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managerial accounting
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Managerial Accounting
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
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.
Match the term on the left with the definition on the right. Term 1. Direct labor rate variance 2. Fixed overhead budget variance 3. Standard cost 4. Variable overhead efficiency variance 5. Direct
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.Anomaly detection Data mining Association Fraud detection
The Plated Elf Company produces meal kits. Each week, it ships thousands of meal kits.Each meal kit includes a variety of foods (direct materials).Company managers have the following investigation
Mack Backpack Company manufactures a variety of backpack models. Each backpack requires a variety of direct materials, including fabric, buckles, zippers, and other materials.Company managers have
During the week, the Spartan Restaurant Group’s French fry manufacturing facility incurred 1,500 hours of direct labor. Direct laborers were paid \($16.20\) per hour. The standard hourly labor rate
Grow Right Products is a manufacturer of large flowerpots for urban settings. The company has these standards:Grow Right allocates variable and fixed manufacturing overhead to production based on
Refer to the data in E11-26A.Requirements:1. Make the journal entries to record the purchase and use of direct materials.2. Make the journal entries to record the direct labor.Data From E11-26A:-Boat
Melford Containers currently uses a recycled plastic to make bottles for the food industry.Current bottle production information:The cost and time standards per batch of 10,000 bottles are as
The Plated Gnome Company produces meal kits. Each week, it ships thousands of meal kits. Each meal kit includes a variety of foods (direct materials).Company managers have the following investigation
The Rosenbaum Restaurant Group manufactures the bags of frozen French fries used at its franchised restaurants. Last week, Rosenbaum purchased and used 98,000 pounds of potatoes at a price of
Refer to the Elegant Designs data set. Assume the company uses a standard cost accounting system.Requirements:1. Record Elegant Designs’ direct materials and direct labor journal entries.2. Record
The Plated Pixie Company produces meal kits. Each week, it ships thousands of meal kits.Each meal kit includes a variety of foods (direct materials).Company managers have the following investigation
Jack Backpack Company manufactures a variety of backpack models. Each backpack requires a variety of direct materials, including fabric, buckles, zippers, and other materials.Company managers have
Seacrest Manufacturing produces ceramic teapots. Seacrest allocates overhead based on the number of direct labor hours. The company is looking into using a standard costing system and has developed
Woodsy Music manufactures harmonicas. Woodsy uses standard costs to judge performance. Recently, a clerk mistakenly threw away some of the records, and only partial data for September exist. Woodsy
Folklore Music manufactures harmonicas. Folklore uses standard costs to judge performance. Recently, a clerk mistakenly threw away some of the records, and only partial data for July exist. Folklore
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 &
Go to YouTube.com and search for clips from the show Unwrapped on Food Network or How It’s Made on the Discovery Channel. Watch a clip for a product you find interesting. Companies are not likely
The luxury-goods manufacturer Louis Vuitton has several factories in the United States, France, and Spain that produce its bags and accessories. Part of the Louis Vuitton brand appeal to consumers is
BreadCo & More produces organic bread that is sold by the loaf. Each loaf requires 1/2 of a pound of flour. The bakery pays \($2.00\) per pound of the organic flour used in its loaves.The bakery
For each of the situations listed, identify the primary standard from the IMA Statement of Ethical Professional Practice that is violated (competence, confidentiality, objectivity, or credibility).1.
Freezy’s Yogurt Shoppe sells a variety of single-serve frozen yogurt flavors and toppings.The owner of Freezy’s is trying to forecast its frozen yogurt sales for the upcoming year.The owner
Dominion Industries manufactures three models of a product in a single plant with two departments: Cutting and Assembly. The company has estimated costs for each of the three product models: the
Gable Foods produces specialty soup sold in jars. The projected sales in dollars and jars for each quarter of the upcoming year are as follows:Gable anticipates selling 222,000 jars, with total sales
Jubilee’s Yogurt Shoppe sells a variety of single-serve frozen yogurt flavors and toppings.The owner of Jubilee’s is trying to forecast its frozen yogurt sales for the upcoming year.The owner
Each autumn, as a hobby, Vivianne Olson (doing business as “Vivianne Olson, Inc.”)weaves cotton placemats to sell at a local craft shop. The mats sell for \($30\) per set of four mats. The shop
This case is a continuation of the Burburr Resorts & Hotels Corporation serial case that began in Chapter 1. The components of the Burburr serial case can be completed in any order. Burburr
Describe the difference between an operating budget and a capital expenditures budget.
What is a budget committee? What is the budget committee’s role in the budgeting process?
What are financial budgets? List at least three financial budgets.
How does the comprehensive budget for a service company differ from a comprehensive budget for a manufacturing company? Which (if any) operating budgets differ and how, specifically, do they differ?
Give an example of a sustainable practice that would affect a company’s budget.How might this sustainable practice, if adopted, impact the company’s budget in both the short-term and in the
Why might a company want to state environmental goals for increased sustainability in its budgets? Explain.
Assume Tucson Tortilla’s sales budget shows projected sales of 32,000 cases in April and 40,000 cases in May. The company’s manager would like to maintain ending safety stock equal to 10% of the
Assume Georgio’s has the following budgeted sales for the quarter:Determine Georgio’s budget for March cash collections assuming credit sales are collected as follows: 90% is collected the month
Pillows Unlimited makes decorative throw pillows for home use. The company sells the pillows to home décor retailers for \($14\) per pillow. Each pillow requires 1.25 yards of fabric, which the
The following information was taken from the Pillows Unlimited sales budget, found in Summary Problem 1:The company’s collection history indicates that 75% of credit sales is collected in the month
Which type of variance causes operating income to be higher than the budgeted operating income?a. Unfavorable varianceb. Favorable variancec. Neutral varianced. Any variance
The basic principle of management by exception would indicate that a manager should investigate which of the following variances?a. All variances regardless of the size of the varianceb. All
If the sales revenue volume variance is favorable, then it is likely thata. fewer units were actually sold than the company had anticipated.b. the expenses of the company were less than the amount of
Which perspective of the balanced scorecard would number of repeat customers be?a. Financialb. Learning and growthc. Customerd. Internal business
Actual salary expense is in Cell B12, budgeted salary expense is in Cell C12, and the absolute value of the salary expense variance is in Cell E12. What formula would be entered in Cell E12 to
The controller for the Butler Corporation wants to use the what-if analysis tool in Excel to analyze the sales price, volume, and profit related to the graphics card it manufactures.The sales price
A company expects to receive which of the following benefits when it uses its budgeting process?a. The planning required to develop the budget helps managers foresee and avoid potential problems
Which of the following is the starting point for the comprehensive budget?a. The direct materials budgetb. The production budgetc. The sales budgetd. The operating expenses budget
The income statement is part of which element of a company’s comprehensive budget?a. The operating budgetsb. The capital expenditures budgetc. The financial budgetd. The cash budget
The usual starting point for a direct labor budget for a manufacturer is thea. direct materials budget.b. sales budget.c. cash budget.d. production budget.
The following budgets are all financial budgets except for thea. combined cash budget.b. budgeted balance sheet.c. budgeted income statement.d. capital expenditures budget.
Which of the following expenses would not appear in a cash budget?a. Depreciation expenseb. Wages expensec. Interest expensed. Marketing expense
A service company would have all of the following budgets except fora. a sales budget.b. an operating expenses budget.c. a budgeted income statement.d. a direct materials budget.
A disadvantage to merchants from accepting debit and credit cards would bea. lost sales.b. transaction fees.c. bounced checks.d. longer time to receive cash.
A direct materials budget would be used in which of the following types of companies?a. Serviceb. Merchandisingc. Manufacturingd. All of the above
According to the text, which of the following factors is not one of the six V’s relating to big data?a. Varietyb. Viabilityc. Veracityd. Vulnerability
The regression line in a scatterplot is also known as a(n)a. high-low line.b. R-squared line.c. linear trendline.d. outcome variable.
See the Winter Sports Inc. data from S8-2. Assume that Winter Sports’ reputation has diminished and other resorts in the vicinity are charging only \($65\) per lift ticket. Winter Sports has become
Consider Devine Fashion from S8-6. Assume that the fixed expenses assigned to each department include only the following direct fixed costs of the department (rather than unavoidable fixed costs as
Storage Solutions produces plastic storage bins for household storage needs. The company makes two sizes of bins: Large (50 gallon) and Regular (35 gallon). Demand for the product is so high that the
Consider Storage Solutions from S8-9. Assume that demand for Regular bins is limited to 36,000 units and demand for Large bins is limited to 25,000 units.1. How many of each size bin should the
Waverly Pool Toys Corporation manufactures a variety of pool toys. Waverly has just received a special order for a large volume of pool toys at reduced special order prices. The following is a
Suppose Smithers Company is considering discontinuing its organic dried fruit product line. Assume that during the past year, the organic dried fruit’s product line income statement showed the
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