cost Drivers (LO4)Scottsdale Ltd. manufactures a variety of high-volume and low-volume products to customer demand.Presented is information on 2011 manufacturing overhead and activity cost
Unit- and Batch-Level Cost Drivers (LO4)KC, a fast-food restaurant, serves fried chicken, fried fish, and French fries. The managers have estimated the costs of a batch of fried chicken for KC’s
Optimal Batch Size (LO4)This is a continuation of parts “c” and “e” of P2-27.Required Should management reduce the batch size to 50? Why or why not? (p. 71)
Negative Fixed Costs (LO3)“This is crazy!” exclaimed the production supervisor as he reviewed the work of his new assistant.“You and that computer are telling me that my fixed costs are
Significance of High R-Squared (LO3)Oliver Morris had always been suspicious of “newfangled mathematical stuff,” and the most recent suggestion of his new assistant merely confirmed his belief
Estimating Machine Repair Costs (LO3)In an attempt to determine the best basis for predicting machine repair costs, the production supervisor accumulated daily information on these costs and
Ethical Problem Uncovered by Cost Estimation (LO3)Phoenix Management Company owns and provides management services for several shopping centers.After five years with the company, Mike Moyer was
Activity Cost Drivers and Cost Estimation (LO3, 4)Blue Ridge Ice Cream Company produces ten varieties of ice cream in large vats, several thousand gallons at a time. The ice cream is distributed to
Multiple Regression Analysis for a Special Decision (Requires Computer Spreadsheet) (LO2, 3)For billing purposes, Central City Health Clinic classifies its services into one of four major procedures,
Cost Estimation, Interpretation, and Analysis (Requires Computer Spreadsheet) (LO2, 3)Piedmont Table Company produces twa styles of tables, dining room and kitchen. Presented is monthly information
Simple and Multiple Regression (Requires Computer Spreadsheet) (LO2, 3)Kevin Miller is employed by a mail-order distributor and reconditions used desktop computers, broadband routers, and laser
Identify the uses and limitations of traditional cost-volume-profit analysis. (p. 62)
Prepare and contrast contribution and functional income statements. (p. 65) :
Apply cost-volume-profit analysis to find a break-even point and for preliminary profit planning. (p. 67)
Analyze the profitability and sales mix of a multiple-product firm. (p. 73)
Apply operating leverage ratio to assess opportunities for profit and the risks of loss. (p. 76)
What is cost-volume-profit analysis and when is it particularly useful? (p. 76)
Identify the important assumptions that underlie cost-volume-profit analysis. (p. 76)
| When is it most reasonable to use a single independent variable in cost-volume-profit analysis? (p. 76)
Distinguish between a contribution and a functional income statement. (p. 77)
What is the unit contribution margin? How is it used in computing the unit break-even point? (p. 77)
| What is the contribution margin ratio and when is it most useful? (p. 77)
How is the break-even equation modified to take into account the sales required to earn a desired profit? (p. 77)
How does a profit-volume graph differ from a cost-volume-profit graph? When is a profit-volume graph most likely to be used? (p. 77)
| What impact do income taxes have on the sales volume required to earn a desired after-tax profit? (p. 77)
How are profit opportunities and the risk of losses affected by operating leverage? (p. 77)
Profitability Analysis (LO3)Assume a local Cost Cutters provides cuts, perms, and hairstyling services. Annual fixed costs are$120,000, and variable costs are 40 percent of sales revenue. Last
Cost-Volume-Profit Graph: Identification and Sensitivity Analysis (LO3)A typical cost-volume-profit graph is presented below.Requireda. Identify each of the following:Pebme Ok 2. Line OR Seine 4. The
Profit-Volume Graph: Identification and Sensitivity Analysis (LO3)A typical profit-volume graph follows.Requireda. Identify each of the following:1. Area BDC 2, Area DEF 3. Point D 4. Line AC 5. Line
Preparing Cost-Volume-Profit and Profit-Volume Graphs (LO3)Domino's Pizza Assume a Domino’s Pizza shop has the following monthly revenue and cost functions:DPZ eet Total revenues = $10.00X Total
Preparing Cost-Volume-Profit and Profit- Volume Graphs (LO3)Hometown Dog Company is a hot dog concession business operating at five baseball stadiums. It sells hot dogs, with all the fixings, for
Multiple Product Break-Even Analysis (LO4)Presented is information for Stafford Company’s three products.A B Cc Unit selling price.......... $5 $7 $6 Unit variable costs ........ (4) 6) (8)Unit
Contribution Income Statement and Cost-Volume-Profit Graph (LO2, 3)Alberta Company produces a product that is sold for $40 per unit. The company produced and sold 6,000 units during May 2012. There
Contribution Margin Concepts (LO3, 4)The following information is taken from the 2012 records of Navajo Art Shop.Fixed Variable _ Total SIGS Here ee oo oe $750,000 Costs Goods sold..... $337,500
Multiple Product Planning with Taxes (LO3, 4)~~ Inthe year 2012, Wiggins Processing Company had the following contribution income statement:WIGGINS PROCESSING COMPANY Contribution Income Statement
Not-for-Profit Applications (LO3)Determine the solution to each of the following independent cases:a. Hillside College has annual fixed operating costs of $12,500,000 and variable operating costs
Alternative Production Procedures and Operating Leverage (LO3, 5)Assume Paper \late is planning to introduce a new executive pen that can be manufactured using either | Paper Mate a capital-intensive
Contribution Income Statement and Operating Leverage (LO3, 5)Florida Berry Basket harvests early-season strawberries for shipment throughout the eastern United States in March. The strawberry farm is
Multiple Product Break-Even Analysis (LO4)Yuma Tax Service prepares tax returns for low- to middle-income taxpayers. Its service operates January 2 through April 15 at a counter in a local department
Cost-Volume-Profit Relations: Missing Data (LO3)Following are data from 4 separate companies.ae Case 1 Case 2 Case 3 Case 4 WinitesaleSe ct eteae ge o-.s-c cs a 1,000 800 2? %SAlOSISVEMUC tee hike
Cost-Volume-Profit Relations: Missing Data (LO3)Following are data from 4 separate companies.Case A Case B Case C Case D SalOS TEOVEMUS cme wn cat amiaehete aie $100,000 $80,000 ? ?Contribution
Customer-Level Planning 7-Eleven operates a number of convenience stores worldwide. Assume that an analysis of operating —_7-Eleven costs, Customer sales, and customer patronage reveals the
Multiple-Level Break-Even Analysis Nielsen Associates provides marketing services for a number of small manufacturing firms. Nielsen receives a commission of 10 percent of sales. Operating costs are
Profit Planning with Taxes (LO3)Chandler Manufacturing Company produces a product that it sells for $35 per unit. Last year, the company manufactured and sold 20,000 units to obtain an after-tax
Contribution Income Statement, Cost-Yolume-Profit Graph, and Taxes (LO2, 3)New York Tours (NYT) provides daily sightseeing tours that include transportation, admission to selected attractions, and
High-Low Cost Estimation and Profit Planning (LO3, 4)Comparative 2011 and 2012 income statements for Dakota Products Inc. follow:DAKOTA PRODUCTS INC.Comparative Income Statements For Years Ending
CVP Analysis and Special Decisions (LO3, 4)Sweet Grove Citrus Company buys a variety of citrus fruit from growers and then processes the fruit into a product line of fresh fruit, juices, and fruit
Break-Even Analysis in a Not-for-Profit Organization (LO3)Melford Hospital operates a general hospital but rents space to separately owned entities rendering specialized services such as pediatrics
CVP Analysis of Alternative Products (LO3)Mountain Top Boot Company plans to expand its manufacturing capacity to allow up to 20,000 pairs of a new product each year. Because only one product can be
CVP Analysis Using Published Financial Statements (LO3, 4)Condensed data in thousands of dollars (000) from Netflix’s 2007 and 2008 income statements follow:2008 2007 REVEMUGS apace ne nme nt a ear
Multiple-Product Profitability Analysis, Multiple-Level Profitability Analysis College Avenue Bookstore sells new college textbooks at the publishers’ suggested retail prices. It then pays the
Multiple-Product Profitability Analysis (LO3, 4)Hearth Manufacturing Company produces two models of wood-burning stoves, Cozy Kitchen and All-House. Presented is sales information for the year
Multiple-Product Break-Even Analysis (LO3, 4)Currently, Corner Lunch Counter sells only Super Burgers for $2.50 each. During a typical month, the Counter reports a profit of $9,000 with sales of
Multi-Level Profitability Analysis AccuMeter manufactures and sells its only product (Z1) in lot sizes of 500 units. Because of this approach, lot (batch)-level costs are regarded as variable for CVP
Ethics and Pressure to Improve Profit Plans (LO1)Art Conroy is the assistant controller of New City Muffler, Inc., a subsidiary of New City Automotive, which manufactures tailpipes, mufflers, and
CVP Analysis with Changing Cost Structure (LO4, 3, 5)Homestead Telephone was formed in the 1940s to bring telephone services to remote areas of the U.S. Midwest. The early equipment was quite
Cost Estimation and CVP Analysis (LO2, 3, 4)Presented are the 2010 and 2011 functional income statements of Regional Distribution, Inc.:REGIONAL DISTRIBUTION, INC.Functional Income Statements For
Contrast financial and managerial accounting and explain how managerial accounting is used by internal decision makers. (p. 4)
Explain how an organization's mission, goals, and strategies affect managerial accounting. (p. 7)
Discuss the factors determining changes in the nature of business competition. (p. 14)
Differentiate among structural, organizational, and activity cost drivers. (p. 14)
Explain the nature of the ethical dilemmas managers and accountants confront. (p. 18)
What three themes are a part of strategic cost management?. (p. 19)
Distinguish between a mission and a goal.. (p. 19)
Describe the three strategic positions that Porter views as leading to business success.. (p. 19)
Distinguish between how managerial accounting would support the strategy of cost leadership and the strategy of product differentiation.. (p. 19)
Why are the’ phases of planning, organizing, and controlling referred to as a continuous cycle?. (p. 20)
Identify three advances that have fostered the move away from isolated national economic systems toward an interdependent global economy. (p. 20)
| What are the three interrelated dimensions of today’s competition? (p. 20)
_ Differentiate among structural, organizational, and activity cost drivers. (p. 20)
What is the link between performing activities and incurring costs? (p. 21)
How can top management establish an ethical tone in an organization? (p. 21)
Describe how pressures to have desirable short-run outcomes can lead to ethical dilemmas. (p. 21)
Management Accounting Terminology (LO1-5)Match the following terms with the best descriptions. Each description is used only once.Terms ethics 9. Organizational cost driver 2. Mission 10. Financial
Financial and Managerial Accounting (LO1)Indicate whether each phrase is more descriptive of financial accounting or managerial accounting.a. May be subjectiveb. Often used to state corporate goalsc.
Missions, Goals, and Strategies (LO2)Identify each of the following as a mission, goal, or strategy.a. Budget time for study, sleep, and relaxationb. Provide shelter for the homelessc. Provide an
Line and Staff Organization (LO2)Presented are the names of several departments often found in a merchandising organization such as Macy’s Department Macy’s Department Store. Store (M)a.
Line and Staff Organization (LO2)Presented are the names of several departments often found in a manufacturing organization such as Kimberly-Clark (KMB)Kimberly-Clark.a. Manager, Plant 2d.
Classifying Cost Drivers (LO4)Classify each of the following as structural, organizational, or activity cost drivers.a. Oneida Silversmiths reorganizes production facilities from a layout in which
Classifying Cost Drivers (LO4)Mesa Construction managers provide design and construction management services for various commercial construction projects. Senior managers are trying to apply cost

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