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managerial accounting
Questions and Answers of
Managerial Accounting
Give some strategic business decisions that can benefit from a job costing system.
Identify whether each of the following companies would likely use a job order system or a process costing system.a. Construction company that builds specific bridges and highwaysb. Bakery that makes
Affordable Tutoring Services had the following results for 2022:Included in the miscellaneous expense category are marketing costs, a legal retainer, accounting fees, and travel costs.a. Is this
Answer the questions regarding the partially completed T-accounts for XYZ Company for the month of May:<ART: Use minus signs instead of hyphens. Make sure a space follows the + signs for “+
The following information for 2022 applies to Sue, Inc., which makes pet items:a. Complete the T-accounts for raw materials, work in process, and finished goods.b. What are prime costs?c. What are
Assume the following information for NVO, a retailer, in 2022:a. What is cost of goods sold?b. What are selling and administrative costs?c. What additional information would be useful for NVO to
JKL produces boxes. In 2022, the company incurred the following costs:a. What is the amount of manufacturing overhead?b. What are product costs during the period?c. What are period costs? Indirect
Chapter 1, the Institute of Management Accounting’s Standards of Ethical Professional Practice were described as competence, confidentiality, integrity, and credibility. The president of Clever
For each of the following, indicate whether the statement is true or false.a. A carpenter’s salary for a company that builds houses is both a product cost and a prime cost.b. Raw materials
DER, Inc., manufactures a single product. The following information is available for 2022:● Raw materials: Beginning balance: $5,000. Purchased $40,000 on credit. Direct materials used in
Assume the same data from Problem 1. Record all necessary journal entries.Data from Problem 1Best Furniture had the following data in 2022:There were no changes in the work in process inventory or
Best Furniture had the following data in 2022:There were no changes in the work in process inventory or the finished goods inventory.a. What was cost of goods manufactured?b. What were period
For each of the following, indicate whether the cost is a direct cost or an indirect cost.a. Nurse practitioner in a doctor’s officeb. Server in a restaurantc. Housekeeper in a hoteld. Forklift
Assume the same data from Problem 1 except that the work in process inventory increased by $2,000 and the finished goods inventory decreased by $3,000.a. What was cost of goods manufactured?b. What
Identify whether each of the following costs is a product cost or a period cost.a. Depreciation on salesperson’s carb. Salary of factory supervisorc. Overtime premium paid on night shiftd.
Prime costs plus conversion costs equals the cost of goods manufactured. Do you agree? If you do not agree, explain why the statement is false.
Direct costs are the costs that actually become a part of the product. Indirect costs are the costs that are not used in production. Do you agree? If you do not agree, explain why the statement is
Describe the different inventory accounts for a manufacturing firm.
Suppose an accountant incorrectly classified direct labor costs as a period cost instead of a product cost. Explain the potential impact on the amount reported as net income.
The cost of goods available to be sold represents the total amount of product expenses reported on the income statement. Do you agree? If you do not agree, explain why the statement is false.
Discuss in terms of debits and credits how raw materials, work in process, and finished goods are increased.
For each of the following decisions or actions, indicate which of the three areas of managerial accounting apply. Select the best option by placing the corresponding letter in the space
A home improvement store is interested in tracking why customers return merchandise. An employee suggests developing a spreadsheet to track the reasons for returns. He suggests that the return
Differentiate between operational and strategic information needs.
For each of the following types of information, identify whether the information would be most applicable to financial (F) or managerial (M) accounting.i. Income statement given to owners (for
For each of the following, indicate whether the statement is True or False.a. Storyboarding is a financial accounting chart of accounts used by major corporations to prepare financial statements.b.
For the following scenarios, indicate which of the four standards in the IMA’s Statement of Ethical Professional Practice is being violated: (1) Competence; (2) Confidentiality; (3)
From a familiar setting, such as your classes or a job, describe a special decision made using managerial information, including both financial and nonfinancial information.
Paul wants to start a barbershop. He would like to have an extra $450 per month to help with his house payments. He has found a location that will rent him space for $425 per month, plus an
Suppose you are a recent accounting graduate and begin work for a well-known consulting firm, Shady Deals, Inc. As you are preparing the final journal entries and the financial statements for the
Classify each of the following as pertaining to the income statement or the balance sheet. If it is a balance sheetaccount, choose the proper category. A balance sheet and income statement example
Which actions are needed when analyzing and resolving potential ethical problems?
Indicate whether each of the following is True or False.a. The main objective of general financial accounting is to provide management with information to budget for the future and for the IRS to tax
For the following events, in the spaces provided, fill in the numbers of the account(s) increased and decreased when recording the entry in the first grid. Accounts may be used more than once, and
Describe the IMA’s Statement of Ethical Professional Practice.
The following is known about Pedro Company, which has a January fiscal year end:Answer the following questionsa. What were Long-Term Liabilities on 1/31/23?b. What was the total of Property, Plant,
For the following events, in the spaces provided, fill in the effect on net income on the Income Statement. Use:+ for increase– for decrease0 for no net effect Transactions a. Employees worked for
Explain the differences between the three means of gathering managerial accounting data.
Explain the three primary uses of managerial accounting information.
What are three means of gathering managerial accounting data?
How is management accounting information useful to the three functions of management?
How are information needs different for higher and lower levels of management in an organization?
The elements of the accounting information system are inputs, processes, and outputs. What are some inputs into the system?
One output of managerial reporting is an analysis of actual costs or a cost report. Provide three examples of cost items that could be found in a cost report for a bakery.
How are a budget and a simple performance report useful to analyze the results of operations?
With respect to the processing of managerial accounting information, how can efficiency be achieved with technology?
Besides a cost report, budget, and performance analysis, what are other outputs or tools available to management to achieveoperational and strategic goals?
Give three examples of qualitative information that are relevant in managerial accounting but not captured and reported in financial accounting.
Describe the three primary functions of managers within organizations that are necessary for long-term sustainability.
Describe the difference between structured and unstructured data. How does big data analysis use structured and unstructured data?
Differentiate between descriptive analytics, diagnostic analytics, predictive analytics, and prescriptive analytics.
Refer to the lawn service company illustration. Assume that the company wanted to offer an additional line of service covering fumigation, fertilizing, and landscaping. What information should the
What is meant by the cost-benefit constraint when developing managerial accounting systems?
United Forest Products (UFP) is a large timber and wood processing plant. UFP's performance-evaluation system pays its managers substantial bonuses if the company achieves annual budgeted profit
Why is it important to distinguish between the performance of a manager and the performance of the organization subunit for which the manager is responsible? Give examples.
Distinguish among measuring assets based on present value, current cost, and historical cost.
Describe economic value added.
“Residual income is not identical to ROI, although both measures incorporate income and investment into their computations.” Do you agree? Explain.
What are the six steps in designing an accounting-based performance measure?
Give two examples of financial performance measures and two examples of nonfinancial performance measures.
Refer to Exercise 21-28.Required1. Suppose the manager of Division A has the option of (a) cutting the external price to $195, with the certainty that sales will rise to 1,000 units or (b)
Refer to Exercise 21-25. Assume that Division A can sell the 2,000 units to other customers at $155 per unit, with variable marketing cost of $5 per unit.Required1. Determine whether Allison-Chambers
The Allison Corporation, manufacturer of tractors and other heavy farm equipment, is organized along decentralized product lines, with each manufacturing division operating as a separate profit
Quest Motors Inc. operates as a decentralized multidivision company. The tivo division of Quest Motors purchases most of its airbags from the airbag division. The airbag division's incremental cost
Ajax Corporation has two divisions. The mining division makes toldine, which is then transferred to the metals division. The toldine is further processed by the metals division and sold to customers
User Friendly Computer Inc., with headquarters in Nepean, Ontario, manufactures and sells a premium desktop computer system. User Friendly has three divisions, each of which is located in a different
Give two reasons why a dual-price approach to transfer pricing is not widely used.
What are the three general methods for determining transfer prices?
Nate Stately, a manager of the Plate division for the Great Slate Manufacturing Company, has the opportunity to expand the division by investing in additional machinery costing $320,000. He would
You have the opportunity to expand your business by purchasing new equipment for $189,000. You expect to incur fixed costs of $96,000 per year to use this new equipment, and you expect to incur
Anna's Bakery plans to purchase a new oven with an estimated useful life of four years. The estimated pretax cash flows for the oven are as shown in the table that follows, with no anticipated change
Lethbridge Company runs hardware stores in Alberta. Lethbridge's management estimates that if it invests $160,000 in a new computer system, it can save $60,000 in annual cash operating costs. The
To be sure that you understand how to use the tables in Appendix A at the end of this book, solve the following exercises. Ignore income tax considerations.Required1. You have just won $5,000. How
“Managers’ control of job projects generally focuses on four critical success factors.” Identify those factors.
List and briefly describe the five major categories of cash flows included in capital investment projects.
“The trouble with discounted cash flow techniques is that they ignore depreciation costs.” Do you agree? Explain.
The following conversation occurred between Brian Richardson, plant manager at Glendale Engineering, and Charles Cheng, plant controller. Glendale manufactures automotive component parts, such as
Copeland Sporting Goods is evaluating two suppliers of footballs: Big Red and Quality Sports. Pertinent information about each potential supplier follows:RequiredCalculate the relevant costs of
Assume the same facts as in Problem 19-33 except now there are only two trigger points: the completion of good finished units of product and the sale of finished goods.Required1. Prepare summary
The Acton Corporation manufactures electrical meters. For August, there were no beginning inventories of direct materials and no beginning or ending work in process. Acton uses a JIT production
MacroHard Corp. produces J-Pods, music players that can download thousands of songs. MacroHard forecasts that demand in 2017 will be 48,000 J-Pods. The variable production cost of each J-Pod is $50.
Assume the same facts as in Exercise 19-24, except now Road Warrior uses only two trigger points, the completion of good finished units of product and the sale of finished goods. Any under- or
Assume the same facts as in Exercise 19-23, except that Road Warrior now uses a backflush costing system with the following two trigger points:■ Purchase of direct materials.■ Sale of finished
Assume the same facts as in Exercise 19-23, except that Road Warrior now uses a backflush costing system with the following two trigger points:■ Purchase of direct materials.■ Sale of finished
What are the main features in a JIT production system?
What five assumptions are made when using the simplest version of the economic order quantity (EOQ) decision model?
Blue Titanium (BT) Corporation is a manufacturer of computer chips based in Nepean. It manufactures two types of computer chips, CS1 and CS2. The costs of manufacturing each CS1 chip, excluding
Refer to the information in Problem 18-35. Suppose Rounder determines standard costs of $246 per (equivalent) unit for direct materials and $96 per (equivalent) unit for conversion costs for both
Refer to the information in Problem 18-35.RequiredRepeat question 1 from Problem 18-35 using the FIFO method of process costing.Data From Exercise 18-35:Rounder specializes in the manufacture of ball
Refer to the information in Problem 18-35.RequiredRepeat question 1 from Problem 18-35 using the FIFO method of process costing.Data From Exercise 18-35:Rounder specializes in the manufacture of ball
Refer to the information in Problem 18-32 except for the transferred-in costs for May, which equal the total cost of good units completed and transferred out in May from the cleaning department,
Refer to the information in Exercise 18-24.RequiredDo Exercise 18-24 using the FIFO method of process costing.Data From Exercise 18-24:Chipcity Inc. is a fast-growing manufacturer of computer chips.
For the data in Exercise 18-19, use the FIFO method to summarize total costs to account for, calculate the cost per equivalent unit for direct materials and conversion costs, and assign total costs
For the data in Exercise 18-17, summarize total costs to account for, calculate the cost per equivalent unit for direct materials and conversion costs, and assign total costs to units completed and
“The costs of reworking defective units are always charged to the specific jobs where the defects were originally discovered.” Do you agree? Explain.
“The point of inspection is the key to the allocation of spoilage costs.” Do you agree? Explain.
“In accounting for spoiled goods, we are dealing with cost assignment rather than cost incurrence.” Explain.
Distinguish among spoilage, reworked units, and scrap.
Do Problem 17-36 using the FIFO method of process costing. If you did Problem 17-36, explain any difference between the cost of work completed and transferred out and the cost of ending work in
Prepare a set of summarized journal entries for all April transactions affecting Work in Process Assembly. Set up a T-account for Work in Process—Assembly, and post the entries to it.Data From
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