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principles of accounting volume 1

Questions and Answers of Principles Of Accounting Volume 1

Discuss the advantages and disadvantages of a market-based transfer pricing approach.
Discuss the advantages and disadvantages of a cost-based transfer pricing approach.
Ella Maksimov is CEO of her own marketing firm. The firm recently moved from a strip mall in the suburbs to an office space in a downtown building, in order to make the firm’s employees more
Artisan Metalworks has a bottleneck in their production that occurs within the engraving department. Jamal Moore, the COO, is considering hiring an extra worker, whose salary will be $55,000 per
Variety Artisans has a bottleneck in their production that occurs within the engraving department. Arjun Naipul, the COO, is considering hiring an extra worker, whose salary will be $45,000 per year,
________ are the costs associated with not choosing the other alternative.A. Sunk costsB. Opportunity costsC. Differential costsD. Avoidable costs
Your roommate at school believes that all fixed costs are always avoidable. Do you agree? How would you explain your point of view to your roommate?
You are trying to decide whether to take a job after you graduate or go onto graduate school. Consider the following questions as you make your decision.A. Which of these costs, for the most part,
Syntech makes digital cameras for drones. Their basic digital camera uses $80 in variable costs and requires $1,500 per month in fixed costs. Syntech sells 100 cameras per month. If they process the
You are working for a large firm that has asked you to attend a career fair at a university that is 185 miles from your office. You need to be there at 9:00 a.m. on a Monday morning. You can drive
Explain how to differentiate short-term decisions from long-term decisions of a business and the changes in analyses that influence these decisions.
Which type of incurred costs are not relevant in decision-making (i.e., they have no bearing on future events) and should be excluded in decision-making?A. Avoidable costsB. Unavoidable costsC. Sunk
Barnstormer sells airplane accessories for $20 each. It expects sales of 120,000 units in quarter 1 and a 7% increase each subsequent quarter for the next 8 quarters. Prepare a sales budget by
Navigator sells GPS trackers for $50 each. It expects sales of 5,000 units in quarter 1 and a 5% increase each subsequent quarter for the next 8 quarters. Prepare a sales budget by quarter for the
What are the advantages and disadvantages of the bottom-up budgeting approach?
Echo Amplifiers prepared the following sales budget for the first quarter of 2018:It also has this additional information related to its expenses:Prepare a sales and administrative expense budget for
Which of the following is an operating budget?A. Cash budgetB. Production budgetC. Tax budgetD. Capital budget
TIB makes custom guitars and prepared the following sales budget for the second quarterIt also has this additional information related to its expenses:Direct material per unit $55, Direct labor per
What is the difference between budgeting and long-range planning?
Which of the following is a finance budget?A. Cash budgetB. Production budgetC. Direct materials purchasing budgetD. Tax budget
Casey’s Kitchens makes two types of food smokers: Gas and Electric. The company expects to manufacture 20,000 units of Gas smokers, which have a per-unit direct material cost of $15 and a per-unit
Custom’s has three cost pools and an associated cost driver to allocate the costs to the product. The cost pools, cost driver, estimated overhead, and estimated activity for the cost pool are:What
Frenchy’s has three cost pools and an associated cost driver to allocate the costs to the product. The cost pools, cost driver, estimated overhead, and estimated activity for the cost pool are:What
Which is not a step in activity-based costing?A. Identify the activities performed by the organizationB. Identify the cost driver(s) associated with each activityC. Compute a cost rate per
Casey’s Kitchens’ three cost pools and overhead estimates are as follows:Compare the overhead allocation using:A. The traditional allocation methodB. The activity-based costing method Activity
How are costs allocated in an ABC system?
What is the proper order of tasks in an ABC system?A. identify the cost drivers, assign the costs to the products, calculate the overhead application rate for each cost pool, identify the cost
Potterii sells its products to large box stores and recently added a retail line of products to sell directly to consumers. These estimates are to be used in determining the overhead allocation rate
Carboni recently added a carbon line in addition to its aluminum line. The following are estimates to be used in determining the overhead allocation rate for ABC.What would be the predetermined rate
Lampierre makes brass and gold frames. The company computed this information to decide whether to switch from the traditional allocation method to ABC:The estimated overhead for the material cost
In production, what has changed to allow ABC costing to become valuable?
Why is it important to know the true cost for a product or service?
Lampierre makes silver and gold candlesticks. The company computed this information to decide whether to switch from the traditional allocation method to ABC.The estimated overhead for the material
Portable Seats makes two chairs: folding and wooden. This information was obtained to review the decision to consider ABC:Compute the overhead assigned to each product under:A. The traditional
Portable Seats makes two chairs: folding and wooden. This information was obtained to review the decision to consider ABC:Compute the overhead assigned to each product under:A. The traditional
Which is not a task typically associated with ABC systems?A. Calculating the overhead application rate for each cost poolB. Applying a single cost rateC. Identifying a cost driverD. More correctly
Grainger Company produces only one product and sells that product for $100 per unit. Cost information for the product is:Selling expenses are $4 per unit and are all variable. Administrative expenses
Assign each of the following expenses to either the machine setup cost pool or the factory cost pool:A. Indirect materialsB. InspectionsC. Factory insuranceD. Machine depreciationE. Machine setup
Submarine Company produces only one product and sells that product for $150 per unit. Cost information for the product is as follows:Selling expenses are $2 per unit and are all variable.
Assign each of the following expenses to either the machine cost pool or the factory cost pool:A. Property taxesB. Heat and air-conditioningC. Electricity, machinesD. Plant depreciationE.
Which statement is correct?A. Activity-based cost systems are less costly than traditional cost systems.B. Activity-based cost systems are easier to implement than traditional cost systems.C.
Summarized data for Backdraft Co. for its first year of operations are as follows:A. Prepare an income statement under absorption costingB. Prepare an income statement under variable costing Sales
Happy Trails has this information for its manufacturing:Its income statement under absorption costing is:Prepare an income statement with variable costing and a reconciliation statement between both
Tri-bikes manufactures two different levels of bicycles: the Standard and the Extreme. The total overhead of $300,000 has traditionally been allocated by direct labor hours, with 150,000 hours for
Using this information from Planters, Inc., what is the cost per unit under both variable and absorption costing? Production Direct materials Direct labor Variable manufacturing overhead Fixed
Stacks manufactures two different levels of hockey sticks: the Standard and the Slap Shot. The total overhead of $600,000 has traditionally been allocated by direct labor hours, with 400,000 hours
Trail Outfitters has this information for its manufacturing:Its income statement under absorption costing is as follows:Prepare an income statement with variable costing and a reconciliation
Using this information from Outdoor Grills, what is the cost per unit under both variable and absorption costing? Production Direct materials Direct labor Variable manufacturing overhead Fixed
Activity-based costing systems:A. Use a single predetermined overhead rate based on machine hours instead of on direct laborB. Frequently increase the overhead allocation to at least one product
Why is absorption costing the method allowable for GAAP?
Cool Pool has these costs associated with production of 20,000 units of accessory products: direct materials, $70; direct labor, $110; variable manufacturing overhead, $45; total fixed manufacturing
Crafts 4 All has these costs associated with production of 12,000 units of accessory products: direct materials, $19; direct labor, $30; variable manufacturing overhead, $15; total fixed
Wifi Apps has these costs associated with its production and sale of devices that allow visual communications between cell phones:Prepare an income statement under both the absorption and variable
Appliance Apps has the following costs associated with its production and sale of devices that allow appliances to receive commands from cell phones.Prepare an income statement under both the
Activity-based costing is preferable in a system:A. When multiple products have similar product volumes and costsB. With a large direct labor cost as a percentage of the total product costC. With
Can a company gather information for both variable and absorption costing systems?
Absorption costing is also referred to as:A. Direct costingB. Marginal costingC. Full costingD. Variable costing
Under variable costing, a unit of product includes which costs?A. Direct material, direct labor, and manufacturing overheadB. Direct material, direct labor, and variable manufacturing overheadC.
Under absorption costing, a unit of product includes which costs?A. Direct material, direct labor, and manufacturing overheadB. Direct material, direct labor, and variable manufacturing overheadC.
This information was collected for the first year of manufacturing for Wifi Apps:Prepare an income statement under variable costing and prepare a reconciliation to the income under the absorption
A downside to absorption costing is:A. Not including fixed manufacturing overhead in the cost of the productB. That it is not really useful for managerial decisionsC. That it is not allowable under
When the number of units in ending inventory increases through the year, which of the following is true?A. Net income is the same for variable and absorption costing.B. Net income is higher for
Product costs under variable costing are typically:A. Higher than under absorption costingB. Lower than under absorption costingC. The same as with absorption costingD. Higher than absorption costing
Which of the following is not a part of budgeting?A. PlanningB. Finding bottlenecksC. Providing performance evaluationsD. Preventing net operating losses
Blue Book printing is budgeting sales of 25,000 units and already has 5,000 in beginning inventory. How many units must be produced to also meet the 7,000 units required in ending inventory?
Marchete Company produces a single product. They have recently received the results of a market survey that indicates that they can increase the retail price of their product by 8% without losing
Shonda & Shonda is a company that does land surveys and engineering consulting. They have an opportunity to purchase new computer equipment that will allow them to render their drawings and
Tim-Buck-II rents jet skis at a beach resort. There are three models available to rent: Junior, Adult, and Expert. The rental price and variable costs for these three models are as follows:The
Brahma Industries sells vinyl replacement windows to home improvement retailers nationwide. The national sales manager believes that if they invest an additional $25,000 in advertising, they would
Baghdad Company produces a single product. They have recently received the result of a market survey that indicates that they can increase the retail price of their product by 10% without losing
A company has wants to earn an income of $60,000 after-taxes. If the tax rate is 32%, what must be the company’s pre-tax income in order to have $60,000 after-taxes?A. $88,235B. $19,200C. $79,200D.
Explain how it is possible for costs to change without changing the break-even point.
Jakarta Company is a service firm with current service revenue of $400,000 and a 40% contribution margin. Its fixed costs are $80,000. Maldives Company has current sales of $6,610,000 and a 45%
A company has pre-tax or operating income of $120,000. If the tax rate is 40%, what is the company’s after-tax income?A. $300,000B. $240,000C. $48,000D. $72,000
Explain what a sales mix is and how changes in the sales mix affect the break-even point.
Salvador Manufacturing builds and sells snowboards, skis and poles. The sales price and variable cost for each are shown:Their sales mix is reflected in the ratio 7:3:2. What is the overall unit
Fire Company is a service firm with current service revenue of $900,000 and a 40% contribution margin. Its fixed costs are $200,000. Ice Company has current sales of $420,000 and a 30% contribution
When sales price increases and all other variables are held constant, the break-even point will ________.A. Remain unchangedB. IncreaseC. DecreaseD. Produce a lower contribution margin
Explain how break-even analysis for a multi-product company differs from a company selling a single product.
Keleher Industries manufactures pet doors and sells them directly to the consumer via their web site. The marketing manager believes that if the company invests in new software, they will increase
Salvador Manufacturing builds and sells snowboards, skis and poles. The sales price and variable cost for each follows:Their sales mix is reflected in the ratio 7:3:2. If annual fixed costs shared by
JJ Manufacturing builds and sells switch harnesses for glove boxes. The sales price and variable cost for each follows:Their sales mix is reflected in the ratio 4:4:1. What is the overall unit
JJ Manufacturing builds and sells switch harnesses for glove boxes. The sales price and variable cost for each follows:Their sales mix is reflected in the ratio 4:4:1. If annual fixed costs shared by
Use the information from the previous exercises involving Salvador Manufacturing to determine their break-even point in sales dollars.Data from problems Exercise Set A12Salvador Manufacturing builds
Use the information from the previous exercises involving JJ Manufacturing to determine their break-even point in sales dollars.Data from Exercise Set B 12JJ Manufacturing builds and sells switch
When sales price decreases and all other variables are held constant, the break-even point will ________.A. Remain unchangedB. IncreaseC. DecreaseD. Produce a lower contribution margin
Explain margin of safety and why it is an important measurement for managers.
Best Wholesale recently calculated their break-even point for their Midwest operations. The national sales manager has asked them to include a $10,500 margin of safety in their calculations. Using
Marshall & Company produces a single product and recently calculated their break-even point as shown.What would Marshall’s target margin of safety be in units and dollars if they required a
When variable costs increase and all other variables remain unchanged, the break-even point will ________.A. Remain unchangedB. IncreaseC. DecreaseD. Produce a lower contribution margin
Define operating leverage and explain its importance to a company and how it relates to risk.
Beaucheau Farms sells three products (E, F, and G) with a sale mix ratio of 3:1:2. Unit sales price are shown. What is the sales price per composite unit?A. $28.00B. $20.00C. $59.00D. $41.00 Product
Waskowski Company sells three products (A, B, and C) with a sales mix of 3:2:1. Unit sales price are shown. What is the sales price per composite unit?A. $17.00B. $25.00C. $35.00D. $20.00 Product
When fixed costs decrease and all other variables remain unchanged, the break-even point will ________.A. Remain unchangedB. IncreaseC. DecreaseD. Produce a lower contribution margin
Company A has current sales of $10,000,000 and a 45% contribution margin. Its fixed costs are $3,000,000. Company B is a service firm with current service revenue of $5,000,000 and a 20% contribution
A company sells two products, Model 101 and Model 202. For every one unit of Model 101, they sell they sell two units of Model 202. Sales and cost information for the two products is shown. What is
For each item listed, state whether a job order costing system or process costing system would be best.A. Television repairB. Cell phone charge cordsC. Glassware with company logoD. Dog foodE. Golf
Table 4.3 shows a list of expenses involved in the production of custom, professional lacrosse sticks.
When fixed costs increase and all other variables remain unchanged, the contribution margin will ________.A. Remain unchangedB. IncreaseC. DecreaseD. Increase variable costs per unit
If the sales mix in a multi-product environment shifts to a higher volume in low contribution margin products, the break-even point will ________.A. Remain unchanged because all products are included

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