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cost accounting

Questions and Answers of Cost Accounting

Cost-plus, time and materials. Mazzoli Brothers is an auto repair shop. Mazzoli’s cost accounting system tracks two cost categories: direct labor (working on the cars) and direct materials (parts).
Cost-plus and market-based pricing California Temps, a large labor contractor, supplies contract labor to building-construction companies. For 2009, California Temps has budgeted to supply 80,000
Cost-plus and market-based pricing Best Test Laboratories evaluates the reaction of materials to extreme increases in temperature. Much of the company’s early growth was attributable to
Life-cycle costing Fearless Furniture Manufacturing (FFM) has been manufacturing furniture for the home for over 30 years. George Fearless, the owner, has decided he would like to manufacture an
Airline pricing, considerations other than cost in pricing. Air Americo is about to introduce a daily round-trip flight from New York to Los Angeles and is determining how it should price its
Ethics and pricing. Baker, Inc., is preparing to submit a bid for a ball-bearings order. Greg Lazarus, controller of the Bearings Division of Baker, has asked John Decker, the cost analyst to prepare
Target pricing, target cost, and value engineering. Avery, Inc., manufactures component parts. One product, TX40, has annual sales of 50,000 units. Avery sells TX40 for $40.60 per unit. Avery has two
What is the difference between an account and a ledger?
Do the terms debit and credit signify increase or decrease or can they signify either? Explain.
Explain why the rules of debit and credit are the same for liability accounts and owner’s equity accounts.
What is the effect (increase or decrease) of a credit to a revenue account? (a) In terms of owner’s equity and (b) In terms of revenue?
Carr Company adheres to a policy of depositing all cash receipts in a bank account and making all payments by check. The cash account as of March 31 has a credit balance of $1,250, and there is no
Longfellow Company performed services in July for a specific customer, for a fee of $8,380. Payment was received the following August. (a) Was the revenue earned in July or August? (b) What accounts
What proof is provided by a trial balance?
If the two totals of a trial balance are equal, does it mean that there are no errors in the accounting records? Explain.
Assume that a trial balance is prepared with an account balance of $18,500 listed as $1,850 and an account balance of $3,680 listed as $3,860. Identify the transposition and the slide.
Assume that when a purchase of supplies of $2,650 for cash was recorded, both the debit and the credit were journalized and posted as $2,560. (a) Would this error cause the trial balance to be out of
Assume that JRQ Consulting erroneously recorded the payment of $10,000 of owner withdrawals as a debit to Salary Expense. (a) How would this error affect the equality of the trial balance? (b) How
Assume that Beebe Realty Co. borrowed $120,000 from City Bank and Trust. In recording the transaction, Beebe erroneously recorded the receipt as a debit to Cash, $120,000, and a credit to Fees
Checking accounts are the most common form of deposits for banks. Assume that Yellowstone Storage has a checking account at Livingston Savings Bank. What type of account (asset, liability, owner’s
State for each account whether it is likely to have(a) Debit entries only,(b) Credit entries only, or(c) Both debit and credit entries. Also, indicate its normal balance.1. Accounts Payable2. Cash3.
State for each account whether it is likely to have (a) Debit entries only, (b) Credit entries only, or (c) Both debit and credit entries. Also, indicate its normal balance.1. Accounts Receivable 2.
Prepare a journal entry for the purchase of office supplies on October 14 for $9,000, paying $1,800 cash and the remainder on account.
Prepare a journal entry for the purchase of office equipment on February 3 for $18,250, paying $3,650 cash and the remainder on account.
Prepare a journal entry on April 2 for cash received for services rendered, $3,600.
Prepare a journal entry on November 29 for fees earned on account, $11,375.
Prepare a journal entry on January 19 for the withdrawal of $8,500 by Carla Hammond for personal use.
Prepare a journal entry on December 23 for the withdrawal of $6,000 by Matt Nehls for personal use.
For each of the following errors, considered individually, indicate whether the error would cause the trial balance totals to be unequal. If the error would cause the trial balance totals to be
For each of the following errors, considered individually, indicate whether the error would cause the trial balance totals to be unequal. If the error would cause the trial balance totals to be
The following errors took place in journalizing and posting transactions:a. The receipt of $6,480 for services rendered was recorded as a debit to Accounts Receivable and a credit to Fees Earned.b.
The following data were adapted from the financial statements of Kmart Corporation, prior to its filing for bankruptcy: a. Prepare a horizontal analysis for the income statement showing the amount
The following accounts appeared in recent financial statements of Continental Airlines:Accounts Payable Flight EquipmentAir
Monet School is a newly organized business that teaches people how to inspire and influence others. The list of accounts to be opened in the general ledger is as follows:Accounts Payable
Cycle Tours Co. is a travel agency. The nine transactions recorded by Cycle Tours during February 2010, its first month of operations, are indicated in the following T accounts: Indicate for each
Based upon the T accounts in Exercise 2-4, prepare the nine journal entries from which the postings were made. Journal entry explanations may be omitted.
Based upon the data presented in Exercise 2-4, prepare an unadjusted trial balance, listing the accounts in their proper order.
During the month, Genesis Labs Co. has a substantial number of transactions affecting each of the following accounts. State for each account whether it is likely to have (a) Debit entries only, (b)
The following table summarizes the rules of debit and credit. For each of the items (a) through (l), indicate whether the proper answer is a debit or acredit.
As of January 1, Oh Kwon, Capital, had a credit balance of $37,100. During the year, withdrawals totaled $1,000, and the business incurred a net loss of $52,300.a. Calculate the balance of Oh Kwon,
During the month, Racoon Co. received $319,750 in cash and paid out $269,900 in cash.a. Do the data indicate that Racoon Co. earned $49,850 during the month? Explain.b. If the balance of the cash
a. During July, $90,300 was paid to creditors on account, and purchases on account were $115,150. Assuming the July 31 balance of Accounts Payable was $39,000, determine the account balance on July
Derby Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Terri Burell, Capital; Terri Burell, Drawing; Fees Earned; Rent Expense;
On August 7, 2010, Mainsail Co. purchased $2,190 of supplies on account. In Mainsail Co.’s chart of accounts, the supplies account is No. 15, and the accounts payable account is No. 21.a.
The following selected transactions were completed during February of the current year:1. Billed customers for fees earned, $41,730.2. Purchased supplies on account, $1,800.3. Received cash from
The accounts in the ledger of Aznar Co. as of October 31, 2010, are listed in alphabetical order as follows. All accounts have normal balances. The balance of the cash account has been intentionally
Indicate which of the following errors, each considered individually, would cause the trial balance totals to be unequal:a. A payment of $2,150 to a creditor was posted as a debit of $2,150 to
The following preliminary unadjusted trial balance of Nevada-For-You Co., a sports ticket agency, does not balance: When the ledger and other records are reviewed, you discover the following: (1)
Identify the errors in the following trial balance. All accounts have normalbalances.
The following errors took place in journalizing and posting transactions:a. Rent of $6,000 paid for the current month was recorded as a debit to Rent Expense and a credit to Prepaid Rent.b. A
The following errors took place in journalizing and posting transactions:a. Cash of $3,750 received on account was recorded as a debit to Fees Earned and a credit to Cash.b. A $1,500 purchase of
The following data (in millions) is taken from the financial statements of Williams-Sonoma for years ending 2007 and 2006:a. For Williams-Sonoma, comparing 2007 with 2006, determine the amount of
(a) Why did Congress pass the Sarbanes-Oxley Act of 2002? (b) What is the purpose of the Sarbanes-Oxley Act of 2002?
Define internal control.
Why should the responsibility for a sequence of related operations be divided among different persons? Explain.
Why should the employee who handles cash receipts not have the responsibility for maintaining the accounts receivable records? Explain.
In an attempt to improve operating efficiency, one employee was made responsible for all purchasing, receiving, and storing of supplies. Is this organizational change wise from an internal control
Why should the responsibility for maintaining the accounting records be separated from the responsibility for operations? Explain.
Assume that Yvonne Dauphin, accounts payable clerk for Bedell Inc., stole $73,250 by paying fictitious invoices for goods that were never received. The clerk set up accounts in the names of the
Before a voucher for the purchase of merchandise is approved for payment, supporting documents should be compared to verify the accuracy of the liability. Give an example of supporting documents for
The accounting clerk pays all obligations by pre-numbered checks. What are the strengths and weaknesses in the internal control over cash payments in this situation?
The balance of Cash is likely to differ from the bank statement balance. What two factors are likely to be responsible for the difference?
Do items reported as credits on the bank statement represent? (a) Additions made by the bank to the company’s balance or (b) Deductions made by the bank from the company’s balance? Explain.
Oak Grove Inc. has a petty cash fund of $1,500. (a) Since the petty cash fund is only $1,500, should Oak Grove Inc. implement controls over petty cash? (b) What controls, if any, could be used for
(a) How are cash equivalents reported in the financial statements?(b) What are some examples of cash equivalents?
Identify each of the following as relating to (a) The control environment, (b) Control procedures, or (c) Monitoring.1. Hiring of external auditors to review the adequacy of controls2. Personnel
Identify each of the following as relating to (a) The control environment, (b) Control procedures, or (c) Information and communication.1. Management’s philosophy and operating style2. Report of
The following items may appear on a bank statement: 1. Bank correction of an error from posting another customer's check to the company's account 2. EFT deposit 3. Loan proceeds 4. NSF check Using
The following items may appear on a bank statement: 1. Bank correction of an error from recording a $3,200 deposit as $2,300 2. EFT payment 3. Note collected for company 4. Service charge Using the
Prepare journal entries for each of the following:a. Issued a check to establish a petty cash fund of $300.b. The amount of cash in the petty cash fund is $95. Issued a check to replenish the fund,
Prepare journal entries for each of the following:a. Issued a check to establish a petty cash fund of $500.b. The amount of cash in the petty cash fund is $140. Issued a check to replenish the fund,
The following data were gathered to use in reconciling the bank account of East Meets West Company:Balance per bank
The following data were gathered to use in reconciling the bank account of Crescent Moon Company:Balance per bank $11,200Balance per company records 9,295Bank service charges 25Deposit in transit
Using Wikpedia (www.wikpedia.com), look up the entry for Sarbanes-Oxley Act. Look over the table of contents and find the section that describes Section 404. What does Section 404 require of
Blake Gable has recently been hired as the manager of Jittery Jim’s Canyon Coffee. Jittery Jim’s Canyon Coffee is a national chain of franchised coffee shops. During his first month as store
Anasazi Earth Clothing is a retail store specializing in women’s clothing. The store has established a liberal return policy for the holiday season in order to encourage gift purchases. Any item
First Kenmore Bank provides loans to businesses in the community through its Commercial Lending Department. Small loans (less than $100,000) may be approved by an individual loan officer, while
One of the largest losses in history from unauthorized securities trading involved a securities trader for the French bank, Societe Generale. The trader was able to circumvent internal controls and
An employee of JHT Holdings, Inc., a trucking company, was responsible for resolving roadway accident claims under $25,000. The employee created fake accident claims and wrote settlement checks of
Bizarro Sound Co. discovered a fraud whereby one of its front office administrative employees used company funds to purchase goods, such as computers, digital cameras, compact disk players, and other
A former chairman, CFO, and controller of Donnkenny, Inc., an apparel company that makes sportswear for Pierre Cardin and Victoria Jones, pleaded guilty to financial statement fraud. These managers
The procedures used for over-the-counter receipts are as follows. At the close of each day’s business, the sales clerks count the cash in their respective cash drawers, after which they determine
Victor Blackmon works at the drive-through window of Buffalo Bob’s Burgers. Occasionally, when a drive-through customer orders, Victor fills the order and pockets the customer’s money. He does
The mailroom employees send all remittances and remittance advices to the cashier. The cashier deposits the cash in the bank and forwards the remittance advices and duplicate deposit slips to the
The actual cash received from cash sales was $36,183, and the amount indicated by the cash register total was $36,197. Journalize the entry to record the cash receipts and cash sales.
The actual cash received from cash sales was $11,279, and the amount indicated by the cash register total was $11,256. Journalize the entry to record the cash receipts and cash sales.
El Cordova Co. is a small merchandising company with a manual accounting system. An investigation revealed that in spite of a sufficient bank balance, a significant amount of available cash discounts
Digital Com Company, a communications equipment manufacturer, recently fell victim to a fraud scheme developed by one of its employees. To understand the scheme, it is necessary to review Digital
Identify each of the following reconciling items as:(a) An addition to the cash balance according to the bank statement,(b) A deduction from the cash balance according to the bank statement,(c) An
Which of the reconciling items listed in Exercise 8-16 require an entry in the company’s accounts?
Using the data presented in Exercise 8-18, journalize the entry or entries that should be made by the company.
Accompanying a bank statement for Euthenics Company is a credit memo for $18,270, representing the principal ($18,000) and interest ($270) on a note that had been collected by the bank. The company
An accounting clerk for Grebe Co. prepared the following bank reconciliation: a. From the data in the above bank reconciliation, prepare a new bank reconciliation for Grebe Co., using the format
Identify the errors in the following bankreconciliation:
First Impressions Co. records all cash receipts on the basis of its cash register tapes. First Impressions Co. discovered during June 2010 that one of its sales clerks had stolen an undetermined
Journalize the entries to record the following:a. Check No. 8193 is issued to establish a petty cash fund of $800.b. The amount of cash in the petty cash fund is now $294. Check No. 8336 is issued to
Mattel, Inc., designs, manufactures, and markets toy products worldwide. Mattel’s toys include Barbie™ fashion dolls and accessories, Hot Wheels™, and Fisher-Price brands. For a recent year,
During 2010, Bezel Inc. has monthly cash expenses of $250,000. On December 31, 2010, the cash balance is $1,750,000.a. Compute the ratio of cash to monthly cash expenses.b. Based on (a), what are the
Delta Air Lines is one of the major airlines in the United States and the world. It provides passenger and cargo services for over 200 domestic U.S. cities as well as 70 international cities. It
Acusphere, Inc., is a specialty pharmaceutical company that develops new drugs and improved formulations of existing drugs using its proprietary micro particle technology. Currently, the company has

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