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business
management accounting

Questions and Answers of Management Accounting

P2.8 George Jarvis purchased a trailer park on January 1, 0004. It is now March 31. George has no accounting training but has kept a record of his cash receipts and cash payments for the three months
P2.7 Using the adjusted trial balance shown below, prepare a balance sheet in vertical report format. Identify each account using specific categories and classifications such as current assets,
P2.6 With reference to the information provided for Cindy’s Restaurant in Problem 2.5:a. Calculate the contributory income percentage for each of the three divisions.b. If there were a shift of
P2.5 Cindy’s Restaurant has three revenue divisions with direct costs and average monthly figures given in the following information:
P2.4 The following information is taken from a perpetual inventory record.Perpetual Inventory Control Record Description: M & B Supreme Date Purchase Received Issued Sales Units Unit Cost June 1
P2.3 Dee’s Steak House has separate food and bar operations. Calculate food cost of sales and net food cost of sales for August. The following information is provided:Food inventory, August 1
P2.2 The Purple Rose Restaurant has the following food cost information for a given month. Calculate the food cost of sales and net food cost of sales for March. The following information is
P2.1 Prepare a food department income statement in proper format for the Midlands Restaurant from the following information for the first quarter ended on March 31, year 0004 (other income was
E2.12 A food division reported cost of sales—food of $48,280. Employees meals cost $800, complimentary meals $80, and transfers in were received from the bar operation with a cost of $120.
E2.11 A food division had beginning inventory of $4,800, purchases of $12,200, and ending inventory of $3,200. Determine the cost of goods available and cost of sales—food.
E2.10 A department with three operating divisions reported the sales revenues for each of its divisions. Determine the percentage of sales revenue provided by each division:
E2.9 Indirect, undistributed costs of $8,000 are to be allocated to several departments. Two different allocation methods are being considered. Calculate the amount to be allocated for one department
E2.8 Match each of the terms in the left column with the account categories given in the right column.a. Total assets—Total liabilities 1. Fixed assetb. Revenue—Total expenses 2. Liabilitiesc.
E2.7 A department has two operating divisions: Food service with sales revenue of $950,000 and a bar-lounge with sales revenue of $550,950.Calculate the sales revenue of each division as a percentage
E2.5 A hospitality operation began with retained earnings of $126,000. During the year, cash dividends of $55,200 were paid to the owners. Net income for the year was $228,000. Answer the
E2.4 Identify the missing dollar amounts in the equation shown below:Beginning inventory Purchases Ending inventory Cost of sales$40,000 ? $20,000 $100,000
E2.3 A new restaurant purchased the following wine during the first month of operations:March 2: Purchased 12 750ml bottles of M & B wine @ $12.00 each.March 16: Purchased 24 750ml bottles of M & B
E2.2 What is the key word that defines the difference between direct cost and indirect cost?
E2.1 A hospitality operation may maintain a number of different inventory accounts. What determines if an inventory account is classified as a current asset or an other asset?
20. Define the term paid-in capital, excess of par.
19. Define and discuss the weighted average method of inventory control method.
18. Discuss the difference between periodic and perpetual inventory control methods.
17. Explain how the account format of a balance sheet presentation differs from the report format.
16. Why are guest deposits and credit balances on customer accounts shown as current liabilities?
15. Define retained earnings and explain how ending retained earnings is determined.
14. How do current assets differ from fixed assets?
13. For each of the following balance sheet categories, name three accounts and briefly discuss each one:a. Current assetsb. Current liabilitiesc. Fixed assets
12. Why should a change in the revenue mix among departments have any effect on net income, even if there is no change in total revenue?
11. Discuss some specific types of indirect expenses and an appropriate method or methods to allocate them to individual operating departments.
10. Briefly discuss four types of adjustments that may be necessary to convert cost of sales—food, to net cost of sales—food.
9. State the equation for calculating cost of sales and the net cost of sales.
8. What is the difference between FIFO and LIFO inventory control?
7. Explain the terms responsibility accounting and differentiate a profit center from a cost center.
6. In a departmental organization, what is the difference between direct expenses and indirect expenses?
5. What is departmental contributory income?
4. Briefly describe two limitations of a balance sheet.
3. What are the differences between a balance sheet and an income statement?
2. Of what value is the Uniform System of Accounts?
1. Why do managers of a motel or food service operation need financial statements?
11 Prepare a balance sheet in proper format and state the two forms of balance sheet presentations. Discuss the importance and limitations of a balance sheet.
10 Define, calculate, and explain the purpose of retained earnings.
9 List and give an example of each of the six major categories (classifications) of accounts that may appear on a balance sheet.
8 Explain the effect a specific change in interdepartmental revenue mix will have on overall operating income (income before tax).
7 Discuss the concept of responsibility accounting.
6 Prepare income statements in proper format.
5 Calculate the value of ending inventory using each method discussed, and demonstrate possible adjustments to find the net cost of sales.
4 Using examples, describe the difference between a direct cost, indirect cost, and undistributed costs (expenses).
3 Define and explain the difference between a balance sheet and an income statement.
2 Explain the value of a uniform system of accounts.
1 Explain the main purpose of the income statement and balance sheet.
P1.5 Art Angel operated a small seasonal lake marina, renting boats and selling snacks. He rents marina space for four months in Year 2004, from May 15 to September 15, for $800 per month. He started
P1.4 Joe Fast started a mobile snack food service on January 2, 2003, investing $12,000 cash deposited in a bank account in the name of “Fast Snacks.” He purchased a second-hand, fully equipped
P1.3 The following transactions occurred for a new motel prior to and during the first month of business operations. Study the motel transactions shown below and record the necessary journal entries,
P1.2 A friend has asked you to look at the accounts of his small restaurant and recommend the end-of-period adjusting entries. After viewing the accounts, it was apparent that the following adjusting
P1.1 Study the restaurant transactions for the month of March 2004 shown below, and record the necessary journal entries, skipping a line between each entry. Journal entries and modified T ledger
E1.12 A restaurant pays $9,000 for six months building rent in advance and recognizes rental expense every month.a. What is the monthly rental expense?b. Journalize the monthly adjusting
E1.11 A business using the cash basis of accounting cannot locate all of its records for a given month of operations. Beginning cash was $14,840 and ending cash was $11,320. Cash payments of $148,000
E1.10 Referring to the journal entries you completed for E1.9, (a) and (c), name and post the journal entries using modified T account format as shown below.Name: Cash Debit Credit Balance(Beginning
E1.9 A restaurant paid $9,600 cash in advance for liability and casualty insurance for two years of coverage:a. Journalize the transaction for the payment.Account Title Debit Creditb. What is the
E1.8 Equipment was purchased for $46,000 with an estimated life of five years and residual value is estimated at $2,000. What is depreciation expense for the first year using each of the following
E1.7 A new van was purchased for $40,000 and was estimated to have a life of five years or 120,000 miles; residual value is estimated to be $4,000.In the first year of use, the van was driven for
E1.6 Equipment was purchased for $98,000. The equipment is estimated to have a serviceable life of 10 years and a residual value of $2,000. Using straight-line depreciation, answer the following:a.
E1.5 At the end of an accounting period, it was determined that wages of employees ($680) and management salaries ($800) have been earned. Journalize the entry to accrue the wages and salaries
E1.4 Write the abbreviated linear equation for the balance sheet and income statement.Balance sheet equation _______________________________________ Income statement equation
E1.3 Identify the normal balance as debit or credit for each of the following categories of accounts:Ownership Sales Operating Account: Assets Liabilities Equity Revenue Expenses Balance: ______
E1.2 Write a short explanation of the following terms:a. Operating incomec. Net lossb. Net incomed. Breakeven
E1.1 A number of accounting principles and concepts (such as the matching principle) were discussed in this chapter. For each of the following situations, state which principle or concept is
16. Under what circumstances might the individual account balances not be correct even though a trial balance is in balance?
15. A restaurant has purchased a new electronic point-of-sale register. With adequate maintenance the machine could last 10 years; however, with the rapid advance of technological improvements, it is
14. Explain how the book value of a depreciable asset is determined.
13. Describe the straight-line and units-of-production methods of depreciation.
12. Describe the double-declining balance and the sum-of-the-years’-digits depreciation equations.
11. Explain the concept of accelerated depreciation discussed in this chapter.
10. What is the purpose of an accumulated depreciation account?
9. Define the concept of depreciation.
8. A hotel shows office supplies such as stationery on its balance sheet as a$500 asset, even though to any other hotel these supplies might have a value only as scrap paper. Which accounting
7. Discuss why adjusting entries is necessary at the end of each operating period are made before the end-of-period financial statements are prepared.
6. Why is the rule for debit and credit entries the same for liability and owners’ equity accounts?
5. Explain if it is possible for a transaction to affect an asset account without also affecting some other asset or a liability or owners’ equity account.
4. Explain why a ledger account has only a debit and credit column to receive dollar value entries.
3. Using examples, give a short description of five accounting principles or concepts using examples.
2. In what way can a business manager use accounting information?
1. Explain the major difference between cash and accrual accounting.
9 Complete an analysis to convert a business entity from cash to an accrual accounting basis.
8 Demonstrate the use of four depreciation methods.
7 Explain and demonstrate end-of-period adjusting entries required by the matching principle.
6 Complete an unadjusted trial balance, balance sheet, and income statement.
5 Explain the income statement and its major elements as discussed and applied to the hospitality industry.
4 Explain and demonstrate the difference between journalizing and posting of an accounting transaction.
3 Explain the basic balance sheet equation: Assets Liabilities Owner’s Equity.
2 Explain the rules of debits and credits and their use as applied to doubleentry accounting by increasing or decreasing an account balance of the five basic accounts; Assets, Liabilities, Ownership
1 Define and explain the accounting principles, concepts, and the conceptual difference between the cash and accrual methods of accounting.
Literature review:‘Development constructs the contemporary Third World, silently, without our noticing it. By means of this discourse, individuals, governments, communities are seen as “under
Extended bibliography:Write an extended bibliography on the development of a new form of management accounting in development discourse. For this, you need to do a literature survey in major
Presentation:Prepare a set of PowerPoint slides, together with notes if necessary, for a 30-minute presentation on the following theme:‘Development is both a discourse and text requiring the
Poster:Draw a poster showing how the roles of development accounting evolved from its formative phase to the contemporary neoliberal phase.
Thematic essay:‘Development has accounting, and accounting has development’.Elaborate this statement to write an essay, of approximately 3,000 words, which articulates a possible reciprocity of
Literature review:Suppose you are writing a thesis/dissertation on strategic management accounting.You intend to review critical accounting and management literature in order to explain the
Extended bibliography:Write an extended bibliography on the topic ‘sustainability and management accounting’.For this, you need to do a literature survey in major accounting journals and edited
Presentation:Prepare a set of PowerPoint slides, together with notes if necessary, for a 30-minute presentation on the following theme:‘Sustainability involves offering organizations a new set of

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