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business
management accounting

Questions and Answers of Management Accounting

Based on the balance sheet account balances of the newly created Sense of Taste Restaurant at the end of December 2016, prepare its balance sheet according to the USALI format. Accounts payable
P9–8 Straightforward variance analysis Time allowed: 45 minutes Becton Labs Ltd produces various chemical compounds for industrial use.One compound, called Fludex, is prepared by means of an
P9–7 Hospital; basic variance analysis Time allowed: 45 minutes John Fleming, chief administrator for Valley View Hospital, is concerned about costs for tests in the hospital’s lab. Charges for
P9–6 Standard costing Time allowed: 45 minutes As a recently appointed assistant management accountant you are attending a monthly performance meeting. You have with you a statement of monthly
E9–5 Time allowed: 30 minutes Dawson Toys Ltd produces a toy called the Maze. The company has recently established a standard cost system to help control costs and has established the following
E9–4 Time allowed: 20 minutes Erie Company manufactures a small cassette player called the Jogging Mate.The company uses standards to control its costs. The labour standards that have been set for
E9–2 Time allowed: 15 minutes Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labour standards for one unit of Zoom are given below:During the
P8–5 Production and purchases budgets Time allowed: 40 minutes Pearl Products Limited of Shenzhen, China, manufactures and distributes toys throughout South East Asia. Three cubic centimetres (cc)
E8–4 Time allowed: 25 minutes You have been asked to prepare a December cash budget for Ashton Company, a distributor of exercise equipment. The following information is available about the
E8–3 Time allowed: 15 minutes Three grams of musk oil are required for each bottle of Mink Caress, a very popular perfume made by a small company in western Siberia. The cost of the musk oil is 150
E8–2 Time allowed: 10 minutes Down Under Products Ltd of Australia has budgeted sales of its popular boomerang for the next four months as follows:The company is now in the process of preparing a
E8–1 Time allowed: 20 minutes Silver Company makes a product that has peak sales in May of each year.These peak sales are shown in the company’s sales budget for the second quarter given
P7–11 Basic transfer pricing Time allowed: 60 minutes Alpha and Beta are divisions within the same company. The managers of both divisions are evaluated based on their own division’s return on
P7–10 Transfer price; well-defined intermediate market Time allowed: 45 minutes Hrubec Products plc operates a Pulp Division that manufactures wood pulp for use in the production of various paper
P7–9 Pricing Time allowed: 30 minutes A small company is engaged in the production of plastic tools for the garden.Subtotals on the spreadsheet of budgeted overheads for a year reveal:For the
E7–7 Time allowed: 15 minutes Division A manufactures electronic circuit boards. The boards can be sold either to Division B of the same company or to outside customers. Last year, the following
E7–6 Time allowed: 20 minutes In each of the cases below, assume that Division X has a product that can be sold either to outside customers on an intermediate market or to Division Y of the same
E7–5 Time allowed: 30 minutes Sako Company’s Audio Division produces a speaker that is widely used by manufacturers of various audio products. Sales and cost data on the speaker follow:Sako
E7–4 Time allowed: 15 minutes The Reliable TV Repair Shop had budgeted the following costs for next year:In total, the company expects 10,000 hours of repair time it can bill to customers.
E7–2 Time allowed: 10 minutes Martin Company is considering the introduction of a new product. To determine a target selling price, the company has gathered the following information:Required The
P6–8 Job and service costing Time allowed: 35 minutes A company has been carrying out work on a number of building contracts(including Contract ABC) over the six month period ended 31 May 2010.The
P6–7 Activity rates and activity-based management Time allowed: 30 minutes Aerotraiteur SA is a French company that provides passenger and crew meals to airlines operating out of the two
P6–6 Activity rates and pricing jobs Time allowed: 45 minutes Mercer Asbestos Removal Company is in the business of removing potentially toxic asbestos insulation and related products from
E6–5 Time allowed: 20 minutes(This exercise is a continuation of E6–4; it should be assigned only if E6–4 is also assigned.) The manager of the Westfield branch of Security Home Bank has
E6–4 Time allowed: 10 minutes The operations manager of Security Home Bank has been interested in investigating the efficiency of the bank’s operations. She has been particularly concerned about
E6–2 Time allowed: 10 minutes Listed below are a number of activities that you have observed at Ming Company, a manufacturing company. Each activity has been classified as a unit-level,
P5–5 Plantwide and Departmental Overhead Rates Time allowed: 40 minutes‘Blast it!’ said David Wilson, CEO of Teledex Company. ‘We’ve just lost the bid on the Koopers job by €2,000. It
P5–4 Cost Allocation: Direct Method Time allowed: 30 minutes The Sendai Co. Ltd of Japan has budgeted costs in its various departments as follows for the coming year:The Japanese currency is the
E5–3 Time allowed: 25 minutes The Ferre Publishing Company has three service departments and two operating departments. Selected data from a recent period on the five departments follow:The company
E5–2 Time allowed: 15 minutes Estimated cost and operating data for three companies for the upcoming year follow:Predetermined overhead rates are computed using the following bases in the three
E5–1 Time allowed: 20 minutes Kingsport Containers Ltd of Dublin experiences wide variation in demand for the 200-litre steel drums it fabricates. The leakproof, rustproof steel drums have a
P4–15 Accept or reject special order Time allowed: 30 minutes Polaski Company manufactures and sells a single product called a Ret.Operating at capacity, the company can produce and sell 30,000
P4–14 Make or buy decision Time allowed: 40 minutes Silven Industries, which manufactures and sells a highly successful line of summer lotions and insect repellents, has decided to diversify in
P4–13 Make or buy analysis Time allowed: 45 minutes‘In my opinion, we ought to stop making our own drums and accept that outside supplier’s offer,’ said Wim Niewindt, managing director of
P4–12 Relevant cost potpourri Time allowed: 60 minutes Unless otherwise indicated, each of the following parts is independent. In all cases, show computations to support your answer.1 A
P4–11 Dropping a flight; analysis of operating policy Time allowed: 25 minutes Profits have been decreasing for several years at Pegasus Airlines. In an effort to improve the company’s
P4–10 Relevant cost analysis; book value Time allowed: 25 minutes Murl Plastics Ltd purchased a new machine one year ago at a cost of£60,000. Although the machine operates well, the managing
E4–9 Special order Time allowed: 10 minutes Cosi Ltd produces and sells a single product, a fan called a tutte. Annual production capacity is 100,000 machine hours. Annual demand for tuttes is
E4–8 Time allowed: 20 minutes The Regal Cycle Company manufactures three types of bicycles – a dirt bike, a mountain bike and a racing bike. Data on sales and expenses for the past quarter
E4–7 Time allowed: 10 minutes Waukee Railroad is considering the purchase of a powerful, high-speed wheel grinder to replace a standard wheel grinder that is now in use.Selected information on the
E4–6 Time allowed: 20 minutes Troy Engines Ltd manufactures a variety of engines for use in heavy equipment. The company has always produced all of the necessary parts for its engines, including
E4–5 Time allowed: 20 minutes Barlow Company manufactures three products: A, B and C. The selling price, variable costs and contribution margin for one unit of each product follow:The same raw
E4–4 Time allowed: 20 minutes Hollings Company sells office furniture. As part of its service, it delivers furniture to customers.The costs associated with the acquisition and annual operation of a
E4–3 Time allowed: 20 minutes Thalassines Kataskeves SA of Greece makes marine equipment. The company has been experiencing losses on its bilge pump product line for several years. The most recent
E4–2 Time allowed: 20 minutes Bill has just returned from a duck hunting trip. He has brought home eight ducks. Bill’s friend, John, disapproves of duck hunting and, to discourage Bill from
E4–1 Time allowed: 15 minutes Listed below are a number of costs that may be relevant in decisions faced by the management of Svahn, AB, a Swedish manufacturer of sailing yachts:Required Copy the
Indicate whether the followings statements are ‘True’ or ‘False’.(i) It is optional for a company to have financial accounting.(ii) Generally accepted accounting principles constitute the
In a proposed investment project, what will be the course of action if the internal rate of return is 16% and the hurdle rate is 17.5%?a the project should be accepted b the project should be
The capital investment decision method in which the decision is made based on its comparison to the true economic return earned by the asset over its life is:a the average rate of return method b the
In assessing the accounting rate of return, the incremental accounting income is divided by:a average investment b incremental investment c initial investment d marginal investment
The following factor is excluded in the payback method of making capital investment decisions?a the net cash inflows b the net investment cash outflows c the project cost d the time value of money
In which of the following type of capital budgeting decision must the manager decide amongst alternative worthwhile projects?a capital rationing b acceptance c rejection d capital discounting
In analyzing revenue variances the main logic is as follows:a higher selling price than budgeted is unfavourable b lower selling price than budgeted is favourable c more actual customers than
The budgeting approach that identifies and eliminates wastage and obsolete operations is:a activity-based budgeting approach b fixed budgeting approach c static budgeting approach d zero-base
Which of the following budgeting approaches incorporates continuous improvements in the budgeting process?a flexible budgeting approach b incremental budgeting approach c kaizen budgeting approach d
The operations budget is the management’s plan in a specific period that relates to its:a cash inflows and cash outflows b plant, property and equipment c revenues and expenses d all of the above
One of the following activities does not form part of the main purpose of budgeting. Which one?a communication b coordination c evaluation d supervision
The Sizzling Café forecasted sale of 2,700 and 2,600 muffins respectively for periods one and two. The actual sale of muffins in period one was 2,600.Calculate the smoothing constant that the
The Starfish diner uses a four-week moving average approach to forecast its dinner sales. If sales for the last four weeks were €21,400, €23,600, €22,700, and €24,300, what would be the sales
Which of the following is a quantitative forecasting method?a market research b naïve method c product life-cycle analogy d the Delphi method
Which of the following types of patterns would be noticed if a graph showing fluctuations in a business, which were consistent from year to year during the same period of the year?a cyclical pattern
Which one of the following statements about forecasting is true?a advanced forecasting methods produce results that are more reliable than desired b as forecasting is about the future, historical
The principal purpose of bank reconciliation is to:a control cash forecasts b control the cashier c equalize cash balances d restrict access to the bank
Which of the following is not an effective procedure for controlling cash receipts?a define criteria for the use of petty cash b limit access to cash c provide a secure storage area d train
In an internal control system, the primary purpose of splitting responsibilities in related transactions is to:a bond the members of the personnel b evaluate the results, forms and reports c prevent
Which one of the following internal control tools lists the details of each position, saying how and when to carry out each activity?a organization charts b job descriptions c division of duties d
Which one of the following managerial accounting functions is used to encourage the observation of management’s policies?a accounting controls b administrative controls c capital budgeting d
The Sunnyside Motel’s rooms department has annual revenues of€3.000,000 with accompanying variable costs of €900,000. The motel’s food department has annual revenues of €1,000,000 with
Jan Marcus recently invested €350,000 in equipment to run a rented bistro.The income tax rate is 30%. The projected variable expenses are as follows:Cost of food 24% of revenue Salaries and wages
The Gouda Split Restaurant is made up of a café and a bar. The café’s variable cost is 45% and it provides 62% of the total revenues. The bar’s variable cost is 36%. Determine the following:a
A restaurant with an average food service cheque of €18 per guest has the following average monthly figures:Revenues € 850,000 Variable costs € 380,000 Fixed costs € 182,000 Using this
A motel has an average daily rate (ADR) of €50. The fixed costs for each of the 2,200 rooms sold during a period were €15. If it has a variable cost percentage of 20%, what is the contribution
The Red Sands Hotel’s breakeven point is achieved when 17,750 rooms are sold during a period. Its average daily rate (ADR) is €80, and the per-room variable cost sold is €32. The total fixed
The Munching Moose Motel expects to sell 10,666 room nights during a period with a per-room variable cost of €27. If total fixed costs of the period are expected to be €351,978, what would the
Which of the following does not belong amongst the common assumptions in cost-volume-profit analysis?a Fixed costs do not change during the period under consideration b Mixed costs can be reasonably
After the break-even point in number of rooms, rooms revenue generated during the particular period will:a be considered as pure profit b cover the fixed costs of the extra room sales c increase at a
The Sunset Delight is a new 75-seat, lunch and dinner only, restaurant that will operate 5 days a week. The owners invested €375,000 in all the equipment and held €25,000 as initial working
Peter & Petra’s Place is a proposed 45-room motel with a fully equipped restaurant that will cost them €1,750,000 to build. The projected occupancy rate is 75% for the year. Peter and Petra
The Way Ahead is a 40-room roadside motel and it expects its occupancy in 2016 to be 75%. The capital invested in the motel is €1,280,000 and the owners expect an after-tax net profit of 14%. The
Last year, the King’s Cottage’s ADR was €75 and its occupancy percentage was 72%. The management hopes to achieve an ADR this year of €80 based on an expected occupancy level of 70%.
Menu engineering classifies a menu item that is low in contribution margin and high in menu mix category as a:a puzzle b plough horse c star d dog
The prime ingredient cost of an organic grilled chicken dinner is €5.35. The desired food cost percentage for organic grilled chicken is 24%. The markup multiplier is 4.25. Using the
Informal approaches to pricing do not take into account:a the associated costs.b location and atmosphere.c prices set by the competition.d the intuition of the managers.
Which of the following is a formal approach to pricing?a price cutting approach b high price approach c rule of a thousand approach d competitive approach
When demand is inelastic, how will a price increase affect total revenues?a total revenues will decrease b total revenues will increase c total revenues will increase, and then decrease d total
A sunk cost is:a a cost that is incurred and recoverable b a cost that is incurred and unrecoverable c a quantifiable future cost d shared and joint responsibility of two or more departments
Which of the following types of costs is generally allocated among profit centres of a hospitality operation?a discretionary costs b incremental costs c indirect costs d standard costs
Which of the following statements is false?a cost centre managers are responsible for the costs of all the departments b cost, sales revenue, profit and investment centres result from responsibility
Which cost does not change in a specific period or production level as activity changes?a fixed b indirect c joint d variable
Which of the following types of costs is the measure of how much a product or service should normally cost?a direct cost b discretionary cost c fixed cost d standard cost
One of the major advantages of an accounts payable ageing schedule is that it:a permits the company to detect problems in the management of its relations with its customers b permits the company to
Costs that result from hospitality companies extending credit to their customers are of two types. The first is the absence of the monetary value of the sale and the second is:a the absence of the
Only one of the statements below constitutes an assumption of the economic order quantity.Which one?a demand for inventory is unpredictable b ordering costs do not vary with the size of the order c
The working capital cycle is a the flow of capital within a company b the flow of cash within a company c the flow of current assets within a company d none of the above
Only one of the following activities is relevant when referring to a company’s management of its cash balances and its cash flow situation.Which one?a cash management b forecasting c internal
DuPont analysis shows that the ROA is affected by:a the operating efficiency and the equity multiplier b the asset use efficiency and the equity multiplier c the financial leverage and the equity
Using the information below, the multiple occupancy percentage is equal to:Available rooms 220,000 Rooms occupied by guests 146,000 Number of guests 180,000 Rooms occupied by 2 or more guests 25,400
Which of the following categories of ratios shows how effective management has been in a particular period?a activity b liquidity c profitability d solvency
Creditors will generally use ratio analysis to evaluate the __________ of a business.a activity b efficiency c liquidity d solvency
Hospitality managers use ratios mainly to help them:a clarify why the guests may not be loyal b evaluate the attainment of their objectives and monitor their performances c recognize specific

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