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business
management accounting

Questions and Answers of Management Accounting

What is meant by the "best-fitting line"?lop5
26. Is the best-fitting line necessarily a good-fitting line? Explain.lop5
Describe what is meant by "goodness of fit." Explain the meaning of the coefficient of deter- mination.lop5
What is the difference between the coefficient of determination and the coefficient of correlation? Which of the two measures of goodness of fit do you prefer? Why?lop5
When is multiple regression required to explain cost behavior?lop5
Some firms assign mixed costs to either the fixed or variable cost categories without using any for- mal methodology to separate them. Explain how this practice can be defended.lop5
The salary paid to a plant supervisor is $80,000 per year. The plant is capable of producing 80,000 pounds of a chemical per year.Required:1. Prepare a table that shows how the cost of plant
Kilroy Company determined that the best driver for its material-moving activity is “miles traveled.” They also discovered that the cost of fuel for forklifts doubled as the miles traveled
State University’s football team just received a bowl game invitation and the students and alumni are excited. Holiday Travel Agency, located close to campus, decided to put together a bowl game
Action Figures, Inc., is a manufacturer of molded plastic action figures that fast food restaurants purchase to include in children’s meal packs. Each action figure takes about 1.5 ounces of
Jackson Company manufactures air-conditioning compressors. Based on past experience, Jackson has found that its total cost of moving materials can be represented by the following formula: Cost of
For the following activities and their associated resources, identify: (1) an activity driver, and (2) flexible resources or committed resources. Also, label each resource as one of the following
Alva Community Hospital has five laboratory technicians responsible for doing a series of standard blood tests. Each technician is paid a salary of $30,000 and is capable of processing 4,000 tests
Betty Yeager has been operating a dental practice for the past five years. As part of her practice, she provides a dental hygiene service. She has found that her costs for this service increase with
Suppose that you have the following data:Required:1. Using the high-low method, prepare a cost formula for inspection cost.2. Using regression, prepare a cost formula for inspection cost. Comment on
During the past year, the high and low levels of resource usage occurred in April and October, respectively (for three different resources). The three resources are associated with the machining
The method of least squares was used to develop a cost equation to predict the cost of purchasing goods. Eighty data points were used for the regression. The following computer output was
Materhorn, a manufacturer of VCRs, is interested in determining the cost of its warranty repair activity. Two cost drivers have been identified that are believed to be important in explaining the
The graphs on page 97 represent cost behavior patterns that might occur in a com- pany’s cost structure. The vertical axis represents total cost and the horizontal axis represents activity
Rolertyme Company manufactures roller skates. With the exception of the rollers, all parts of the skates are produced internally. Neeta Booth, president of Rolertyme, has decided to make the rollers
Monson Medical Clinic offers a number of specialized medical services, one of which is cancer care. Because of the reputation the clinic’s physicians (oncologists) have developed over the years,
Farnsworth Company has gathered data on its overhead activities and associated costs for the past ten months. Tracy Heppler, a member of the controller’s department, has convinced management that
Kimball Company has developed the following cost formulas:The company has a policy of producing on demand and keeps very little, if any, finished goods inventory (thus, units produced = units
Describe the differences between job-order costing and process costing, and identify the types of firms that would use each method. lop5
Describe the cost flows and prepare the journal entries associated with job-order costing. lop5
Identify and set up the source documents used in job-order costing. lop5
Does Applegate Construction Company produce a product or provide a service? Would the buyer of a typical subdivision house answer this question differently than a customhouse buyer? lop5
List some examples of direct materials, direct labor, and overhead for Applegate’s typical subdivision home. List some examples of each for custom homes. Is Jay Applegate right—will the
Explain the differences between job-order costing and process costing. lop5
Explain the role of cost drivers in assigning over- head costs to jobs. lop5
Explain how overhead is assigned to production when a predetermined overhead rate is used. lop5
Why are the accounting requirements for job- order costing more demanding than those for process costing? lop5
Give some examples of service firms that might use job-order costing, and explain why it is used there. lop5
Suppose that you and a friend decide to set up a lawnmowing service next summer. Describe the source documents that you would need to ac- count for your activities. lop5
How is job-order costing related to profitability analysis? to pricing? lop5
What are some differences between a manual job- order costing system and an automated job-order costing system? lop5
What is the role of materials requisition forms in a job-order costing system? time tickets? prede- termined overhead rates? lop5
Explain the need for management accounting information. lop5
Explain the differences between management accounting and financial accounting. lop5
Provide a brief historical description of management accounting. lop5
Identify and explain the current focus of management accounting. lop5
Describe the role of management accountants in an organization. lop5
Explain the importance of ethical behavior for managers and management accountants. lop5
Identify three forms of certification available to management accountants. lop5
Who are the users of management accounting information? lop5
What is management accounting information used for? lop5
Should a management ac- counting system provide both financial and nonfinancial in- formation? lop5
What organizations need a management accounting information system? lop5
What is a management accounting information system? lop5
Describe the inputs, processes, and outputs of a management accounting information system. lop5
What are the three objectives of a management accounting information system? lop5
What organizations need management accounting information systems? lop5
Who are the users of management accounting information? lop5
Should a management accounting system provide both financial and nonfinancial information?Explain. lop5
What is meant by continuous improvement? lop5
Describe what is meant by employee empowerment. lop5
Explain why operational workers need management accounting information. lop5
Describe the connection between planning, feedback, and controlling. lop5
What role do performance reports play with respect to the control function? lop5
How do management accounting and financial accounting differ? lop5
Explain the role of financial reporting in the development of management accounting. Why has this changed in recent years? lop5
What is activity-based management? Why is it important? lop5
Explain the meaning of customer value. How is focusing on customer value changing manage- ment accounting? lop5
What is the internal value chain? Why is it im- portant? lop5
What is the industrial value chain? Why is it im- portant? lop5
Explain why today's management accountant must have a cross-functional perspective. lop5
Discuss the relationship of time-based competi- tion and management accounting information. lop5
What is the difference between a staff position and a line position? lop5
The controller should be a member of the top management staff. Do you agree or disagree? Explain. lop5
The items that follow are associated with a management accounting information system. lop5 a. Surveying customers to assess postpurchase costs b. Incurrence of postpurchase costs c. Costing out
Duffy Tool and Stamping has formed “excellence teams” made up of production line employees. These teams have been given the charge to improve production processes and enhance employee safety. The
Each of the following scenarios requires the use of accounting information to carry out one or more of the following managerial activities: planning, control (including performance evaluation), or
Adriana Alvarado has decided to purchase a personal computer. She has narrowed the choices to two: Drantex and Confiar. Both brands have the same processing speed, 6.4 gigabytes of hard-disk
The job responsibilities of two employees of Barney Manufacturing follow.Joan Dennison, Cost Accounting Manager. Joan is responsible for measuring and collecting costs associated with the manufacture
Consider the following scenario:Manager: “If | can reduce my costs by $40,000 during this last quarter, my division will show a profit that is 10 percent above the planned level, and I will receive
Assess and comment on each of the following statements that have appeared in newspaper editorials:a. Business students come from all segments of society. If they have not been taught ethics by their
The Alert Company is a closely held investment service group that has been very successful over the past five years, consistently providing most members of the top management group with 50 percent
Webson Manufacturing Company produces component parts for the airline industry and has recently undergone a major computer system conversion. Michael Darwin, the controller, has established a
What is the meaning of cash management or cash planning?
What two main purposes are served by preparing a cash budget?
Why is net income shown on an income statement not necessarily the same as cash?
List two items that could appear on a cash budget under the receipts section.
List three items that could appear on a cash budget under the disbursements section.
List three items that could appear in the financing section of a cash budget.
Define the term bank float and explain how it can be used.
Explain concentration banking and give the equation for funds transfer frequency when concentration banking is used.
What two procedures will help ensure that the total accounts receivable amount is kept to a minimum?
Differentiate between city ledger accounts receivable and house accounts receivable in a hotel.
What two procedures can be instituted in a hotel to minimize the dollar amount of house accounts?
Explain the procedure of aging accounts receivable.
Explain how a lockbox is used to minimize funds outstanding in accounts receivable.
Discuss the use of marketable securities with reference to temporary surplus cash.
Explain why it is important to manage food or beverage inventory turnover.
Differentiate between an operating cash budget and a long-term cash flow budget.
The following information is available regarding sales revenue for March and April, year 2004: What is the vertical common-sized analysis (percentages)of all items based on sales revenue? Discuss any
The following information is available regarding sales revenue for March, April, and May, year 2004: Credit card sales are collected on the average of every three days and the amount remaining
A restaurant reported the following information for the months of August, September, and October, year 2005. Of the cost of sales, 75 percent is paid in the current month and the remainder is paid in
The following is income statement information of a restaurant for the first two months of operation. Of the sales revenue, 80 percent is collected in cash with the remainder collected in the
A restaurant has provided the following information regarding its food inventories for the month of March.a. Calculate the food inventory turnover for the month.b. Calculate the days of inventory
You have the following information about a restaurant in year 2005:Sixty percent of sales revenue is cash; 40 percent is credit. Of the credit revenue, 70 percent is collected in the month following

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