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managerial accounting tools for business decision making

Questions and Answers of Managerial Accounting Tools For Business Decision Making

The financial statements of Tootsie Roll are presented in Appendix A of this book, together with an auditor’s report—Report of Independent Auditors.Instructions Using the financial statements and
The financial statements of The Hershey Company are presented in Appendix B, following the financial statements for Tootsie Roll in Appendix A.Instructions Answer the following questions for each
The website www.cpa2biz.com has an article dated February 4, 2010, by Mary Schaeffer entitled “Emerging Issues: Demise of Paper Checks.”Instructions Go to the website and do a search on the
The international accounting firm Ernst and Young performed a global survey. The results of that survey are summarized in a report titled “Fraud Risk in Emerging Markets.” You can find this
The Financial Accounting Standards Board (FASB) is a private organization established to improve accounting standards and financial reporting. The FASB conducts extensive research before issuing a
The Public Company Accounting Oversight Board (PCAOB) was created as a result of the Sarbanes-Oxley Act. It has oversight and enforcement responsibilities over accounting firms in the U.S.Address:
As a new auditor for the CPA firm of Ticke and Tie, you have been assigned to review the internal controls over mail cash receipts of Perso Company. Your review reveals that checks are promptly
Banks charge fees for “bounced” checks—that is, checks that exceed the balance in the account. It has been estimated that processing bounced checks costs a bank roughly $1.50 per check. Thus,
The NFIC was originally established in 1992 by the National Consumers League, the oldest nonprofit consumer organization in the United States, to fight the growing menace of telemarketing fraud by
The print and electronic media are full of stories about potential security risks that can arise from your personal computer. It is important to keep in mind, however, that there are also many ways
Non-U.S companies that follow IFRS:(a) do not normally use the principles of internal control activities used in this textbook.(b) often offset cash with accounts payable on the balance sheet.(c) are
The Sarbanes-Oxley Act of 2002 applies to:(a) all U.S. companies listed on U.S. exchanges.(b) all companies that list stock on any stock exchange in any country.(c) all European companies listed on
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
The financial statements of Tootsie Roll are presented in Appendix A at the end of this book.Instructions(a) Using the consolidated income statement and balance sheet, identify items that may result
The financial statements of The Hershey Company are presented in Appendix B, following the financial statements for Tootsie Roll in Appendix A.Instructions(a) Identify two accounts on Hershey’s
The February 13, 2010, issue of the Wall Street Journal includes an article by Scott Thurm entitled “For Some Firms, a Case of ‘Quadrophobia’.”Instructions Read the article and answer the
Laser Recording Systems, founded in 1981, produces disks for use in the home market. The following is an excerpt from Laser Recording Systems’ financial statements (all dollars in
Purpose: To learn about the functions of the Securities and Exchange Commission (SEC).Address: www.sec.gov/about/whatwedo.shtml, or go to www.wiley.com/college/kimmel Instructions Use the information
Council Bluff Park was organized on April 1, 2011, by Lori Delzer. Lori is a good manager but a poor accountant. From the trial balance prepared by a part-time bookkeeper, Lori prepared the following
Companies prepare balance sheets in order to know their financial position at a specific point in time. This enables them to make a comparison to their position at previous points in time and gives
GAAP:(a) provides very detailed, industry-specific guidance on revenue recognition, compared to the general guidance provided by IFRS.(b) provides only general guidance on revenue recognition,
Which of the following statements is false?(a) IFRS employs the periodicity assumption.(b) IFRS employs accrual accounting.(c) IFRS requires that revenues and costs must be capable of being measured
As a result of the revenue recognition project being undertaken by the FASB and IASB:(a) revenue recognition will place more emphasis on when revenue is earned.(b) revenue recognition will place more
Accrual-basis accounting:(a) is optional under IFRS.(b) results in companies recording transactions that change a company’s financial statements in the period in which events occur.(c) will likely
Under IFRS, do the definitions of revenues and expenses include gains and losses?Explain.INTERNATIONAL FINANCIAL REPORTING PROBLEM: Zetar plc
Which of the following items does not result in an adjustment in the Inventory account under a perpetual system?(a) A purchase of merchandise.(b) A return of merchandise inventory to the supplier.(c)
Which sales accounts normally have a debit balance?(a) Sales discounts.(b) Sales returns and allowances.(c) Both (a) and (b).(d) Neither (a) nor (b).
A company makes a credit sale of $750 on June 13, terms 2/10, n/30, on which it grants a return of $50 on June16.What amount is received as payment in full on June 23?(a) $700. (c) $685.(b) $686. (d)
Gross profit will result if:(a) operating expenses are less than net income.(b) sales revenues are greater than operating expenses.(c) sales revenues are greater than cost of goods sold.(d) operating
If sales revenues are $400,000, cost of goods sold is$310,000, and operating expenses are $60,000, what is the gross profit?(a) $30,000. (c) $340,000.(b) $90,000. (d) $400,000.
The multiple-step income statement for a merchandising company shows each of these features except:(a) gross profit.(b) cost of goods sold.(c) a sales revenue section.(d) All of these are present.
If beginning inventory is $60,000, cost of goods purchased is $380,000, and ending inventory is $50,000, what is cost of goods sold under a periodic system?(a) $390,000. (c) $330,000.(b) $370,000.
Bufford Corporation had reported the following amounts at December 31, 2012: Sales revenue $184,000;ending inventory $11,600; beginning inventory $17,200;purchases $60,400; purchase discounts $3,000;
During the year ended December 31, 2012, Bjornstad Corporation had the following results: Sales revenue$267,000; cost of good sold $107,000; net income$92,400; operating expenses $55,400; net cash
, prepare the journal entries to record these transactions on Rodriguez Company’s books under a perpetual inventory system.
and also that Logan Company has beginning inventory of $60,000, ending inventory of $90,000, and net sales of $612,000.Determine the amounts to be reported for cost of goods sold and gross profit.
The following information is available for Jain Corp. for the year ended December 31, 2012:Prepare a multiple-step income statement for Jain Corp. The company has a tax rate of 30%. Other revenues
Crystal Lake Corporation’s accounting records show the following at yearend December 31, 2012:Assuming that Crystal Lake Corporation uses the periodic system, compute (a) cost of goods purchased
Presented below is information for Yu Co. for the month of January 2012.Instructions (a) Prepare an income statement using the format presented on page 243. Assume a 25%tax rate.(b) Calculate the
In its income statement for the year ended December 31, 2012, Misra Company reported the following condensed data.Instructions (a) Prepare a multiple-step income statement.(b) Calculate the profit
This information relates to Edyburn Co.1. On April 5, purchased merchandise from Hansen Company for $27,000, terms 2/10, n/30.2. On April 6, paid freight costs of $1,200 on merchandise purchased from
Chapman Department Store is located in midtown Metropolis. During the past several years, net income has been declining because suburban shopping centers have been attracting business away from city
At the end of Snyder Department Store’s fiscal year on November 30, 2012, these accounts appeared in its adjusted trial balance.Additional facts:1. Merchandise inventory on November 30, 2012, is
Parkland Department Store is located near the Lyndale Shopping Mall. At the end of the company’s fiscal year on December 31, 2012, the following accounts appeared in its adjusted trial
At the end of Ehlinger Department Store’s fiscal year on December 31, 2012, these accounts appeared in its adjusted trial balance.Additional facts:1. Merchandise inventory on December 31, 2012, is
The financial statements for Tootsie Roll Industries appear in Appendix A at the end of this book.Instructions Answer these questions using the Consolidated Income Statement.(a) What was the
The financial statements of The Hershey Company appear in Appendix B, following the financial statements for Tootsie Roll in Appendix A.Instructions(a) Based on the information contained in these
The April 23, 2008, issue of the Wall Street Journal includes an article by Vanessa O’Connell entitled “Coach Profit Is Up but Margins Are Tightening.”Instructions Read the article and answer
Recently, it was announced that two giant French retailers, Carrefour SA and Promodes SA, would merge. A headline in the Wall Street Journal blared, “French Retailers Create New Wal-Mart Rival.”
Purpose: No financial decision maker should ever rely solely on the financial information reported in the annual report to make decisions. It is important to keep abreast of financial news.This
There are many situations in business where it is difficult to determine the proper period in which to record revenue. Suppose that after graduation with a degree in finance, you take a job as a
Explain the difference between the “nature-of-expense” and “function-of-expense”classifications.
Gribble Company reported the following amounts in 2012: Net income, C=150,000;Unrealized gain related to revaluation of buildings, C=10,000; and Unrealized loss on available-forsale securities, C=
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
Which of the following should not be included in the physical inventory of a company?(a) Goods held on consignment from another company.(b) Goods shipped on consignment to another company.(c) Goods
Kam Company has the following units and costs.Units Unit Cost Inventory, Jan. 1 8,000 $11 Purchase, June 19 13,000 12 Purchase, Nov. 8 5,000 13 If 9,000 units are on hand at December 31, what is the
From the data in question 4, what is the cost of the ending inventory under LIFO?(a) $113,000. (c) $99,000.(b) $108,000. (d) $100,000.
Davidson Electronics has the following:Units Unit Cost Inventory, Jan. 1 5,000 $ 8 Purchase, April 2 15,000 10 Purchase, Aug. 28 20,000 12 If Davidson has 7,000 units on hand at December 31, the cost
Considerations that affect the selection of an inventory costing method do not include:(a) tax effects.(b) balance sheet effects.(c) income statement effects.(d) perpetual versus periodic inventory
The lower-of-cost-or-market rule for inventory is an example of the application of:(a) the conservatism constraint.(b) the historical cost principle.(c) the materiality constraint.(d) the economic
The LIFO reserve is:(a) the difference between the value of the inventory under LIFO and the value under FIFO.(b) an amount used to adjust inventory to the lower of-cost-or-market.(c) the difference
In a perpetual inventory system,(a) LIFO cost of goods sold will be the same as in a periodic inventory system.(b) average costs are based entirely on unit-cost simple averages.(c) a new average is
Harold Company overstated its inventory by $15,000 at December 31, 2012. It did not correct the error in 2012 or 2013. As a result, Harold’s stockholders’equity was:(a) overstated at December 31,
What inventory cost flow method does Tootsie Roll Industries use for U.S. inventories? What method does it use for foreign inventories? (Hint: You will need to examine the notes for Tootsie Roll’s
Data for Cisler Company are presented in
. Compute the cost of the ending inventory under the average-cost method, assuming there are 300 units on hand.(Round the cost per unit to three decimal places.)
Bardell Company sells three different categories of tools (small, medium and large). The cost and market value of its inventory of tools are as follows.Cost Market Small $ 64,000 $ 61,000 Medium
Early in 2012, Aragon Company switched to a just-in-time inventory system.Its sales and inventory amounts for 2011 and 2012 are shown below.2011 2012 Sales revenue $3,120,000 $3,713,000 Cost of goods
Deere & Company is a global manufacturer and distributor of agricultural, construction, and forestry equipment. It reported the following information in its 2009 annual report.(a) Compute
Inventory data for Kuchin Company are presented inE6-7.Instructions(a) Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory
Information about Sunburst is presented in E6-4. Additional data regarding the company’s sales of Xpert snowboards are provided below. Assume that Sunburst uses a perpetual inventory
Sprague Company reported these income statement data for a 2-year period.2012 2011 Sales revenue $250,000 $210,000 Beginning inventory 40,000 32,000 Cost of goods purchased 202,000 173,000 Cost of
Turner Distribution markets CDs of numerous performing artists. At the beginning of March, Turner had in beginning inventory 2,500 CDs with a unit cost of $7. During March, Turner made the following
Remsen Company Inc. had a beginning inventory of 100 units of Product MLN at a cost of $8 per unit. During the year, purchases were:Remsen Company uses a periodic inventory system. Sales totalled
The management of Kuiper Inc. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2012, the accounting records show these data.Units purchased
This information (in millions) is available for the Automotive and Other Operations Divisions of General Motors Corporation for a recent year. General Motors uses the LIFO inventory
Savage Distribution markets CDs of the performing artist Little Sister. At the beginning of October, Savage had in beginning inventory 1,200 Sister’s CDs with a unit cost of $5. During October,
Trattner Company had a beginning inventory on January 1 of 100 units of Product SXL at a cost of $20 per unit. During the year, purchases were:Trattner Company sold 800 units, and it uses a periodic
The management of Howland is reevaluating the appropriateness of using its present inventory cost flow method, which is average-cost. The company requests your help in determining the results of
The notes that accompany a company’s financial statements provide informative details that would clutter the amounts and descriptions presented in the statements. Refer to the financial statements
The financial statements of The Hershey Company appear in Appendix B, following the financial statements for Tootsie Roll in Appendix A.Instructions(a) Based on the information in the financial
The January 27, 2010, issue of the Wall Street Journal contains an article by Timothy Aeppel entitled “‘Bullwhip’ Hits Firms as Growth Snaps Back.”Instructions Read the article and answer the
The following information is from the 2009 annual report of American Greetings Corporation (all dollars in thousands).The following information comes from the notes to the company’s financial
Purpose: Use SEC filings to learn about a company’s inventory accounting practices.Address: http://biz.yahoo.com/p/_capgds-bldmch.html, or go to www.wiley.com/college/kimmelSteps 1. Go to this site
You are the controller of Emjay Inc. M. J. Danner, the president, recently mentioned to you that she found an error in the 2011 financial statements which she believes has corrected itself.She
Yelich Wholesale Corp. uses the LIFO cost flow method. In the current year, profit at Yelich is running unusually high. The corporate tax rate is also high this year, but it is scheduled to decline
Some of the largest business frauds ever perpetrated have involved the misstatement of inventory. Two classics were at Leslie Fay Cos, and McKesson Corporation.Instructions There is considerable
Which method of inventory costing is prohibited under IFRS?(a) Specific identification. (c) FIFO.(b) LIFO. (d) Average-cost.
Yang Company purchased 2,000 phones and has 400 phones in its ending inventory at a cost of $90 each and a current replacement cost of $80 each. The net realizable value of each phone in the ending
Franklin Company has the following four items in its ending inventory as of December 31, 2012. The company uses the lower-of-cost-or-net realizable value approach for inventory valuation following
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 www.zetarplc.com. Using the
What is the periodicity assumption?(a) Companies should recognize revenue in the accounting period in which it is earned.(b) Companies should match expenses with revenues.(c) The economic life of a
Which principle dictates that efforts (expenses) be recorded with accomplishments (revenues)?(a) Expense recognition principle.(b) Cost principle.(c) Periodicity principle.(d) Revenue recognition
Which one of these statements about the accrual basis of accounting is false?(a) Companies record events that change their financial statements in the period in which events occur, even if cash was
Adjusting entries are made to ensure that:(a) expenses are recognized in the period in which they are incurred.(b) revenues are recorded in the period in which they are earned.(c) balance sheet and
Each of the following is a major type (or category)of adjusting entry except:(a) prepaid expenses. (c) accrued expenses.(b) accrued revenues. (d) earned expenses.
The trial balance shows Supplies $1,350 and Supplies Expense $0. If $600 of supplies are on hand at the end of the period, the adjusting entry is:(a) Supplies 600 Supplies Expense 600(b) Supplies 750
Adjustments for unearned revenues:(a) decrease liabilities and increase revenues.(b) increase liabilities and increase revenues.(c) increase assets and increase revenues.(d) decrease revenues and
Queenan Company computes depreciation on delivery equipment at $1,000 for the month of June. The adjusting entry to record this depreciation is as follows:(a) Depreciation Expense 1,000 Accumulated
Colleen Mooney earned a salary of $400 for the last week of September. She will be paid on October 1.The adjusting entry for Colleen’s employer at September 30 is:(a) No entry is required.(b)

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