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managerial accounting tools for business decision making

Questions and Answers of Managerial Accounting Tools For Business Decision Making

The Institute of Internal Auditors states in its November 2005 issue of “The Tone at the Top” that businesses can rely on an industry standard, Znternal Control—Integrated Framework, to comply
On the evening of January 27, 1986, the temperature outside the Kennedy Space Center in Florida dropped below freezing. The National Aeronautics and Space Administration (NASA)had a dilemma. In
On February 26, 2009, the SEC accused Robert Allen Stanford of executing a “massive Ponzi scheme” over the last decade, in which he and his cohorts misappropriated funds and made more than
Companies are sometimes faced with crisis management decisions. A good example is that of Ford with its Pinto brand. Compare Ford’s reaction, from an ethical perspective, to the gas tank problem in
The opening quote in this chapter includes the statement: “By certifying the public reports that collectively depict a corporation’s financial status, the independent auditor assumes a public
In their landmark book that was published in 1966, Ethical Standards of the Accounting Profession, John Carey and William Doherty state: “The code [of ethics] in effect is an announcement that, in
The accounting profession has been investigated by Congress over a number of years. However, none of the investigations or recommendations for change seems to have made a difference in that fraud
Have you ever agreed to do something when you weren’t sure that you had the skills to accomplish the job? Why did you agree to do it? Can you draw an analogy between your motivations and the
The following two questions directly relate to ethics standards in the AICPA Code of Professional Conduct:a. Is it ever improper for a CPA/CPA firm to accept a commission from a client for
Lew Walls is a CPA and a sole practitioner. Walls serves a small client base in the city of Tuscaloosa, Alabama. A potential client comes into Walls’s office one day and asks to discuss the
Give one example each of when an auditor might render an unqualified opinion with an explanatory paragraph, a qualified opinion, and an adverse opinion. When might a disclaimer be an acceptable
Assume a local health club, Texas Two-Step (TTS), records 100 percent of amounts received from annual membership fees in the month the cash is received, which is the first month of the new year. The
Assume the successor auditor requests permission from a potential client to discuss with the predecessor the reasons and circumstances for the firm’s withdrawal from the engagement.What ethical
Professor Slim Pickens makes the following statement in his Intermediate II Accounting class:“The standards of fieldwork provide the foundation to ensure that the financial statements present
How do materiality judgments impact the consistency and comparability of financial statements over a period of time?
Why do you think mandatory job rotation and vacations are effective controls to reduce instances of fraud?In its 2008 Report to the Nation on Occupational Fraud and Abuse, the Association of
Does it surprise you that the audit of ICFR and external audit were ranked at the bottom as effective tools to prevent/detect fraud? Why or why not?In its 2008 Report to the Nation on Occupational
In a 2005 poll sponsored by Wall Street Journal Online and Harris Interactive, 2,061 U.S. investors were asked whether the regulations and costs of SOX were too strict. Overall, 55 percent called the
Each of the following formulas is correct except: (a) Labor price variance = (Actual hours Actual rate) (Actual hours x Standard rate). (b) Total overhead variance = Actual overhead Overhead
In producing product \(\mathrm{ZZ}, 14,800\) 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
The formula to compute the overhead volume variance is: (a) Fixed overhead rate X (Standard hours Actual hours). (b) Fixed overhead rate x (Normal capacity hours Actual hours). (c) Fixed overhead
Loper Corporation manufactures a single product. The standard cost per unit of product is as follows.The master manufacturing overhead budget for the month based on normal productive capacity of
Orlanda Manufacturing Company uses a standard cost accounting system to account for the manufacture of exhaust fans. In July 2010, it accumulates the following data relative to 1,500 units started
Goltra Clothiers manufactures women's business suits. The company uses a standard cost accounting system. In March 2010, 11,800 suits were made. The following standard and actual cost data applied to
Heath Manufacturing Company uses a standard cost accounting system. In 2010, the company produced 36,000 units. Each unit took several pounds of direct materials and \(1 \frac{1}{3}\) standard hours
Gibsen Manufacturing Company uses standard costs with its job order cost accounting system. In January, an order (Job No. 84) was received for 4,100 units of Product D. The standard cost of 1 unit of
How will the creation of such standards help a business or organization?
How might management use this raw material cost information?
Which of the perspectives of a balanced scorecard were the focus of United's CEO?
Rochelle Company is considering purchasing new equipment for \($250,000.\) The equipment has a 5-year useful life, and depreciation would be \($50,000\) (as- suming straight-line depreciation and
Select one of the world’s religions and give a concrete example of how the Golden Rule applies in that religion.
a. What (who) has had the most influence on your personal ethics to this point in your life?Do you feel that your ethics are still evolving? What would cause you to change your ethics positively or
How John Edwards ruined his reputation by having an affair, covering it up, and then not admitting to fathering a child out of wedlock. Shortly after the Edwards disclosure, the public was stunned to
Steroid use in baseball is an important societal issue. Many members of society are concerned that their young sons and daughters may be negatively influenced by what apparently has been done at the
Some people believe that ethics is relative to the situation. Others believe we should act the same way in similar situations. Comment on these opposing points of view.
Assume you are coming home from the store one day and see a fast-moving fire approach your neighbor’s house. You notice that the neighbor’s car is in the garage. The garage door entrance to the
In the new age of texting, blogging, tweeting, and updating one’s Facebook, a variety of new activities have occurred that raise interesting ethical questions. For example, stay-at-home moms that
a. Assume you have been hired by the head of a tobacco industry group to do a cost-benefit analysis of whether the tobacco firms should disclose that nicotine is addictive. Assume this is before the
Former associate justice of the U.S. Supreme Court Potter Stewart (1915-1985) said, “Fairness is what justice really is.’ How would you interpret this statement in the context of business
Assume in the DigitPrint case that the venture capitalists do not provide additional financing to the company even though the adjustments have not been made. The company hires an audit firm to
Clarke Company estimates that 240,000 direct labor hours will be worked during 2010 in the Assembly Department. On this basis, the following budgeted manufacturing overhead data are computed.It is
Flaherty Manufacturing Company produces one product, Kebo. Because of wide fluctuations in demand for Kebo, the Assembly Department experiences significant variations in monthly production levels.The
Hardesty Company uses budgets in controlling costs. The May 2010 budget report for the company's Packaging Department is as follows.The monthly budget amounts in the report were based on an expected
Grider Manufacturing Inc. operates the Home Appliance Division as a profit center. Operating data for this division for the year ended December 31, 2010, are shown below.In addition, Grider
Jeffery Manufacturing Company manufactures a variety of garden and lawn equipment. The company operates through three divisions. Each division is an investment center. Operating data for the
How might managers of separate divisions be able to reduce division costs through collaboration?
What might be the reason that movie studios do not produce G-rated movies as much as R-rated ones?
Describe a situation in which a business "sells as much as it can" but cannot "keep its employees paid."
What approach did Time Warner use to prepare the old budget? What approach did it use to prepare the new budget?
Why does it matter whether the Olympic Games exceed their budget?
In Mussatto Company, direct labor is \(\$ 20\) per hour. The company expects to operate at 10,000 direct labor hours each month. In January 2010, direct labor totaling \(\$ 203,000\) is incurred in
Wasson, 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 $
The Sports Equipment Division of Brandon McCarthy Company is operated as a profit center. Sales for the division were budgeted for 2008 at \(\$ 900,000\). The only variable costs budgeted for the
Presented below is selected information for three regional divisions of Yono Company.Instructions:(a) Compute the return on investment for each division.(b) Compute the residual income for each
Krause Farm Supply Company manufactures and sells a fertilizer called Basic II. The following data are available for preparing budgets for Basic II for the first 2 quarters of 2010 .1. Sales: Quarter
Mercer Inc. is preparing its annual budgets for the year ending December 31, 2010. Accounting assistants furnish the following data.An accounting assistant has prepared the detailed manufacturing
Litwin Industries has sales in 2010 of \(\$ 4,900,000\) (700,000 units) and gross profit of \(\$ 1,187,500\). Management is considering two alternative budget plans to increase its gross profit in
Orton Company prepares monthly cash budgets. Relevant data from operating budgets for 2011 are:All sales are on account. Collections are expected to be \(60 \%\) in the month of sale, \(30 \%\) in
Soriano Company is preparing its budgeted income statement for 2010. Relevant data pertaining to its sales, production, and direct materials budgets can be found in the Do It! exercise on page
Besides increasing their conversion rates, what steps can online merchants use to lower their break-even points?
Why do you suppose restaurants are so eager to sell' beverages and desserts?
What is the limited resource for a retailer, and what implications does this have for sales mix?
As a result of being in business for a long time, the established airline giants also must pay very large retirement payments, a cost the newer airlines do not face. What impact do these payments
In the month of June, Angela's Beauty Salon gave 3,500 haircuts, shampoos, and permanents at an average price of \(\$ 30\). During the month, fixed costs were \(\$ 16,800\) and variable costs were
Ger Company reports the following operating results for the month of August: Sales \(\$ 300,000\) (units 5,000); variable costs \(\$ 210,000\); and fixed costs \(\$ 70,000\). Management is
Hall Company had sales in 2010 of \(\$ 1,500,000\) on 60,000 units. Variable costs totaled \(\$ 720,000\), and fixed costs totaled \(\$ 400,000\).A new raw material is available that will decrease
Moctezuma Inc. produces and sells three products. Unit data concerning each product is shown below.The company has 2,000 hours of labor available to build inventory in anticipation of the company's
Hardwood Inc. produces wooden crates used for shipping products by ocean liner. In 2010, Hardwood incurred the following costs.Assume Hardwood used an average 500 kilowatt-hours each month over the
Griffey Manufacturing's sales slumped badly in 2010. For the first time in its history, it operated at a loss. The company's income statement showed the following results from selling 500,000 units
Washington Corporation has collected the following information after its first year of sales. Net sales were \(\$ 2,400,000\) on 200,000 units; selling expenses \(\$ 360,000\) ( \(30 \%\) variable
Zaki Metal Company produces the steel wire that is used for the production of paper clips. In 2009, the first year of operations, Zaki produced 40,000 miles of wire and sold 30,000 miles. In 2010 ,
In Astoria Company, data concerning two products are: Contribution margin per unit-Product A \$10, Product B \$12; machine hours required for one unitProduct A 2, Product B 3. Compute the
Ron's Shingle Corporation is considering the purchase of a new automated shingle-cutting machine. The new machine will reduce variable labor costs but will increase depreciation expense. Contribution
Logan Corporation manufactures two products with the following characteristics.If Logan's machine hours are limited to 2,000 per month, determine which product it should produce. Product 1 Product 2
Are the costs associated with use of the computer-driven cutting machines fixed or variable?
How did Flight Serve determine that it would break even with 3.3 seats full per flight?
What amount of sales dollars are required for the promoter to break even?
Garner Manufacturing Inc. sold 20,000 units and recorded sales of $800,000 for the first quarter of 2010. In making the sales, the company incurred the fol- lowing costs and expenses.(a) Prepare a
Krisanne Company reports the following operating results for the month of June.To increase net income, management is considering reducing the selling price by \(10 \%\), with no changes to unit
Manzeck Bicycles International produces and sells three different types of mountain bikes. Information regarding the three models is shown below.The company's total fixed costs to produce the
Carolina Corporation manufactures and sells three different types of high- quality scaled ball bearings. The bearings vary in terms of their quality specifications- primarily with respect to their
Justin and Andrea Doll Company produces and sells tennis balls. The following costs are available for the year ended December 31, 2010. The company has no beginning inventory. In 2010, 8,000,000
The Galena Barber Shop employs four barbers. One barber, who also serves as the manager, is paid a salary of \(\$ 3,200\) per month. The other barbers are paid \(\$ 1,400\) per month. In addition,
Wilks Company bottles and distributes No-FIZZ, a fruit drink. The beverage is sold for 50 cents per 16 -ounce bottle to retailers, who charge customers 70 cents per bottle. For the year 2010,
Milner Manufacturing had a bad year in 2010. For the first time in its history it operated at a loss. The company's income statement showed the following results from selling 60,000 units of product:
Anne Ogilvie is the advertising manager for Thrifty Shoe Store. She is currently working on a major promotional campaign. Her ideas include the installation of a new lighting system and increased
Washington Corporation has collected the following information after its first year of sales. Net sales were \(\$ 2,400,000\) on 200,000 units; selling expenses \(\$ 360,000\) ( \(30 \%\) variable
Bruno Manufacturing Inc. had sales of \(\$ 2,200,000\) for the first quarter of 2010. In making the sales, the company incurred the following costs and expenses.Prepare a CVP income statement for the
Turgro Corp. had total variable costs of \(\$ 180,000\), total fixed costs of \(\$ 160,000\), and total revenues of \(\$ 300,000\). Compute the required sales in dollars to break even.
For MeriDen Company, variable costs are \(60 \%\) of sales, and fixed costs are \(\$ 195,000\). Management's net income goal is \(\$ 75,000\). Compute the required sales in dollars needed to achieve
For Dousmann Company actual sales are \(\$ 1,200,000\) and break-even sales are \(\$ 840,000\). Compute (a) the margin of safety in dollars and (b) the margin of safety ratio.
PCB Corporation has fixed costs of \(\$ 480,000\). It has a unit selling price of \(\$ 6\), unit variable cost of \(\$ 4.50\), and a target net income of \(\$ 1,500,000\). Compute the required sales
The controller of Gutierrez Industries has collected the following monthly expense data for use in analyzing the cost behavior of maintenance costs.Instructions:(a) Determine the fixed and variable
In 2008, Hadicke Company had a break-even point of \(\$ 350,000\) based on a selling price of \(\$ 7\) per unit and fixed costs of \(\$ 105,000\). In 2009 , the selling price and the variable cost
Utech Company bottles and distributes Livit, a diet soft drink. The beverage is sold for 50 cents per 16-ounce bottle to retailers, who charge customers 75 cents per bottle. For the year 2010,
Why does using direct labor as the basis for overhead allocation result in lower direct labor costs for Japanese companies?
What positive implications does application of \(\mathrm{ABC}\) have for the employees of this company?
What are the benefits of reducing setup time?
Waves Galore, Inc. manufactures hair curlers and blow-dryers. The handheld hair curler is Waves Galore's high volume product ( 80,000 units annually). It is a "large barrel," 20-watt, triple-heat
Kitchen Kabinets Company designs and builds upscale kitchen cabinets for luxury homes. Many of the kitchen cabinet and counter arrangements are custom made, but occasionally the company does mass

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