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introduction to managerial accounting

Questions and Answers of Introduction To Managerial Accounting

Under what circumstances would you expect the volume variance to be favorable? Unfavorable?AppendixLO1
What does the fixed overhead budget variance measure?AppendixLO1
Why do we apply overhead to work in process on the basis of standard hours allowed in this chapter when we applied it on the basis of actual hours in Chapter 2? What is the difference in costing
What is meant by the term denominator level ofactivity?AppendixLO1
Why is the term overhead efficiency variance a misnomer?AppendixLO1
How does the variable manufacturing overhead spending variance differ from the materials price variance?AppendixLO1
is meant by the term standard hours allowed?AppendixLO1
On both actual hours worked and standard hours allowed?AppendixLO1
In comparing flexible budget data with actual data in a performance report for variable overhead, what variance(s) will be produced if the flexible budget data are based on actual hours
What is a flexible budget and how does it differ from a static budget?AppendixLO1
What is a static budget?AppendixLO1
Why can undue emphasis on labor efficiency variances lead to excess work in process inventories?(Appendix 8A) What are the advantages of making formal journal entries in the accounting records for
If variable manufacturing overhead is applied to production on the basis of direct labor-hours and the direct labor efficiency variance is unfavorable, will the variable overhead efficiency variance
What effect, if any, would you expect poor quality materials to have on direct labor variances?AppendixLO1
What are the dangers of using standards as punitive tools?AppendixLO1
The materials price variance can be computed at what two different points in time? Which is better? Why?AppendixLO1
The labor efficiency variance?AppendixLO1
Who is generally responsible for the materials price variance? The materials quantity variance?AppendixLO1
What is meant by the term management by exception?AppendixLO1
What is meant by the term variance?AppendixLO1
Distinguish between ideal and practical standards.AppendixLO1
What is a quantity standard? What is a price standard?AppendixLO1
"The principal purpose of the cash budget is to see how much cash the company will have in the bank at the end of the year." Do you agree? Explain.AppendixLO1
How can budgeting assist a company in its employment policies?AppendixLO1
What is a self-imposed budget? What are the major advantages of self-imposed budgets? What caution must be exercised in their use?AppendixLO1
"As a practical matter, planning and control mean exactly the same thing." Do you agree? Explain.AppendixLO1
Why is the sales forecast the starting point in budgeting?AppendixLO1
What is a master budget? Briefly describe its contents.AppendixLO1
What is meant by the term responsibility accounting?AppendixLO1
What are some of the major benefits to be gained from budgeting?AppendixLO1
What is a budget? What is budgetary control?AppendixLO1
Explain how a shift in the sales mix could result in both a higher break-even point and a lower net operating income.AppendixLO1
What is meant by the term sales mix? What assumption is usually made concerning sales mix in CVP analysis?AppendixLO1
What is meant by the margin of safety?AppendixLO1
In response to a request from your immediate supervisor, you have prepared a CVP graph portraying the cost and revenue characteristics of your company's product and operations. Explain how the lines
Name three approaches to break-even analysis. Briefly explain how each approach works.AppendixLO1
What is meant by the term break-even point?AppendixLO1
What is meant by the term operating leverage?AppendixLO1
Company As cost structure includes costs that are mostly variable, whereas Company B's cost structure includes costs that are mostly fixed. In a time of increasing sales, which company will tend to
Often the most direct route to a business decision is to make an incremental analysis based on the information available. What is meant by an incremental analysis?AppendixLO1
What is meant by a product's contribution margin ratio? How is this ratio useful in planning business operations?AppendixLO1
(Appendix 5A) Under absorption costing, how is it possible to increase net operating income without increasing sales?AppendixLO1
(Appendix 5A) If fixed manufacturing overhead costs arc released from inventory under absorption costing, what does this tell you about the level of production in relation to the level of
(Appendix 5 A) If production exceeds sales, which method would you expect to show the higher net operating income, variable costing or absorption costing? Why?AppendixLO1
(Appendix 5A) Explain how fixed manufacturing overhead costs are shifted from one period to another under absorption costing.AppendixLO1
(Appendix 5A) Are selling and administrative expenses accounted for as product costs or as period costs under variable costing?AppendixLO1
What is the basic difference between absorption costing and variable costing?AppendixLO1
What is the contribution margin?AppendixLO1
What is the difference between the contribution approach to the income statement and the traditional approach to the income statement?AppendixLO1
What is meant by the term least-squares regression?AppendixLO1
Once a line has been drawn in the quick-and-dirty method, how does one determine the fixed cost element? The variable cost element?AppendixLO1
Give the general formula for a mixed cost. Which term represents the variable cost? The fixed cost?AppendixLO1
What methods are available for separating a mixed cost into its fixed and variable elements using past records of cost and activity data? Which method is considered to be most accurate?
What is the major disadvantage of the high-low method?AppendixLO1
Does the concept of the relevant range apply to fixed costs? Explain.AppendixLO1
Classify the following fixed costs as normally being either committed or discretionary:a. Depreciation on buildings.b. Advertising.c. Research.d. Long-term equipment leases.e. Pension payments to the
Distinguish between discretionary fixed costs and committed fixed costs.AppendixLO1
Managers often assume a strictly linear relationship between cost and volume. How can this practice be defended in light of the fact that many costs are curvilinear?AppendixLO1
Distinguish between (a) a variable cost, (b) a mixed cost, and (c) a step-variable cost. Chart the three costs on a graph, with activity plotted horizontally and cost plotted vertically.AppendixLO1
What is meant by an activity base when dealing with variable costs? Give several examples of activity bases.AppendixLO1
Define the following terms: (a) cost behavior, and (b) relevant range.AppendixLO1
What effect does an increase in volume have on—a. Unit fixed costs?b. Unit variable costs?c. Total fixed costs?d. Total variable costs?AppendixLO1
Distinguish between (a) a variable cost, (b) a fixed cost, and (c) a mixed cost.AppendixLO1
Preparation of Quantity Schedule—Weighted-Average Method (L03)Hielta Oy, a Finnish company, processes wood pulp for various manufacturers of paper products. Data relating to tons of pulp processed
Computation of Equivalent Units—Weighted-Average Method (L02)Clonex Labs, Inc., uses a process costing system. The following data are available for one department for October:Work in process,
Process Costing Journal Entries (LO I)Quality Brick Company produces bricks in two processing departmentsrelating to the company's operations in March follows:-Molding and Firing. Informationa. Raw
Under process costing, it is often suggested that a product is like a rolling snowball as it moves from department to department. Why is this an apt comparison?AppendixLO1
What is a quantity schedule, and what purpose does it serve?AppendixLO1
What is meant by the term equivalent units ofproduction when the weighted-average method is used?AppendixLO1
Assume again that a company has two processing departments, Mixing and Firing. Explain what costs might be added to the Firing Department's Work in Process account during a period.AppendixLO1
Assume that a company has two processing departments. Mixing and Firing. Prepare a journal entry to show a transfer of partially completed units from the Mixing Department to the Firing
How many Work in Process accounts are maintained in a company using process costing?AppendixLO1
Why is cost accumulation easier under a process costing system than it is under a job-order costing system?AppendixLO1
Costs are accumulated by job in a job-order costing system; how are costs accumulated in a process costing system?AppendixLO1
In what ways are job-order and process costing similar?AppendixLO1
Under what conditions would it be appropriate to use a process costing system?AppendixLO1
Progressive Applications Corporation, a developer and distributor of business applications software, has been in business for five years. The company’s main products include programs used for list
the company’s clothing lines are manufactured by contract manufacturers around the world. A division manager is responsible for each of the company’s retail divisions. Each division’s
AccuSound Corporation manufactures printed circuits for stereo amplifiers. A common product defect is a “drift” caused by failure to maintain precise heat levels during the production process.
Susan Lopez, a consultant with Deloitte & Young, has just begun an engagement at Four Corners Airlines, which is based in Santa Fe, New Mexico. The company has fallen on hard times of late despite
Use the Internet to access the Web site for one of the following companies, or any other company of your choosing.Avis Car Rental www.avis.com Expedia.com www.expedia.com Holland America Line
Give an example of managerial accounting information that could help a manager make each of the following decisions.1. The president of Budget Car Rental is deciding whether to add luxury cars to the
1–24. Define the term strategic cost management
1–23. Name several activities in the value chain of (a) a manufacturer of cotton shirts and (b) an airline.
1–22. What do you think it means to be a professional? In your view, are managerial accountants professionals?
1–21. A large manufacturer of electronic machinery stated the following as one of its goals: “The company should become the low-cost producer in its industry.” How can managerial accounting
1–20. Can managerial accounting play an important role in a nonprofit organization? Explain your answer.
1–19. Managerial accounting is an important part of any enterprise’s management information system. Name two other information systems that supply information to management.
1–18. What is meant by the term non-value-added costs?
1–17. Briefly explain what is meant by each of the following ethical standards for managerial accountants: competence, confidentiality, integrity, and credibility.
1–16. Define and explain the significance of the term CMA.
1–15. Evaluate the following statement: “If a resource has unused capacity, that capacity is lost forever.”
1–14. Explain the following terms: practical capacity, cost of resources supplied, cost of resources used, and cost of resources unused.
1–13. What is the chief difference between manufacturing and service industry firms?
1–12. What is meant by the following statement? “Managerial accounting often serves an attention-directing role.”
1–11. What does the following statement by a managerial accountant at Caterpillar imply about where in the organization the managerial accountants are located? “[We]are a partner with all of the
1–10. How could your college or university use the concepts in the balanced scorecard? List two possible performance measures that would be relevant to a college or university, for each of the
1–9. Distinguish between the following two accounting positions:controller and treasurer.
1–8. Distinguish between line and staff positions. Give two examples of each in a university setting.
1–7. Distinguish between cost accounting and managerial accounting.

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