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principles of accounting volume 1

Questions and Answers of Principles Of Accounting Volume 1

Cash collections for Wax On Candles found that 60% of sales were collected in the month of the sale, 30% was collected the month after the sale, and 10% was collected the second month after the sale.
Each unit requires direct labor of 2.2 hours. The labor rate is $11.50 per hour and next year’s direct labor budget totals $834,900. How many units are included in the production budget for next
Each unit requires direct labor of 4.1 hours. The labor rate is $13.75 per hour and next year’s production is estimated at 75,000 units. What is the amount to be included in next year’s direct
How many units are estimated to be sold if Kino, Inc., has planned production of 750,000 units, a desired beginning inventory of 30,000 units, and a desired ending inventory of 45,000 units?
Nonna’s Re-Appliance Store collects 55% of its accounts receivable in the month of sale and 40% in the month after the sale. Given the following sales, how much cash will be collected in February?
Prepare a flexible budgeted income for 120,000 units using the following information from a static budget for 100,000 units: Sales price Direct material per unit Direct labor per unit Variable
Which of the operating budgets is prepared first?A. Production budgetB. Sales budgetC. Cash received budgetD. Cash payments budget
Which of the financial budgets is the most important? Why?
How many units are estimated to be sold if Skyline, Inc., has a planned production of 900,000 units, a desired beginning inventory of 160,000 units, and a desired ending inventory of 100,000 units?
Gear Up Co. pays 65% of its purchases in the month of purchase, 30% in the month after the purchase, and 5% in the second month following the purchase. What are the cash payments if it made the
Prepare a flexible budgeted income statement for 47,000 units using the following information from a static budget for 45,000 units: Sales price per unit Direct material per unit Direct labor per
The direct materials budget is prepared using which budget’s information?A. Cash payments budgetB. Cash receipts budgetC. Production budgetD. Raw materials budget
A company has prepared the operating budget and the cash budget. It is now preparing the budgeted balance sheet. Identify the document that contains each of these balances.A. CashB. Accounts
Before the year began, the following static budget was developed for the estimated sales of 50,000. Sales are higher than expected and management needs to revise its budget. Prepare a flexible budget
Sports Socks has a policy of always paying within the discount period and each of its suppliers provides a discount of 2% if paid within 10 days of purchase. Because of the purchase policy, 85% of
Artic Camping Gear’s currently sells 35,000 units at $73 per unit. Its expenses are as follows:Management believes it can increase sales by 2,000 units for every $5 decrease in sales price. It also
All Temps has a policy of always paying within the discount period, and each of its suppliers provides a discount of 2% if paid within 10 days of purchase. Because of the purchase policy, 80% of its
Which of the following is not an operating budget?A. Sales budgetB. Production budgetC. Direct labor budgetD. Cash budget
Fill in the blanks: A flexible budget summarizes _______ and _______ for various volume levels by adjusting the _______ costs for the various levels of activities. The _______ costs remain the same
Which of the following statements is not correct?A. The sales budget is computed by multiplying estimated sales by the sales price.B. The production budget begins with the sales estimated for each
Identify the document that contains the information listed in these lines from the budgeted balance sheet shown.A. CashB. Accounts receivableC. Raw materials inventoryD. ComputersE. Accounts payable
What information is included in the capital asset budget?
Total Pop’s data show the following information:New machinery will be added in April. This machine will reduce the labor required per unit and increase the labor rate for those employees qualified
Drainee purchases direct materials each month. Its payment history shows that 65% is paid in the month of purchase with the remaining balance paid the month after purchase. Prepare a cash payment
The units required in production each period are computed by which of the following methods?A. Adding budgeted sales to the desired ending inventory and subtracting beginning inventoryB. Adding
Identify the document that contains the information listed in these lines from the budgeted balance sheet shown.A. Accounts receivableB. Finished goods inventoryC. MachineryD. Accumulated
Why does budget planning typically begin with the sales forecast?
Desiccate purchases direct materials each month. Its payment history shows that 70% is paid in the month of purchase with the remaining balance paid the month after purchase. Prepare a cash payment
What is the amount of budgeted cash payments if purchases are budgeted for $190,500 and the beginning and ending balances of accounts payable are $21,000 and $25,000, respectively?
The cash budget is part of which category of budgets?A. Sales budgetB. Cash payments budgetC. Finance budgetD. Operating budget
Cold X, Inc. uses this information when preparing their flexible budget: direct materials of $2 per unit, direct labor of $3 per unit, and manufacturing overhead of $1 per unit. Fixed costs are
What steps should be considered if a budget is to be set and later have its results evaluated?
Using the following budgeted information for production of 5,000 and 12,000 units, prepare a flexible budget for 9,000 units. Production Expense A Expense B Expense C 5,000
Titanium Blades refines titanium for use in all brands of razor blades. It prepared a static budget for the sales of 5,000 units. These variances were observed:Determine the static budget and use the
What is the amount of budgeted cash payments if purchases are budgeted for $420,000 and the beginning and ending balances of accounts payable are $95,000 and $92,000, respectively?
Earthie’s Shoes has 55% of its sales in cash and the remainder on credit. Of the credit sales, 70% is collected in the month of sale, 15% is collected the month after the sale, and 10% is collected
Which is not a section of the cash budget?A. Cash receiptsB. Cash disbursementsC. Allowance for uncollectible accountsD. Financing needs
Halifax Shoes has 30% of its sales in cash and the remainder on credit. Of the credit sales, 65% is collected in the month of sale, 25% is collected the month after the sale, and 5% is collected the
Using the provided budgeted information for production of 10,000 and 15,000 units, prepare a flexible budget for 17,000 units. Production Expense A Expense B Expense C 10,000
Judge’s Gavel uses this information when preparing their flexible budget: direct materials of $3 per unit, direct labor of $2.50 per unit, and manufacturing overhead of $1.25 per unit. Fixed costs
Replenish sells shampoo that removes chlorine from hair. It prepared a static budget for the sales of 10,000 units. These variances were observed:Determine the static budget and use the information
Which budget is the starting point in preparing financial budgets?A. The budgeted income statementB. The budgeted balance sheetC. The capital expense budgetD. The cash receipts budget
Which of the following includes only financial budgets?A. Capital asset budget, budgeted income statement, sales budgetB. Production budget, capital asset budget, budgeted balance sheetC. Cash
The production cost for UV protective sunglasses is $5.50 per unit and fixed costs are $19,400 per month. How much is the favorable or unfavorable variance if 14,000 units were produced for a total
Which budget evaluates the results of operations at the actual level of activity?A. Capital budgetB. Cash budgetC. Flexible budgetD. Static budget
The production cost for a waterproof phone case is $7 per unit and fixed costs are $23,000 per month. How much is the favorable or unfavorable variance if 5,500 units were produced for a total of
What is the main difference between static and flexible budgets?A. The fixed manufacturing overhead is adjusted for units sold in the flexible budget.B. The variable manufacturing overhead is
Sameerah is trying to determine the standard hours to make one unit. She has studied the manufacturing process and is trying to determine what portion of the employees’ time should be included in
Why does a company use a standard costing system?A. To identify variances from actual cost that assist them in maintaining profitsB. To identify nonperformers in the workplaceC. To identify what
What two components are needed to determine a standard for materials?
Moisha is developing material standards for her company. The operations manager wants grade A widgets because they are the easiest to work with and are the quality the customers want. Grade B will
Bristol is developing material standards for her company. The operations manager wants grade A plastic tops because they are the easiest to work with and are the quality the customers want. Grade B
Stan is opening a coffee shop next to Big State University. He knows that controlling his costs will be important to the success of the shop. He will not be able to work all the hours the shop is
Carl cleans offices. He has the following buildings to clean every day: building A, which is 12,500 square feet; building B, which is 24,500 square feet; building C, which is 10,500 square feet; and
Ed Co. manufactures two types of O rings, large and small. Both rings use the same material but require different amounts. Standard materials for both are shown.At the beginning of the month, Edve
This standard is set at a level that may be reached with reasonable effort.A. Ideal standardB. Attainable standardC. Unattainable standardD. Variance from standard
What two components are needed to determine a standard for labor?
Rene is working with the operations manager to determine what the standard labor cost is for a spice chest. He has watched the process from start to finish and taken detailed notes on what each
Smith Industries uses a cost system that carries direct materials inventory at a standard cost. The controller has established these standards for the cost of one basket (unit):Smith Industries made
Salley is developing material and labor standards for her company. She finds that it costs $0.55 per pound of material per widget. Each widget requires 6 pounds of material per widget. Salley is also
What makes a variance favorable? Give an example of a favorable variance involving materials. What makes a variance unfavorable? Give an example of an unfavorable variance involving labor.
Freidrich is working with the operations manager to determine what the standard material cost is for a spice chest. He has watched the process from start to finish and taken detailed notes on what
This standard is set at a level that could be achieved if everything ran perfectly.A. Ideal standardB. Attainable standardC. Unattainable standardD. Variance from standard
What elements require consideration before establishing an overhead standard?
Sitka Industries uses a cost system that carries direct materials inventory at a standard cost. The controller has established these standards for one ladder (unit):Sitka Industries made 3,000
Fiona cleans offices. She is allowed 5 seconds per square foot. She cleans building A, which is 3,000 square feet, and building B, which is 2,460 square feet. Will she finish these two buildings in
Mateo makes gizmos. He would like to set up a system to help him manage his business. The gizmos are made in a standard process. There is a certain amount of material and labor that goes into each
April Industries employs a standard costing system in the manufacturing of its sole product, a park bench. They purchased 60,000 feet of raw material for $300,000, and it takes 5 feet of raw
A company bought 45,000 pounds of plastic pellets to make DVDs at a cost of $9,900. The standard cost per pound for the pellets is 20.5 cents. Some of these pellets were used in three jobs. The first
This variance is the difference involving spending more or using more than the standard amount.A. Favorable varianceB. Unfavorable varianceC. No varianceD. Variance
Ellis Company’s labor information for September is as follows:A. Compute the standard direct labor rate per hour.B. Compute the direct labor time variance.C. Compute the standard direct labor rate
Illinois Company is a medium-sized company that makes dresses. During the month of June, 8,575 dresses were made. All material purchases were used to make the dresses. The company had this
This variance is the difference involving spending less, or using less than the standard amount.A. Favorable varianceB. Unfavorable varianceC. No varianceD. Variance
Breakaway Company’s labor information for May is as follows:A. What is the actual direct labor rate per hour?B. What is the standard direct labor rate per hour?C. What was the total standard direct
What causes the material price variance?
The Whizbang Company makes a special type of toy. Each top takes 6 ounces of a special material that costs $3 per ounce. Whizbang bought 4,000 ounces of the material at a cost of $11,300. They used
Corolla Manufacturing has a standard cost for steel of $20 per pound for a product that uses 4 pounds of steel. During September, Corolla purchased and used 4,200 pounds of steel to make 1,040 units.
What are some possible reasons for a material price variance?A. Substandard materialB. Labor rate increasesC. Labor rate decreasesD. Labor efficiency
What causes the material quantity variance?
Adam Inc.’s records for May include the following information:A. What are Adam’s standard labor hours for the units made?B. What is Adam’s total standard labor cost for the units made? Actual
Woodpecker manufactures sawmill equipment. They use a standard costing system and recognize material price variance at the time of material purchases. They use carbide to make the teeth on their
Marymount Company makes one product. In the month of April, it made 3,500 units. Workers were paid $32 per hour for labor, for a total of $718,848. The standard hours per unit are 6.4, and the
When is the material price variance unfavorable?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
What are some possible causes of a material price variance?
Dog Bone Bakery, which bakes dog treats, makes a special biscuit for dogs. Each biscuit uses 0.75 cup of pure semolina flour. They buy 4,000 cups of flour at $0.55 per cup. They use 3,550 cups of
Ribco’s labor cost information for making its only product for March is as follows:A. What is the direct labor rate variance?B. What is the direct labor time variance?C. What is the total direct
Case made 24,500 units during June, using 32,000 direct labor hours. They expected to use 31,450 hours per the standard cost card. Their employees were paid $15.75 per hour for the month of June. The
Power Co.’s labor information for June is as follows:A. What was the actual labor rate per hour?B. What was the standard labor rate per hour?C. What was the total standard labor cost for units
When is the material price 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
What are some possible causes of a material quantity variance?
Queen Industries uses a standard costing system in the manufacturing of its single product. It requires 2 hours of labor to produce 1 unit of final product. In February, Queen Industries produced
Prepare a flexible budget for overhead based on the following data: Percent of capacity Direct labor hours Units of output Variable overhead Fixed overhead Total
Eagle Inc. uses a standard cost system. During the most recent period, the company manufactured 115,000 units. The standard cost sheet indicates that the standard direct labor cost per unit is $1.50.
ThingOne Company has the following information available for the past year. They use machine hours to allocate overhead.What is the variable overhead efficiency variance? Actual total overhead Actual
What are some reasons for a material quantity variance?A. Building rental charges increaseB. Labor rate decreasesC. More qualified workersD. Labor efficiency increases
Reddy Corporation has collected the following data for the month of June:What is the variable overhead efficiency variance? Actual total factory overhead incurred Budgeted fixed factory overhead
What is the direct labor rate variance?
A manufacturer planned to use $45 of variable overhead per unit produced, but in the most recent period, it actually used $47 of variable overhead per unit produced. During this same period, the
Acme Inc. has the following information available:A. Compute the material price and quantity, and the labor rate and efficiency variances.B. Describe the possible causes for this combination of
Acme Inc. has the following information available:A. Compute the material price and quantity, and the labor rate and efficiency variances.B. Describe the possible causes for this combination of

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