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introduction to managerial accounting

Questions and Answers of Introduction To Managerial Accounting

What is the cost of the materials that Nissan used (in millions)?a. $99b. $100c. $101d. $106 Suppose Nissan reports (in millions of dollars): Beginning raw materials inventory Ending raw
What is the cost of goods manufactured (in millions)?a. $149b. $150c. $151d. $152 Suppose Nissan reports (in millions of dollars): Beginning raw materials inventory Ending raw materials
What is the cost of goods sold (in millions)?a. $150b. $152c. $153d. $154 Suppose Nissan reports (in millions of dollars): Beginning raw materials inventory Ending raw materials inventory......
Which of the following is irrelevant to most business decisions?a. differential costsb. sunk costsc. variable costsd. qualitative factors
Indentify type of company from balance sheets (Learning Objective 1)The current asset sections of the balance sheets of three companies follow. Which company is a service company? Which is a
Identify types of companies and inventories (Learning Objective 1)Fill in the blanks with one of the following terms: manufacturing, service, merchandis¬ ing, retailer(s), wholesaler(s), raw
Label value chain functions (Learning Objective 2)List the correct value chain element for each of the six business functions described below.a. Delivery of products and servicesb. Detailed
Classify costs by value chain function (Learning Objective 2)Classify each of Hewlett-Packard’s (HP’s) costs as one of the six business functions in the value chain.a. Depreciation on Roseville,
Classify costs as direct or indirect (Learning Objective 3)Classify the following as direct or indirect costs with respect to a local Blockbuster store (the store is the cost object). In addition,
Give examples of manufacturing costs (Learning Objective 4)Consider Marvin Windows’ manufacturing plant. Give two examples of each of the following:a. Direct materialsb. Direct laborc. Indirect
Classify inventoriable and period costs (Learning Objective 4)Classify each of Georgia-Pacific’s costs as either inventoriable product costs or period costs. Georgia-Pacific is a manufacturer of
Classify a manufacturer’s costs (Learning Objective 4)Classify each of the following costs as a period cost or an inventoriable product cost. If you classify the cost as an inventoriable product
Classify costs incurred by a dairy processing company (Learning Objective 4) Each of the following costs pertains to DairyPlains, a dairy processing company. Classify each of the company’s costs as
Determine total manufacturing overhead (Learning Objective 4)Snap’s manufactures disposable cameras. Suppose the company’s March records include the items described below. What is Snap’s total
Compute Cost of Goods Sold for a merchandiser (Learning Objective S)Given the following information for Circuits Plus, an electronics e-tailer, compute the cost of goods sold. Web site maintenance...
Prepare a retailer’s income statement (Learning Objective 5)Salon Secrets is a retail chain specializing in salon-quality hair care products. During the year, Salon Secrets had sales of
Recalculate Cost of Goods Manufactured (Learning Objective 5)Turn to Exhibit 2-15. If direct material purchases and freight-in were $20,000 rather than $27,000, what would be the cost of direct
Calculate direct materials used (Learning Objective S)You are a new accounting intern at Sunny’s Bikes. Your boss gives you the following information and asks you to compute the cost of direct
Compute Cost of Goods Manufactured (Learning Objective 5)Smith Manufacturing found the following information in their accounting records: $524,000 of direct materials used, $223,000 of direct labor,
Consider relevant information (Learning Objective 6)You’ve been offered an entry-level marketing position at two highly respectable firms: one in Los Angeles, California, and one in Sioux Falls,
Classify costs as fixed or variable (Learning Objective 7)Classify each of the following personal expenses as either fixed or variable. In some cases, your answer may depend on specific
Identify types of companies and their inventories (Learning Objective 1)Complete the following statements with one of the terms listed here. You may use a term more than once, and some terms may not
Classify costs along the value chain for a retailer (Learning Objective 2)Suppose Radio Shack incurred the following costs at its Charleston, South Carolina, store:Requirements 1.Use the following
Classify costs along the value chain for a manufacturer (Learning Objectives 2,3) Suppose the cell phone manufacturer Samsung Electronics provides the following information for its costs last month
Classify costs as direct or indirect (Learning Objective 3)Classify each of the following costs as a direct cost or an indirect cost assuming the cost object is the produce department (fruit and
Define cost terms (Learning Objectives 3, 4)Complete the following statements with one of the terms listed here. You may use a term more than once, and some terms may not be used at all.a. _can be
Classify and calculate a manufacturer’s costs (Learning Objectives 3, 4)An airline manufacturer incurred the following costs last month (in thousands of dollars):Requirements 1. If the cost object
Prepare the current assest section of the balance sheet (Learning Objective 5) Consider the following selected amounts and account balances of Lords:Show how Lords reports current assets on the
Prepare a retailer’s income statement (Learning Objective 5)Robbie Roberts is the sole proprietor of Precious Pets, an e-tail business specializing in the sale of high-end pet gifts and
Compute direct materials used and cost of goods manufactured (Learning Objective 5)Danielle’s Die-cuts is preparing its Cost of Goods Manufactured Schedule at year-end. Danielle’s accounting
Compute cost of goods manufactured and cost of goods sold (Learning Objective 5)Compute the 2007 cost of goods manufactured and cost of goods sold for Strike Marine Company using the amounts
Continues E2-28; Prepare income statement (Learning Objective S)Prepare the 2007 income statement for Strike Marine Company in E2-28. Assume that the company sold 32,000 units of its product at a
Work backwards to find missing amounts (Learning Objective 5)Smooth Sounds manufactures and sells a new line of MP3 players. Unfortunately, Smooth Sounds suffered serious fire damage at its home
Determine whether information is relevant (Learning Objective 6)Classify each of the following costs as relevant or irrelevant to the decision at hand and briefly explain your reason.a. Cost of
Describe other cost terms (Learning Objectives 6, 7)Complete the following statements with one of the terms listed here. You may use a term more than once, and some terms may not be used at all.a.
Classify costs as fixed or variable (Learning Objective 7)Classify each of the following costs as fixed or variable:a. Thread used by a garment manufacturerb. Property tax on a manufacturing
Compute total and average costs (Learning Objective 7)Fizzy-Cola spends $1 on direct materials, direct labor, and variable manufacturing overhead for every unit (12-pack of soda) it produces. Fixed
Classify costs along the value chain (Learning Objectives 2, 4)ShaZam Cola produces a lemon-lime soda. The production process starts with workers mixing the lemon syrup and lime flavors in a secret
Prepare income statements (Learning Objective 5)Part One: In 2007, Hannah Summit opened Hannah’s Pets, a small retail shop selling pet supplies. On December 31, 2007, her accounting records show
Fill in missing amounts (Learning Objective 5)Certain item descriptions and amounts are missing from the monthly schedule of cost of goods manufactured and income statement of Pacific Manufacturing
Identify relevant information (Learning Objective 6)You receive two job offers in the same big city. The first job is close to your parents house, and they have offered to let you live at home for a
Calculate total and average costs (Learning Objective 7)The owner of New York Deli restaurant is disappointed because the restaurant has been averaging 4,000 sandwich sales per month, but the
Determine ending inventory balances (Learning Objective 5)PowerBox designs and manufactures switches used in telecommunications. Serious flooding throughout North Carolina affected PowerBox’s
Give examples of value chain functions (Learning Objective 2)Give an example of costs that E*TRADE (an online brokerage firm) might incur in each of the six business functions in the value chain.
To get a job as a management accountant in most companies, you must:a. join the IMAb. be certified as a CMAc. be certified as a CFMd. none of the above
Roles of managers (Learning Objective 1)Describe the four primary roles of managers and the way they relate to one another.
Contrast managerial and financial accounting (Learning Objective 2)Your roommate, who plans to specialize in international business, is considering whether to enroll in the second principles of
Roles and skills of management accountants (Learning Objective 3)Your friends call you a “bean counter” because you are taking an accounting class. Explain to them why they are wrong.
Role of internal audit function (Learning Objective 3)Explain what the role of the internal audit function is and why the internal audit func¬ tion usually reports to the CEO or CFO and the audit
Importance of ethical standards (Learning Objective 4)Explain why each of the four broad ethical standards in the IMA’s Statement of Ethical Professional Practice is necessary.
Violations of ethical standards (Learning Objective 4)The IMA’s Statement of Ethical Professional Practice (Exhibit 1-6) requires manage¬ ment accountants to meet standards regarding:•
Just-in-time management (Learning Objective 5)Is JIT more appropriate for Amazon.com, a book, music, and electronics e-tailer, or Mouton-Rothschild, a French winemaker specializing in fine red wines?
Cost-benefit analysis (Learning Objective 6)Consider the cost-benefit analysis for GE’s quality program discussed on page 24. Suppose GE’s managers now estimate an 85% chance that the projects
Managers’responsibilities (Learning Objective 1)Categorize each of the following activities as to which management responsibility it fulfills: planning, directing, controlling, or decision making.
Define key terms (Learning Objectives 1, 2)Complete the following statements with one of the terms listed here. You may use a term more than once, and some terms may not be used at all.a. Companies
Classify roles within the organization (Learning Objective 3)Complete the following statements with one of the terms listed here. You may use a term more than once, and some terms may not be used at
Describe needed skills and knowledge (Learning Objective 3)A study by the IMA found that management accountants need skills and knowledge above and beyond pure accounting knowledge. Describe the set
Professional organization and certification (Learning Objective 4)Complete the following sentences:a. The_is the professional association for management accountants.b. The institute offers two types
Ethical dilemma (Learning Objective 4)Mary Gonzales is the controller at Automax, a car dealership. She recently hired Cory Loftus as a bookkeeper. Loftus wanted to attend a class on Excel
Classify ethical responsibilities (Learning Objective 4)According to the IMA’s Statement of Ethical Professional Practice (Exhibit 1-6), man¬ agement accountants should follow four standards:
Define key terms (Learning Objectives 5, 6)Complete the following statements with one of the terms listed here. You may use a term more than once, and some terms may not be used at all.a. To account
Summarize the Sarbanes-Oxley Act (Learning Objective 5)You just obtained an entry-level job as a management accountant. Other newly hired accountants have heard of the Sarbanes-Oxley Act of 2002
JIT cost-benefit analysis (Learning Objective 6)Wild Rides manufactures snowboards. Shawn Mobbs, the CEO, is trying to decide whether to adopt JIT. He expects that in present-value terms, adopting
Summarize managerial accounting and recent business trends (Learning Objectives 1, 2, 3, 5)Your roommate is an engineering student who has developed a new marketable tech¬ nology as part of her
Ethical dilemmas (Learning Objective 4)Kate Royer is the new controller for ED Software, which develops and sells educa¬ tional software. Shortly before the December 31 fiscal year-end. Matt Adams,
ERP cost-benefit analysis (Learning Objectives 5, 6)As CEO of SeaSpray Marine, Ron Greenwood knows it is important to control costs and to respond quickly to changes in the highly competitive
Continuation of PI-21 A: revised probabilities (Learning Objectives 5, 6)P1-21A asked you to perform a quantitative analysis to help SeaSpray Marine’s man¬ agers decide whether to embark on the
E-commerce cost-benefit analysis (Learning Objectives 5, 6)Sun Gas wants to move its sales order system to the Web. Under the proposed system, gas stations and other merchants will use a Web browser
Continuation of P1-23A: revised probabilities (Learning Objectives 5, 6)Consider the Sun Gas proposed entry into e-commerce in PI-23A. Smith revises her estimates of the benefits from the new
Summarize managerial accounting and recent business trends (Learning Objectives 1, 2, 3, 5)One of your friends has taken a great interest in Australia and wants to import home decor items from
Ethical dilemmas (Learning Objective 4)Kara Williams is the new controller for Colors, a designer and manufacturer of sports¬ wear. Shortly before the December 31 fiscal year-end, Lashea Lucas (the
TQM cost-benefit analysis (Learning Objectives 5, 6)CRM manufactures computer disk drives. It sells these disk drives to other manufac¬ turers, which use them in assembling computers. CRM is having
Continuation of P1-27B: revised probabilities (Learning Objectives 5, 6)P1-27B asked you to perform a quantitative analysis to help CRM’s managers decide whether to embark on the project. Now
Information system cost-benefit analysis (Learning Objectives 5, 6)Smart Bank processes checks for smaller banks and insurance companies. When a cus¬ tomer complains that a check was not deposited
Continuation of P1-29B: revised probabilities (Learning Objectives 5, 6)Consider the Smart Bank project described in P1-29B. Smart Bank has revised its esti¬ mates of additional profits the bank is
Ethical standards (Learning Objective 4)The IMA’s Statement of Ethical Professional Practice (Exhibit 1-6) can be applied to more than just managerial accounting. It is also relevant to college
Ethical dilemma (Learning Objective 4)Ricardo Valencia recently resigned his position as controller for Tom White Automotive, a small, struggling foreign car dealer in Austin, Texas. Valencia has
Search the Internet for a nearby company that also has a Web page. Arrange an inter¬ view with a management accountant, a controller, or another accounting/finance officer of the company. Before you
Carter Hopkins Homes engaged in the following activities during the year:Purchased 1,500 shares of Google for \($412,000\) Sold 1,000 shares of Starbucks for \($9,000\) Purchased new equipment
The following items were gathered from Rindt Industries’ general ledger:RequiredUsing the indirect method, construct Rindt Industries’ statement of cash flows. Sale of marketable securities
The following items were gathered from Daniels Distributing’s general ledger:RequiredUsing the indirect method, construct Daniels Distributing’s statement of cash flows. Purchase of marketable
Charles & Colvard is the world’s sole manufacturer of artificially created moissanite, a stone used in fine jewelry. The company’s condensed statement of cash flows for the years 2006-2008
KB Home is one of the largest homebuilders in the United States. The cash flows provided by investing activities section of the company’s statement of cash flows for the years 2006-2008 follow (in
Casey’s General Stores, Inc. operates convenience stores, primarily in small Midwestern towns. The cash flows provided by financing activities section of the company’s statement of cash flows for
On January 1, 2010, Glass Industries’Accounts Receivable balance was $10,000; on December 31, 2010, it was \($18,000\). Sales revenue for the year was $145,780.Required Calculate the cash received
In its 2008 annual report, Kellogg Company reported Accounts Receivable of \($1,011\) million at the end of 2007 and \($1,143\) million at the end of 2008. Sales revenue for 2008 was \($12,822\)
At the end of 2007, Garmin Ltd.’s Accounts Payable balance was $341,053; at the end of 2008, it was \($160,094\). Assume that the company purchased \($1,951,523\) of inventory during 2008 and that
On January 1, 2010, Glass Industries’Inventory balance was $30,000; on December 31, 2010, it was \($26,000\). The company’s Accounts Payable balance was \($17,800\) on January 1, 2010 and
PepsiAmericas, Inc. manufactures, distributes, and markets a broad array of beverages. In its 2008 annual report, the company reported salaries and wages payable of \($71.3\) million at the end of
In its 2010 annual report, Navya Naturals reported accrued liabilities of \($10.01\) million at the end of 2010 and \($8.2\) million at the end of 2009. The company’s operating expenses for 2010
The following is a list of various activities from Geiers bach Grain’s latest year of operations.Required Using the direct method, construct Geiersbach Grains’ statement of cash flows. Sale of
Calculating residual income (LO 4) Refer to Exercise 10-8.Requireda. Calculate the residual income for the proposed new line of energy drinks.b. If Martin Koch is evaluated based on residual income,
ne Stationery makes personalized stationery of the highest quality. The company maintains a stock of blank note cards, call- ing cards, stationery, and envelopes. Customers order online, indicating
(adapted from Brian Ballou, Dan L. Heitger, and Richard Tabor, “Nonfinancial Performance Measures in the Healthcare Industry,” Management Accounting Quarterly (Fall 2003): 11-15)(LO 1, 2) East
What Does Strategy Mapping Have to Do with HR?” Human Capital Magazine, June 2007,http://www.hcamag.com/hca_aus/detail_article.cfm?articleID=940) (LO 1, 2) Wesley Roberts, the Human Resources
Manufacturing produces containers for nurseries and landscaping businesses. The company ‘~_ competes based on its low-cost, high-quality products. As the company’s expenses have risen, management
Mark is planning for his retirement this year. One option that has been presented to him is the purchase of an annuity that would provide a \($50,000\) payment each year for the next 20
Review the data provided in Exercise 9-1.Required Calculate the present value of each cash flow assuming an 8% discount rate.
Review the data provided in Exercise 9-1.Requireda. Calculate the net present value of the proposed equipment purchase. Assume that Metro uses a 12% discount rate.b. Do you recommend that Metro
Hannah’s House of Music wants to purchase Transposelt, a system that transposes any song in its database and prints sheet music in the requested key. This system allows singers to obtain sheet

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