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principles of accounting volume 1

Questions and Answers of Principles Of Accounting Volume 1

For the following situations identify whether the description is a centralized or decentralized organization.A. the United States NavyB. Farah’s Domino’s franchise storeC. Domino’s PizzaD.
Evaluate the two departments for Moxie Products.Compare the year’s performance of the two departments in terms of ROI and RI. Which department has created the most wealth for Moxie shareholders in
Components of the organization that are demotivating for purposes of performance management are known as ________.A. Business goalsB. Strategic plansC. Uncontrollable factorsD. Incentives
Why might a manager focused solely on accounting numbers miss opportunities for future benefits?
For the following descriptions state whether the cost is controllable or uncontrollable by responsibility center managers.A. Property tax of an existing manufacturing facilityB. Research and
For the following descriptions, state whether the cost is controllable or uncontrollable by responsibility center managers.A. Advertising for a merchandiserB. Corporate income taxesC. Office supplies
Oleg Markov is the production manager of NASA Solvents. Due to limited capacity, the company can only produce one of two possible products:• an industrial concentrated solvent with a 15%
When managerial accountants design an evaluation system that is based on criteria for which a manager is responsible, and it is structured to encourage managers to make decisions that will meet the
Is there a way to prevent managers from focusing on accounting measures as performance measures?
Identify the type of responsibility center (revenue center, cost center, profit center, or investment center) for each of the following situations.A. The accounting department for Tubelite Inc.B. The
Identify the type of responsibility center (revenue center, cost center, profit center, or investment center) for each of the following situations.A. The legal department for Avon ManufacturingB. The
Macon Mills is a division of Bolin Products, Inc. During the most recent year, Macon had a net income of $40 million. Included in the income was interest expense of $2,800,000. The company’s tax
Goal congruence in well-designed performance measurement systems best explains a congruence between ________.A. Employees and the companyB. Strategic plans and the futureC. Decisions and outcomesD.
Should an organization focus on controllable or uncontrollable factors to effectively implement a successful performance measurement system? Explain your answer.
Sara has just taken a job as the middle school assistant principal for an area school district. Prior to this, she was a teacher. She has received the following performance measurements for her first
Padma completed her doctoral degree and has taken a position as an assistant professor at a local university. She was given the following performance measures for her new position. Identify whether
Banyan Industries has two divisions, a tax rate of 30%, and a minimum rate of return of 20%. Division A has a weighted average cost of capital of 9.5% and is looking at a new project that will
Jefferson Memorial Hospital is an investment center as a division of Hospitals United. During the past year, Jefferson reported an after-tax income of $7 million. Total interest expense was
Responsibility accounting holds managers responsible for ________.A. All costs charged to their subunitB. All costs charged to their subunit plus a share of company-wide fixed costsC. Only the costs
What are the components of a strategic plan? Find one of these components for the company you work for and share (if you are not currently employed, use the college you attend).
During the current year, Plainfield Manufacturing earned income of $845,000 from total sales of $9,350,000 and average capital assets of $13,500,000. What is the sales margin?
Performance measures are only useful if ________.A. There are both controllable and uncontrollable factors to evaluate managersB. Manager reward systems are designed by the chief financial officer
Assume Plainfield Manufacturing has debt of $6,500,000 with a cost of capital of 9.5% and equity of $4,500,000 with a cost of capital of 11.5%. What is Tyler’s weighted average cost of capital?
What would be wrong with using two points of data in a performance measurement system to tell a company whether the amount of variation is normal or abnormal?
Assume Skyler Industries has debt of $4,500,000 with a cost of capital of 7.5% and equity of $5,500,000 with a cost of capital of 10.5%. What is Skyler’s weighted average cost of capital?
Which of the following is not a characteristic of a good performance measurement system?A. TimelyB. ConsistentC. Based on activities over which managers have no control or influenceD. Uses both long-
Coral Creations has strategic plans that call for rapid growth, a limited number of units for each design to enhance exclusivity, designs for the perfect fit, on-time delivery to customers, retention
During the current year, Plainfield Manufacturing earned income of $845,000 from total sales of $9,350,000 and average capital assets of $13,500,000. Using the sales margin from the previous
During the current year, Sokowski Manufacturing earned income of $350,000 from total sales of $5,500,000 and average capital assets of $12,000,000.A. Based on this information, calculate asset
What are the four types of centers and their corresponding responsibilities?
A good performance measurement system will align the goals of management with ________.A. The goals of the city manager and the mayoral staffB. The goals of the corporation, and both parties will
Compare and contrast short- and long-term goals for a company. Give an example of each, and explain why they are important for performance measurement systems.
Why do managers want a high ROI, and how would they strive to increase their ROI?
Though a high ROI is desired, what are some reasons that might lead to a low or decreased ROI?
What should an organization do if performance measures change?A. Make sure that the manager being evaluated is aware of the measurement change, as this may affect his or her decision-making.B. Make
Can a short-term goal also be a long-term goal? Where is the division, and why is it important for an employee to understand whether the goal is short or long term?
Classify each of the following performance measures into the balanced scorecard perspective to which it relates: financial perspective, internal operations perspective, learning and growth
Classify each of the following performance measures into the balanced scorecard perspective to which it relates: financial perspective, internal operations perspective, learning and growth
Dixon Construction Materials has collected this information:Based on this information, what is the EVA for the project?A. $100,000B. $10,000C. $450,000D. ($110,000) Net operating profit before
A good performance measurement system will include which of the following?A. Short-term goalsB. Long-term goalsC. Short-term and long-term goalsD. No goals at all
What does goal congruence mean? Provide an example with your explanation.
Without proper performance measures, goal congruence is almost impossible to achieve and will likely lead to ________.A. More stable targetsB. Decreased defectsC. Lost profitsD. Employees satisfied
What is EVA and why is it superior to other performance measures?
The cost of equity is ________.A. The interest associated with debtB. The rate of return required by investors to incentivize them to invest in a companyC. The weighted average cost of capitalD.
What are the drawbacks to ROI? Give examples of each.
Which of the following measures the profitability of a division relative to the size of its investment in capital assets?A. Residual income (RI)B. Sales marginC. Return on investment (ROI)D. Economic
Describe. the history and purpose of the balanced scorecard.
Calculate the ROI for Gardner Chemical given the following information:A. 25%B. 24%C. 60%D. 40% Income Revenue Average assets $ 6,000 $24,000 $10,000
The capital structure of Ridley Enterprises is: Debt 40%, Equity 60%. The cost of debt is 13%, and the cost of equity is 16.5%. What is the weighted average cost of capital for Ridley Enterprises?A.
What are the characteristics of successful balanced scorecards?
Gallant Sports is considering the purchase of a new rock-climbing facility. The company estimates that the construction will require an initial outlay of $350,000. Other cash flows are estimated as
Your friend has a trust fund that will pay her the following amounts at the given interest rate for the given number of years. Calculate the current (present) value of your friend’s trust fund
The process of reinvesting interest earned to generate additional earnings over time is ________.A. CompoundingB. DiscountingC. AnnuityD. Lump-sum
How much would you invest today in order to receive $30,000 in each of the following:A. 10 years at 9%B. 8 years at 12%C. 14 years at 15%D. 19 years at 18%
What is the equation to calculate the payback period?
How much would you invest today in order to receive $30,000 in each of the following (for further instructions on present value in Excel, see Appendix C):A. 20 years at 22%B. 12 years at 10%C. 5
Which of the following statements is false?A. The four dimensions of performance that are considered in a balanced scorecard are financial, customer, internal process, and learning and growthB. A
The metrics based on nonfinancial information are known as ________.A. Quantitative factorsB. Qualitative factorsC. StakeholdersD. Stockholders
The metrics based on financial numbers produced by the accounting system are ________.A. Quantitative factorsB. Qualitative factorsC. StakeholdersD. Stockholders
People affected by decisions made by a company, including investors, creditors, employees, managers, regulators, customers, suppliers, and laypeople, are known as ________.A. Quantitative factorsB.
The owners of company stock are ________.A. Quantitative factorsB. Qualitative factorsC. StakeholdersD. Stockholders
Which agreement did 196 nations adopt in December 2015?A. Oslo AccordB. Paris Climate AgreementC. Kyoto AgreementD. Copenhagen Accord
What is sustainability and how might corporations incorporate sustainability practices into their business?
The 2015 Paris Agreement on Climate Change aimed to limit the increase of global temperatures to ________.A. 0.5 °CB. 1.0 °CC. 1.5 °CD. 2.0 °C
What are one advantage and one disadvantage of the accounting rate of return method?
The Ham and Egg Restaurant is considering an investment in a new oven that has a cost of $60,000, with annual net cash flows of $9,950 for 8 years. The required rate of return is 6%. Compute the net
Bouvier Restaurant is considering an investment in a grill that costs $140,000, and will produce annual net cash flows of $21,950 for 8 years. The required rate of return is 6%. Compute the net
When is the labor rate variance favorable?A. When the actual quantity used is greater than the standard quantityB. When the actual quantity used is less than the standard quantityC. When the actual
Identify several causes of an unfavorable material quantity.
Which of the following is a possible cause of an unfavorable labor rate variance?A. Hiring too many workersB. Hiring higher-quality workers at a higher wageC. Making too many unitsD. Purchasing too
Identify several causes of a favorable labor rate variance.
Carlton’s Kitchens makes two types of pasta makers: Strands and Shapes. The company expects to manufacture 70,000 units of Strands, which has a per-unit direct material cost of $10 and a per-unit
Sterling’s records show the work in process inventory had a beginning balance of $4,000 and an ending balance of $3,000. How much direct labor was incurred if the records also show: Materials
This information was collected for the first year of manufacturing for Appliance Apps:Prepare an income statement under variable costing, and prepare a reconciliation to the income under the
Lens & Shades sells sunglasses for $37 each and is estimating sales of 21,000 units in January and 19,000 in February. Each lens consists of 2.00 mm of plastic costing $2.50 per mm, 1.7 oz of dye
Prepare a budgeted income statement using the information shown.Prepare a manufacturing overhead budget if the number of units to produce for January, February, and March are 2,500, 3,000, and 2,700,
The data shown were obtained from the financial records of Italian Exports, Inc., for March:Sales are expected to increase each month by 10%. Prepare a budgeted income statement. Estimated
The following data were obtained from the financial records of Sonicbrush, Inc., for March:Sales are expected to increase each month by 15%. Prepare a budgeted income statement. Estimated
Fill in the missing information from the following schedules: Expected sales (units) Sales price per unit Total sales revenue Sales Budget For the Year Ended December 31, 2018 Quarter 1 Quarter
Fill in the missing information from the following schedules: Expected sales (units) Sales price per unit Total sales revenue Sales Budget For the Year Ended December 31, 2018 Quarter 2 Quarter
Sunshine Gardens overhead expenses are:Given production of 10,200; 11,300; 12,900; and 13,200 for each quarter of the next year, prepare a manufacturing overhead budget for each quarter. Indirect
Lovely Wedding printing is budgeting sales of 32,000 units and already has 4,000 in beginning inventory. How many units must be produced to also meet the 6,000 units required in ending inventory?
Relevant data from the operating budget of The Framers are:Other data:• Capital assets were sold in quarter 1 and $8,000 was collected in quarter 1 and $500 collected in quarter 2.• Dividends of
How many units are in beginning inventory if 32,000 units are budgeted for sales, 35,000 units are produced, and the desired ending inventory is 9,000 units?
Which approach is most likely to result in employee buy-in to the budget?A. Top-down approachB. Bottom-up approachC. Total participation approachD. Basing the budget on the prior year
Given the following information from Rowdy Enterprises’ direct materials budget, how much direct materials needs to be purchased? Beginning materials inventory Ending materials inventory Materials
Why might a rolling budget require more management participation than an annual budget?
Rehydrator makes a nutrition additive and expects to sell 3,000 units in January, 2,000 in February, 2,500 in March, 2,700 in April, and 2,900 in May. The required ending inventory is 20% of the next
Which approach requires management to justify all its expenditures?A. Bottom-up approachB. Zero-based budgetingC. Master budgetingD. Capital allocation budgeting
What information is necessary for the operating budgets?
Cloud Shoes manufactures recovery sandals and is planning on producing 12,000 units in March and 11,500 in April. Each sandal requires 1.2 yards if material, which costs $3.00 per yard. The
Direct labor hours are estimated as 2,000 in Quarter 1; 2,100 in Quarter 2; 1,900 in Quarter 3; and 2,300 in Quarter 4. Prepare a manufacturing overhead budget using the information provided.
Which of the following is true in a bottom-up budgeting approach?A. Every expense needs to be justified.B. Supervisors tell departments their budget amount and the departments are free to work within
What operating budget exists for manufacturing but not for a retail company?
Mesa Aquatics, Inc. estimated direct labor hours as 1,900 in quarter 1, 2,000 in quarter 2, 2,200 in quarter 3, and 1,800 in quarter 4. Prepare a sales and administration budget using the information
Fitbands’ estimated sales are:What are the balances in accounts receivable for January, February, and March if 65% of sales is collected in the month of sale, 25% is collected the month after the
The most common budget is prepared for a ________.A. WeekB. MonthC. QuarterD. Year
Cash collections for Renew Lights found that 65% of sales were collected in the month of sale, 25% was collected the month after the sale, and 10% was collected the second month after the sale. Given
What is the process for developing a budgeted balance sheet?
Amusement tickets estimated sales are:What are the balances in accounts receivable for April, May, and June if 60% of sales are collected in the month of sale, 30% are collected the month after the

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