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business
cost accounting
Questions and Answers of
Cost Accounting
Why is unit cost information important to management?
For a manufacturer, what does the planning process involve, and how is cost accounting information used in planning?
How is effective control achieved in a manufacturing concern?
Define ‘‘responsibility accounting.’’
What criteria must be met for a unit of activity within the factory to qualify as a cost center?
What are the requirements for becoming a Certified Management Accountant?
What are the four major categories of ethical conduct that must be adhered to by CMAs? (Appendix)
What actions should a CMA take when the established policies of the organization do not resolve an ethical conflict? (Appendix)
Define the term corporate governance and explain why good corporate governance is important to shareholders and other corporate stakeholders.
What circumstances created the need for the Sarbanes-Oxley Act, and how are CEOs and CFOs affected by it?
Name five key elements of the Sarbanes-Oxley Act.
How is cost accounting related to: financial accounting?; managerial accounting?
How does the computation of cost of goods sold for a manufacturer differ from that of a merchandiser?
How would you describe the following accounts—Finished Goods, Work in Process, and Materials?
Compare the manufacturing, merchandising, and service sectors. How do they differ as to the kinds of businesses in each category, the nature of their output, and type of inventory, if any?
What is the difference between a perpetual inventory system and a periodic inventory system?
What are the basic elements of production cost?
How would you define the following costs: direct materials, indirect materials, direct labor, indirect labor, and factory overhead?
Distinguish prime cost from conversion cost. Does prime cost plus conversion cost equal the total manufacturing cost?
In what way does the accounting treatment of factory overhead differ from that of direct materials and direct labor costs?
How do ‘‘cost of goods sold’’ and ‘‘cost of goods manufactured’’ differ for a manufacturer?
How are nonfactory costs and costs that benefit both factory and nonfactory operations accounted for?
What is a mark-on percentage?
When is job order costing appropriate, and what types of businesses use it?
When is process costing appropriate, and what types of businesses use it?
What are the advantages of accumulating costs by departments or jobs rather than for the factory as a whole?
What is a job cost sheet, and why is it useful?
What are standard costs, and what is the purpose of a standard cost system?
If the factory operations and selling and administrative offices are housed in the same building, what would be a good cost allocation basis to use in dividing the depreciation expense between the
Study the performance report for Leonardo’s Italian Cafe´ in Figure of the chapter and write a brief explanation of the strengths and weaknesses of September and year-to-date operations.
The following data were taken from the general ledger of Thornton Merchandisers on January 31, the end of the first month of operations in the current fiscal year:Merchandise inventory, January 1 . .
The following data were taken from the general ledger and other data of Thomas Manufacturing on July 31:Finished goods, July 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Classify the following as direct materials, direct labor, factory overhead, or selling and administrative expense.a. Steel used in an overhead door plant.b. Cloth used in a shirt factory.c.
Explain in narrative form the flow of direct materials, direct labor, and factory overhead costs through the ledger accounts.
The following data are taken from the general ledger and other records of Black Hills Manufacturing Co. on January 31, the end of the first month of operations in the current fiscal year:Sales . . .
The following inventory data relate to Niagara Corp.: Inventories Ending BeginningFinished goods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $75,000
The following is a list of manufacturing costs incurred by OrleansProducts Co. during the month of July:Direct materials used . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bristol Manufacturing, Inc., uses the job order cost system of accounting. The following information was taken from the company's books after all posting had been completed at the end of May:a.
Marine World manufactures goods on a job order basis. During the month of June, three jobs were started in process. (There was no work in process at the beginning of the month.) Jobs Racers and
Prepare a performance report for the dining room of Leonardos Italian Cafe´ for the month of February 2011, using the followingdata:
The following data were taken from the general ledgers and other data of Alpha Manufacturing, Inc., and Bravo Merchandising Co. on April 30 of the current year:Merchandise inventory, April 1 . . . .
The adjusted trial balance for Indy Furniture Company on November 30, the end of its first month of operation, is as follows:The general ledger reveals the following additional data:a. There were no
The post-closing trial balance of Beamer Manufacturing Co. on April 30 is reproduced as follows:During the month of May, the following transactions took place:a. Purchased raw materials at a cost of
Selected account balances and transactions of Alpine Manufacturing Co. follow:May Transactions:a. Purchased raw materials and factory supplies on account at costs of $45,000 and $10,000,
O’Reilly Manufacturing, Inc.’s cost of goods sold for the month ended July 31 was $345,000. The ending work in process inventory was 90% of the beginning work in process inventory. Factory
Fayetteville Manufacturing Co. produces only one product. You have obtained the following information from the corporation’s books and records for the year ended December 31, 2011:a. Total
Hidalgo Company manufactures goods to special order and uses a job order cost system. During its first month of operations, the following selected transactions took place:a. Materials purchased on
Spokane Manufacturing Co. obtained the following information from its records for the month of July:Required:1. Prepare, in summary form, the journal entries that would have been made during the
St. Lawrence Manufacturing Co. manufactures engines that are made only on customers orders and to their specifications. During January, the company worked on Jobs 007, 008, 009, 010. The
Marta Johns is the Division Controller and Kevin Deere is the Division Vice President of Tuffy Tractor, Inc. Due to pressures to meet earnings estimates for 2011, Deere instructs Johns to record as
Ethics, Corporate GovernanceRequired:Go to the companion Website at www.cengage.com/accounting/vanderbeck and click on the link to ‘‘The Sarbanes-Oxley Act.’’ Read the accompanying PowerPoint
What is a cash equivalent? Why is it included with cash on the balance sheet?
Why does the purchase of an item classified as a cash equivalent not appear on the statement of cash flows as an investing activity?
A friend says to you: “I understand why it is important to deposit all receipts intact and not keep coin and currency sitting around the business. Beyond this control feature, however, I believe
Different formats for bank reconciliations are possible. What is the format for a bank reconciliation in which a service charge for a lockbox is added to the balance per the bank statement? Explain
What circumstances led to the passage of the Sarbanes-Oxley Act in 2002?
What is the typical composition of a board of directors of a publicly held corporation?
An order clerk fills out a purchase requisition for an expensive item of inventory and the receiving report when the merchandise arrives. The clerk takes the inventory home, then sends the invoice to
What are some of the limitations on a company’s effective system of internal control?
What two basic procedures are essential to an effective system of internal control over cash?
How would you evaluate the following statement? The only reason a company positions its cash register so that customers can see the display is so customers feel comfortable knowing they are being
Which document, a purchase order or an invoice, is the basis for recording a purchase and a corresponding liability? Explain your answer.
What is a blind receiving report? How does it act as a control device?
What is the purpose of comparing a purchase invoice with a purchase order? Of comparing a receiving report with a purchase invoice?
Using Y for yes and N for no, indicate whether each of the following items should or should not be included with cash and cash equivalents on the balance sheet._______ Cash in a checking
Indicate whether each of the following items is an adjustment to the balance per books (BK) or to the balance per bank statement (BS) on a reconciliation that adjusts the bank balance and the bank
Provide answers to each of the following questions. 1. Who is responsible for establishing and maintaining an adequate internal control structure for a company?2. Who provides an independent opinion
Internal Control Procedures List the names of at least four important internal control procedures.
Number each of the following documents to indicate the order in which each document would be used. _______ Purchase order_______ Invoice approval form_______ Check and remittance advice_______
Systematic Enterprises invested its excess cash in the following instruments during December 2010:Certificate of deposit, due January 31, 2013 ......... $ 75,000Certificate of deposit, due March 30,
Bedford Corp. began the year with $15,000 in cash and another $8,500 in cash equivalents. During the year, operations generated $140,000 in cash. Net cash used in investing activities during the year
Assume that a company is preparing a bank reconciliation for the month of June. It reconciles the bank balance and the book balance to the correct balance. For each of the following items, indicate
The university drama club is planning a raffle. The president overheard you talking about internal control to another accounting student, so she asked you to set up some guidelines to “make sure”
The following tasks are performed by three employees, each of whom is capable of performing all of the tasks. Do not be concerned with the time required to perform the tasks, but with the need to
Using Y for yes and N for no, indicate whether each of the following items should be included in cash and cash equivalents on the balance sheet. If an item should not be included in cash and cash
The following information is available to assist you in preparing a bank reconciliation for Calico Corners on May 31, 2010:a. The balance on the May 31, 2010, bank statement is $8,432.11.b. Not
You are opening a summer business, a chain of three drive-through snow-cone stands. You have hired other college students to work and have purchased a cash register with locked-in tapes. You retain
Motel $49.99 has purchased a large warehouse to store all supplies used by housekeeping departments in the company’s expanding chain of motels. In the past, each motel bought supplies from local
The following accounts are listed in a company’s general ledger. The accountant wants to place the items in order of liquidity on the balance sheet.Accounts ReceivableCertificates of Deposit (six
At Morris Mart Inc., all sales are on account. Mary Morris-Manning is responsible for mailing invoices to customers, recording the amount billed, opening mail, and recording the payment. Mary is very
Bank Reconciliation The following information is available to assist you in preparing a bank reconciliation for Karen’s Catering on March 31, 2010:a. The balance on the March 31, 2010, bank
The loan department in a bank is subject to regulation. Internal auditors work for the bank to ensure that the loan department complies with requirements. The internal auditors must verify that each
Tiger’s Group is a newly formed company that produces and sells children’s movies about an imaginary character. The movies are in such great demand that they are shipped to retail outlets as soon
The following accounts are listed in a companys general ledger:Required1. Which items are cash equivalents?2. Explain where items that are not cash equivalents should be classified on the
Abbott Inc. is expanding and needs to hire more personnel in the accounting office. Barbara Barker, the chief accounting clerk, knew that her cousin Cheryl was looking for a job. Barbara and Cheryl
Refer to the financial information for Kellogg’s and General Mills reproduced at the end of this book. Required1. What is the balance in Cash and cash equivalents on the balance sheet of each
IBM’s Report of Management IBM’s 2008 annual report includes the following selected paragraphs from its Report of Management found on page 58: IBM maintains an effective internal control
R Montague and J Capulet distribute films to movie theaters. Following are the current assets for each distributor at the end of the year. (All amounts are in millions of dollars.)RequiredAs a loan
You were recently hired by a large retail bookstore chain. Your training involved spending a week at the largest and most profitable store in the district. The store manager assigned the head cashier
Match the following items with their related statements below:a. Internal controlb. A need of internal controlc. Management’s responsibilityd. Independent accountant’s audit________ 1. Evaluates
Match each of the following items with the related statement below:a. Control environmentb. Risk assessmentc. Information and communicationd. Control activitiese. Monitoring________1. Policies and
Internal control is subject to several inherent limitations. Indicate whether each of the following situations is an example of(a) Human error,(b) Collusion among employees,(c) Changed conditions,
Match the following function for collecting cash by Acme Cleaners with the statements below:a. Authorizationb. Custodyc. Recordkeeping________1. The cashier is responsible for funds in the cash
Match the following assets of a small retail store with their related physical controls below.a. Cashb. Merchandise inventoryc. Suppliesd. Computers________1. An alarm that signals if unsold items
Match the check-writing policies for a small business described below to the following control activities:a. Authorizationb. Recording transactionsc. Documents and recordsd. Physical controlse.
Arrange the following business documents in the normal order in which they would be prepared:________1. Invoice________2. Purchase order________3. Check________4. Receiving report________5. Bank
A petty cash fund is established at $100. At the end of May, the fund has a cash balance of $46 and petty cash vouchers for postage, $29, and office supplies, $34. Prepare the entry on May 31, 2011,
Develop a brief answer to each of the following questions:1. Why is it important for public companies to have an audit of management’s assessment of internal control?2. Why is a system of internal
Develop a brief answer to each of the following questions:1. What role does the internal audit department play in internal control?2. What role does a bank reconciliation play in internal control
Match the following items with the related statements below:a. Company environmentb. Risk assessmentc. Information and communicationd. Control activitiese. Monitoring1. The company has an internal
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