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Part 8 Questions Question 1 Which of the following is true about the differences between financial and managerial accounting? Question 1 Managerial accounting presents less non-monetary information than financial accounting Managerial accounting cannot deviate from generally accepted accounting principles Managerial accounting places more emphasis on the future Managerial accounting presents information in a highly summarized form Question 2 Elroy Rocket is entering his senior year as an accounting major and has a number of options for his summer break. His options for the 3 month break follow: (1) Work full time at a local accounting firm making $2,900 per month. (2) Take a summer class which will cost $800 and work half time making $1,100 per month. (3) Take a class at a cost of $800 and not work at all during the summer. Elroy's incremental profit or loss if he chooses option 2 over option 1 would be Your Answer: Question 2 options: Answer Question 3 Triton Company's copy department, which does almost all of the photocopying for the sales department and the administrative department, budgets the following costs for the year, based on the expected activity of copies: Salaries (fixed) Employee benefits (fixed) Depreciation of copy machines (fixed) Utilities (fixed) Paper (variable, 1 cent per copy) Toner (variable, 1 cent per copy) $91,250 10,000 10,000 5,000 50,000 50,000 The costs are assigned to two cost pools, one for fixed and one for variable costs. The costs are then assigned to the sales department and the administrative department. Fixed costs are assigned on a lump-sum basis, 40 percent to sales and 60 percent to administration. The variable costs are assigned at a rate of 2 cents per copy. Assuming the following copies were made during the year, 2,979,000 for sales and 3,262,750 for administration, calculate the copy department costs allocated to sales. Your Answer: Question 3 Answer Question 4 Which organizational officer is directly responsible for managing a company's cash and funds invested in various marketable securities? Question 4 options: Controller Treasurer CIO CFO Question 5 Mama Italiano Sauce is in the process of preparing a production cost budget for May. The actual costs in April were: Mama Italian Sauce Production Cost Budget April 2008 Production - Jars of sauce 20,000 Ingredient cost (variable) $16,000 Labor cost (variable) 9,000 Rent (fixed) 4,000 Depreciation (fixed) 6,000 Other (fixed) 1,000 Total $36,000 Using this information, prepare a budget for May stating the total amount for the May budget. Assume the budget will increase to 23,500 jars of sauce reflecting anticipated sales increase related to a new marketing campaign Your Answer: Question 5 Answer Question 6 Consider the production cost information for Mama Italiano Sauce given below: Mama Italian Sauce Production Cost Budget April 2008 Production - Jars of sauce 20,000 Ingredient cost (variable) $16,000 Labor cost (variable) 9,000 Rent (fixed) 4,000 Depreciation (fixed) 6,000 Other (fixed) 1,000 Total $36,000 The company is currently producing and selling jars of sauce The jars of sauce sell for $4 per jar. The company is considering lowering the price to $3.70 per jar. Suppose this action will increase sales. What is the incremental costs associated with producing an extra 65,000 jars of sauce? Your Answer: Question 6 options: Answer Question 7 Consider the production cost information for Mama Italiano Sauce given below: Mama Italiano Sauce Production Cost Budget April 2008 Production - Jars 20,00 of sauce 0 Ingredient cost (variable) $16,0 00 Labor cost (variable) 9,000 Rent (fixed) 4,000 Depreciation (fixed) 6,000 Other (fixed) 1,000 Total $36,0 00 The company is currently producing and selling 250,000 jars of sauce annually. The jars of sauce sell for $4 per jar. The company is considering lowering the price to $3.60 per jar. Suppose this action will increase sales to 318,000 jars of sauce. What is the incremental revenue associated with the price reduction of sauce? Your Answer: Question 7 options: Answer Question 8 (1 point) Ceradyne projects its factory rent to be $6,000 in August when 8,600 units are expected to be produced. If rent is a fixed cost, and if production is expected to drop to 7,000 units in September, what is the expected cost of rent in September? Question 8 options: The answer can not be determined with the information that is given $4,884 $4,900 $6,000 Section 8 (final attempt) Question 1 (1 point) Which of the following is true about the differences between financial and managerial accounting? Question 1 options: Managerial accounting presents less non-monetary information than financial accounting Managerial accounting cannot deviate from generally accepted accounting principles Managerial accounting places more emphasis on the future Managerial accounting presents information in a highly summarized form Save Question 2 2 Elroy Rocket is entering his senior year as an accounting major and has a number of options for his summer break. His options for the 3 month break follow: (1) Work full time at a local accounting firm making $3,250 per month. (2) Take a summer class which will cost $800 and work half time making $1,100 per month. (3) Take a class at a cost of $800 and not work at all during the summer. Elroy's incremental profit or loss if he chooses option 2 over option 1 would be Your Answer: Question 2 options: Answer must be in negative (-0,000) Answer Save Question 3 3 Triton Company's copy department, which does almost all of the photocopying for the sales department and the administrative department, budgets the following costs for the year, based on the expected activity of copies: Salaries (fixed) Employee benefits (fixed) Depreciation of copy machines (fixed) Utilities (fixed) Paper (variable, 1 cent per copy) Toner (variable, 1 cent per copy) $83,750 10,000 10,000 5,000 50,000 50,000 The costs are assigned to two cost pools, one for fixed and one for variable costs. The costs are then assigned to the sales department and the administrative department. Fixed costs are assigned on a lump-sum basis, 40 percent to sales and 60 percent to administration. The variable costs are assigned at a rate of 2 cents per copy. Assuming the following copies were made during the year, 2,981,500 for sales and 2,848,000 for administration, calculate the copy department costs allocated to sales. Your Answer: Question 3 options: Answer Save Question 4 4 Which organizational officer is directly responsible for managing a company's cash and funds invested in various marketable securities? Question 4 options: Controller Treasurer CIO CFO Save Question 5 5 Mama Italiano Sauce is in the process of preparing a production cost budget for May. The actual costs in April were: Mama Italian Sauce Production Cost Budget April 2008 Production - Jars of sauce 20,000 Ingredient cost (variable) $16,000 Labor cost (variable) 9,000 Rent (fixed) 4,000 Depreciation (fixed) 6,000 Other (fixed) 1,000 Total $36,000 Using this information, prepare a budget for May stating the total amount for the May budget. Assume the budget will increase to 22,500 jars of sauce reflecting anticipated sales increase related to a new marketing campaign Your Answer: Question 5 options: Answer Save Question 6 6 Consider the production cost information for Mama Italiano Sauce given below: Mama Italian Sauce Production Cost Budget April 2008 Production - Jars of sauce 20,000 Ingredient cost (variable) $16,000 Labor cost (variable) 9,000 Rent (fixed) 4,000 Depreciation (fixed) 6,000 Other (fixed) 1,000 Total $36,000 The company is currently producing and selling jars of sauce The jars of sauce sell for $4 per jar. The company is considering lowering the price to $3.70 per jar. Suppose this action will increase sales. What is the incremental costs associated with producing an extra 66,500 jars of sauce? Your Answer: Question 6 options: Answer Question 7 (1 point) 7 Consider the production cost information for Mama Italiano Sauce given below: Mama Italiano Sauce Production Cost Budget April 2008 Production - Jars 20,00 of sauce 0 Ingredient cost (variable) $16,0 00 Labor cost (variable) 9,000 Rent (fixed) 4,000 Depreciation (fixed) 6,000 Other (fixed) 1,000 Total $36,0 00 The company is currently producing and selling 250,000 jars of sauce annually. The jars of sauce sell for $4 per jar. The company is considering lowering the price to $3.75 per jar. Suppose this action will increase sales to 319,500 jars of sauce. What is the incremental revenue associated with the price reduction of sauce? Your Answer: Question 7 options: Answer Question 8 8 Ceradyne projects its factory rent to be $6,000 in August when 8,600 units are expected to be produced. If rent is a fixed cost, and if production is expected to drop to 7,000 units in September, what is the expected cost of rent in September? Question 8 options: The answer can not be determined with the information that is given $4,884 $4,900 $6,000 Save 1 Managerial accounting places more emphasis on the future 2 Income that can be earned under Option 1: = Salary in Work full time at a local accounting firm @ $3,250 per month = Monthly Salary Number of Months = $ 3,250 per month 3 Months = $ 9,750 Income that can be earned under Option 2 = Salary @ $ 1,100 per month - Cost of Taking a Class = $ 1,100 3 Months - $ 800 = $ 3,300 - $ 800 = $ 2,500 Elroy's incremental loss if he chooses option 2 over option 1 would be ($7,250) 3 Total fixed cost $108,750 Fixed Cost Allocated to sales Variable cost allocated to sales The Departmental Costs allocated to Sales Department is $43,500 $59,630 $103,130 4 Treasurer 5 Production of Jars Ingredients (variable) Labour cost (variable) Rent (Fixed) Depreciation (Fixed) Other (Fixed) 20000 units Total cost (in $) $16,000 $9,000 $4,000 $6,000 $1,000 Total $36,000 6 Production of Jars 20000 units Total cost (in $) $16,000 $9,000 Ingredients (variable) Labour cost (variable) Total 7 Production of Jars 250000 units Total cost (in $) Sales 8 $1,000,000 $6,000 22500 units Cost per unit $0.80 $0.45 $18,000.00 $10,125.00 $4,000 $6,000 $1,000 $39,125 Total Budget 66500 units Cost per unit $0.80 $0.45 $53,200 $29,925 $83,125 Incremental Costs 319500 units Incremental revenue $1,198,125 $198,125 Section 8 (final attempt) Question 1 (1 point) Which of the following is true about the differences between financial and managerial accounting? Question 1 options: Managerial accounting presents less non-monetary information than financial accounting Managerial accounting cannot deviate from generally accepted accounting principles Managerial accounting places more emphasis on the future Managerial accounting presents information in a highly summarized form Save Question 2 2 Elroy Rocket is entering his senior year as an accounting major and has a number of options for his summer break. His options for the 3 month break follow: (1) Work full time at a local accounting firm making $3,250 per month. (2) Take a summer class which will cost $800 and work half time making $1,100 per month. (3) Take a class at a cost of $800 and not work at all during the summer. Elroy's incremental profit or loss if he chooses option 2 over option 1 would be Your Answer: Question 2 options: Answer must be in negative (-0,000) Answer Save Question 3 3 Triton Company's copy department, which does almost all of the photocopying for the sales department and the administrative department, budgets the following costs for the year, based on the expected activity of copies: Salaries (fixed) Employee benefits (fixed) Depreciation of copy machines (fixed) Utilities (fixed) Paper (variable, 1 cent per copy) Toner (variable, 1 cent per copy) $83,750 10,000 10,000 5,000 50,000 50,000 The costs are assigned to two cost pools, one for fixed and one for variable costs. The costs are then assigned to the sales department and the administrative department. Fixed costs are assigned on a lump-sum basis, 40 percent to sales and 60 percent to administration. The variable costs are assigned at a rate of 2 cents per copy. Assuming the following copies were made during the year, 2,981,500 for sales and 2,848,000 for administration, calculate the copy department costs allocated to sales. Your Answer: Question 3 options: Answer Save Question 4 4 Which organizational officer is directly responsible for managing a company's cash and funds invested in various marketable securities? Question 4 options: Controller Treasurer CIO CFO Save Question 5 5 Mama Italiano Sauce is in the process of preparing a production cost budget for May. The actual costs in April were: Mama Italian Sauce Production Cost Budget April 2008 Production - Jars of sauce 20,000 Ingredient cost (variable) $16,000 Labor cost (variable) 9,000 Rent (fixed) 4,000 Depreciation (fixed) 6,000 Other (fixed) 1,000 Total $36,000 Using this information, prepare a budget for May stating the total amount for the May budget. Assume the budget will increase to 22,500 jars of sauce reflecting anticipated sales increase related to a new marketing campaign Your Answer: Question 5 options: Answer Save Question 6 6 Consider the production cost information for Mama Italiano Sauce given below: Mama Italian Sauce Production Cost Budget April 2008 Production - Jars of sauce 20,000 Ingredient cost (variable) $16,000 Labor cost (variable) 9,000 Rent (fixed) 4,000 Depreciation (fixed) 6,000 Other (fixed) 1,000 Total $36,000 The company is currently producing and selling jars of sauce The jars of sauce sell for $4 per jar. The company is considering lowering the price to $3.70 per jar. Suppose this action will increase sales. What is the incremental costs associated with producing an extra 66,500 jars of sauce? Your Answer: Question 6 options: Answer Question 7 (1 point) 7 Consider the production cost information for Mama Italiano Sauce given below: Mama Italiano Sauce Production Cost Budget April 2008 Production - Jars 20,00 of sauce 0 Ingredient cost (variable) $16,0 00 Labor cost (variable) 9,000 Rent (fixed) 4,000 Depreciation (fixed) 6,000 Other (fixed) 1,000 Total $36,0 00 The company is currently producing and selling 250,000 jars of sauce annually. The jars of sauce sell for $4 per jar. The company is considering lowering the price to $3.75 per jar. Suppose this action will increase sales to 319,500 jars of sauce. What is the incremental revenue associated with the price reduction of sauce? Your Answer: Question 7 options: Answer Question 8 8 Ceradyne projects its factory rent to be $6,000 in August when 8,600 units are expected to be produced. If rent is a fixed cost, and if production is expected to drop to 7,000 units in September, what is the expected cost of rent in September? Question 8 options: The answer can not be determined with the information that is given $4,884 $4,900 $6,000 Save 1 Managerial accounting places more emphasis on the future 2 Income that can be earned under Option 1: = Salary in Work full time at a local accounting firm @ $3,250 per month = Monthly Salary Number of Months = $ 3,250 per month 3 Months = $ 9,750 Income that can be earned under Option 2 = Salary @ $ 1,100 per month - Cost of Taking a Class = $ 1,100 3 Months - $ 800 = $ 3,300 - $ 800 = $ 2,500 Elroy's incremental loss if he chooses option 2 over option 1 would be ($7,250) 3 Total fixed cost $108,750 Fixed Cost Allocated to sales Variable cost allocated to sales The Departmental Costs allocated to Sales Department is $43,500 $59,630 $103,130 4 Treasurer 5 Production of Jars Ingredients (variable) Labour cost (variable) Rent (Fixed) Depreciation (Fixed) Other (Fixed) 20000 units Total cost (in $) $16,000 $9,000 $4,000 $6,000 $1,000 Total $36,000 6 Production of Jars 20000 units Total cost (in $) $16,000 $9,000 Ingredients (variable) Labour cost (variable) Total 7 Production of Jars 250000 units Total cost (in $) Sales 8 $1,000,000 $6,000 22500 units Cost per unit $0.80 $0.45 $18,000.00 $10,125.00 $4,000 $6,000 $1,000 $39,125 Total Budget 66500 units Cost per unit $0.80 $0.45 $53,200 $29,925 $83,125 Incremental Costs 319500 units Incremental revenue $1,198,125 $198,125