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cost accounting

Questions and Answers of Cost Accounting

Toni Pena is the sole owner of Deer Park, a public camping ground near the Lake Mead National Recreation Area. Toni has compiled the following financial information as of December 31,
Presented below is financial information related to the 2012 operations of J. J. Putz Cruise Company.Maintenance and repairs expense $ 95,000Supplies expense 10,000Salaries and wages
Presented below is information related to the sole proprietorship of Sergio Santos attorney.Legal service revenue—2012
Threet’s Repair Shop was started on May 1 by Erica Threet. A summary of May transactions is presented below.1. Invested $10,000 cash to start the repair shop.2. Purchased equipment for $5,000
Ramona Castro opened a veterinary business in Nashville, Tennessee, on August 1. On August 31, the balance sheet showed Cash $9,000, Accounts Receivable $1,700, Supplies $600, Equipment $6,000,
On May 1, A. J. Pierzynski started AJ Flying School, a company that provides flying lessons, by investing $40,000 cash in the business. Following are the assets and liabilities of the company on May
Gordon Beckham started his own delivery service, Beckham Deliveries, on June 1, 2012. The following transactions occurred during the month of June. June 1 Gordon invested $10,000 cash in the
Financial statement information about four different companies is as follows. Instructions (a) Determine the missing amounts. (b) Prepare the owner?s equity statement for Ramirez Company. (c) Write
On April 1, Vince Morelli established Vince’s Travel Agency. The following transactions were completed during the month.1. Invested $15,000 cash to start the agency.2. Paid $600 cash for April
Juanita Pierre opened a law office, on July 1, 2012. On July 31, the balance sheet showed Cash $5,000, Accounts Receivable $1,500, Supplies $500, Equipment $6,000, Accounts Payable $4,200, and
On June 1, Alexia Rios started Crazy Creations Co., a company that provides craft opportunities, by investing $12,000 cash in the business. Following are the assets and liabilities of the company at
Carla Quentin started her own consulting firm, Quentin Consulting, on May 1, 2012. The following transactions occurred during the month of May. May 1 Carla invested $7,000 cash in the business. 2
Financial statement information about four different companies is as follows. Instructions(a) Determine the missing amounts.(b) Prepare the owner?s equity statement for Brent Company. (c) Write a
Natalie Koebel spent much of her childhood learning the art of cookie-making from her grandmother. They passed many happy hours mastering every type of cookie imaginable and later creating new
At Hummel Wholesale Company, two mail clerks open all mail receipts. How does this strengthen internal control?
Angela Kinsey has prepared the following list of statements about internal control.1. One of the objectives of internal control is to safeguard assets from employee theft, robbery, and unauthorized
Phyllis Lapin is the new owner of Ready Parking. She has heard about internal control but is not clear about its importance for her business. Explain to Phyllis the four purposes of internal control
The internal control procedures in Meredith Palmer Company provide that:1. Employees who have physical custody of assets do not have access to the accounting records. 2. Each month the assets on hand
Kate Flannery Company has the following internal control procedures over cash receipts. Identify the internal control principle that is applicable to each procedure.1. All over-the-counter receipts
The cash register tape for Kelly Kapoor Industries reported sales of $6,891.50. Record the journal entry that would be necessary for each of the following situations.(a) Cash to be accounted for
While examining cash receipts information, the accounting department determined the following information: opening cash balance $150, cash on hand $1,125.74, and cash sales per register tape $990.83.
Mindy Kaliny Company has the following internal control procedures over cash disbursements. Identify the internal control principle that is applicable to each procedure.1. Company checks are
On March 20, Toby’s petty cash fund of $100 is replenished when the fund contains $7 in cash and receipts for postage $52, freight-out $26, and travel expense $10. Prepare the journal entry to
Creed Bratton is uncertain about the control features of a bank account. Explain the control benefits of? (a) A check and (b) A bank statement.
At July 31, Martinez Company has the following bank information: cash balance per bank $7,420, outstanding checks $762, deposits in transit $1,120, and a bank service charge $20. Determine the
At August 31, Oscar Company has a cash balance per books of $8,500 and the following additional data from the bank statement: charge for printing Oscar Company checks $35, interest earned on checking
Nunez Company has the following cash balances: Cash in Bank $15,742, Payroll Bank Account $6,000, and Plant Expansion Fund Cash $25,000. Explain how each balance should be reported on the balance
Andy Bernard is concerned with control over mail receipts at Andy’s Sporting Goods. All mail receipts are opened by Ed Helms. Ed sends the checks to the accounting department, where they are
Craig Robinson Company established a $100 petty cash fund on August 1. On August 30, the fund had $9 cash remaining and petty cash receipts for postage $31, office supplies $42, and miscellaneous
Daryl Philbin owns Philbin Blankets. Philbin asks you to explain how he should treat the following reconciling items when reconciling the company’s bank account.1. Outstanding checks2. A deposit in
Jan Levinson is the owner of Levinson’s Pizza. Levinson’s is operated strictly on a carryout basis. Customers pick up their orders at a counter where a clerk exchanges the pizza for cash. While
The following control procedures are used at Melora Company for over-the-counter cash receipts. 1. To minimize the risk of robbery, cash in excess of $100 is stored in an unlocked attaché case in
The following control procedures are used in Kelly Erin’s Boutique Shoppe for cash disbursements. 1. The company accountant prepares the bank reconciliation and reports any discrepancies to the
At Hannon Company, checks are not prenumbered because both the purchasing agent and the treasurer are authorized to issue checks. Each signer has access to unissued checks kept in an unlocked file
Listed below are five procedures followed by Ellie Kempet Company.1. Several individuals operate the cash register using the same register drawer.2. A monthly bank reconciliation is prepared by
Listed below are five procedures followed by Wallace Company.1. Employees are required to take vacations.2. Any member of the sales department can approve credit sales.3. Andy Buckley ships goods to
Karen Filippelli Company established a petty cash fund on May 1, cashing a check for $100. The company reimbursed the fund on June 1 and July 1 with the following results.June 1: Cash in fund $2.75.
Rashida Company uses an imprest petty cash system. The fund was established on March 1 with a balance of $100. During March, the following petty cash receipts were found in the petty cash box. The
Bob Vance is unable to reconcile the bank balance at January 31. Bob’s reconciliation is as follows.Cash balance per bank $3,560.20Add: NSF check 690.00Less: Bank service charge
On April 30, the bank reconciliation of Gabe Lewis Company shows three outstanding checks: no. 254, $650; no. 255, $820; and no. 257, $410. The May bank statement and the May cash payments journal
The following information pertains to Miner Video Company.1. Cash balance per bank, July 31, $7,263.2. July bank service charge not recorded by the depositor $28.3. Cash balance per books, July 31,
The cash records of Holly Company show the following four situations.1. The June 30 bank reconciliation indicated that deposits in transit total $720. During July, the general ledger account Cash
Flax Company has recorded the following items in its financial records.Cash in bank……………………………...….. $
Mose Office Supply Company recently changed its system of internal control over cashdisbursements. The system includes the following features. Instead of being unnumbered and manually prepared, all
Ursula Company maintains a petty cash fund for small expenditures. The following transactions occurred over a 2-month period.July 1 Established petty cash fund by writing a check on Scranton Bank for
On May 31, 2012, Sabre Company had a cash balance per books of $6,781.50. The bank statement from New York State Bank on that date showed a balance of $6,404.60. A comparison of the statement with
The bank portion of the bank reconciliation for Helene Company at November 30, 2012, was as follows. The adjusted cash balance per bank agreed with the cash balance per books at November 30. The
Hidetoshi Company maintains a checking account at the Imura Bank. At July 31, selected data from the ledger balance and the bank statement are shown below. Analysis of the bank data reveals that the
Hasagama Middle School wants to raise money for a new sound system for its auditorium. The primary fund-raising event is a dance at which the famous disc jockey D.J. Rivet will play classic and
Magical Elves Theater is located in the Brooklyn Mall. A cashier’s booth is located near the entrance to the theater. Three cashiers are employed. One works from 1–5 p.m., another from 5–9 p.m.
Chow Company maintains a petty cash fund for small expenditures. The following transactions occurred over a 2-month period.July 1 Established petty cash fund by writing a check on China Bank for
Rohatyn Genetics Company of Lancaster, Wisconsin, spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2012, the company?s Cash account per its general ledger showed the
The bank portion of the bank reconciliation for Williams Company at October 31, 2012, was as follows. The adjusted cash balance per bank agreed with the cash balance per books at October 31. The
Trong Company’s bank statement from Nguyen National Bank at August 31, 2012, shows the information below.Balance, August 1 $11,284 Bank credit memoranda:August deposits 47,521 Collection
Braun Company is a very profitable small business. It has not, however, given much consideration to internal control. For example, in an attempt to keep clerical and office expenses to a minimum, the
Part 1 Natalie is struggling to keep up with the recording of her accounting transactions.She is spending a lot of time marketing and selling mixers and giving her cookie classes. Her friend John is
What is a budget?
How does a family’s budget differ from a budget developed for an organization?
What is a production plan? Give an example of one in a courier company.
What is the difference between an operating and a financial budget?
Would a labor hiring and training plan be more important in a university that is hiring faculty members, or a municipal government office that hires casual workers to do unskilled work? Why?
What is the relationship between a demand forecast and a sales plan?
What is a demand forecast? Why is it relevant in budgeting?
Is employee training an example of a discretionary expenditure? Why?
Are food costs in a university residence cafeteria a variable cost or a capacity-related fixed cost? Briefly explain.
Are materials always a flexible resource? Why?
What is a line of credit? How is it useful to a small organization?
What are three broad uses for budget information?
What are the similarities and differences between what-if and sensitivity analyses?
What is a variance? How is a dashboard warning light that indicates low oil pressure like a variance?
How does analysis of reasons for variances between actual and estimated costs help managers?
How are first, second, and third levels of variance analysis related?
Why is it useful to decompose a flexible budget variance into a rate (price) variance and an efficiency (quantity) variance?
If more experienced workers work on the job than were planned when developing the labor standards, the labor efficiency variance is likely to be favorable, but the labor rate variance is likely to be
What effect will the purchase and use of cheaper, lower quality materials likely have on price and quantity (efficiency) components of both materials and labor variances?
What two steps are taken to reconcile the difference between actual and planned sales revenue?
What is an appropriation? Give an example of one in a university.
What are some criticisms of the traditional budgeting model?
What are two fundamental ways in which the beyond budgeting approach differs from traditional budgeting?
Budgeting information Consider a company that sells prescription drugs. It has salespeople who visit doctors and hospitals to encourage physicians to prescribe its drugs. The company sells to
Budgeting and planning Some people say that budgets are great for planning but not for control. What do you think they mean? Do you agree with this sentiment? Explain.
Budgeting: types of resources in a university For a university, identify a cost that you think is controllable in the short term and explain why. Identify a cost that you think is controllable in the
Financial budgets Many managers consider the pro forma financial statements to be the most important product of the master budgeting process. Why do you think they believe this?
Consulting company: types of resources Budgeting allows an organization to identify broad resource requirements so that it can develop plans to put needed resources in place. Use an example to
Canning company: budgeting process Budgeting allows an organization to identify potential problems so that plans can be developed to avoid these problems or to deal with them systematically. Give an
Financial budgets: cash flows Monthly cash budgets of inflows and outflows are an important part of the budgeting process in most organizations. In the course of preparing a cash budget, the
Merchandising firm purchases budget Boynton Company sells a variety of recycling bins. The company estimates that it will sell 40,000 units of bin BLX in April. The company expects to have 6,000
Merchandising firm purchases budget Boynton Company sells a variety of recycling bins. The company estimates that it will sell 40,000 units of bin BLX in April. The company expects to have 6,000
Manufacturing firm production and purchases budget Glynn Company is preparing a budget to determine the amount of part G12 to produce for the first quarter of the year, and the amount of resin to
What-if analysis Jeren Company is considering replacing its existing cutting machine with a new machine that will help reduce its defect rate. Relevant information for the two machines includes the
Sensitivity analysis Sensitivity analysis is an important component of any budgeting exercise. Which estimates do you think will be most crucial in developing a master budget? Why?
A university faced with a deficit reacts by cutting resource allocations to all faculties and departments by 8%. Do you think this is a good approach to budgeting? Why or why not?
The following information is available for Mandalay Company: Required(a) Determine the material price variance based on the quantity of materials purchased.(b) Determine the material quantity
Variance analysis, materials and labor Pharout Company uses a standard cost system. Job 822 is for the manufacturing of 500 units of the product P521. The company's standards for one unit of product
Variance analysis, material and labor Each unit of job Y703 has standard requirements of 5 pounds of raw material at a price of $100 per pound and 0.5 hour of direct labor at $12 per hour. To produce
Assembly of product P13 requires one unit of component X, two units of component Y, and three units of component Z. Job J372 produced 220 units of P13. The following information pertains to material
An organization plans to make a product in batches of 25,000 units. Planned production is 1,000,000 units, and actual production is 1,125,000 units. What are the planned (master budget) number of
Manufacturing is developing a sales and production plan as part of its master budgeting process. Following are the projected monthly sales, which occur uniformly during each month, for the upcoming
Mira Vista Planters provides reforestation services to large paper products companies. It must hire one planter for every 10,000 trees that it has contracted to plant each month. New employees are
Operating budgets: labor hiring plan Strathfield Motel is planning its operations for the upcoming tourist season. The motel has 60 units. The following table presents the average number of daily

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