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introduction to managerial accounting

Questions and Answers of Introduction To Managerial Accounting

Transfer pricing. SP Electronics produces computers and computer components.The company is organized into several divisions that operate essentially as autonomous companies. The firm permits division
Biases in ROI computations. Alfonso Sports Clinic uses rate of return on investment(ROI) as a basis for determining the annual bonus of divisional managers. The firm allocates central corporate
Issues in designing ROI measures. The Lincoln Corporation manufactures and sells a patented electronic device for detecting burglaries. The firm uses return on investment as a measure for the control
Evaluating profit impact of alternative transfer decisions (adapted from CM A exam). Keller Company manufactures a line of men's colognes and after-shave lotions.The firm manufactures the products
Impact of division performance measures on management incentives. Nomran Group manages a bunch of fitness centers in Europe and Asia. The home office staff of The Notnram Group evaluates managers of
Capital investment analysis and decentralized performance measurement — a comprehensive case.3 The following exchange occurred just after Diversified Electronics rejected a capital investment
Honeywell, Inc.: Relative performance evaluation.4 A major issue in divisional performance evaluation is the process companies use to separate performance results that division managers can control
Transfer Pricing: Custom Freight Systems (A)5 "We can't drop our prices below$210 per hundred pounds." exclaimed Greg Berman. manager of Forwarders, a division of C ustom Freight Systems. "Our
Transfer Pricing: Custom Freight Systems (B) Assume all the information is the same as in Custom Freight Systems (A), but instead of receiving one outside bid, Logistics receives two. The new bid is
Review the meaning of the concepts or terms discussed in Key Terms and Concepts.
How does economic value added (EVA) increase shareholder value?
What are the ways economic value added encourages increasing shareholder wealth?
What is an intrinsic reward? How is an intrinsic reward different than an extrinsic reward?
Refer to the Managerial Application "Why Hewlett-Packard Now Manages Suppliers Instead of Overhead." How did activity-based costing shift the emphasis from managing overhead to managing supplier
Refer to the Managerial Application "Does Customer Satisfaction Pay Off?" What links betweseearchners fi nd?c ustomer satisfaction and companies* financial performance did the re-
What is the underlying philosophy of economic value added (EVA) incentive plans?
Do shareholders get much attention in economic value added incentive plans?Explain.
The Treadway Commission indicated that bonus plans based on achieving short-run financial results have been a factor in financial frauds, particularly when the bonus is a large component of an
tAhni s e bmephlaoviyoere fhiansa n cbieaeln fsrtaeuadl?i ng some of the company's merchandise and selling it. Is
Suppose the employee in question 22 covers up the theft by accounting for it as spoilage. Would accounting for the stolen items as spoilage be financial fraud?
Suppose an accounting clerk who knows nothing about the theft in question 22 erroneously records the "lost" parts as spoilage. Would that be fraudulent financial reporting?
Balanced scorecard — performance measures. Match each of the following performance measures to one or more of the four perspectives of the balanced scorecard.Note that a performance measure could
Balanced scorecard — performance measures. Match each of the following performance measures to one or more of the four perspectives of the balanced scorecard.Note that a performance measure could
Economic value added. Managers of Rocklin Manufacturing have provided you with the following information about a project:Calculate the economic value added. Capital employed: Equipment... Land...
Economic value added. Loomis Products is considering the following project:Calculate the economic value added. Capital employed: Equipment Land... Building. After-tax cash flow Cost of capital: 14%
Economic value added. Newcastle Industries is considering the following project:a. Calculate the economic value added.b. What would the economic value added be if an additional investment of $200,000
Implementing balanced scorecard. Ann Jasper, an executive in a large bank, recently attended a conference on management in the banking industry. At the conference, a m anager from Citibank presented
Accounting and decision making. Equilibrium, Inc., uses a cost of capital rate of I 2 percent in making investment decisions. It currently is considering two mutually exclusive projects, each
Accounting for advertising. International Electronics is a consulting firm that spends $60,000 per year advertising the company's brand names and trademarks.Gross margin on sales after taxes is up
Management incentives and accounting for research and development. The Priam Division produces software. It has $300,000 of total assets, earns $45,000 per year, and generates $45,000 per year of
Explain premature revenue recognition. You have been asked to advise a businessto-business manufacturing company how to detect fraudulent financial reporting.Management does not understand how early
Explain inventory overstatement. A merchandising company has asked you to advise ito n how to detect fraudulent financial reporting. Management wants your help in detecting inventory overstatement.
Top management's awareness of fraud. The chief executive of Clothes R Us, a clothes manufacturer charged with committing financial fraud, was dismayed that the controller and other employees had
Motives and opportunities for fraud. A report on the "income transferal" activities at the H. J. Heinz Company made the following statements. 21 First, decentralized authority isa central principle
Measuring managerial performance: new challenges. Many commentators about North American business have argued that the relative deterioration in manufacturing productivity compared to Japanese
Management decisions and external financial reports. "Squeezing oranges in your idle time is not a by-product." said the Big Five partner in charge of the audit of Regent Company disapprovingly.
Review the meaning of the concepts or terms given in Key Terms and Concepts.
Distinguish between a product department and a service department.
For each of the types of common cost in the first column, select the most appropriate allocation base from the second column: Common Cost Building Utilities Payroll Accounting Insurance Equipment
When firms allocate service department costs to production departments, why do they first accumulate these costs at the service department level rather than assigning them directly to production
Why do firms allocate service department costs to production departments?
Name some of (he costs and benefits of cost allocation.
Allocating overhead to departments and jobs. The accountants of Cameron Production Company, a company that makes television commercials, made the following estimates for a year:a. Compute the
Allocating overhead. Meridian Company has two production departments and a maintenance department. In addition, the company keeps other costs for the general plant in a separate account. The
Allocating overhead to jobs. Hamilton Inc., uses a job system of cost accounting.The data presented here relate to operations in its plant during January.Hamilton, Inc.. has two product departments
Allocating service department costs using the step method. Johnson & Jackson Company has two service departments (maintenance and general factory administration)and two operating departments
Using multiple cost drivers to allocate costs. Assume Gretzky Manufacturing uses three allocation bases to allocate overhead costs from departments to jobs: number of different parts, number of
Allocating service department costs directly to operating departments. Tino's Terrific Tacos has a commissary with two operating departments: PI. food inventor)'control, and P2. paper goods inventory
Joint-process costing. Search the Internet for an example of a company that either uses joint-process costing or provides joint-process cost consulting services. Prepare a short presentation that
Joint-process costing and net realizable method. A company processes a chemical DX-1 through a pressure treatment operation. The complete process has two outputs, L and T. The January costs to
Using joint-process costing to measure product costs. The following information is for Meyer Company, which manufactures products X, Y, and Z from a joint process. Joint product costs were $63,000.
Allocating overhead. The Royal Company applies manufacturing overhead to the Machining and Assembly departments. From the following data, prepare an overhead allocation schedule showing in detail the
Allocating unassigned costs to retail store departments. The Demski Specialty Shop has two departments. Clothing and Accessories. The operating expenses for the year ending December 31 follow.a.
Allocating service department costs. The Larson Food Company has two production departments. Tubing and Packing, and two service departments. Quality Control and Maintenance. In June, the Quality
Allocating service department costs (adapted from CPA exam). The Excel Company has three service departments (administration, maintenance, and computer support)and two production departments
Joint cost allocation and product profitability. Silicon Materials, Inc., processes silicon crystals into purified wafers and chips. Silicon crystals cost $60,000 per tankcar load. The process
Relating allocation methods to organizational characteristics for a retailer (adapted from CMA exam). Columbia Company is a regional office supply chain with 26 independent stores. The firm holds
Allocation for economic decisions and motivation (adapted from CMA exam).Bonn Company recently reorganized its computer and data processing system. Bonn has replaced the individual installations
Review the meanings of the concepts or terms given in Key Terms and Concepts.
How is the evaluation of short-term pricing decisions different from the evaluation of long-term decisions'1.
Production of a special order will increase operating profit when the additional revenue from the special order is greater thana. the direct material costs in producing the order.b. the fixed casts
In considering a special order that will enable a company to make use of idle capacity, which of the following costs would probably not be differential?a. materialsc. direct laborb. depreciation of
State and explain the circumstances when using full costs for pricing decisions can be justified.
What is a common criticism made against the differential approach to product pricing based on variable Cost? How can you refute this criticism?
How don om iyc voaluue ttoh i tnhke at e sapmo?r ts team uses differential analysis to estimate a player's eco-
"Prices must cover both variable and fixed costs of production." Under what circumstances would you agree or disagree with this statement?
Describe two situations in which the use of full costs for pricing decisions is not appropriate.
"This whole subject of differential costing is easy — variable costs are the only costs that are relevant." Respond to this statement.
If you are considering buying a second car, what are the differential costs of that decision?Are they the same as in Question 17? Why or why not?
You work for a company that has 15 primary customers. Your supervisor has asked you to prepare a profitability report for each of them. What difficulties do you think you will encounter in preparing
Refer to Question 20.Assume that you have overcome the difficulties you specified and have identified four customers who appear not to be profitable. Your supervisor has asked you to submit a report
Product choice. Renovation Enterprises renovated an old train station into warehouse space, office space, restaurants, and specialty shops. If used all for warehouse space, the estimated revenue and
Special order. Anticipating unusually high sales for July, Xtreme Bikes Corporation, am ountain bike products company, plans to produce 20.000 bike seats, using all available capacity. Xtreme Bikes
Finding the most profitable price-quantity combination. The Giants Company is introducing a new product called Barry Dolls and must decide what price should be set. An estimated demand schedule for
Pricing decisions. The marketing department of Pete's Coffee estimates the following monthly demand for espresso in these five price-volume relations at one of its outlets:The fixed costs of $6,000
Identify d'.i' fferential costs. Assume Nordican Boot Company is considering making a specially designed snow boot just for the Winter Olympics. Which of the following costs or activities would
Special order. Brian's Sport Shop makes jerseys for athletic teams. The Red Soxx baseball club has ottered to buy 80 jerseys for the teams in its league for $18 per jersey.The normal team price for
Target costing and pricing. Toy Products makes wheels for a variety of toys and sports equipment. Toy Products sells the wheels to manufacturers who assemble and sell the toys and equipment. The
Target costing and pricing. Megadrive Industries makes high-pressure lines for a variety of heavy road-improvement equipment. Megadrive sells the lines to manufacturers who manufacture and sell the
Special order. Trans Electronics Company has a capacity of 200,000 computer monitors per year. The company is currently producing and selling 160,000 monitors per year at a selling price of $400 per
Pricing decisions. Assume that Ben & Jerry's sells ice cream for $3 per quart. The cost of each quart follows:One of Ben & Jerry's regular customers asked the company to fill a special order
Cost analysis for pricing decisions. Easton, Inc., has manufactured violin cases since they became popular with gangsters in the 1920s. The regular price of a violin case is $50 each. Easton's
Customer profitability analysis. Hillson & Brady (H&B), a commercial laundry service, has two clients. Super 6 Motel and Seaside Inn. The following is information about H&B's revenues and
Customer profitability analysis. How Clean, a janitorial service, has two clients, Greeley Hospital and Greeley Junior High School. The following is information about How Clean's revenues and costs
Customer profitability analysis. Wee One's, a diaper service, has two clients.Madison Children's Hospital and Little Bits Day Care Centers. The following is inthousands).formatThis analysis shows
Special order. Sam Park's Electronics, Inc., sells high-quality copy machines for corporations. It manufactures two copy machines, the MX201 and the ZX402, for which the following information is
Pricing decisions. Assume the marketing department of Benito Dairy estimates the following monthly demand for Mexican cheese in these four price-volume relations:The fixed costs are $3,000 per month
Special order (CMA adapted). R.A. Ro operates a small machine shop. She manufactures one standard product, which is available from many other similar businesses, in addition to custom-made products.
Special order — multiple choice. Aggie.com. Inc., which produces and ships frozen meals, has the plant capacity to produce 10,000 units annually. Its predicted operations for the year
Comprehensive differential costing problem. Garden Bay. Inc., produces hydraulic hoists that hospitals use to move bedridden patients. The costs to manufacture and market the hydraulic hoists at the
Review the meaning of the terms and concepts given in Key Terms and Concepts.
"Users of differential analysis should use accrual based revenues and expenses of a particular period rather than cash flows, because they better represent a firm's performance during a given
Assume that there are no income taxes. How should each of the following costs enter into a decision to replace old equipment'.'a. book value of old equipmentb. disposal value of old equipmentc. cost
Explain why just-in-time requires reliable suppliers and production methods.
Explain how the theory of constraints is compatible with total quality management.
Interview the manager of a restaurant. Does the restaurant make or buy soups and desserts? Based on your interview, write a short report that explains why the restaurant makes or buys each of these
Make or buy. 01' Salt Enterprises produces 1,000 sailboats per year. Although the company currently buys sails for the sailboats (one set of sails per boat), it is considering making sails in some
Throughput contribution. Bebe Hair Salon styles hair in three operations — washing, cutting/setting, and drying — and charges $15 per styling. (Each styling is one "unit.")Bebe styles hair on a
Throughput contribution. Stay Warm, Inc., produces extreme-weather parkas in three operations — cutting, assembling, and finishing. The parkas sell for $120 each.Stay Warm's managers find it has a
Dropping a product line. Gateway Products currently operates at 75 percent capacity.Worried about the company's performance, the general manager segmented the company's income statement product by

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