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managerial accounting
Questions and Answers of
Managerial Accounting
Read the article "Cyber Security Risk: Perception vs. Reality in Corporate America". After reading the article, please post your thoughts on the perception vs. reality of a cyber threat against a
Write a paper on "Data Security and Management Mechanisms", including "Data Backup, Disaster Recovery and Business Continuity Planning"
Pick one of the 22, MIT 6.858 Computer Systems Security, Fall 2014 videos and create your own thread discussing at least three concepts presented in or that you learned from the video( Information
Write about "EDUCAUSE Learning Initiative's (ELI's), 7 Things You Should Know About series provides concise information on emerging learning technologies and related practices. Each brief focuses on
Write a Memo about "Best leadership qualities to adopt"
You need to submit your Business Case Presentation. You will gain practical experience applying the System Development Life Cycle model and related techniques by undertaking an individual project
Write a paper on "healthcare fraud"
Explain the macroeconomic variables that surrounded that event. For example, what was GDP, etc, during that time? What factors caused the event? Did the U.S. Government do anything to intervene to
Describe a system development life cycle (SDLC) Describe a scenario in which the SDLC might be employed in business. Include a discussion of potential challenges in the SDLC process and how the team
Support each answers with an example related with your experience in Auditor and Accountant.Question 1: Describe your experience in planning and managing a project or an assignment including the way
1. Which of the following statements is true?a. Management accounting is guided by IFRS or Canadian ASPE.b. Management accounting information is mainly for external users.c. Management
Netflix is a service that allows subscribers to rent three DVDs at a time for $21.95 per month. As soon as a customer returns one DVD, Netflix sends another. Customers can return as many movies as
We have defined business risk as the possibility that an event could occur that interferes with an organization’s ability to meet strategic goals oroperating plans.REQUIREDIdentify and briefly
ProTrain is a training company that specializes in leadership and team-building programs. Recently, ProTrain hired Rico Du, a business graduate, as a general manager in hopes of expanding its
A National Accounting Case Competition is being held at a conference in Calgary, Alberta this year. You and the other two members of your team were selected to represent your school in the
1. Which of the following statements is true?a. A cost may be simultaneously direct and indirect to different cost objectives.b. Indirect costs can be identifi ed specifi cally with a given cost
Spencer and Church is a CA firm engaged in local practice. Some selected items from its chart of accounts are listed here.REQUIREDFor each account, indicate whether the account represents a fixed
The following table shows the manufacturing overhead costs of Denon Plastic, Inc. for the fi rst six months of their fi rst year of operation:REQUIREDA. Classify the two manufacturing overhead costs
Pick a cost from your personal budget that varies, such as entertainment, education, or automobile operating expenses. For this cost, practice using the estimation techniques you have learned in this
1.If total fixed costs doubled and contribution margin per unit was cut in half, what would happen to the breakeven point?a. It would decrease by half.b. It would double.c. It would triple.d. It
1. What is the variable cost if the sale price per unit is $40?a. $8.00b. $16.00c. $24.00d. $40.002. What is the degree of operating leverage if the sales volume is 2,000 units?a. 16b. 8c. 4d. 13.
The Martell Company has recently established operations in a competitive market. Management has been aggressive in its attempt to establish market share. The price of the product was set at $5 per
Data for the most recent three months of operations for the RainBeau Salon appear here:A general cost-of-living salary increase occurred at the beginning of May.REQUIREDA. What is the total cost
Vines and Daughter manufactures and sells swimsuits for $40 each. The estimated income statement for 2017 is as follows:Sales ............................................$2,000,000Variable costs
Mr. Thuet owns a food truck selling Vietnamese food around a university. His monthly fixed cost for operating the truck is $3,000, and variable cost is 70% of the revenue. The business generated
Babe Mobile manufactures 3 types of baby strollers: Lite, Elite, and Polite. The current information on sales and cost structure for the three products are as follows:REQUIREDA. Calculate the unit
Sally Nuzum recently took over the presidency of J & J Products. The firm sells a single product for $30 per unit. Its cost function has been estimated as $200,000 per year plus $10 per unit. J
Arcadia, Inc. manufactures souvenirs and sells the products to souvenir shops across Canada. Lisa McKay is the new owner, and is concerned about the low margins. She would like to fi nd a way to
Lynn Lin rented a cart in a mall to sell covers for cell phones and tablets. The mall charges $2,250 per month for rent, cart rental, and utilities. In addition, the mall takes 2% from the total
Royal Bikes (RB) manufactures and sells two models of bike, Ezee and Focus. Of RB’s sales, 60% are for EZee and 40% for Focus. RB incurs $918,000 fixed costs, and pays taxes at a rate of 40%.
1. Which of the following statements is true?a. In a special order decision, additional fixed costs are irrelevant costs.b. In a keep or drop decision, allocated fixed costs are relevant costs.c. In
The income statement information for Waterford Ginseng Growers follows:REQUIREDA. Using the general decision rule, which product should the corporation emphasize? Support your answer with
Freedom Company manufactures medical scooters for people who need assistance in mobility. Facing rising utilities expenses and labour costs, Freedom is contemplating outsourcing the production of one
Sushime has been operating two profitable restaurants in Vancouver and Toronto for several years. A year ago, Sushime expanded its business to Montreal, and the Montreal restaurant has been suffering
Pinto Company manufactures printers and sells them for $150 each. Pinto’s capacity is 20,000 units per year. The following are the costs for making one nit:Direct
Easton Company manufactures and sells three models of baby cribs Angel, Bella, and Cutie. The information on these three products is as follows:Eastons production capacity is
Winner Gifts manufactures and sells earphones. The unit selling price for a set of earphones is $18, and the variable cost is $8. The annual fixed cost is $360,000. The machine hour capacity is
1. Which of the following statements is true if the overhead control account has a debit balance at the end of the period?a. Overhead is over-applied, and the difference should be credited to the
Use the following information to answer Questions.The following information is selected from the accounting records of Walmer Company:1. What was the cost of goods manufactured for the year?a.
Consider the following budgeted data for the client case of Thanh Ng’s accounting firm. The client wants a fixed-price quotation.Direct professional labour...................................
Bibby Auto Shop uses a normal job-costing system to allocate overhead on the basis of labour hours. For the current year, Bibby estimated that the total overhead costs would be $72,000 and that the
Delmar Ltd. manufactures industrial kitchen equipment. Delmar uses a normal job-costing system to allocate manufacturing overhead cost, based on the machine hours. The selected account balances are
Phillies Company manufactures custom made awnings. Phillies uses a normal job-costing system, based on the direct labour cost. The direct labour rate is $25 per hour. The budgeted labour hours for
Lucien Ltd. manufactures custom-made doors and uses a normal job costing system to allocate overhead costs, based on labour hours. The direct labour rate is $40 per hour. Direct materials used in the
Avant-garde Architects (AGA) specializes in industrial properties. It has fi ve architects who work on the projects directly with clients, and each of the architects’ annual salary is $231,000
Halton Inc. manufactures kitchen cabinets to customer order. Halton uses a normal job-costing system to allocate manufacturing overhead cost, based on the direct labour hour. The direct labour rate
1. In process costing, if the units in beginning inventory are at less than 100% completion, what will be the cost of production per equivalent unit for the period under weighted average costing
Use the following information to answer Questions.The information below pertains to production activities in the refi ning department of Burn Corporation. All units in work in process (WIP) were
On June 30, Linda Lou Chemicals Limited has 18,000 units in its ending work-in-process account. These units are 80% complete with respect to conversion costs. Conversion costs are added uniformly
Rose Flour Company makes fl our from high-protein lentils. It uses a process costing system. In the monthof January, the company started 11,350 units and completed and transferred out 8,000 units.
At the end of April, department A at Carson Company transferred all production to fi nished goods inventory. During May, the department started and fully completed 80 units. The month-end work in
Last month, the painting department of Surfaces Company started 20,000 units into production. The department had 6,000 units in process at the beginning of the month and these were 30% complete with
Marsa Co. uses a weighted average process costing system. The following data are for the production department for the month of February.The February ending work-in-process inventory was 75% complete
1. Which of the following statements best describes the objective of kaizen costing?a. To accumulate costs that are associated with a short-term or long-term project.b. To determine all costs related
Use the following information to answer questions.Viva Electronics produces and sells two products, VE1 and VE2. Viva incurred $168,000 overhead costs in a single cost pool. Viva allocates the
Use the following information to answer questions.Viva Electronics produces and sells two products, VE1 and VE2. Viva incurred $168,000 overhead costs in a single cost pool. Viva allocates the
Steam Whistle Brewing is a successful brewery engaged in the development and production of specialty micro brews. It uses an activity-based costing system. During the past year, it has incurred
Azure Ltd., manufactures boat engines and propellers. Azure has been accumulating manufacturing overhead costs into one cost pool, and charged $120 overhead cost to each unit of product. Azure made
Sonica Ltd., manufactures medical ultrasound products. The ultrasound products require high precision and rigorous testing before they are sold. The annual overhead cost for quality control is
Weston Ltd. manufactures two models of automotive partsLD and XD. Weston has been using the normal costing based on machine hours to allocate manufacturing overhead. Last year, the
Appleby Community Centre (ACC) offers various courses for residents in the area. One of the biggest overhead costs is the administration cost, which includes registration, coordinating with the
The managers of ACME Manufacturing are discussing ways to allocate the cost of service departments, such as quality control and maintenance, to the production departments.To aid them in this
Which of the following methods of allocating service department costs results in the most accurate product cost?a. Direct methodb. Step-down methodc. Reciprocal methodd. Activity-based costing method
Which service department should be allocated first, based on the amount of service provided (determined by costs), using the step-down method of allocation?a. Department Ab. Department Bc. Department
Ridgeway Associates rents space to landscape design business and an environmental consulting business. Ridgeway Associates provides payroll/tax reporting services and custodial services as part of
A business uses the step-down method to allocate service department costs to the manufacturing departments. There are two service departments and two manufacturing departments, as shown here:Plant
Devon allocates support department costs using the direct method and estimated costs. The support department costs are budgeted at $88,000 for Department A, $63,000 for Department B, and $40,000 for
Refer to Exercise 8.24.In exercise 8.24Cedar Hill Manufacturing produces wooden outdoor furniture. Cedar Hill uses the direct method to allocate service department costs to the production
Cedar Hill Manufacturing produces wooden outdoor furniture. Cedar Hill uses the direct method to allocate service department costs to the production departments. There are two service departments:
Captain Fred’s is a fish hatchery that raises two different types of trout for release into local lakes as part of a restocking program. These small 5 to 10 cm juvenile fi share known as
Hudziak Industries has two separate profit centres: Chemicals and Cosmetics. The firm acquires its major ingredient for both divisions jointly. Currently, this material is purchased in 1,000-kg lots
Deepa Company manufactures two products using a joint process. The cost of materials used during a typical period is $55,000, while labour and overhead are $65,000. This level of operations results
S-T Inc. processes material in 1,000-litre batches. Each batch results in 400 L of main product X, 500 L of main product Y, and 100 L of by-product Z. Material is added at the start of the process.
Georgette Rheingold owns and operates a fruit smoothie manufacturing operation, Nutri-smoothie. She processes fruit and adds it to yogurt to produce fruit smoothies, the main product. She sells the
Omega Company manufactures three chemicals in a joint process. The manufacturing costs of the joint process include $25,000 of direct materials and $35,000 of conversion costs. All three chemicals
Omega Company manufactures three chemicals in a joint process. The manufacturing costs of the joint process include $25,000 of direct materials and $35,000 of conversion costs. All three chemicals
Omega Company manufactures three chemicals in a joint process. The manufacturing costs of the joint process include $25,000 of direct materials and $35,000 of conversion costs. All three chemicals
Omega Company manufactures three chemicals in a joint process. The manufacturing costs of the joint process include $25,000 of direct materials and $35,000 of conversion costs. All three chemicals
The manager of Parton’s Pottery Company believes that the company will sell 800 place settings of pottery dinnerware next month. She expects to have 100 place settings in finished goods inventory
Seer Manufacturing has projected sales of its product for the next six months as follows:January..............................40 unitsFebruary............................90
The CEO of Central Industries has requested a forecast for next months maintenance costs. Three possible levels of operations and potential cost drivers are as follows (all within the
Sawdust Inc. wants to reduce its inventory of a particular direct material by 40%. The inventory at the beginning of the budget period is 120,000 litres at $9.90 per litre. The production budget
Here are data for the stove division of Appliances Now, which produces and sells a complete line of kitchen stoves:The budget, set at the beginning of the year, was based on estimates of sales and
The most important difference between a master budget and a flexible budget is that the master budget isa. Prepared by the head office while flexible budgets are prepared in each division.b. Based on
Lynn Company uses a standard cost system. Overhead is applied on the basis of direct labour hours (DLH), and the annual practical capacity of 42,000 DLH is used in establishing the standard overhead
Bluebird Company uses a standard cost system under which overhead is applied on the basis of direct labour hours (DLH). The following information is summarized from its preliminary budget on
DeBerg Company has developed the following sales projections for its second and third
New Ventures intends to start business on January 1. Production plans for the first four months of operations are as follows:January.........................20,000
A university student, Brad Worth, plans to sell atomic alarm clocks with CD players over the Internet and by mail order to help pay his expenses during the fall semester. He buys the clocks for $32
The sales forecast for ceramic pottery handcrafted by Fergie Industries follows. Beginning inventory for the year is expected to be 1,000 ceramic bowls, and the production manager prefers to maintain
In 2016, Haley’s Department Store devoted 600 square metres to the display and sale of clothing, 150 square metres to linens and bedding, and 200 square metres to jewellery and cosmetics. The store
Refer to 11.22. Prepare the journal entries for the direct labour price and efficiency variances. Assume that Sisyphus Company uses a Wages Payable account to record direct labour.Data from Exercise
Following is information about Forester’s Furniture’s direct labour hours and wages last period.Actual labour hours at the standard price per
Refer to 11.24. Prepare the journal entries for the direct labour price and efficiency variances. Assume that Forester’s Furniture uses a Wages Payable account to record direct labour.Data from
The following information is available for ConcertWearShirts: The normal production level is 300 shirts. This production period ConcertWear produced 280 shirts. ConcertWear purchased 900 metres
Toronto-Dominion Bank (TD) prepares a Corporate Responsibility Report in accordance with G4 guidelines. See the report at www.td.com/document/PDF/corporateresponsibility/2014-Final-CRR_EN.pdf. See
Bombardier’s goal is “to continuously find better ways to bridge distances and bring people together.” In working towards this goal, Bombardier uses a product innovation lifecycle
Which of the following is a disadvantage of the balanced scorecard for evaluating a manager’s performance?a. It forces a company to consider the range of activities and results that lead to
Which of the following is considered an adequate performance measure in the learning and innovation perspective of the balanced scorecard?a. Cycle timeb. Employee turnoverc. Number of new customersd.
Which of the following is an advantage of the balanced scorecard for evaluating manager’s performance?a. It covers a range of activities over the short term.b. It covers a range of activities over
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