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business
management accounting

Questions and Answers of Management Accounting

A social welfare agency has a budget from the provincial government for 2012 of $900,000. The agency’s major mission is to help disabled persons who are unable to hold jobs. On the average, the
Bingo is very popular in Winnipeg, where some churches have a tradition of fundraising with bingo. Suppose that, due to recent changes in costs, a parish in Winnipeg is reviewing the desirability of
Procter & Gamble Company produces household products under brand names such as Gillette, Bounty, Crest, Folgers, and Tide. The company’s 2008 income statement showed the following (in
Jacqui Giraud owns and operates a restaurant. Her fixed costs are $21,000 per month. She serves luncheons and dinners. The average total bill (excluding tax and tip) is $19 per customer. Giraud’s
Productions Ltd. is promoting a rock concert in London. The bands will receive a flat fee of £7 million in cash. The concert will be shown worldwide on closed-circuit television. BBT will collect
Joe Bell recently opened Joe’s Pub in the university district. Because of licensing restrictions, the only liquor he can sell is beer. The average price of beer at Joe’s Pub is $3.00 per glass,
Suppose Merla Security Company has a 40 percent income tax rate, a contribution-margin ratio of 30 percent, and fixed costs of $440,000. How many sales are necessary to achieve an after-tax income of
A fully licensed fireworks company located in Ontario has budgeted sales of $75,000, and expected expenses are as follows:Cost of fireworks .......................... $36,000Labour cost
Alpha Psi (BAP), the accounting honorary fraternity, held a homecoming party. The fraternity expected attendance of 70 persons and prepared the following budget:Room rental
Matsunaga Farms produces strawberries and raspberries. Annual fixed costs are $15,600. The cost driver for variable costs is “litres of fruit produced.” The variable cost is $0.75 per litre of
Motel 6 pioneered the economy-lodging brand in 1962. It now has 91,000 rooms in 1,000 locations (average is 91 rooms) in the United States and Canada. Suppose a particular Motel 6 has annual fixed
Martin Hospital has overall variable costs of 20 percent of total revenue and fixed costs of $40 million per year.1. Compute the break-even point expressed in total revenue. 2. A
From the two graphs below, construct two graphs that depict the cost behaviour on a total cost basis. Which of the two constructed graphs shows fixed cost behaviour? Variable cost behaviour? $0.14 -
From the two graphs below, construct two graphs that depict the cost behaviour on a perdriver-unit basis. Which of the two constructed graphs shows fixed cost behaviour? Variable cost behaviour?
Fill in the blanks for each of the following independent cases: (b) (a) Selling Variable Total (c) (d) Total (e) Total (f) Net Case Price Per Cost Per Units Contribution Fixed Income Unit Margin
Fill in the blanks for each of the following independent cases (ignore income taxes): Variable Expenses Contribution Margin Net Income Sales Fixed Expenses 1. $900,000 $500,000 2. 800,000 3. $330,000
“Two products were sold. Total budgeted and actual total sales in number of units were identical. Unit variable costs and sales prices were the same. Actual contribution margin was lower.” What
“Incremental analysis is quicker, but it has no other advantage over an analysis of all costs and revenues associated with each alternative.” Do you agree? Why or why not?
Describe three ways of lowering a break-even point.
“It is essential to choose the right CVP technique—equation, contribution margin, or graphical. If you pick the wrong one, your analysis will be faulty.” Do you agree? Explain.
“Companies in the same industry generally have about the same break-even point.” Do you agree? Explain.
“Contribution margin is the excess of sales over fixed costs.” Do you agree? Explain.
Identify two simplifying assumptions that underlie CVP analysis.
“The relevant range pertains to fixed costs, not variable costs.” Do you agree? Explain.
“It is confusing to think of fixed costs on a per unit basis.” Do you agree? Why or why not?
“Fixed costs decline as volume increases.” Do you agree? Explain.
“Cost behaviour is simply identification of cost drivers and their relationships to costs.” Comment.
Each problem is unrelated to the others.1. Given: Selling price per unit, $20; total fixed expenses, $5,000; variable expenses per unit, $16. Find break-even sales in units.2. Given: Sales, $40,000;
Beth Durham opened Beth’s Corner, a small day care facility, just over two years ago. After a rocky start, Beth’s Corner has been thriving. Durham is now preparing a budget for November
The Keg Steakhouse offers steak, chicken, and seafood served in restaurants across Canada and in the United States. Maintaining a clean environment for customers is a key success factor at The Keg.
Barkins Moving Company specializes in hauling heavy goods over long distances. The company’s revenues and expenses depend on revenue kilometres, a measure that combines both weights and distance
Food Services Company operates and services snack vending machines located in restaurants, gas stations, and factories. The machines are rented from the manufacturer. In addition, Tessier must rent
Consider a particular Bombardier plant. Maintaining a clean working environment is important to Bombardier. Cleaning the plant is the responsibility of the maintenance department. Two of the
Mr. Crothers’s story is told in The Globe and Mail article, “This WestJet staffer blew the whistle on his employer’s corporate spying. He’s still waiting for someone to say thanks,” by B.
1. Identify the key success factors for Earthstone Clays Ltd. and identify how they have changed since the company’s initial operation.2. What information is required by the president to manage
1. Discuss why Rebecca Long has an ethical responsibility to take some action about her suspicion of illegal dumping of toxic wastes.2. For each of the three alternative courses of action, explain
Electronic Equipment Leasing Company (EEL) leases office equipment to a variety of customers. The company’s organization chart is shown below.The four positions identified in the chart are
Sandy Tanaka, newly hired controller of Braxton Industries, had been lured away from a competitor to revitalize the controller’s department. Her first day on the job proved to be an eye-opener. One
A news story reported the following anecdote: John Anderson, a veteran of Rockwell’s automotive operations, recalls that when he sat in on meetings at the company’s North American Aircraft
Historically, Canadian universities were funded primarily on a per student basis in the form of tuitions and government grants. More recently there has been increased use of program-specific grants,
Jan Harvi, an able mechanical engineer, was informed that she would be promoted to assistant factory manager. Jan was pleased but uncomfortable. She knew little about accounting and she had taken
Why is it important for management accountants to abide by a code of ethics?
What is the essence of the JIT philosophy?
“The accounting system is intertwined with operating management. Business operations would be a hopeless tangle without the paperwork that is so often regarded with disdain.” Do you agree?
“The controller does control, in a special sense.” Explain.
Name the six business functions that comprise the value chain.
Explain the term “key success factors” and why it is important to identify them for a company.
“Good accounting provides automatic control of operations.” Do you agree? Explain.
“Management by exception means abdicating management responsibility for planning and control.” Do you agree? Explain.
Distinguish among a budget, a performance report, and a variance.
“Planning is much more vital than control.” Do you agree? Explain.
Give examples of special nonrecurring decisions and of long-range planning.
“The emphases of financial accounting and management accounting differ.” Explain.
What are the three broad purposes of an accounting system?
What two major themes will be emphasized in succeeding chapters?

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