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introduction to managerial accounting

Questions and Answers of Introduction To Managerial Accounting

8–2. Timing is the key in distinguishing between absorption and variable costing. Explain this statement.
8–4. When inventory increases, will absorption-costing or variable-costing income be greater? Why?
8–5. Why do many managers prefer variable costing over absorption costing?
8–6. Explain why some management accountants believe that absorption costing may provide an incentive for managers to overproduce inventory.
8–7. Will variable and absorption costing result in significantly different income measures in a JIT setting? Why?
8–9. Why do proponents of variable costing prefer variable costing when making pricing decisions?
8–10. Which is more consistent with cost-volume-profit analysis, variable costing or absorption costing? Why?
8–11. Explain how the accounting definition of an asset is related to the choice between absorption and variable costing.
8–12. List and define four types of product quality costs.
8–13. Explain the difference between observable and hidden quality costs.
8–14. Distinguish between a product’s quality of design and its quality of conformance.
8–15. What is meant by a product’s grade, as a characteristic of quality? Give an example in the service industry.
8–16. “An ounce of prevention is worth a pound of cure.”Interpret this old adage in light of Exhibit 8–6.
8–17. Briefly explain the purpose of a cause-and-effect (or fishbone) diagram.
8–18. Define the following types of environmental costs: private, social, visible, hidden, monitoring, abatement, and both on-site and off-site remediation.
8–19. Explain three strategies of environmental cost management.
Manta Ray Company manufactures diving masks with a variable cost of $25. The masks sell for $34.Budgeted fixed manufacturing overhead for the most recent year was $792,000. Actual production was
Information taken from Tuscarora Paper Company’s records for the most recent year is as follows:Required:1. Assuming Tuscarora Paper Company uses variable costing, compute the inventoriable costs
Easton Pump Company’s planned production for the year just ended was 20,000 units. This production level was achieved, and 21,000 units were sold. Other data follow:The cost per unit remained the
Pandora Pillow Company’s planned production for the year just ended was 10,000 units. This production level was achieved, but only 9,000 units were sold. Other data follow:The cost per unit
Bianca Bicycle Company manufactures mountain bikes with a variable cost of $200. The bicycles sell for $350 each. Budgeted fixed manufacturing overhead for the most recent year was $2,200,000.
Information taken from Allied Pipe Company’s records for the most recent year is as follows:Required:1. Assuming Allied Pipe Company uses absorption costing, compute the inventoriable costs for the
Visit the website for one of the following companies, or a different company of your choosing.Required: Read about the company’s products and operations. Discuss the pros and cons of absorption and
San Mateo Circuitry manufactures electrical instruments for a variety of purposes. The following costs related to maintaining product quality were incurred in May.Required: Prepare a quality-cost
Visit the website of Interface, Inc. at http://www.interfaceglobal.com. Read about its efforts toward sustainable development by clicking on the “Sustainability” link.Required:What is
Skinny Dippers, Inc. produces nonfat frozen yogurt. The product is sold in five-gallon containers, which have the following price and variable costs.Budgeted fixed overhead in 20x1, the company’s
Yellowstone Company began operations on January 1 to produce a single product. It used an absorption costing system with a planned production volume of 100,000 units. During its first year of
Outback Corporation manufactures tactical LED flashlights in Brisbane, Australia. The firm uses an absorption costing system for internal reporting purposes; however, the company is considering using
Great Outdoze Company manufactures sleeping bags, which sell for $65 each. The variable costs of production are as follows:Budgeted fixed overhead in 20x1 was $200,000 and budgeted production was
Dayton Lighting Company had operating income for the first 10 months of the current year of $200,000.One hundred thousand units were manufactured during this period (the same as the planned
Emerson Corporation just completed its first year of operations. Planned and actual production equaled 10,000 units, and sales totaled 9,600 units at $72 per unit. Cost data for the year are as
Chataqua Can Company manufactures metal cans used in the food-processing industry. A case of cans sells for $50. The variable costs of production for one case of cans are as followsVariable selling
Laser News Technology, Inc. manufactures computerized laser printing equipment used by newspaper publishers throughout North America. In recent years, the company’s market share has been eroded by
As a group, take a walking tour of your campus and the surrounding community. Make a list of all of the environmental costs of which you see evidence.Required: Make a presentation to the class about
Lehighton Chalk Company manufactures sidewalk chalk, which it sells online by the box at $50 per unit. Lehighton uses an actual costing system, which means that the actual costs of direct material,
Refer to the information given in Case 8–42 for Lehighton Chalk Company. Selected information from Lehighton’s year-end balance sheets for its first two years of operation is as
9-1 Explain the relationship between financial planning and analysis and the master budget.
9-2 List and explain five purposes of budgeting.
9-3 Describe the similarities and differences in the operational budgets prepared by manufacturers, service-industry firms, merchandisers, and nonprofit organizations.
9-4 Explain the concept of activity-based budgeting and the logic it brings to the budgeting process.
9-5 Prepare each of the budget schedules that make up the master budget in a nonmanufacturing firm, and that exist in manufacturing budgets as well.
9-6 Prepare the additional master budget schedules required by a manufacturing firm.
9-7 Discuss the role of assumptions and predictions in budgeting.
9-8 Describe a typical organization’s process of budget administration.
9-9 Discuss the behavioral issues in budgeting.
SolarTech, Inc., manufactures a special ceramic tile used as a component in residential solar energy systems. Sales are seasonal due to the seasonality in the home-building industry.• The expected
9–1. Explain how a budget facilitates communication and coordination.
9–2. Use an example to explain how a budget could be used to allocate resources in a university.
9–3. Explain what a master budget is, and list five of its parts.
9–5. Give an example of how general economic trends would affect sales forecasting in the airline industry.
9–7. How does activity-based budgeting explain the logic of budgeting?
9–8. How does e-budgeting make use of the Internet?
9–9. Give three examples of how the City of Boston could use a budget for planning purposes.
9–10. Describe the role of a budget director.
9–11. What is the purpose of a budget manual?
9–12. How can a company’s board of directors use the budget to influence the future direction of the firm?
9–13. Discuss the importance of predictions and assumptions in the budgeting process.
9–14. Define the term budgetary slack, and briefly describe a problem it can cause.
9–15. How can an organization help to reduce the problems caused by budgetary slack?
9–16. Why is participative budgeting often an effective management tool?
9–17. Discuss this comment by a small-town bank president:“Budgeting is a waste of time. I’ve been running this business for 40 years. I don’t need to plan.”
9–18. List the steps you would go through in developing a budget to meet your college expenses.
9–19. Briefly describe three issues that create special challenges for multinational firms in preparing their budgets.
9–20. What are the primary differences in budgeting between manufacturing and nonmanufacturing firms?
Coyote Loco, Inc., a distributor of salsa, has the following historical collection pattern for its credit sales.The sales on account have been budgeted for the last seven months as
The following information is from Tejas WindowTint’s financial records.Collections from customers are normally 70 percent in the month of sale, 20 percent in the month following the sale, and 9
Sound Investments, Inc. is a large retailer of stereo equipment. The controller is about to prepare the budget for the first quarter of 20x2. Past experience has indicated that 75 percent of the
Metropolitan Dental Associates is a large dental practice in Chicago. The firm’s controller is preparing the budget for the next year. The controller projects a total of 48,000 office visits, to be
Spiffy Shades Corporation manufactures artistic frames for sunglasses. Talia Demarest, controller, is responsible for preparing the company’s master budget. In compiling the budget data for 20x1,
Mary and Kay, Inc., a distributor of cosmetics throughout Florida, is in the process of assembling a cash budget for the first quarter of 20x1. The following information has been extracted from the
Alpha-Tech, a rapidly growing distributor of electronic components, is formulating its plans for 20x5.Carol Jones, the firm’s marketing director, has completed the following sales forecastPhillip
Tulsa Chemical Company (TCC) produces and distributes industrial chemicals, TCC’s earnings increased sharply in 20x1, and bonuses were paid to the management staff for the first time in several
Scholastic Furniture, Inc. manufactures a variety of desks, chairs, tables, and shelf units that are sold to public school systems throughout the Midwest. The controller of the company’s Desk
Vista Electronics, Inc. manufactures two different types of coils used in electric motors. In the fall of the current year, Erica Becker, the controller, compiled the following data.• Sales
FreshPak Corporation manufactures two types of cardboard boxes used in shipping canned food, fruit, and vegetables. The canned food box (type C) and the perishable food box (type P) have the
Healthful Foods Inc., a manufacturer of breakfast cereals and snack bars, has experienced several years of steady growth in sales, profits, and dividends while maintaining a relatively low level of
“We really need to get this new material-handling equipment in operation just after the new year begins.I hope we can finance it largely with cash and marketable securities, but if necessary we can
2. Cash receipts budget:3. Purchases budget:4. Cash disbursements budget: Cash sales Cash collections from credit sales made during current month. Cash collections from credit sales made during
5. Complete the first three lines of the summary cash budget. Then do the analysis of short-term financing needs in requirement (6). Then finish requirement (5).Summary cash budget:6. Analysis of
Jeffrey Vaughn, president of Frame-It Company, was just concluding a budget meeting with his senior staff. It was November of 20x0, and the group was discussing preparation of the firm’s master
10-1 Describe the elements of a cost control system.
10-2 Describe two ways to set cost standards and distinguish between perfection and practical standards.
10-3 Compute and interpret the direct-material price and quantity variances and the direct-labor rate and efficiency variances.
10-4 Explain several methods for determining the significance of cost variances.
10-5 Describe some behavioral effects of standard costing.
10-6 Explain how standard costs are used in product costing.
10-7 Summarize some advantages of standard costing.
10-8 Explain several common criticisms of standard costing.
10-9 Prepare journal entries to record and close out cost variances (appendix).
In November, DCdesserts.com produced 3,000 multilayer fancy cakes and incurred the following actual costs for direct material and direct labor.Purchased 16,500 pounds of ingredients at $1.44 per
10–1. List the three parts of a control system, and explain how such a system works.
10–2. What is meant by the phrase management by exception?
10–3. Describe two methods of setting standards.
10–4. Distinguish between perfection and practical standards.Which type of standard is likely to produce the best motivational effects?
10–5. Describe how a bank might use standards.
10–6. Explain how standard material prices and quantities are set.
10–7. What is the interpretation of the direct-material price variance and the direct-material purchase price variance?
10–8. What manager is usually in the best position to influence the direct-material price variance?
10–9. What is the interpretation of the direct-material quantity variance?
10–10. What manager is usually in the best position to influence the direct-material quantity variance?

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