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introduction to managerial accounting

Questions and Answers of Introduction To Managerial Accounting

1–6. List and describe four important differences between managerial and financial accounting.
1–5. Give examples of how each of the objectives of managerial accounting activity would be important in an airline company such as American Airlines.
1–4. Give examples of each of the four primary management activities in the context of a national fast-food chain such as Burger King.
1–3. List and define the four basic management activities.
1–2. List two plausible goals for each of these organizations:Amazon.com, American Red Cross, General Motors, Walmart, the City of Seattle, and Hertz.
1–1. According to some estimates, the volume of electronic commerce transactions exceeds $3 trillion. Businessto-business transactions account for almost half of this amount. What changes do you
1-10 Describe the ethical responsibilities and ethical standards that apply to managerial accounting
1-9 Discuss the professional organizations and certifications in the field of managerial accounting.
1-8 Explain how investments in capacity affect managerial decision making.
1-7 Explain the value chain concept.
1-6 Describe the roles of an organization’s chief financial officer (CFO) or controller, treasurer, and internal auditor.
1-5 Describe the accounting and finance structure in an organization.
1-4 Explain the major differences between managerial and financial accounting.
1-3 List and describe five objectives of managerial accounting activity.
1-2 Explain four fundamental management processes that help organizations attain their goals.
1-1 Define managerial accounting and describe its role in the management process.
Cost Flows in Activity-Based Costing (L02, L05)Sylvan Company uses activity-based costing to determine product costs for external financial reports. The company's partially completed Manufacturing
Customers (L02, L03, L04)Jordan's Lakeside is a popular restaurant located on Lake Washington in Seattle. The owner of the restaurant has been trying to better understand costs at the restaurant and
Hunter Corporation uses activity-based costing to determine product costs for external financial reports. At the beginning of the year, management made the following estimates of cost and activity in
Contrast Activity-Based Costing and Conventional Product Costs CHECK FIGURE(L02, L03, L04) (2b) X200 unit product Ellix Company manufactures two models of ultra-high fidelity speakers, the X200 model
Activity-Based Costing Cost Flows (L02, L03, L05)Munoz Corporation uses activity-based costing to determine product costs for external financial reports. At the beginning of the year, management made
Activity-Based Costing Cost Flows and Income Statement (L02, L05)Aucton Corporation is a manufacturing company that uses activity-based costing for its external financial reports. The company's
Contrasting ABC and Conventional Product Costs (L02, L03, L04)For many years, Zapro Company manufactured a single product called a mono-relay. Then three years ago, the company automated a portion of
Contrasting ABC and Conventional Product Costs (L02, L03, L04)Siege! Corporation manufactures a product that is available in both a deluxe and a regular model. The compan>has made the regular model
ABC Cost Hierarchy (LO I)Juneau Company manufactures a variety of products in a single facility. Consultants hired by the company to do an activity-based costing analysis have identified the
Contrast ABC and Conventional Product Costs (L02, L03, L04)Harrison Company makes two products and uses a conventional costing system in which a single plantwide predetermined overhead rate is
for Sylvan Company. Activities during the year were distributed across the company's four products as follows:Activity Cost Pool Product A Labor related (DLHs) 8,000 Purchase orders (orders) 1 00
Assigning Overhead to Products in ABC (L03)Refer to the data in Exercise
Computing ABC Product Costs (L02, L03)Fogerty Company makes two products, titanium Hubs and Sprockets. Data regarding the two products follow:Hubs Sprockets Direct Labor-Hours per Unit 0.80 0.40
Cost Hierarchy and Activity Measures (LO I)The following activities are carried out in Greenberry Company, a manufacturer of consumer goods.a. Direct labor workers assemble a product.b. Engineers
Cost Flows in an ABC System (L05)Larker Corporation implemented activity-based costing several years ago and uses it for its external financial reports. The company has four activity cost pools,
Contrast ABC and Conventional Product Costs (L04)Midwest Industrial Products Corporation makes two products, Product H and Product L. Product H is expected to sell 50,000 units next year and Product
Compute ABC Product Costs (L03)Klumper Corporation is a diversified manufacturer of industrial goods. The company's activity-based costing system contains the following six activity cost pools and
Compute Activity Rates (L02)Kramer Corporation is a diversified manufacturer of consumer goods. The company's activity-based costing system has the following seven activity cost pools:Estimated
The following activities occur at Greenwich Corporation, a company that manufactures a variety of products.a. Receive raw materials from suppliers.b. Manage parts inventories.c. Do rough milling work
What are the major limitations of activity-based costing?AppendixLO1
What are the three major ways in which activity-based costing improves the accuracy of product costs?AppendixLO1
Why do overhead costs often shift from high-volume products to low-volume products when a company switches from a conventional costing method to activity-based costing?AppendixLO1
Why is activity-based costing described as a "two-stage" costing method?AppendixLO1
What are the four hierarchical levels of activity discussed in the chapter?AppendixLO1
Why do departmental overhead rates sometimes result in inaccurate product costs?AppendixLO1
Why is activity-based costing growing in popularity?AppendixLO1
What are the three common approaches for assigning overhead costs to products?AppendixLO1
General Instrumentation Company manufactures dashboard instruments for heavy construction equipment.The firm is based in Baltimore, but operates several divisions in the United States, Canada, and
InterGlobal Industries is a diversified corporation with separate operating divisions. Each division’s performance is evaluated on the basis of profit and return on investment.The Air Comfort
Holiday Entertainment Corporation (HEC), a subsidiary of New Age Industries, manufactures go-carts and other recreational vehicles. Family recreational centers that feature not only go-cart tracks
Provo Consolidated Resources Company (PCRC) has several divisions. However, only two divisions transfer products to other divisions. The Mining Division refines toldine, which is then transferred to
Clearview Window Company manufactures windows for the home-building industry. The window frames are produced in the Frame Division. The frames are then transferred to the Glass Division, where the
Cape Cod Lobster Shacks, Inc. (CCLS) is a seafood restaurant chain operating throughout the northeast.The company has two sources of long-term capital: debt and equity. The cost to CCLS of issuing
Megatronics Corporation, a massive retailer of electronic products, is organized in four separate divisions.The four divisional managers are evaluated at year-end, and bonuses are awarded based on
Refer to Exhibit 13–3. Prepare a similar table of the changing ROI assuming the following accelerated depreciation schedule. Assume the same income before depreciation as shown in Exhibit 13–3.
Wyalusing Industries has manufactured prefabricated houses for over 20 years. The houses are constructed in sections to be assembled on customers’ lots. Wyalusing expanded into the precut housing
Refer to the data in the preceding exercise for Golden Gate Construction Associates. The company has two divisions: the real estate division and the construction division. The divisions’ total
Cathy’s Classic Clothes is a retailer that sells to professional women in the northeast. The firm leases space for stores in upscale shopping centers, and the organizational structure consists of
Visit the website of a major bank, e.g., Citibank at www.citibank.com. Explore the website to learn about the bank’s services and operations.Required:1. What do you think the bank’s overall,
After designing your company, design a set of performance reports for the subunits you identified in your chart. Make up numbers for the performance reports, and show the relationship between the
Here is your chance to be a tycoon. Create your own company. You will be the president and chief executive officer. It could be a manufacturer, retailer, or service industry firm, but not a hotel or
Data Screen Corporation is a highly automated manufacturing firm. The vice president of finance has decided that traditional standards are inappropriate for performance measures in an automated
Hiawatha Hydrant Company manufactures fire hydrants in Oswego, New York. The following information pertains to operations during May.Processing time (average per batch)
Visit the website for one of the following companies, or a different company of your choosing Marriott www.marriott.com McDonald’s www.mcdonalds.com Bank of America www.bankofamerica.com Yum Brands
Xerox Corporation has been an innovator in its responsibility-accounting system. In one initiative, management changed the responsibility-center orientation of its Logistics and Distribution
Saddle River Electronics Company manufactures complex circuit boards for the aerospace industry.Demand for the company’s products has fallen in recent months, and the firm has cut its production
How should a responsibility-accounting system handle each of the following scenarios?1. Department A manufactures a component, which is then used by Department B. Department A recently experienced a
For each of the following organizational subunits, indicate the type of responsibility center that is most appropriate.1. A movie theater in a company that operates a chain of theaters.2. A radio
12–26. Explain how an improvement in employee retention(a Learning and Growth measure) could flow through each of the balanced scorecard perspectives to result in improved financial performance.
12–25. Using the measures selected in question 12–24, explain the difference between lead and lag measures.
12–24. Using the Internet, identify the organizational strategy for a company of your choosing and suggest two performance measures in each of the four balanced scorecard categories.
12–23. Give an example of a gain sharing plan that could be implemented by an airline.
12–22. What is meant by aggregate productivity, and what are its limitations?
12–21. List four examples of customer acceptance measures.
12–20. Define the term manufacturing cycle efficiency.
12–19. List seven areas in which nonfinancial, operational performance measures are receiving increased emphasis in today’s manufacturing environment.
12–18. What is meant by customer profitability analysis?Give an example of an activity that might be performed more commonly for one customer than for another.
12–17. Can a common cost for one segment be a traceable cost for another segment? Explain your answer.
12–16. List and explain three key features of the segmented income statement shown in Exhibit 12–7.
12–15. Why is it important in responsibility accounting to distinguish between segments and segment managers?
12–14. Why do some managers and accountants choose not to allocate common costs in segmented reports?
12–13. Explain what is meant by a segmented income statement.
12–12. Referring to Exhibit 12–5, why are marketing costs distributed to the Waikiki Sands Hotel’s departments on the basis of budgeted sales dollars?
12–11. Define the term cost allocation base. What would be a sensible allocation base for assigning advertising costs to the various components of a large theme park?
12–10. Explain how and why cost allocation might be used to assign the costs of a mainframe computer system used for research purposes in a university.
12–9. Give an example of a common resource in an organization.List some of the opportunity costs associated with using the resource. Why might allocation of the cost of the common resource to its
12–8. Define and give examples of the following terms: cost pool, cost object, and cost allocation (or distribution).
12–7. “Performance reports based on controllability are impossible.Nobody really controls anything in an organization!”Do you agree or disagree? Explain your answer.
12–6. Explain how to get positive behavioral effects from a responsibility-accounting system.
12–5. What is the key feature of activity-based responsibility accounting? Briefly explain.
12–4. Explain the relationship between performance reports and flexible budgeting.
12–3. Under what circumstances would it be appropriate to change the Waikiki Sands Hotel from a profit center to an investment center?
12–2. Define and give examples of the following terms: cost center, revenue center, profit center, and investment center.
12–1. Why is goal congruence important to an organization’s success? How does a responsibility-accounting system foster goal congruence?
Tuscarora Door Company manufactures high-quality wooden doors used in home construction. The following information pertains to operations during April. (Times are average per batch.)Waiting time
James Madison National Bank has a division for each of the two counties in which it operates, Cayuga and Oneida. Each divisional vice president is held accountable for both profit and invested
12-7 Describe the balanced scorecard concept and explain the reasoning behind it.
12-6 Describe the operational performance measures appropriate for today’s production environment.
12-5 Prepare a segmented income statement.
12-4 Use a cost allocation base to allocate costs.
12-3 Prepare a performance report and explain the relationships between the performance reports for various responsibility centers.
12-2 Define and give an example of a cost center, a revenue center, a profit center, and an investment center.
12-1 Explain the role of responsibility accounting in fostering goal congruence.
III–2. Explain the differences in the basic philosophies underlying the JIT and EOQ approaches to inventory management

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