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managerial accounting tools for business decision making

Questions and Answers of Managerial Accounting Tools For Business Decision Making

Review the transactions listed in E3-3 for Persinger Corp. and classify each transaction as either an operating activity, investing activity, or financing activity, or if no cash is exchanged, as a
A tabular analysis of the transactions made during August 2014 by Colaw Company during its first month of operations is shown below. Each increase and decrease in stockholders’equity is
What is the normal balance for each of these accounts?(a) Accounts Receivable.(b) Cash.(c) Dividends.(d) Accounts Payable.(e) Service Revenue.(f) Salaries and Wages Expense.(g) Common
If your school has a subscription to the FASB Codification, go to http://aaahq.org/ascLogin.cfm to log in and prepare responses to the following.Instructions Access the glossary (“Master
Steiner Corporation manufactures water skis through two processes: Molding and Packaging. In the Molding Department, fiberglass is heated and shaped into the form of a ski. In the Packaging
Florida Beach Company manufactures suntan lotion, called Surtan, in 11-ounce plastic bottles. Surtan is sold in a competitive market. As a result, management is very cost-conscious.Surtan is
Diane Barone was a good friend of yours in high school and is from your home town.While you chose to major in accounting when you both went away to college, she majored in marketing and management.
Having itemized its costs for the first quarter of next year’s budget, Santana Corporation desires to install an activity-based costing system. First, it identified the activity cost pools in which
FireOut, Inc. manufactures steel cylinders and nozzles for two models of fire extinguishers: (1) a home fire extinguisher and (2) a commercial fire extinguisher. The home model is a high-volume
In our Feature Story about Super Bakery, Inc., we described a virtual corporation as one that consists of a core unit that is supported by a network of outsourced activities. A virtual corporation
Curtis Rich, the cost accountant for Hi-Power Mower Company, recently installed activitybased costing at Hi-Power’s St. Louis lawn tractor (riding mower) plant where three models—the 8-horsepower
There are many resources available on the Web to assist people in time management.Some of these resources are designed specifically for college students.Instructions Go to
VideoPlus, Inc. manufactures two types of DVD players, a deluxe model and a standard model. The deluxe model is a multi-format progressive-scan DVD player with networking capability, Dolby digital,
Palmer Corporation operates on a calendar-year basis. It begins the annual budgeting process in late August when the president establishes targets for the total dollar sales and net income before
In order to better serve their rural patients, Drs. Joe and Rick Parcells (brothers) began giving safety seminars. Especially popular were their “emergency-preparedness” talks given to
Three of the steps in management’s decision-making process are: (1) Review results of decision. (2) Identify the problem. (3) Make the decision. The steps are performed in the following order.(a)
It costs a company $14 of variable costs and $6 of fixed costs to produce product A that sells for $30. A foreign buyer offers to purchase 3,000 units at $18 each. If the special offer is accepted
In a make-or-buy decision, relevant costs are:(a) manufacturing costs that will be saved.(b) the purchase price of the units.(c) opportunity costs.(d) All of the above.
In a decision to retain or replace equipment, the book value of the old equipment is a(n):(a) opportunity cost. (c) incremental cost.(b) sunk cost. (d) marginal cost.
A segment of Hazard Inc. has the following data.Sales $200,000 Variable costs $140,000 Fixed costs $100,000 If this segment is eliminated, 50% of the fixed costs will be eliminated, and the rest will
If the contribution margin per unit is $15 and it takes3.0 machine hours to produce the unit, the contribution margin per unit of limited resource is:(a) $25. (c) $45.(b) $5. (d) No correct answer is
Which of the following is incorrect about the annual rate of return technique?(a) The calculation is simple.(b) The accounting terms used are familiar to management.(c) The timing of the net cash
What is a weakness of the cash payback approach?(a) It uses accrual-based accounting numbers.(b) It ignores the time value of money.(c) It is complicated to compute.(d) It cannot be used if a project
Shaw Corporation manufactures several types of accessories. For the year, the gloves and mittens line had sales of $500,000, variable expenses of $375,000, and fixed expenses of $150,000. Therefore,
Stratton Testing is considering investing in a new testing device. It has two options: Option A would have an initial lower cost but would require a significant expenditure for rebuilding after 5
Colorado Clinic is considering investing in new heart-monitoring equipment.It has two options: Option A would have an initial lower cost but would require a significant expenditure for rebuilding
Founded in 1983, the Beverly Hills Fan Company is located in Woodland Hills, California. With 23 employees and sales of less than $10 million, the company is relatively small.Management feels that
Campbell Soup Company is an international provider of soup products. Management is very interested in continuing to grow the company in its core business, while “spinning off ”those businesses
Refer back to E23-11 to address the following.Instructions Prepare a memo to Megan Comer, your supervisor. Show your calculations from E23-11, parts(a) and (b). In one or two paragraphs, discuss
Managerial accounting techniques can be used in a wide variety of settings. As we have frequently pointed out, you can use them in many personal situations. They also can be useful in trying to find
You have been given the following information about the production of Adler Co., and are asked to provide the plant manager with information for a meeting with the vice president of operations.The
Data for Shannon Inc. are given inE22-7.Instructions Journalize the entries to record the materials and labor variances.
Rondello Corporation manufactures a single product. The standard cost per unit of product is shown below.The predetermined manufacturing overhead rate is $10 per direct labor hour ($15.00÷1.5).It
Dillman Labs, Inc. provides mad cow disease testing for both state and federal governmental agricultural agencies. Because the company’s customers are governmental agencies, prices are strictly
Haslett Corporation uses standard costs with its job order cost accounting system.In January, an order (Job No. 12) for 1,900 units of Product B was received. The standard cost of one unit of Product
Using the information inP22-2A, compute the overhead controllable variance and the overhead volume variance.
Using the information inP22-3A, compute the overhead controllable variance and the overhead volume variance.
Using the information inP22-5A, compute the overhead controllable variance and the overhead volume variance.
Using the information inP22-1B, compute the overhead controllable variance and the overhead volume variance.
Using the information inP22-2B, compute the overhead controllable variance and the overhead volume variance.
Using the information inP22-3B, compute the overhead controllable variance and the overhead volume variance.
Using the information inP22-5B, compute the overhead controllable variance and the overhead volume variance.
Tryon Professionals, a management consulting firm, specializes in strategic planning for financial institutions. Joe Barto and Lori Dobson, partners in the firm, are assembling a new strategic
Glassmaster Co. is organized as two divisions and one subsidiary. One division focuses on the manufacture of filaments such as fishing line and sewing thread; the other division manufactures antennas
The Balanced Scorecard Institute (www.balancedscorecard.org) is a great resource for information about implementing the balanced scorecard. One item of interest provided at its website is an example
The setting of standards is critical to the effective use of standards in evaluating performance.Instructions Explain the following in a memo to your instructor.(a) The comparative advantages and
Budget reports are prepared:(a) daily. (c) monthly.(b) weekly. (d) All of the above.
A static budget is useful in controlling costs when cost behavior is:(a) mixed. (c) variable.(b) fixed. (d) linear.
At 9,000 direct labor hours, the flexible budget for indirect materials is $27,000. If $28,000 of indirect materials costs are incurred at 9,200 direct labor hours, the flexible budget report should
Responsibility centers include:(a) cost centers. (c) investment centers.(b) profit centers. (d) All of the above.
The accounting department of a manufacturing company is an example of:(a) a cost center. (c) an investment center.(b) a profit center. (d) a contribution center.
Data for Maris Company are given in BE21-1. In the second quarter, budgeted sales were $380,000, and actual sales were $383,000. Prepare a static budget report for the second quarter and for the year
Data for Gundy Company are given inBE21-4. In March 2012, the company incurs the following costs in producing 100,000 units: direct materials $425,000, direct labor $590,000, and variable overhead
Voorhees, Inc. reports the following financial information.Compute the return on investment and the residual income. Average operating assets Controllable margin Minimum rate of return $3,000,000 $
Presented below is information related to the Southern Division of Lumber, Inc.Compute the Southern Division’s return on investment and residual income. Contribution margin Controllable margin
Thome Company uses a flexible budget for manufacturing overhead based on direct labor hours. Variable manufacturing overhead costs per direct labor hour are as follows.Fixed overhead costs per month
Kitchen Help Inc. (KHI) is a manufacturer of toaster ovens. To improve control over operations, the president of KHI wants to begin using a flexible budgeting system, rather than use only the current
Rensing Groomers is in the dog-grooming business. Its operating costs are described by the following formulas:Milo, the owner, has determined that direct labor is the cost driver for all three
The Sports Equipment Division of Harrington Company is operated as a profit center. Sales for the division were budgeted for 2012 at $900,000. The only variable costs budgeted for the division were
The West Division of Nieto Company reported the following data for the current year.Top management is unhappy with the investment center’s return on investment (ROI). It asks the manager of the
Presented below is selected information for three regional divisions of Medina Company.Instructions (a) Compute the return on investment for each division.(b) Compute the residual income for each
Delby Industries has manufactured prefabricated houses for over 20 years. The houses are constructed in sections to be assembled on customers’ lots. Delby expanded into the precut housing market
Walton Industries has manufactured prefabricated garages for over 20 years.The garages are constructed in sections to be assembled on customers’ lots. Walton expanded into the precut housing market
Green Pastures is a 400-acre farm on the outskirts of the Kentucky Bluegrass, specializing in the boarding of broodmares and their foals. A recent economic downturn in the thoroughbred industry has
Computer Associates International, Inc., the world’s leading business software company, delivers the end-to-end infrastructure to enable e-business through innovative technology, services, and
There are many useful resources regarding budgeting available on websites. The following activity investigates the results of a comprehensive budgeting study.Address:
The manufacturing overhead budget for Fleming Company contains the following items.Instructions (a) Determine which items would be controllable by Fred Bedner, the production manager.(b) How much
In producing product ZZ, 14,800 direct labor hours were used at a rate of $8.20 per hour. The standard was 15,000 hours at $8.00 per hour. Based on these data, the direct labor:(a) quantity variance
In each of the following formulas, supply the words that should be inserted for each number in parentheses. (a) (Actual quantity x (1)) (Standard quantity x (2)) Total materials variance (b) ((3)
In the direct labor variance matrix, there are three factors: (1) Actual hours x Actual rate, (2) Actual hours Standard rate, and (3) Standard hours x Standard rate. Using the numbers, indicate the
Some overhead data for Derby Company are given in BE22-6. In addition, the flexible manufacturing overhead budget shows that budgeted costs are $4 variable per direct labor hour and $50,000 fixed.
Using the data inBE22-6 andBE22-10, compute the overhead volume variance.Normal capacity was 25,000 direct labor hours.
Elliot & Hesse Inc. manufactures ergonomic devices for computer users. Some of its more popular products include glare screens (for computer monitors), keyboard stands with wrist rests, and
Network Computing Devices, Inc. was founded in 1988 in Mountain View, California.The company develops software products such as X-terminals, Z-mail, PC X-ware, and related hardware products.
Information regarding many approaches to budgeting can be found on the Web. The following activity investigates the merits of “zero-based” budgeting, as discussed by Michael LaFaive, Director of
Prism Company is a pesticide manufacturer. Its sales declined greatly this year due to the passage of legislation outlawing the sale of several of Prism’s chemical pesticides. During the coming
Ellen Toth, president of RF Industries, wishes to issue a press release to bolster her company’s image and maybe even its stock price, which has been gradually falling. As controller, you have been
Turney Company produces and sells automobile batteries, the heavy-duty HD-240.The 2012 sales forecast is as follows.The January 1, 2012, inventory of HD-240 is 2,500 units. Management desires an
On January 1, 2013, the Hardin Company budget committee has reached agreement on the following data for the 6 months ending June 30, 2013.The ending raw materials and finished goods inventories at
Chandler Ltd. estimates sales for the second quarter of 2012 will be as follows.Two units of material are required for each unit of finished product. Production for July is estimated at 2,700 units
The controller of Trenshaw Company wants to improve the company’s control system by preparing a month-by-month cash budget. The following information is for the month ending July 31,
Lager Dental Clinic is a medium-sized dental service specializing in family dental care. The clinic is currently preparing the master budget for the first 2 quarters of 2012. All that remains in this
Deleon Inc. is preparing its annual budgets for the year ending December 31, 2013. Accounting assistants furnish the data shown below.An accounting assistant has prepared the detailed manufacturing
Marsh Industries had sales in 2012 of $6,400,000 and gross profit of $1,100,000.Management is considering two alternative budget plans to increase its gross profit in 2013.Plan A would increase the
Krause Industries’ balance sheet at December 31, 2012, is presented below.To meet sales requirements and to have 3,000 units of finished goods on hand at December 31, 2013, the production budget
The budget committee of Widner Company collects the following data for its Westwood Store in preparing budgeted income statements for July and August 2012.1. Expected sales: July $400,000, August
During a recent management meeting, Steve Micke, director of marketing, proposed that the company begin capitalizing its marketing expenditures as goodwill. In his words, “Marketing expenditures
Sue and Sam Ristic own Club Fab. From its inception, Club Fab has sold merchandise on either a cash or credit basis, but no credit cards have been accepted. During the past several months, the
Stropes Corporation is a recently formed business selling the “World’s Best Doormat.”The corporation is selling doormats faster than Stropes can make them. It has been selling the product on a
If your school has a subscription to the FASB Codification, go to http://aaahq.org/ascLogin.cfm to log in and prepare responses to the following.(a) How are receivables defined in the
The financial statements of Zetar plc are presented in Appendix C. The company’s complete annual report, including the notes to its financial statements, is available at
Match the statement with the term most directly associated with it.Goodwill Amortization Intangible assets Franchise Research and development costs 1. _______ Rights, privileges, and competitive
Mrs. Villarreal is uncertain about how the cost principle applies to plant assets. Explain the principle to Mrs. Villarreal.
How is the cost for a plant asset measured in a cash transaction? In a noncash transaction?
Johnstone Company acquires the land and building owned by Briggs Company. What types of costs may be incurred to make the asset ready for its intended use if Johnstone Company wants to use only the
Pryor Inc. needs to upgrade its diagnostic equipment. At the time of purchase, Pryor had expected the equipment to last 8 years. Unfortunately, it was obsolete after only 4 years. Justin Meyer, CFO
In a recent newspaper release, the president of Franklin Company asserted that something has to be done about depreciation. The president said, “Depreciation does not come close to accumulating the
Carmelita is studying for the next accounting examination.She asks your help on two questions: (a) What is salvage value? (b) How is salvage value used in determining depreciable cost under the
Contrast the straight-line method and the units-of-activity method in relation to (a) useful life and (b) the pattern of periodic depreciation over useful life.
In the fourth year of an asset’s 5-year useful life, the company decides that the asset will have a 6-year service life. How should the revision of depreciation be recorded? Why?

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