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managerial accounting
Questions and Answers of
Managerial Accounting
For each of the situations listed, identify the primary standard from the IMA Statement of Ethical Professional Practice that is violated (competence, confidentiality, integrity, or credibility).a.
Complete the following statements with one of the terms listed here. You may use a term more than once, and some terms may not be used at all.1. An example of the _______ component of time series
Robinson Hardware is adding a new product line that will require an investment of \($1,550,000\). Managers estimate that this investment will have a 10-year life and generate net cash inflows of
Refer to Vargas Products in E12-30A. Compute the IRR of each project and use this information to identify the better investment.Data From E12-30A:-Use the NPV method to determine whether Vargas
Consider how Wolf Valley, a popular ski resort, could use capital budgeting to decide whether the \($8\) million Brook Park Lodge expansion would be a good investment.Requirements:1. Compute the
Refer to the Wolf Valley Data Set in E12-35A.Requirements:1. What is the project’s NPV? Is the investment attractive? Why or why not?2. Assume that the expansion has no residual value. What is the
A variety of robots have been featured at the National Restaurant Show that can be used for a variety of tasks in restaurants. These robots were introduced at the same time that an ongoing debate
Congratulations! You’ve won a state lotto! The state lottery offers you the following (aftertax)payout options:Requirements:Assuming that you can earn 10% on your funds, which option would you
Refer to McKnight Products in E12-51B. Compute the IRR of each project and use this information to identify the better investment.Data From E12-51B:-Use the NPV method to determine whether McKnight
Consider how Soar Mountain, a popular ski resort, could use capital budgeting to decide whether the \($9.5\) million State Park Lodge expansion would be a good investment.Requirements:1. Compute the
Refer to the Soar Mountain Data Set in E12-56B.Requirements:1. What is the project’s NPV? Is the investment attractive? Why or why not?2. Assume the expansion has no residual value. What is the
A variety of robots have been featured at the National Restaurant Show that can be used for a variety of tasks in restaurants. These robots were introduced at the same time that an ongoing debate
1. Charlie just hit the jackpot in Las Vegas and won \($30,000\)! If he invests it now, at a 14% interest rate, how much will it be worth fifteen years from now?2. Roderick would like to have
This case is a continuation of the Burburr Resorts & Hotels Corporation serial case that began.1. The components of the Burburr serial case can be completed in any order. Burburr Resorts & Hotels
For years, it has been cheaper to manufacture many products overseas (China and other countries) than in the United States. Labor is still less expensive overseas than in the United States, but the
The Habbertone Company is considering investing in a wind turbine to generate its own power. Any unused power will be sold back to the local utility company. Between cost savings and new revenues,
The Habbertone Company is considering investing in a wind turbine to generate its own power. Any unused power will be sold back to the local utility company. Between cost savings and new revenues,
The Habbertone Company is considering investing in a wind turbine to generate its own power. Any unused power will be sold back to the local utility company. Between cost savings and new revenues,
The Habbertone Company is considering investing in a wind turbine to generate its own power. Any unused power will be sold back to the local utility company. Between cost savings and new revenues,
Sonoma is considering investing in solar paneling for the roof of its large distribution facility.The investment will cost $9 million and have a six-year useful life and no residual value.Because of
Sonoma is considering investing in solar paneling for the roof of its large distribution facility. The investment will cost \($9\) million and have a six-year useful life and no residual value.
The statement of cash flows is designed to showa. the revenues the company has earned during the period.b. how profits were generated during the period.c. the inflow and outflow of cash during the
The cash proceeds from the sale of a plant asset would appear on the statement of cash flows as a(n)a. increase in the financing section.b. decrease in the financing section.c. increase in the
Dividends paid to a company’s stockholders would appear on the statement of cash flows as a(n)a. increase in the financing section.b. decrease in the financing section.c. increase in the investing
Which of the following would be classified as a decrease in the financing section of the statement of cash flows?a. Purchase of new equipmentb. Issuance of common stockc. Payoff of a long-term
When preparing the cash provided by operations section of the statement of cash flows using the indirect method, which of the following would provide cash?a. An increase in accounts receivableb. A
An increase in the Taxes Payable account from the beginning of the year to the end of year would be what type of adjustment to “net cash provided by operations” if the company uses the indirect
When preparing the cash provided by operations section of the statement of cash flows using the indirect method, which of the following would be shown as a use of cash?a. An increase in salaries
Which of the following sections will be prepared differently if the direct method is used to prepare the statement of cash flows instead of the indirect method?a. Operating activitiesb. Investing
Describe at least four needs for cash within a business.
Define an “operating activity.” List two examples of an operating activity on the statement of cash flows that would increase cash. List two examples of an operating activity that would decrease
Define an “investing activity.” List two examples of an investing activity on the statement of cash flows that would increase cash. List two examples of an investing activity that would decrease
Define a “financing activity.” List two examples of a financing activity on the statement of cash flows that would increase cash. List two examples of a financing activity that would decrease
Define a “noncash investing or financing” activity. Describe an activity that would need to be disclosed as a noncash investing or financing activity.
Describe the difference between the direct and the indirect methods of preparing the operating section of the statement of cash flows.
Describe the process for reconciling net income to the cash basis. What items are added to net income? What items are subtracted from net income?
When preparing a statement of cash flows using the indirect method, what information is needed? What documents or statements would be used?
Provide an example of an operating cash inflow that could result from sustainability activities. Also provide an example of an operating cash outflow that would support sustainability.
Think of a company with which you are familiar. Describe an investing activity related to a company’s sustainability efforts that would be classified as a use of cash on a company’s statement of
Classify each of the following transactions as an operating, investing, or financing activity.1. Selling inventory 2. Issuing stock 3. Paying dividends 4. Paying employee salaries 5. Buying a new
Assume you are in charge of preparing the operating activities section of the statement of cash flows using the indirect method. In order to reconcile the company’s net income back to the cash
Classify each of the following transactions as an operating, investing, or financing activity or a noncash investing and financing activity.1. Payment of salaries 2. Purchase of land with cash 3.
Urban Togs is a regional retailer of trend-setting clothing that is made with socially and environmentally friendly practices. The company’s income statement and comparative balance sheets are
Daniel Corporation uses the indirect method to prepare its statement of cash flows. Data related to cash activities for last year are as follows:Answer the following questions:1. What was the net
For each of the situations listed, identify the primary standard from the IMA Statement of Ethical Professional Practice that is violated (competence, confidentiality, integrity, or credibility).a.
Using the data given in E13-15A, prepare the statement of cash flows (indirect method)for Coastal Travel Services, Inc., for 2023.Data From E13-15A:-The comparative balance sheet for Coastal Travel
Using the data from E13-21A, prepare the statement of cash flows using the direct method.Data From E13-21A:-Middleton Spas provides the following data for the year just ended on December
Using the data given in E13-27B, prepare the statement of cash flows (indirect method)for Seaway Travel Services, Inc., for 2023.Data From E13-27B:-The comparative balance sheet for Seaway Travel
Using the data for E13-33B, prepare the statement of cash flows using the direct method.Data From E13-33B:-Comfort Spas provides the following data for the year just ended December 31. Payment of
The Plastic Lumber Company, Inc. (PLC) is a manufacturer that takes in post-consumer plastics (e.g., empty milk jugs) and recycles those plastics into a “plastic lumber” that can be used to build
Riverview Marine Company makes a variety of boating supplies. The controller is preparing its statement of cash flows for the most recent calendar year. A sample of the pivot table the controller
The Minnesota Scooter Company produces several types of scooters. The controller has created an Excel file from the company’s general ledger data for the past fiscal year.A sample of that Excel
The Green Giraffe Restaurant Group has 21 restaurants scattered across the Midwestern portion of the United States. Green Giraffe is not publicly held but is owned by a small group of investors.For
Suppose a company is implementing lean accounting throughout the organization.Why might standard costing not be beneficial for that company?
What advantages might a company experience if it adopts ideal standards for its direct material standards and direct labor standards? What advantages are there to using practical standards? As an
Select a product with which you are familiar. Describe what type of standards (direct material and direct labor) might be in effect for that product wherever it is produced.For each of these
Suppose a company that makes and sells spaghetti sauce in plastic jars makes a change to its bottle that allows it to use significantly less plastic in each bottle.Describe at least four ways this
Think of a company that manufactures a product. What type of standards do you think that company might have regarding its sustainability efforts? Do you think sustainability standards would be
Kelsey owns a fruit smoothie shop at the local mall. Each smoothie requires ¼ pound of mixed berries, which are expected to cost \($4\) per pound during the summer months. Shop employees are paid
Kelsey owns a fruit smoothie shop at the local mall. Each smoothie requires ¼ pound of mixed berries, which are expected to cost \($4\) per pound during the summer months. During the month of June,
Kelsey owns a fruit smoothie shop at the local mall. The budgeted monthly fixed overhead costs consist of the store lease payment (\($1,000),\) advertising (\($250)\), equipment
Memoirs, Inc., produces several different styles and sizes of picture frames. The collage frame consists of 12 interconnected matted picture slots, each surrounded by a wood frame. Engineering
Memoirs, Inc., produces several different styles and sizes of picture frames. The following activity describes Memoirs’ overhead costs during March:Requirements:1. Calculate the variable overhead
Which of the following affects the present value of an investment?a. The interest rateb. The number of time periods for the investmentc. Whether the investment proceeds will be paid in one lump sum
Which of the following is true regarding capital rationing decisions?a. Companies should always choose the investment with the shortest payback period.b. Companies should always choose the investment
The internal rate of return isa. the same as the accounting rate of return.b. the firm’s hurdle rate.c. the interest rate at which the net present value of the investment is zero.d. none of the
Which of the following methods does not consider the investment’s profitability?a. Paybackb. Accounting rate of returnc. Internal rate of returnd. Net present value
Which of the following is the most reliable method for making capital budgeting decisions?a. Paybackb. Accounting rate of returnc. Internal rate of returnd. Net present value
Define capital investment. List at least three examples of capital investments other than the examples provided in the chapter.
“As the required rate of return increases, the net present value of a project also increases.” Explain why you agree or disagree with this statement.
Summarize the net present value method for evaluating a capital investment opportunity. Describe the circumstances that create a positive net present value.Describe the circumstances that may cause
Net cash inflows and net cash outflows are used in the net present value method and in the internal rate of return method. Explain why accounting net income is not used instead of cash flows.
Suppose you are a manager and you have three potential capital investment projects from which to choose. Funds are limited, so you can only choose one of the three projects. Describe at least three
The net present value method assumes that future cash inflows are immediately reinvested at the required rate of return, while the internal rate of return method assumes that future cash inflows are
The decision rule for NPV analysis states that the project with the highest NPV should be selected. Describe at least two situations when the project with the highest NPV may not necessarily be the
List and describe the advantages and disadvantages of the internal rate of return method.
Each of the following managers has been given certain decision-making authority. Classify each manager according to the type of responsibility center he or she manages.a. Managers of various
For each of the situations listed, identify the primary standard from the IMA Statement of Ethical Professional Practice that is violated (competence, confidentiality, integrity, or credibility).1.
Each of the following situations describes an organizational unit. Identify which type of responsibility center each underlined item is (cost, revenue, profit, or investment center). Organization a.
Montgomery Ceramics, a division of Watson Corporation, has an operating income of\($63,000\) and total assets of \($360,000\). The required rate of return for the company is 9%.The company is
Each of the following situations describes an organizational unit. Identify which type of responsibility center each underlined item is (cost, revenue, profit, or investment center). Organization a.
Jubilee Company segments its company into four distinct divisions. The net revenues, operating profit, and total assets for these divisions are disclosed in the footnotes to Jubilee Company’s
Refer to the Popping Bubbles’ data in P10-56B. The company sold 70,000 bubble kits during March and its actual operating income was as follows:Requirements:1. Prepare an income statement
BOGO Company segments its company into four distinctive divisions. The net revenues, operating profit, and total assets for these divisions are disclosed in the footnotes to BOGO Company’s
This case is a continuation of the Burburr Resorts & Hotels Corporation serial case that began. The components of the Burburr serial case can be completed in any order. Burburr Resorts & Hotels
The Procter & Gamble Company (P&G), a global consumer goods company, was one of the top 50 manufacturers in the world based on 2021 revenues.7 Its products include Bounty paper towels, Head &
Describe at least two specific actions that a company could take to improve its ROI.
Compare and contrast a comprehensive budget and a flexible budget.
Contrast lag indicators with lead indicators. Provide an example of each type of indicator.
Quaker Foods North America is another one of PepsiCo’s divisions. The division had assets of \($1,021\) million, operating income of \($669\) million, and sales revenue of\($2,742\) million.1.
Sam operates his own summer lawn-mowing business using a truck and equipment used solely for business purposes. Sam budgets \($10\) per job for variable expenses (gas for his truck and equipment) and
Sam operates his own summer lawn-mowing company using a truck and equipment dedicated solely to business operations.Complete the flexible budget performance report below to answer the following
The following table contains actual segment data for two of PepsiCo’s geographic divisions:(1) Latin America and (2) Europe.Requirements:1. Compute each division’s ROI.2. Compute each
1. Each of the following describes a key performance indicator. Determine which of the balanced scorecard perspectives is being addressed (financial, customer, internal business, or learning and
Dakota Taylor, a production line worker at Yani Yogurt, spilled an entire vat of milk.The milk must be discarded rather than used in yogurt.Which variance is directly impacted?a. Direct materials
What two variances make up the direct labor variance?a. Rate variance and price varianceb. Rate variance and efficiency variancec. Price variance and usage varianced. Price variance and efficiency
The variable overhead rate variance may be caused by variances in the following production inputs excepta. indirect materials.b. indirect labor.c. direct materials.d. None of the above impacts the
What type of variance results when the budgeted fixed overhead costs incurred are greater than the actual fixed overhead costs?a. Favorable fixed overhead budget varianceb. Unfavorable fixed overhead
The entry to allocate manufacturing overhead costs to production involves which of the following?a. Debit to work in process inventory for the standard rate of overhead times the standard quantity of
A Cadbury Creme Egg is an egg-shaped chocolate candy that weighs about 35 grams, or a little more than 1.2 ounces. It is filled with a white fondant and a smaller amount of yellow fondant, meant to
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