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business
managerial accounting decision making

Questions and Answers of Managerial Accounting Decision Making

Performance Report for a Nonprofit Organization [LO1, LO4, LO6]The KGV Blood Bank, a private charity partly supported by government grants, is located on the Caribbean island of St. Lucia. The blood
Critiquing a Variance Report; Preparing a Performance Report [LO1, LO4, LO6]Several years ago, Shipley Corporation developed a comprehensive budgeting system for profit planning and control purposes.
Critiquing a Cost Report; Preparing a Performance Report [LO1, LO4, LO6]Sue Jaski, supervisor of the Karaki Corporation’s Machining Department, was visibly upset after being reprimanded for her
Critiquing a Report; Preparing a Performance Budget [LO1, LO4, LO6]Facilitator Corp. is a company that acts as a facilitator in tax-favored real estate swaps. Such swaps, known as 1031 exchanges,
Provide three examples of how a company’s risks can influence its planning, controlling, and decision-making activities.
Locate the website of any company that publishes a corporate social responsibility report(also referred to as a sustainability report). Describe three nonfinancial performance measures included in
Define the following: (a) direct materials, (b) indirect materials, (c) direct labor,(d) indirect labor, and (e) manufacturing overhead.
What is the difference between a contribution format income statement and a traditional format income statement?
What is the contribution margin?
What are unit-level, batch-level, product-level, customer-level, and organization-sustaining a ctivities?
Identify and give examples of each of the three basic manufacturing cost categories.
Understand cost behavior patterns including variable costs, fixed costs, and mixed costs.
Analyze a mixed cost using a scattergraph plot and the highlow method.
Prepare income statements for a merchandising company using the traditional and contribution formats.
Understand the differences between direct and indirect costs.
Understand cost classifications used in making decisions:differential costs, opportunity costs, and sunk costs.
(Appendix 2A) Analyze a mixed cost using a scattergraph plot and the least-squares regression method.
(Appendix 2B) Identify the four types of quality costs and explain how they interact.
(Appendix 2B) Prepare and interpret a quality cost report.
Compute a predetermined overhead rate .
Apply overhead cost to jobs using a predetermined overhead rate.
Compute the total cost and average cost per unit of a job.
Understand the flow of costs in a job-order costing system and prepare appropriate journal entries to record costs.
Use T-accounts to show the flow of costs in a job-order costing system.
Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement.
Compute underapplied or overapplied overhead cost and prepare the journal entry to close the balance in Manufacturing Overhead to the appropriate accounts.
(Appendix 3A) Understand the implications of basing the predetermined overhead rate on activity at capacity rather than on estimated activity for the period.
(Appendix 3B) Properly account for labor costs associated with idle time, overtime, and fringe benefits.
Record the flow of materials, labor, and overhead through a process costing system.
Compute the equivalent units of production using the weightedaverage method.
Compute the cost per equivalent unit using the weighted-average method.
Assign costs to units using the weighted-average method.
Prepare a cost reconciliation report.
(Appendix 4A) Compute the equivalent units of production using the FIFO method.
(Appendix 4A) Compute the cost per equivalent unit using the FIFO method.
(Appendix 4A) Assign costs to units using the FIFO method.
(Appendix 4A) Prepare a cost reconciliation report using the FIFO method.
(Appendix 4B) Allocate service department costs to operating departments using the direct method.
(Appendix 4B) Allocate service department costs to operating departments using the stepdown m ethod.
Explain how changes in activity affect contribution margin and net operating income.
Prepare and interpret a costvolume-profit (CVP) graph and a profit graph.
Use the contribution margin ratio(CM ratio) to compute changes in contribution margin and net operating income resulting from changes in sales volume.
Show the effects on net operating income of changes in variable costs, fixed costs, selling price, and volume.
Determine the level of sales needed to achieve a desired target profit.
Determine the break-even point.
Compute the margin of safety and explain its significance.
Compute the degree of operating leverage at a particular level of sales and explain how it can be used to predict changes in net operating income.
Compute the break-even point for a multiproduct company and explain the effects of shifts in the sales mix on contribution margin and the break-even p oint.
Explain how variable costing differs from absorption costing and compute unit product costs under each method.
Prepare income statements using both variable and absorption costing.
Reconcile variable costing and absorption costing net operating incomes and explain why the two amounts differ.
Prepare a segmented income statement that differentiates traceable fixed costs from common fixed costs and use it to make decisions.
Understand activity-based costing and how it differs from a traditional costing system.
Assign costs to cost pools using a first-stage allocation.
Compute activity rates for cost pools.
Use activity-based costing to compute product and customer margins.
(Appendix 7A) Prepare an action analysis report using activity-based costing data and interpret the report.
(Appendix 7B) Use activitybased costing techniques to compute unit product costs for external r eports.
Prepare a sales budget, including a schedule of expected cash collections.
Prepare a production budget.
Prepare a direct materials budget, including a schedule of expected cash disbursements for purchases of materials.
Prepare a direct labor budget.
Prepare a manufacturing overhead budget.
Prepare a selling and administrative expense budget.
Prepare a cash budget.
Prepare a budgeted income statement.
Prepare a budgeted balance sheet.
Prepare a flexible budget.
Prepare a report showing activity variances.
Prepare a report showing revenue and spending variances.
Prepare a performance report that combines activity variances and revenue and spending variances.
Prepare a flexible budget with more than one cost driver.
Understand common errors made in preparing performance reports based on budgets and actual results.
Compute the direct materials quantity and price variances and explain their significance.
Compute the direct labor efficiency and rate variances and explain their significance.
Compute the variable manufacturing overhead efficiency and rate variances and explain their significance.
( Appendix 10A ) Compute and interpret the fixed overhead volume and budget variances.
( Appendix 10B ) Prepare journal entries to record standard costs and variances.
Identify relevant and irrelevant costs and benefits in a decision.
Prepare an analysis showing whether a product line or other business segment should be added or dropped.
Prepare a make or buy analysis.
Determine the value of obtaining more of the constrained resource.
Prepare an analysis showing whether joint products should be sold at the split-off point or processed further.
Evaluate the acceptability of an investment project using the net present value method.
Evaluate the acceptability of an investment project using the internal rate of return method.
Evaluate an investment project that has uncertain cash flows.
Rank investment projects in order of preference.
Determine the payback period for an investment.
Compute the simple rate of return for an investment.
( Appendix 13A ) Understand present value concepts and the use of present value tables.
( Appendix 13C ) Include income taxes in a capital budgeting analysis.
Classify cash inflows and outflows as relating to operating, investing, or financing activities.
Prepare a statement of cash flows using the indirect method to determine the net cash provided by operating activities.
Compute free cash flow.
(Appendix 14A) Use the direct method to determine the net cash provided by operating activities.
Prepare and interpret financial statements in comparative and common-size form.
Compute and interpret financial ratios that would be useful to a common stockholder.
Compute and interpret financial ratios that would be useful to a short-term creditor.
Compute and interpret financial ratios that would be useful to a long-term creditor.
Compute the profit-maximizing price of a product or service using the price elasticity of demand and variable cost.

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