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business
management accounting

Questions and Answers of Management Accounting

Classify the activities of Dr. Wells into the categories of strategy formulation, motivation, conflict management, authority and influence, cultural maintenance, management control, and patient
Was the management control structure (that is, the responsibility centers) of the MPP well designed? If not, how would you have changed it?
What is your assessment of the management control process of the MPP? How, if at all, would you have changed it?
What might Dr. Wells have done differently to achieve a smoother process of change in the department?
Atlantic University has eight schools, 350 faculty members, and 20,000 students. Ananalysis of the university 's cost structure yielded the following annual cost estimates.The university-sustaining
The Holiday Hotel provides a recreation center for the use of its guests and employees.The center also sells memberships to people in the local community. The center hassquash and racket ball court
Trans Western Airlines is considering a proposal to initiate air service betweenPhoenix, Arizona, and Las Vegas, Nevada. The route would be designed primarily toserve the recreation and tourist
Brantford Bat Company (BBC) manufactures popular baseball bats that are prized by professionaland amateur players. The current flexible cost of manufacturing the bat is $ 1 2per unit. The cost of
Hewtex Electronics manufactures two products, tape recorders and electronic calculators, and sells them nationally to wholesalers and retailers. The Hewtex management is very pleased with the
The Holiday Hotel provides a recreation center for the use of its guests and employees.The center also sells memberships to people in the local community. The center has squash and racket ball court
Brantford Bat Company (BBC) manufactures popular baseball bats that are prized by professional and amateur players. The current flexible cost of manufacturing the bat is $ 1 2 per unit. The cost of
Trans Western Airlines is considering a proposal to initiate air service between Phoenix, Arizona, and Las Vegas, Nevada. The route would be designed primarily to serve the recreation and tourist
Hewtex Electronics manufactures two products, tape recorders and electronic calculators, and sells them nationally to wholesalers and retailers. The Hewtex management is very pleased with the company
"I can't believe it. We just went through a study showing how my department could save money by using the central maintenance department. But the first month using this department shows that my costs
"I get overcharged by the Printing Department each month," declared Bud Perles, the manager of the Greene C_ompany's Advertising Department. "Even though my usage is down during the month, the total
Fort Erie Consumer Products manufactured a wide range of consumer products. To support all aspects of its acquisition, manufacturing, distribution, and marketing operations, the company maintained, a
Arlington Acoustics manufactures a line of quality speakers. The main production departments are Shipping, Assembly, and Fabrication. These departments are provided with services from centrally
Atlantic University has eight schools, 350 faculty members, and 20,000 students. An analysis of the university 's cost structure yielded the following annual cost estimates.The university-sustaining
The Darwin Co. has two main products, S and T, each of which is produced in a separate division. In order to.produce S and T, the Darwin Co. has two service departments, A and B, which supply
What is the defining feature of a long-term, or capital, asset?
What are the attributes of long-term assets? Why do organizations use capital budgeting to evaluate the acquisition of long-term assets?
What is the fundamental evaluation issue in dealing with a long-term asset?
What is an investment?
What does return mean?
What does time value of money mean?
Is it always true that money now is worth more than the same amount of money received a year from now?
What is future value of a dollar amount?
What is the role of future value in capital budgeting?
What is the compounding effect of interest?
What is present value of a dollar amount?
What is the significance and role of time zero in capital budgeting?
What is discounting?
Give an example of an annuity.
What is the most widely used approach to computing the cost of capital for evaluating new investments?
What is the discount rate?
What does payback period mean?
How is accounting rate of return defined?
What are inflows and outflows in capital budgeting?
Why are incremental cash flows important in capital budgeting?
Why do planners compute the present value of a sum that will be received in the future?
How is the idea of net present value used in capital budgeting?
What is internal rate of return?
How would you explain the idea of internal rate of return using nonfinancial terms?
How is profitability index defined?
How is economic value added computed?
What two major effects of taxes must be incorporated in capital budgeting decisions?
What is the difference between what-if analysis and sensitivity analysis?
What are the high low method and the expected value method of dealing with uncertainty of cash flows in capital budgeting?
What are two examples of possible strategic benefits provided by long-term assets?
Why are postimplementation audits useful?
How would you describe capital budgeting to someone who is intelligent but knows nothing about the time value of money or the concept of a required return on an investment?
Suppose you work for a bank and are proposing a system that customers can access from their home computers to do their banking. Only about one-half of the estimated cost of this system can be
Suppose you can earn a 6-month return of \(2.5 \%\) on invested cash. Which is a better deal: \(\$ 1,000\) at the end of 1 year or \(\$ 495\) at the end of 6 months and another \(\$ 495\) at the end
Explain the notion of compounding interest using an example.
Quintin is now 22 years old and has just started a new job. He is trying to decide whether to start investing for retirement now or to wait several years. Verify that investing a fixed amount at a
The "rule of 72 " states that the number of periods \(n\) that it will take to double an investment whose rate of return is \(r\) percent is approximately \(72 / r\). That is, \(n r\) is
You have won a lottery with an advertised prize of \(\$ 1,000,000\). The prize is to be paid in installments of \(\$ 100,000\) per year for the next 10 years. Is this prize really worth \(\$
You have been offered two annuities for the same price. Annuity 1 pays \(\$ 50,000\) per year at the end of the year for 10 years. Annuity 2 pays \(\$ 40,000\) per year at the end of the year for 20
Your credit card agreement states that interest on any outstanding balance is computed monthly and at the rate of \(1.25 \%\) on the outstanding balance. What is the effective annual interest rate on
Would you expect the cost of capital to be higher for an electric utility or a genetics laboratory? Explain.
McDonough Corporation is financed \(25 \%\) by debt with a pretax cost of \(8 \%, 20 \%\) by preferred shares with a pretax cost of \(12 \%, 35 \%\) by common equity with a pretax cost of \(16 \%\),
Lebar Company is considering two mutually exclusive investment alternatives. Lebar has a \(10 \%\) cost of capital. Following is the cash flow information for the two alternatives:a. Compute the net
Branson Manufacturing is considering purchasing a piece of equipment costing \(\$ 45,000\). The new equipment would create a new cash inflow of \(\$ 20,000\) at the end of the year for 5 years. At
Corporation has taxable income of \(\$ 300,000\) and an income tax rate of \(34 \%\). Simpson is considering selling an asset whose original cost is \(\$ 20,000\), with \(\$ 12,000\) of it
Suppose you are advising someone who is using capital budgeting to evaluate the purchase of a clothing store. What role might sensitivity analysis play in this evaluation?
Suppose you are using capital budgeting to evaluate two alternative business opportunities. Both require comparable investments and have comparable average cash flows. However, the cash flows of one
Discuss the advantages and disadvantages of each of the following as approaches to capital budgeting:a. Paybackb. Accounting rate of returnc. Net present valued. Internal rate of returne.
What is the difference between operating and financial budgets?
What are the similarities and differences between what-if and sensitivity analysis?
Why is it useful to decompose a flexible budget variance into a price variance and an efficiency (quantity) variance?
"If more experienced workers work on the job than planned in developing the labor standards, the labor efficiency variance is likely to be favorable, but the labor rate variance is likely to be
What are the three most common methods of setting the budget?
Consider a company that sells prescription drugs. It has salespeople who visit doctors and hospitals to encourage physicians to prescribe its drugs. The company sells to drugstores. Salespeople are
Some people say that budgets are great for planning but not for control. What do you think they mean? Do you agree with this sentiment? Explain.
For a university, identify a cost that you think is controllable in the short term and explain why. Identify a cost that you think is controllable in the intermediate term and explain why. Identify a
Many managers consider the pro forma financial statements to be the most important product of the master budgeting process. Why do you think they believe this?
Budgeting allows an organization to identify broad resource requirements so that it can develop plans to put needed resources in place. Use an example to illustrate why this might be valuable in a
Budgeting allows an organization to identify potential problems so that plans can be developed to avoid these problems or to deal with them systematically. Give an example of how budgeting might
Monthly cash budgets of inflows and outflows are an important part of the budgeting process in most organizations. In the course of preparing a cash budget, the organization must estimate its cash
Jeren Company is considering replacing its existing cutting machine with a new machine that will help reduce its defect rate. Relevant information for the two machines includes the
Sensitivity analysis is an important component of any budgeting exercise. Which estimates do you think will be most crucial in developing a master budget? Why?
A university faced with a deficit reacts by cutting resource allocations to all faculties and departments by \(8 \%\). Do you think this is a good approach to budgeting? Why?
The following information is available for Mandalay Company:Requireda. Determine the material price variance and material quantity variance.b. Determine the direct labor rate variance and direct
Pharout Company uses a standard cost system. Job 822 is for the manufacturing of 500 units of the product P521. The company's standards for one unit of product P521 are as follows:The job required
Each unit of job Y703 has standard requirements of 5 pounds of raw material at a price of \(\$ 100\) per pound and 0.5 hour of direct labor at \(\$ 12\) per hour. To produce 9,000 units of this
Borders Manufacturing is developing a sales and production plan as part of its master budgeting process. Following are the projected monthly sales, which occur uniformly during each month, for the
Mira Vista Planters provides reforestation services to large paper products companies. It must hire one planter for every 10,000 trees that it has contracted to plant each month. New employees are
Pasadena Chemical Company manufactures a wide range of chemical compounds. One of the most difficult compounds is a cleaning solvent made from an expensive and volatile raw material, tetrax, that is
Strathfield Motel is planning its operations for the upcoming tourist season. The motel has 60 units. The following table presents the average number of daily rentals expected for each of the 12
Worthington Company makes cash ( \(20 \%\) of total sales), credit card ( \(50 \%\) of total sales), and account ( \(30 \%\) of total sales) sales. Credit card sales are collected in the month
Masefield Dairy is preparing a third-quarter budget (July, August, and September) for its ice cream products. It produces five brands of ice cream, and each uses a different mix of ingredients. Its
Nathaniel's Motor Shop does major repair work on automobile engines. The major cost in the shop is the wages of the mechanics. The shop employs nine mechanics who are paid \(\$ 750\) for working a 40
Country Club Road Nurseries grows and sells garden plants. The nursery is active between January and October each year. During January, the potting tables and equipment are prepared. The potting and
Adams Company, a merchandising firm that sells one product, estimates it will sell 12,000 units of its product at \(\$ 60\) per unit in December. The company has prepared other information to prepare
The Monteiro Manufacturing Corporation manufactures and sells folding umbrellas. The corporation's condensed income statement for the year ended December 31, 2006 follows:Monteiro's budget committee
The following budget information for the year ending December 31, 2006, pertains to Rust Manufacturing Company's operations:The following information is also provided:1. Rust has no beginning
The Herschel Candy Company produces a single product: a chocolate almond bar that sells for \(\$ 0.40\) per bar. The variable costs for each bar (sugar, chocolate, almonds, wrapper, and labor) total
Tenneco, Inc., produces three models of tennis rackets: standard, deluxe, and pro. Following are the sales and cost information for 2006:Fixed manufacturing support costs are \(\$ 800,000\), and
The following information pertains to Torasic Company's budgeted income statement for the month of June 2006:Requireda. Determine the company's breakeven point in both units and dollars.b. The sales
Air Peanut Company manufactures and sells roasted peanut packets to commercial airlines. Following are the price and cost data per 100 packets of peanuts:Requireda. Determine Air Peanut's breakeven

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