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cost accounting

Questions and Answers of Cost Accounting

Using internal control to restrict illegal or unethical behaviorRequiredFor each of the following fraudulent acts, describe one or more internal control procedures that could have prevented (or
Bob Carson owns a card shop, Card Talk. The following cash information is available for the month of August, 2012. As of August 31, the bank statement shows a balance of $17,000. The August 31
The following data apply to Superior Auto Supply Inc. for May 2012.1. Balance per the bank on May 31, $8,000.2. Deposits in transit not recorded by the bank, $975.3. Bank error; check written by
Adjustments to the cash account based on the bank reconciliationRequiredDetermine whether the following items included in Yang Company’s bank reconciliation will require adjustments or corrections
The following information is available for Cooters Garage for March 2012:The following is a list of checks and deposits recorded on the books of Cooters Garage for March 2012:Other Information1.
Following is a bank reconciliation for Surf Shop for June 30, 2012:When reviewing the bank reconciliation, Surf's auditor was unable to locate any reference to the NSF check on the bank statement.
Pete Chalance is an accountant with a shady past. Suffice it to say that he owes some very unsavory characters a lot of money. Despite his past, Pete works hard at keeping up a strong professional
Sharon Waters is an auditor. Her work at two companies disclosed inappropriate recognition of revenue. Both cases involved dollar amounts in the $100,000 range. In one case. Waters considered the
Jim Morris is a partner of a regional accounting firm. Mr. Morris was hired by a client to audit the company’s books. After extensive work, Mr. Morris determined that he was unable to perform the
Use the Target Corporation’s annual report in Appendix B to answer the following questions.Requireda. Instead of “Cash,” the company’s balance sheet uses the account name “Cash and cash
The following cash and bank information is available for three companies at June 30, 2012.Requireda. Organize the class into three sections and divide each section into groups of three to five
Using the most current Form 10-K available on EDGAR, or the company’s website, answer the following questions about the J. M. Smucker Company. Instructions for using EDGAR are in Appendix A. Note:
Sarah Johnson was a trusted employee of Evergreen Trust Bank. She was involved in everything. She worked as a teller, she accounted for the cash at the other teller windows, and she recorded many of
John Riley, a certified public accountant, has worked for the past eight years as a payroll clerk for Southeast Industries, a small furniture manufacturing firm in the Northeast. John recently
Spectacle Inc. has a petty cash fund of $2,000. (a) Since the petty cash fund is only $2,000, should Spectacle Inc. implement controls over petty cash? (b) What controls, if any, could be used for
Assume that Julee Shiver, accounts payable clerk for Galaxy Inc., stole $110,000 by paying fictitious invoices for goods that were never received. The clerk set up accounts in the names of the
Using the www.google.com Advanced Search feature, enter “Sarbanes-Oxley” and click on Google Search. Click on “Summary of Sarbanes-Oxley Act of 2002” that appears as part of the aipca.org Web
Barbara Holmes has recently been hired as the manager of Fresh Start Coffee. Fresh Start Coffee is a national chain of franchised coffee shops. During her first month as store manager, Barbara
Elegance by Elaine 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 Charter 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 fraud losses in history involved a securities trader for the Singapore office of Barings Bank, a British merchant bank. The trader established an unauthorized account number that
Deana Crisman works at the drive-through window of Awesome Burgers. Occasionally, when a drive-through customer orders, Deana fills the order and pockets the customer’s money. She does not ring up
The actual cash received from cash sales was $17,572.40, and the amount indicated by the cash register total was $17,589.65. Journalize the entry to record the cash receipts and cash sales.
The actual cash received from cash sales was $6,973.60, and the amount indicated by the cash register total was $6,932.15. Journalize the entry to record the cash receipts and cash sales.
Migraine Co. is a medium-size merchandising company. An investigation revealed that in spite of a sufficient bank balance, a significant amount of available cash discounts had been lost because of
Satchell Company, a communications equipment manufacturer, recently fell victim to an embezzlement scheme masterminded by one of its employees. To understand the scheme, it is necessary to review
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 7-16 require an entry in the company’s accounts?
The following data were accumulated for use in reconciling the bank account of Kidstock Co. for March:a. Cash balance according to the company’s records at March 31, $7,671.45.b. Cash balance
Using the data presented in Exercise 7-18, journalize the entry or entries that should be made by the company.
Accompanying a bank statement for Covershot Company is a credit memorandum for $15,300, representing the principal ($15,000) and interest ($300) on a note that had been collected by the bank. The
An accounting clerk for Dubitzky Co. prepared the following bank reconciliationa. From the data in the above bank reconciliation, prepare a new bank reconciliation for Dubitzky Co., using the format
Identify the errors in the following bank reconciliation. Prepare a corrected bankreconciliation.
Prometheus Co. records all cash receipts on the basis of its cash register receipts. Prometheus Co. discovered during April 2006 that one of its sales clerks had stolen an undetermined amount of cash
Journalize the entries to record the following:a. Established a petty cash fund of $750.b. The amount of cash in the petty cash fund is now $119.57. Replenished the fund, based on the following
Journalize the entries to record the following:a. Established a petty cash fund of $500.b. The amount of cash in the petty cash fund is now $89.60. Replenished the fund, based on the following
Toys“R”Us is one of the world’s leading retailers of toys, children’s apparel, and baby products, operating over 1,500 retail stores. For a recent year, Toys“R”Us reported the following
Avon Products Inc. is a global manufacturer and marketer of beauty products. Avon distributes its products to customers in the United States through independent sales representatives. The following
Colgate-Palmolive is a consumer products company with the leading toothpaste brand in the United States. In addition, Colgate sells bar and liquid hand soaps, shower gels, shampoos, conditioners,
Time Warner Inc. (Time Warner) is a media and entertainment company that includes America Online, cable systems, film entertainment, television networks, and publishing. The following operating
During 2007, Kinetic Inc. has monthly cash expenses of $175,000. On December 31, 2007, the cash balance is $1,575,000.a. Compute the ratio of cash to monthly cash expenses.b. Based upon (a), what are
Delta Air Lines is one of the major airlines in the United States and the world. It provides passengers and cargo services for 219 domestic U.S. cities as well as 53 international cities in 35
HyperSpace Communications Inc. engages in the development, manufacture, and marketing of network acceleration and data compression software worldwide. Its software products speed up the delivery of
The following procedures were recently installed by The Geodesic Company:a. All sales are rung up on the cash register, and a receipt is given to the customer. All sales are recorded on a record
The cash account for Showtime Systems at February 28, 2006, indicated a balance of $19,144.15. The bank statement indicated a balance of $31,391.40 on February 28, 2006. Comparing the bank statement
The cash account for Alpine Sports Co. on April 1, 2006, indicated a balance of $16,911.95. During April, the total cash deposited was $65,500.40, and checks written totaled $68,127.47. The bank
Rocky Mountain Interiors deposits all cash receipts each Wednesday and Friday in a night depository after banking hours. The data required to reconcile the bank statement as of May 31 have been taken
The following procedures were recently installed by Pancreas Company:a. At the end of each day, an accounting clerk compares the duplicate copy of the daily cash deposit slip with the deposit receipt
The cash account for Pickron Co. at April 30, 2006, indicated a balance of $13,290.95. The bank statement indicated a balance of $18,016.30 on April 30, 2006. Comparing the bank statement and the
The cash account for Seal-Tek Co. at December 1, 2006, indicated a balance of $3,945.90. During December, the total cash deposited was $31,077.75, and checks written totaled $30,395.78. The bank
Heritage Furniture Company deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to reconcile the bank statement as of November 30 have
Using the Web site edgarscan.pwcglobal.com/servlets/edgarscan, enter “Hershey Foods.” Click on Hershey Foods Corp. and then click on 10-K 2004–12–31. Fetch the entire 10-K filing by clicking
eBay Inc. operates an Internet-based community in which buyers and sellers are brought together to buy and sell almost anything. The eBay online service permits sellers to list items for sale, buyers
CVS Corporation is a leader in the retail drugstore industry in the United States, with net sales of $30.6 billion in fiscal 2004. As of January 1, 2005, CVS operated over 5,375 retail and specialty
The operating activities section of the statement of cash flows for General Motors Corporation is provided below for three recent years.A large expense for General Motors is its pension expense.
EstÃ©e Lauder Inc. is one of the world€™s leading manufacturers and marketers of skin care, makeup, and hair products. EstÃ©e Lauder products are sold in over 130
Best Buy is a specialty retailer of consumer electronics, home office products, entertainment software, appliances, and related services. The following data (in millions) were taken from the 10-K
OccuLogix Inc. provides treatments for eye diseases, including age-related macular degeneration (AMD). The company€™s treatment system, called the RHEO system, consists of an Octonova pump
Acusphere Inc. is a specialty pharmaceutical company that develops new drugs and improved formulations of existing drugs using its proprietary microparticle technology. Currently, the company has
Lee Garrett sells security systems for Guardsman Security Co. Garrett has a monthly sales quota of $40,000. If Garrett exceeds this quota, he is awarded a bonus. In measuring the quota, a sale is
WorldCom, the second largest telecommunications company in the United States, became the largest bankruptcy in history due to financial reporting irregularities and misstatements of nearly $7
The following is an excerpt from a conversation between two sales clerks, Carol Dickson and Jill Kesner. Both Carol and Jill are employed by Reboot Electronics, a locally owned and operated computer
The following is an excerpt from a conversation between the store manager of Piper Grocery Stores, Bill Dowell, and Cary Wynne, president of Piper Grocery Stores.Cary: Bill, I’m concerned about
Tim Jost and Kerri Stein are both cash register clerks for Frontier Markets. Kathy Rostad is the store manager for Frontier Markets. The following is an excerpt of a conversation between Tim and
The records of Lumberjack Company indicate a July 31 cash balance of $9,806.05, which includes undeposited receipts for July 30 and 31. The cash balance on the bank statement as of July 31 is
For the year ending February 2, 2008, Gap Inc. had revenues of $15,763 million and total expenses of $14,930 million. Did Gap Inc. (a) Incur a net loss or (b) Realize net income?
On July 6, Imperial Repair Service extended an offer of $90,000 for land that had been priced for sale at $120,000. On August 17, Imperial Repair Service accepted the seller’s counteroffer of
Land with an assessed value of $300,000 for property tax purposes is acquired by a business for $500,000. Seven years later, the plot of land has an assessed value of $900,000 and the business
This chapter identifies four dimensions of the strategic planning process. How does Daihatsu’s management accounting system, described in this chapter, conform with that process?
Explain the difference between a standard costing system and the Kaizen costing system popularized in Japan.
Companies must decide whose rate of return (i.e., local vs. parent currency returns) to use when evaluating foreign direct investment opportunities. Discuss the internal reporting dimensions of this
As an employee on the financial staff of Multinational Enterprises, you are assigned to a three-person team that is assigned to examine the financial feasibility of establishing a wholly owned
Refer to Exhibit 10-7 which presents the methodology for analyzing exchange rate variances. Describe in your own words what this methodology accomplishes.
State the unique difficulties involved in designing and implementing performance evaluation systems in multinational companies.
Foreign exchange rates are used to establish budgets and track actual performance. Of the various exchange rate combinations mentioned in this chapter, which do you favor? Why? Is your view the same
List six arguments that support a parent company’s use of its domestic control systems for its foreign operations, and six arguments against this practice.
How does value reporting differ from the financial reporting model you learned in your basic accounting course? Do you think this is a good reporting innovation?
Slovenia Corporation manufactures a product that is marketed in North America, Europe, and Asia. Its total manufacturing cost to produce 100 units of product X is 2,250, detailed as follows:Raw
Review the operating data incorporated in Exhibit 10-3 for the Russian subsidiary of the U.S. parent company.Required:Using Exhibit 10-3 as a guide, prepare a cash flow report from a parent currency
Assume that management is considering whether to make the foreign direct investment described in Exercise 3. Investment will require $6,000,000 in equity capital. Cash flows to the parent are
Assume the following:• Inflation and Zambian kwacha (ZMK) devaluation is 30 percent per month, or 1.2 percent per workday. • Foreign exchange rates at selected intervals for the current month
Global Enterprises, Inc. uses a number of performance criteria to evaluate its overseas operations, including return on investment. Compagnie de Calais, its Belgian subsidiary, submits the
In evaluating the performance of a foreign manager, a parent company should never penalize a manager for things the manager cannot control. Given the information provided in Exercise 6, prepare a
To encourage its foreign managers to incorporate expected exchange rate changes into their operating decisions, Vancouver Enterprises requires that all foreign currency budgets be set in Canadian
Exhibit 10-9 contains a performance report that breaks out various operating variances of a foreign affiliate, assuming the parent currency is the functional currency under FAS No. 52. Using the
Parent Company establishes three wholly owned affiliates in countries X, Y, and Z. Its total investment in each of the respective affiliates at the beginning of the year together with year-end
On the basis of the information provided, together with what you have learned in Chapter 6, does MBI represent an attractive acquisition candidate?MINI CASE You are the CFO of Marisa
1. Compare GE’s approach to performance evaluation with that of ICI (mentioned in the chapter).2. Critically evaluate the strengths and weaknesses of each company’s approach to the performance
Ernie's Earmuffs produces 200 earmuffs per year at a total cost of $2000 and $400 of its cost is fixed. If he increases output to 220 earmuffs, his total cost increases to $2,100, and his fixed cost
Crazy Crafters is a manufacturer of furniture items. The company is considering the possibility of offering a new coffee table that would sell for $415 each. Cost to manufacture these coffee tables
Kibble Company had the following functional income statement for the month of July 2011:Calculate Kibble Company's break-even sales inunits
Tilson Company has projected sales and production in units for the second quarter of the coming year as follows: sales: April--55K May--45K June--65K Production: 65K 55K 55K Cash-related production
The Assembly Department started the month with 14,000 units in its beginning work in process inventory. An additional 296,000 units were transferred in from the prior department during the month to
Rabun 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 January 31 has a credit balance of $2,500, and there is no
Cortes Company performed services in February for a specific customer, for a fee of $6,000. Payment was received the following March. (a) Was the revenue earned in February or March? (b) What
Assume that when a purchase of supplies of $1,380 for cash was recorded, both the debit and the credit were journalized and posted as $1,830. (a) Would this error cause the trial balance to be out of
Assume that Hahn Consulting erroneously recorded the payment of $5,000 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 Hacienda Realty Co. borrowed $80,000 from Clinton Bank and Trust. In recording the transaction, Hacienda erroneously recorded the receipt as a debit to Cash, $80,000, and a credit to Fees
In journalizing and posting the entry to record the purchase of supplies for cash, the accounts payable account was credited in error. What is the preferred procedure to correct this error?
Banks rely heavily upon customers' deposits as a source of funds. Demand deposits normally pay interest to the customer, who is entitled to withdraw at any time without prior notice to the bank.

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