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business
management accounting

Questions and Answers of Management Accounting

Why can the book values of assets be misleading when used in the total assets to total liabilities ratio, or the total liabilities to total assets ratio?LO1
State the equation for the credit card turnover ratio.LO1
Explain the gross return on assets ratio measure. What value is it to a potential creditor?LO1
How does the net return on assets ratio differ from the gross return on assets ratio, and why is its calculation valuable?LO1
Discuss the purpose of a quick ratio.LO1
What does the return on stockholders’ equity measure?LO1
State how sales revenue per available room is calculated.LO1
Discuss the term financial leverage, or trading on the equity.LO1
List four possible operating ratios that could be used in a food operation.LO1
List and discuss three operating ratios that could be used in a rooms operation.LO1
What is the advantage of calculating the inventory holding period in days?LO1
A restaurant reported the following current assets: cash $11,200, credit card receivables $808, accounts receivable $260, food inventory $4,482, and prepaid expenses, $1,220. Current liabilities
Referring to information in P4.1 calculate working capital and describe what it means.LO1
On March 31, a restaurant reported credit card sales revenue of $48,560.Credit card receivables began with a balance of $1,444 and ended the month with a balance of $1,220. Answer the following:a.
The following is an extract of restaurant and beverage operation for two months of operations:Complete a common-size vertical analysis of quick assets for both months and comment on the changes to
Total current assets reported for an operation were $87,200 and total current liabilities were $64,400. Determine working capital for the period and define its structure and purpose.LO1
You are given the ending working capital for two consecutive years:Year 1 is $20,800, and Year 2 is $30,520. Sales revenue for Year 2 is$1,078,444. Calculate the working capital turnover ratio.LO1
A restaurant and beverage operation reported the following for the operating month of March, which had 27 operating days.For the month of March, calculate the food inventory turnover ratio and
Information showing total assets and total liabilities for two consecutive operating years is given below:Calculate the total assets to total liabilities ratio for both years and comment on the
Assume you were given information regarding current ratios for three consecutive years. Can you determine the general condition of liquidity without calculating working capital? If the following
Prepare a comparative horizontal analysis of the change in each current asset account from Year 6 to Year 7. Express each change in dollars and the percentage each change represents. Comment on each
Tourism is among the fastest-growing industries in the world, and is recognized as a leading industry in many countries. What are the factors that have produced such developments?LO1
What is the importance of networking in service industries? Why do service firms need to operate in collaboration?LO1
Briefly describe the concept of service packaging. Why is it important, and how might hospitality managers manipulate the different elements of a service package to gain a competitive advantage?LO1
Briefly describe the four distinctive characteristics of services.
Briefly describe the managerial implications of each of the characteristics described above.
Based on the four unique characteristics of services compare the hospitality industry with other service sectors (e.g., airlines, health services, etc.). Can you think of any special features that
Analyze the importance of quality in terms of costs and benefits.LO1
Briefly describe the various quality principles proposed by Deming, Juran, and Crosby.LO1
Briefly describe the concept of “total quality management” (TQM).LO1
What is your understanding of service quality? How is service quality different from product quality?LO1
Briefly describe the service quality concepts and theories presented in this chapter.LO1
Choose any service quality model as described in this chapter and analyze and apply the model in the context of a hospitality operation.LO1
Briefly explain the concept of internal marketing.LO1
Explain how internal customer service can affect the quality of external customer service. Give examples of how a hotel manager might serve his or her internal customers.LO1
Briefly describe the techniques for gathering customer information, as presented in this chapter.LO1
Briefly describe the techniques for measuring organizational performance, as presented in this chapter.LO1
What is the relationship between service vision and service strategy?LO1
Briefly describe the techniques for measuring organisational performance, as presented in this chapter.LO1
Briefly describe the various techniques for managing a service operation, as presented in this chapter. Give illustrations in the hotel industry(for example, prepare a fishbone analysis for a
Briefly explain the benefits of service networks. As the manager of a first-class business hotel, what kind of network would you choose to enter? Why?LO1
Explain the differences between service ‘products and manufactured goods that render the “4Ps” model inappropriate for services marketing.LO1
Describe the “7Ps” model for services marketing. Give examples in the hotel industry.LO1
Discuss the implications for hospitality managers of the various “new”marketing concepts designed especially for services. Give examples. (For example, identify the “moments of truth” in a
Briefly describe the notion of “internal customers.” How do internal customers affect a firm’s marketing endeavors?LO1
Relationship marketing has been described as a “paradigm shift” in marketing theory. What is your view of this statement? Do you think that relationship marketing differs markedly from
Discuss the benefits of relationship marketing in a hospitality context.Give examples of how a hotel manager might apply relationship marketing to day-to-day operations.LO1
Briefly explain the various strategies for managing demand, as presented in this chapter. Give examples from the hospitality industry.LO1
Discuss the relationship between service loyalty and customer loyalty.LO1
Discuss the implications of service empowerment, service guarantees, and service recovery on internal marketing and relationship marketing.LO1
You are the operations manager of a first-class hotel. Identify the benefits and challenges of the strategies discussed in this chapter (empowerment, guarantee, recovery) as they pertain to your
Briefly describe the macro factors that must be taken into account when a firm assesses its plans for internationalization endeavors.LO1
Outline the advantages and disadvantages of each of the internationalization strategies. Using examples, illustrate how a service firm might come to choose a particular strategy in preference to
Identify the potential risks and benefits present in a strategic alliance. What precautions should a hospitality firm take when joining such an alliance?LO1
You are the manager of a resort hotel. What factors would you take into consideration before deciding to join a strategic alliance?LO1
Summarize the potential usefulness of technology in a hotel operation, both internally and externally.LO1
Describe the concept of database marketing. What is the role of technology in database marketing?LO1
The high-tech service environment greatly enhances the access of service staff to information, and the ability to make decisions. In your opinion, will this affect the role of mid-level managers?
ROI and Divisional Performance The Solomons Company uses ROI to measure the performance of its operating divisions.A summary of the annual reports from two divisions is shown below. The company's
Evaluating Divisional Performance(CMA, Adapted)Darmen Corporation is one of the major producers of prefabricated houses in the home building industry. The corporation consists of two divisions:1.
Effect of Depreciation on ROI Computations The Streetorn Corporation is contemplating the purchase of a new piece of equipment.The equipment has an expected life of five years and is expected to
Effects of Inflation on ROI The Carter Company uses the ROI criterion to evaluate the performance of its divisions.The company prides itself on the formal capital-budgeting procedures it uses for
ROI and Leasing The Malone Division of the Stoudt Corporation is organized as an investment center. Because of excellent operating results, the division manager, Terry Trocano, has been given
The Stoneland Company was in the construction business. In building its Balanced Scorecard, managers interviewed many of its current and potential customers. They found that some customers were
Kenyon Stores, a large clothing retailer, developed an image of who its targeted customers were.• Range: 20- to 40-year-old female (target: 29 years)• College-educated• Works full-time in
Consider a semiconductor manufacturer, competing in an industry with extremely rapid technological change. What measures might be appropriate for such a company's innovation process?
In the chapter, we discussed the use of several measures of the innovation process, including percentage of sales from new products and the breakeven time (BET) metric. Although both measures are
The Way Things Were"Hi, John. How are things going out on the line?""Hi, Fred. Not bad, not bad at all, though I had to be careful the last couple of days.Someone from IE standards was following me
General United Brad Lawrence, CEO of General United, a conglomerate consisting of a dozen companies in different industries, was wondering whether cycle time should be included in the Balanced
Some companies use revenue per employee as a simple and easy-to-understand productivity measure of its employees.( l ) Why would revenue per employee represent a useful measure of employee
National Aerospace Group-Measuring Vendor Performance (C. Ittner)National Aerospace Group (NAG) is a leading manufacturer of military and commercial aircraft and components. With the recent
Portsmouth Pottery Company The Portsmouth Pottery Company (PPC) manufactures a line of pottery that is primarily related to the commemorative and tourist industries. Sam Franklin, the production
Acme Telephone Company (William Cotton)The Acme Telephone company is a supplier of telephone service to a medium-sized community in the Northeastern United States. Scott White, the chief executive of
Executive Compensation Plan The formula at Federal Signal provides bonuses to executives based on the company's pretax profits as a percent of average shareholders' equity plus the average long-term
Changing the Incentive Plan In 1996 the CEO at ICF Kaiser faced a bonus plan that required earnings per share of$0. 1 0 or better. After losing a large contract, this target seemed out of reach.
lncenti.ves and Decision Making HS Custom W oodshop (HSCW) specializes in custom cabinet work. HSCW uses many different types of machines, which are repaired and replaced at regular intervals in
lncenti.ves and Decision Making HS Custom W oodshop (HSCW) specializes in custom cabinet work. HSCW uses many different types of machines, which are repaired and replaced at regular intervals in
Designing an Incentive Compensation System[What follows is an excerpt from the Definitive Proxy Statement, SEC Fonn 14A, filed April 28, 1 997 by Lincoln Electric.]The executive compensation policy
Choosing the Bases/or a CEO's Bonus Award[The following is an except from the Definitive Proxy Statement, SEC Form 14A, filed by General Electric on March 12", 1997.]The Committee's decisions
Management Bonuses and Economic Value Added[The following is an excerpt from the Definitive Proxy Statement, SEC Form 14A, filed on March 1 8, 1997, by Armstrong World Industries Inc.]Economic Value
Senior Executive Incentive Plan Components[The following is an excerpt from the Definitive Proxy Statement, SEC Form 14A, filed on March 1 8, 1 997, by FMC Corp.]The program comprises three different
Determining and Distributing the Bonus Pool[The following is an excerpt from the Report of Compensation Committee in the Definitive Proxy Statement, SEC Form 14A, filed April 3, 1997, by Amgen
Effect of the Profit-Sharing Parameter on the Selection of a Risky Project Many incentive contracts reward people with bonuses if performance exceeds a target level or bogey but do not penalize
Design of the Optimal Incentive Contract When Employee ls Work-Averse Helmut Paris, the owner of a small fanning operation is pondering the current employment contract between himself and his sole
Effect of Observability on the Form of an Employment Contract Fred Principal of Swissvale Investments is considering an investment in a farming venture in the country of Markovia.The plan is to grow
Incentives for Distorting Information HS Construction specializes in renovations and new home construction. For incentive purposes, the company is organized on a profit-center basis with two profit
Groves Mechanism: Applications and Limitations For Susan Martin, President of Elmira Nursery, the crucial weekly operating decision is allocating the firm's 10 gardeners to the firm's two operating
The Effect of a Skill Parameter in Formulating an Incentive Plan Outport Fishery Products is a large integrated fish-products company. The company operates its own fleet of fishing trawlers, whose
Setting the Parameters of the Soviet Incentive System In the former Soviet Union a central planning authority controlled production in the manufacturing enterprises. In order to plan and coordinate
Incentive Considerations in Allocating a Scarce Resource The Brantford Corporation has 500 units of capacity available for production during the upcoming period. This capacity is to be distributed
The Revelation Principle in Budget Setting Kentville Orchards grows and sells a wide variety of fruits. Norm Wilson, the vice president-controller of Kentville Orchards, is responsible for all
lndividu????l Rewards versus Group Rewards Lake Erie Steel Products Limited is a large integrated steel-products firm producing a full line of steel products that are sold internationally.The company
Agency Theory Considerations in Choosing a Wage Conestogo Farms produces ginseng. The farm is owned by an absentee landlord who hires a manager to grow and harvest the crop. The market wage for hired
Designing an Incentive Scheme to Attract the Target Manager Scharl Construction does house framing. The owner, Holly Scharl, wants to hire a carpenter.The work is unsupervised, so Holly wants to make
Stac Industries is a multiproduct company with several manufacturing plants. The Clinton Plant manufactures and distributes two household cleaning and polishing compoundsregular and heavy duty-under
Seneca Foods is a regional producer of low-priced private-label snack foods. Seneca contracts with local supermarkets to supply good-tasting packaged snack foods that the retailers sell at
Cost Commitment Using published sources, identify the process of cost commitment during various phases of some product's life cycle. Try to find several examples so that you can contrast the rate of
Functional Analysis Consider the task of designing an automobile. Identify what you think are the major functions of an automobile and the key components that supply those functions. How might this
Reengineering Using published sources find an example of reengineering. Identify, if you can, what motivated or promoted the reengineering process, the objectives of reengineering, and how the
Kaizen Costing Many observers of contemporary management practice have criticized Kaizen costing because of the intense pressures that it places on organization members. Give an example .that you

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