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accounting information systems
Questions and Answers of
Accounting Information Systems
Explain how to calculate a business' profit margin. What is this ratio used for?
Explain what is included in a business' statement of changes in owner's equity and how the statement is used.
Explain how to calculate a business' gross profit percentage. What is this ratio used for?
What are closing entries and why are they used?
How does the statement of comprehensive income differ from the income statement?
Explain the importance of trends to analyse business performance. What methods and indicators would you use to analyse performance trends?
Short-term profits may be at the expense of long-term profits if consideration is not given to the environmental and social implications of that decision.a How could a decision that is profitable now
On 1 October, Cooper's Appliance purchased \(\$ 8800\) of goods including GST for resale. On 11 October, it sold \(\$ 4500\) of these goods to customers at a selling price of \(\$ 6600\) including
The Costello Tax Services Business was established on 1 March of the current year to help clients with their tax planning. During January, the business entered into the following
On 9 February, Simmons Toy Shop made a \(\$ 198\) cash sale including GST of merchandise to a customer. The business uses a perpetual inventory system; the merchandise had cost Simmons Toy Shop
The Speedy Answering Service Business was started on 1 July of the current year to answer the phones of doctors, lawyers and accountants when they are away from their offices. The following
The Jung Art Supplies Business sells various art supplies to local artists. The business uses a perpetual inventory system. The balance of its inventory of art supplies at the beginning of October
The Khan Heater Business sells portable heaters and related equipment. The business uses a perpetual inventory system, and its inventory balance at the beginning of September was \(\$ 3900\). Its
The following information is available for the Miller and Keen Business for the year.Required:Prepare a schedule that calculates the cost of goods sold for the year. Beginning inventory Ending
The income statement information of the Walten Furniture Business for 20X2 and 20X3 is as follows.Required:Fill in the letters (a)-(f). All the necessary information is given. Cost of goods sold
The following information is taken from the accounts of the Harrison's Moto Shop for the month of January of the current year.Required:a Prepare a classified income statement for Harrison's Moto
The following information is taken from the accounts of Xeno's Music Store for the current year ended 31 December.Of the rent expense, five-sixths is applicable to the shop and one-sixth is
The 31 December 20X3 income statement accounts and other information of Lyon's Fashion are shown below.Required:a Prepare a classified 20X3 income statement for Lyon's Fashion.b Calculate the profit
Since the future is uncertain and circumstances are likely to change, why should the managers and owners of a business bother to plan?
Describe the three main functions of a business plan.
Describe the components of a business plan. How does each of these components help an investor, a creditor, and a manager or owner to make decisions about a business?
Why is it important for businesses to have an environment management plan? List ten possible environmental costs that a breakfast cereal manufacturing business might incur.
Why is it important for a business to have a cash buffer on hand?
How can an entrepreneur determine a business' capital requirements?
What is the difference between short-term and long-term capital?
Explain what cost-volume-profit analysis is. How does cost-volume-profit analysis help entrepreneurs develop their companies' business plans?
How can you tell whether a cost is a variable cost or a fixed cost?
What is a contribution margin?
Define relevant range.
Explain what it means when a business breaks even.
Indicate the effect (increase, decrease, no change, or not enough information) that each of the following situations has on break-even unit sales. If you answer 'not enough information', list the
If the total variable cost per unit increases while the selling price per unit, the fixed costs and the sales volume remain the same, how would you expect the change in variable costs to affect
If total fixed costs increase while the selling price per unit, the variable costs per unit and the sales volume remain the same, how would you expect the change in fixed costs to affect profit? The
Go Green is a business selling worm farm start-up kits for \(\$ 12\) each. This year, Go Green's fixed cost totals \(\$ 110000\). The variable cost per kit is \(\$ 7\).Required:a What is the
How does the income statement shown in Exhibit 2.8 help internal decision makers perform cost-volume-profit analysis?Exhibit 2.8 Total sales revenues ($11 x 720 boxes of chocolates) Less total
Imagine that you are going to start your own business. Think about the concept for a minute. Required:What will you call your business? What kind of product or service will you sell? What price will
Suppose you want to start a business that sells sports equipment.Required:Go to the reference section of your library. What type of information can you find in Moody's or Standard \& Poor's to help
TLC Company sells a single product, a food basket (containing fruit, cheese, nuts and other items) that friends and family can purchase for university students who need a little extra TLC. This
ExamChoc Company sells a single product, a chocolate basket that friends and family can purchase for university students studying for their exams. This product, called the Exam-O-Choc, sells for \(\$
Bathtub Rings is a business that sells shower-curtain rings for \(\$ 1.60\) per box. The variable cost is \(\$ 1.20\) per box, and the fixed cost totals \(\$ 20000\) per year.Required:a What is
Tube Rings is a business that sells tube inners for \(\$ 50\) per box. The variable cost is \(\$ 30\) per inner, and the fixed cost totals \(\$ 400000\) per year.Required:a What is Tube Rings' profit
Silencer Company sells a single product, mufflers for leaf blowers. The business' profit calculation for last year is shown here:Silencer has decided to increase the price of its product to \(\$ 30\)
Green Grow is a business selling organic fertiliser bags for \(\$ 24\) each. This year, Green Grow's fixed cost totals \(\$ 110000\). The variable cost per bag is \(\$ 14\).Required:a What is the
Rapunzel is a small business that currently sells a single product, shampoo, for \(\$ 4\) per bottle. The variable cost per bottle is \(\$ 3\). Rapunzel's fixed cost totals \(\$ 6000\).Required:a
The Body Shop Equipment Company (BSEC) sells a small, relatively lightweight, multipurpose exercise machine. This machine sells for \(\$ 700\). A recent cost analysis shows that the BSEC's cost
Thumper is a small business that currently sells a single product, gluten-free bread, for \(\$ 6\) per loaf. The variable cost per loaf is \(\$ 4\). Thumper's fixed cost totals \(\$ 6000\).Required:a
The Water Ski Equipment Company (WSEC) sells a small, relatively lightweight kneeboard. This kneeboard sells for \(\$ 350\). A recent cost analysis shows that the WSEC's cost structure for the coming
Lady MacBath is a business selling bottles of dry cleaning solvent (spot remover) for \(\$ 10\) each. The variable cost for each bottle is \(\$ 4\). Lady MacBath's total fixed cost for the year is
The Brickhouse Company is planning to lease a fuel-efficient, hybrid delivery van for its northern sales territory. They can choose to lease the van under three alternative plans:- Plan A -
Mallory Motors sells small electric motors for \(\$ 2\) each. Variable costs are \(\$ 1.20\) per unit, and fixed costs total \(\$ 60000\) per year.Required:a Write out Mallory's profit equation in
Campcraft is a small manufacturer of camping trailers. The business manufactures only one model and sells the units for \(\$ 2500\) each. The variable costs of manufacturing and selling each trailer
This year Babco's fixed costs total \(\$ 110000\). The business sells recyclable 1 -litre thermos drink containers for \(\$ 13\) each. The variable cost per container is \(\$ 8\).Required:a Compute
Simmons Kitchens sells small electric knives for \(\$ 4\) each. Variable costs are \(\$ 2.40\) per unit, and fixed costs total \(\$ 60000\) per year.Required:a Write out Simmons' profit equation in
An internationally renowned professor specialising in management accounting has agreed to conduct a one-day seminar at a university for management executives. The Head of the Graduate School
Refer to 2.38. What if your aunt instead gave you $100000 and you were interested in investing it in Sweet Temptations?Required:Would this change your answers to 2.38? Why or why not?Data from in
The Cardiff Company sells a single product for \(\$ 40\) per unit. Its total fixed cost amounts to \(\$ 360000\) per year, and its variable cost per unit is \(\$ 34\).Required:a Compute the following
Suppose your wealthy aunt gave you and your cousins \(\$ 10000\) each. Assume for a moment that you are not associated with Sweet Temptations and that you are considering loaning the \(\$ 10000\) to
The Vend-O-Bait Company operates and services bait vending machines placed in service stations, motels and restaurants surrounding a large lake. Vend-O-Bait rents 200 machines from the manufacturer.
John Williams Company sells a single product - bush hats - for \(\$ 24\) per hat. The total fixed cost is \(\$ 180000\) per year, and the variable cost per hat is \(\$ 15\).Required:a Compute the
Refer to 2.30. Suppose your boss at Lady MacBath is considering some alternative plans and would like your input on the following three independent alternatives:1 Increase the selling price per
Suppose you work for the Miniola Hills Bus Company. The business' ten buses made a total of 80 trips per day on 310 days last year, for a total of 350000 kilometres. Another year like last year will
Fred Sports manufactures trucks and four-wheel drive vehicles (4WDs). The company announced that it planned to eliminate 1000 jobs (25 per cent of its work force) over the next three years. Fred
In the context of fixed and variable costs, in general, if my company's sales volume doubles, should I also expect my profits to double? Explain why or why not.
What is it about budgeting that adds discipline to the planning process?
If a problem comes to light during the budgeting process, what is the manager likely to do?
'Budgeting serves as a benchmark for evaluation.' Explain what this statement means.
Describe a master budget. Why might a master budget be different from one business to another?
How are the master budgets of a retail business and a service business similar to each other? How are they different from each other?
Describe the operating cycle of a retail business. How are the operating cycles of a retail business and a service business similar to and different from each other?
Why must the sales budget be developed before any of the other budgets? Where does information for sales forecasts come from?
If you just finished budgeting sales for next year, what information would you need to be able to budget cash collections from sales?
How does knowing forecasted sales help a manager develop a purchases budget? What else besides forecasted sales would a manager have to know to complete the purchases budget?
When developing a selling expenses budget and a general and administrative expenses budget, why do you have to know how expenses behave?
Why must you complete all the other budgets before you can develop the cash budget?
Why is it important to know about anticipated cash shortages ahead of time?
What is a 'cash buffer' and what is an example of a circumstance where a business could use one?
Why is having too much cash on hand a problem?
On the cash budget, why is the beginning cash balance for July the same as the beginning cash balance for the first quarter of the year? Why is the September ending cash balance the same as the first
How is the cash budget similar to a cash flow statement? How are they different from each other?
Why is the cash budget not the same as the projected income statement? What items included on the projected income statement are not included on the cash budget?
In evaluating a business' performance, why do managers or owners need to learn the causes of differences between actual and budgeted amounts?
Jaime's Hat Shop sells hats with school logos on them; the hats sell for \(\$ 22\) each. This year, Jaime's expects to sell 350 hats in August, 300 in September, 400 in October, 800 in November, 1040
Robert and Gwen are partners in a new superannuation search business called Super Lost and Found. Super Lost and Found, which begins operations in December, finds lost accounts from superannuation
Maid Company sells a single product for \(\$ 12\) per unit. Sales estimates (in units) for the last four months of the year are as follows:Ninety per cent of Maid's sales are credit sales, and it
The sales budget for Merita Medallion Company shows budgeted sales (in medallions) for December and the first four months of next year:Required:Prepare a budget for the number of medallions Merita
The sales budget for Astra Awards Company shows budgeted sales (in awards) for December and the first four months of next year:Required:Prepare a budget for the number of awards Astra needs to
Total Pet Shop sells pet food in 20-kilogram bags for \(\$ 20\) per bag, which it buys from its supplier for \(\$ 12\) per bag. Total estimates that its sales of bags of pet food for the second
Fred's Electronics Machines estimates its monthly selling expenses as follows:Assume that Fred pays selling expenses in the month after they are incurred. Based on current plans of Fred's sales
Well Feed Company sells pet food in 10 -kilogram bags for \(\$ 12.40\) per bag. Sales estimates for the first three months of the year are as follows:December sales were 16000 bags of pet food. Well
Suppose you are a banker, and the controller of a small business asks you for a short-term \(\$ 10000\) loan due in 120 days. Interest on the loan would be 12 per cent, due when the loan is paid
Jimmy, Matt and Andy are business partners who own Jimmy Matt Andy's Beach Wear. Jimmy Matt Andy's arrangement with all of its clothing suppliers allows it to pay for its merchandise purchases one
Assume that a business collects two-thirds of its sales revenue in the month of sale and the remaining one-third in the following month.Required:a How much revenue has the business actually earned in
The airline industry is very competitive - management is under constant pressure to improve business profits. Ideas that could improve profits include the following:a increasing the price of tickets
Bill Morgan is the manager of the sales department of Rise \& Shine Company, which sells deluxe bread makers. At the beginning of each month, Bill estimates the total cost of operating the department
Steve and Tammy are thinking of opening a fitness centre with facilities for aerobics, weight training, jogging and lap swimming, as well as diet and injury consultation. They plan to buy land and
Joe Collagen is the CEO of a small retail business that sells a skin-smoothing lotion and has been operating for several years. He keeps meticulous records of his actual operating activities,
Why do external users need financial accounting information about a business? How can financial statements help these external users?
Why is it important for external users to know that a business' financial statements are prepared according to GAAP?
Name and briefly define five concepts and terms that you need to understand to identify the activities that a business' accounting system records.
What is the entity concept? How does it affect the accounting for a specific business?
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