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managerial accounting
Questions and Answers of
Managerial Accounting
In 70 words or fewer, explain the difference between NPV and IRR.
In 50 words or fewer, explain the difference between relevant costs, irrelevant costs, and sunk costs.
In 25 words or fewer, explain what it means for a company to break even.
In 100 words or fewer, explain why we use a predetermined overhead rate instead of waiting to use the “real” rate. In your answer, explain how the rate works with the Manufacturing overhead
In 100 words or fewer, explain the difference between inventoriable product costs and period costs. In your explanation, explain the inventory accounts of a manufacturer.
In 75 words or fewer, explain the difference between horizontal and vertical analysis. Be sure to include in your answer how each might be used.
Select a company and obtain its financial statements. Convert the income statement and the balance sheet to common size, and compare the company you selected to the industry average. The Risk
In 60 words or fewer, explain the difference between operating, investing, and financing activities.
In 100 words or fewer, explain the difference between stock dividends and stock splits. Include the effect on stock values.
Obtain the annual reports (or annual report data) of five well-known companies. You can get the reports either from the companies’ Web sites, your college library, or by mailing a request directly
In 50 words or fewer, explain the difference between par and no-par stocks.
In 50 words or fewer, explain why a bond would sell for more than the bond’s maturity value on the bond issuance date.
In 30 words or fewer, explain how to report the total owed on a long-term note.
In 25 words or fewer, explain the depreciable cost used for each of the three methods. Your explanation should identify which methods calculate depreciable base the same way.
Visit a local business.Requirements 1. List all its plant assets. 2. If possible, interview the manager. Gain as much information as you can about the business’s plant assets. For
In 50 words or fewer, explain the difference between the percentage-of-sales method and the aging method for calculating the journal entry to adjust the allowance for uncollectible accounts.
In 75 words or fewer, explain why there may be a difference between the bank statement ending cash balance and the ending balance in the Cash account. Give at least two examples each of adjustments
Research the Sarbanes-Oxley Act on the Internet.Requirement1. Surf around for information on internal control, write a report of your findings, and present it to your class.
In 50 words or fewer, explain the difference in calculating COGS using the FIFO, LIFO, and average-cost methods.
In 30 words or fewer, explain the difference between a sales discount and a purchase discount.
In 25 words or fewer, explain the rationale for closing the temporary accounts.
In 25 words or fewer, explain adjusting journal entries.
In 25 words or fewer, illustrate the accounting equation and explain each part of the accounting equation.
Using Google or another online tool, search for “SASB materiality map.” Once on the site, click on the “Materiality Map” button. Next, click on the Consumer Goods heading to expand the
Perform an online search to find other sources of information about this company’s sustainability efforts other than its own publications. What news articles can you find? Summarize the
Perform an online search for sustainability issues in the industry in which this organization operates. Does the company appear to be addressing the sustainability issues of the industry?
What is your overall sense of the company’s commitment to sustainability from everything you have seen? Be specific and give details to justify your response.
The Greenlee Toy Manufacturing Company has an environmental goal to eliminate the use of non-recyclable packaging materials within the next five years. The company adopted this goal two years ago, so
The manufacture of appliances can produce hazardous waste. New manufacturing facilities and processes can eliminate or greatly decrease the amount of hazardous waste generated. In addition, products
In its Corporate Social Responsibility (CSR) report, Green Software Corporation details the results from the steps it has taken to embed a sustainable culture throughout its business operations. In
The Skylark Toy Manufacturing Company has an environmental goal to eliminate the use of non-recyclable packaging materials within the next five years. The company adopted this goal two years ago, so
The manufacture of appliances can produce hazardous waste. New manufacturing facilities and processes can eliminate or greatly decrease the amount of hazardous waste generated. In addition, products
Olly’s Yogurt Shoppe sells a variety of single-serve frozen yogurt flavors and toppings. The owner of Olly’s is trying to forecast its frozen yogurt sales for the upcoming year. The owner
South Fast, an independently owned restaurant chain, specializes in Southern cuisine fast food. Following is a partial performance report that a SouthFast manager built in Excel.Using the partial
Funberry Amusements is an owner/operator of several amusement parks. Following is a performance report that a Funberry manager built in Excel.Using the performance report shown, answer the following
Persian Fast, an independently owned restaurant chain, specializes in Persian cuisine fast food. Following is a partial performance report that a Persian Fast manager has been working on using
Cajun Fast, an independently owned restaurant chain, specializes in Cajun cuisine fast food. Following is a partial performance report that a Cajun Fast manager has been working on using
Candyberry Amusements is an owner/operator of several amusement parks. Following is a partial performance report that a Candyberry manager built in Excel.Requirements1. Using the Excel file provided
Some companies integrate sustainability measures into the traditional four perspectives in their balanced scorecards. Other companies create a new perspective (or two) for sustainability. Which
Burberry Amusements is an owner/operator of several amusement parks. Following is a partial performance report that a Burberry manager built in Excel.Requirements1. Using the Excel file provided
Find an annual report for a publicly held company (go to the company’s website and look for “Investor Relations” or a similar link). How many sustainability initiatives can you find in the
Swirl Confections produces fudge in 10-pound batches. Each batch takes 0.25 hours of direct labor, which includes allowances for breaks, cleanup, and other downtime. Swirl pays its direct labor
Service organizations also use standards. Describe what types of standards might be in effect at each of the following types of organizations:HospitalsLaw firmsAccounting firmsAuto repair
Refer to the data in E11-25A.Data in E11-25A.Boat Guard, which used a standard cost accounting system, manufactured 210,000 boat fenders during the year, using 1,780,000 feet of extruded vinyl
Zack Backpack Company manufactures a variety of backpack models. Each backpack requires a variety of direct materials, including fabric, buckles, zippers, and other materials.Company managers have
Dock Guard, which uses a standard cost accounting system, manufactured 230,000 boat fenders during the year, using 1,660,000 feet of extruded vinyl purchased at $1.20 per foot. Production required
The Lovejoy Hotel upgrades its conference facilities approximately every five years so that it can book larger, more profitable conventions than if it had older décor and technologies.Managers at
Refer to the data in E11-43B.Data in E11-43B.Dock Guard, which uses a standard cost accounting system, manufactured 230,000 boat fenders during the year, using 1,660,000 feet of extruded vinyl
Describe the capital budgeting process in your own words.
Refer to the Wolf Valley Data Set in E12-34A.Data in E12-34A.Consider how Wolf Valley, a popular ski resort, could use capital budgeting to decide whether the $8 million Brook Park Lodge expansion
Oftentimes, investments in sustainability projects do not meet traditional investment selection criteria. Suppose you are a manager and have prepared a proposal to install solar panels to provide
Think of a company with which you are familiar. What are some examples of possible sustainable investments that the company may be able to undertake? How might the company management justify these
McCabe Company reported the following financial statements for 2019 and 2020:Compute the following investing cash flows:a. Purchases of plant assets (all were for cash). There were no sales of plant
Compare the NPV of the hybrid model with the cost of the gasoline-engine model. Which model has the lowest cost (the lowest NPV)? From a purely financial standpoint, does the hybrid model make sense?
Bayview Marine Company makes a variety of boating supplies. The controller is preparing its statement of cash flows for the most recent calendar year. A sample of the pivot table the controller
The Peacelove Hotel upgrades its conference facilities approximately every five years so that it can book larger, more profitable conventions than if it had older décor and technologies.Managers at
Refer to the Archer Hardware information in E12-42B. Compute the ARR for the investment.Data in E12-42B.Archer Hardware is adding a new product line that will require an investment of $1,460,000.
The Tennessee Scooter Company produces several types of scooters. The controller has gathered information from the company’s general ledger data for the past fiscal year and has performed some
Refer to the Soar Mountain Data Set in E12-55B.Data in E12-55B.Consider how Soar Mountain, a popular ski resort, could use capital budgeting to decide whether the $9.5 million State Park Lodge
The Radiance Hotel upgrades its conference facilities approximately every five years so that it can book larger, more profitable conventions than if it has older décor and technologies.Managers at
The Ohio Scooter Company produces several types of scooters. The controller has created an Excel file from the company’s general ledger data for the past fiscal year. A sample of that Excel general
The comparative balance sheet for Seaway Travel Services, Inc., for December 31, 2021 and 2020, is as follows:The following information is taken from the records of Seaway Travel Services, Inc.:a.
Summarize the process for preparing the operating section of the statement of cash flows when using the direct method.
Riverview Marine Company makes a variety of boating supplies. The controller is preparing its statement of cash flows for the most recent calendar year. A sample of the pivot table the controller
The Minnesota Scooter Company produces several types of scooters. The controller has created an Excel file from the company’s general ledger data for the past fiscal year. A sample of that Excel
The 2021 and 2020 balance sheets of Gibson Corporation follow. The 2021 income statement is also provided. Gibson had no noncash investing and financing transactions during 2021. During the year, the
Margolin Home Products currently sells its products through multiple distribution channels. When the company first started, its home cleaning products were sold strictly through home party sales.
What does the accounts receivable turnover measure? What does a relatively high accounts receivable turnover indicate about a company?
The Patz Bookzzz Company currently sells its products, children’s books, through multiple distribution channels. It sells subscriptions that provide children with a box every month containing an
Compute the dollar amount of change and the percentage of change in Gambol News Group’s working capital each year during 2019 and 2020. Is this trend favorable or unfavorable? Total current
Freedom Corporation reported these figures:Freedom Corporation has 2,500,000 shares of common stock outstanding. Its stock has traded recently at $32.90 per share. You would like to gain a better
The Fitz Bookzzz Company currently sells its products, children’s books, through multiple distribution channels. It sells subscriptions that provide children with a box every month containing an
Bricker Frames has asked you to determine whether the company’s ability to pay current liabilities and total liabilities improved or deteriorated during 2020. To answer this question, compute these
Compute six ratios that measure Tomloff Corporation’s ability to earn profits. The company’s comparative income statement follows. The data for 2018 are given as needed.Did the company’s
Thornton Corporation reported these figures:Thornton Corporation has 3,125,000 shares of common stock outstanding. Its stock has traded recently at $31.20 per share. You would like to gain a better
Do a web search on the terms carbon offset and carbon footprint. What is a carbon footprint? What is a carbon offset? Why would carbon offsets be of interest to a company? What are some companies
The controller for the Lillian Corporation created an Excel worksheet that included a profit calculation. The worksheet also contained a data table created using the What-if analysis tool to analyze
How can CVP techniques be used in supporting a company’s sustainability efforts? Conversely, how might CVP be a barrier to sustainability efforts?
Olivia Schnall operates a snow cone cart that she takes to outdoor festivals on the weekends. She makes the snow cones from ice shavings topped with flavored sugar syrup. She currently sells each
Robert’s Steel Parts produces parts for the automobile industry. The company has monthly fixed expenses of $720,000 and a contribution margin of 90% of revenues.Requirements1. Compute Robert’s
Refer to Robert’s Steel Parts in E7-27A. Robert feels like he’s in a giant squeeze play: The automotive manufacturers are demanding lower prices, and the steel producers have increased raw
Ripple Pool Toys Corporation manufactures a variety of pool toys. Ripple has just received a special order for a large volume of pool toys at reduced special order prices. The following is a
FlyAway Bags manufactures a variety of bags. FlyAway has just received a special order for a large volume of bags at reduced, special order prices. The following is a screenshot of the special order
Sparkle Pool Toys Corporation manufactures a variety of pool toys. Sparkle has just received a special order for a large volume of pool toys at reduced special order prices. The following is a
Wheels Up Bags manufactures a variety of bags. Wheels Up has just received a special order for a large volume of bags at reduced, special order prices. The following is a screenshot of the special
Employees at stores owned by the nationwide Kelley Grocery chain frequently hand out free samples of new food products to entice shoppers to purchase new products. Sometimes the free sample
Jubilee’s Yogurt Shoppe sells a variety of single-serve frozen yogurt flavors and toppings. The owner of Jubilee’s is trying to forecast its frozen yogurt sales for the upcoming year. The owner
Employees at stores owned by the nationwide Corbin Grocery chain frequently hand out free samples of new food products to entice shoppers to purchase new products. Sometimes the free sample
Employees at stores owned by the nationwide Ivy Grocery chain frequently hand out free samples of new food products to entice shoppers to purchase new products. Sometimes the free sample distribution
TravelTime Bags manufactures a variety of bags. Travel Time has just received a special order for a large volume of bags at reduced, special order prices. The following is a screenshot of the special
How are process costing and job costing similar? How are they different?
Why not assign all costs of production during a period to only the completed units? What happens if a company does this? Why are the costs of production in any period allocated between completed
What information generated by a process costing system can be used by management? How can management use this process costing information?
Why are the equivalent units for direct materials often different from the equivalent units for conversion costs in the same period?
Describe the flow of costs in a process costing system. List each type of journal entry that would be made and describe the purpose of that journal entry.
If a company has very little or no inventory, what effect does that lack of inventory have on its process costing system? What other benefits result from having very little to no inventory?
What are the three main areas of management’s responsibility? How are these three areas interrelated? How does managerial accounting support each of the responsibility areas of managers?
Why is managerial accounting more suitable for internal reporting than for financial accounting?
How can what is taught in managerial accounting help you in other careers other than accounting?
Complete the following statements with one of the terms listed here.a. The_____is geared toward producing periodic financial statements that will be used by investors and creditors to make investment
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