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accounting information systems

Questions and Answers of Accounting Information Systems

When are variable costs not relevant in a short-term decision?
Define an opportunity cost, and give an example of such a cost.
What is the decision rule for a make-or-buy decision?
Jenni Rennie, who is paid \(\$ 40\) per hour, is the only person trained in the latest technology critical in the production of self-flushing toilets. Each self-flushing toilet has a contribution
Pete Pole has just discontinued its lowest line of high-quality clotheslines. In its inventory, Pete has 60000 lines that cost \(\$ 40\) per line to manufacture. At the current selling price of \(\$
Float Boat ended its busy season with an inventory of 10000 plastic blow-up tubes that cost \(\$ 120000\) to manufacture. The business has two choices. One is that it can store the tubes for six
On a chilly Saturday morning, Roy Parker bought 30 dozen doughnuts for \(\$ 72\), took 10 litres of hot coffee and went to a farm auction. He sold all the coffee and all but six dozen of the
Electro Company produces small electrical engines. The manufacturing costs per unit to produce a small engine are given.Variable selling costs to obtain and fill orders normally average \(\$ 3.00\)
Simmons Skates produces several products that are sold by toy shops across the country. Production of one product, long-board skates, uses all available machine hours on machine 24B. The skate, which
Armand Leggitt Company manufactures table legs and chair arms. It owns a lathe that it is not currently using. The lathe, which Armand Leggitt purchased nine years ago for \(\$ 40000\), has a current
The Possum Transport Company produces bikes, skates and mopeds. Mopeds are not as popular as they used to be, and the company is considering dropping this product. Possum currently sells 10000 mopeds
Buzz Telephone Company manufactures landline telephones. Buzz currently buys a connector for its phones for \(\$ 1.80\) per unit. Buzz's president asked for cost estimates for making this product and
Mane Street normally sells 3000 economy-size bottles of shampoo for \(\$ 10\) per bottle. The cost to manufacture the shampoo is \(\$ 5.00\) per bottle. Further variable processing costs of \(\$
During a recent 10-year period, the percentage of Australians who drank coffee was constant at 50 per cent. But the type of coffee that Australians purchased shifted during that time. Growing at a
Show Time Company currently manufactures the hands it uses in the assembly of grandfather clocks. Cost estimates to make each set of hands follow.Required:a Prepare an analysis to answer each of the
Woodchuck Manufacturing produces quality tools for woodworking. Woodchuck has been forced to increase prices by about 40 per cent over the last few years, mostly because of the increased costs of
Sunnydays Pre-school has been in operation for about five years. The school has never had any trouble filling its limit: 36 children for the morning session, 36 different children for the afternoon
Pringle Paper Products is considering converting some of its fine writing paper into fancy stationery. The company currently is able to sell all of the fine writing paper it can produce, but it
Music, Music, Music Company has just completed a study suggesting that sales of two of its products, sheet music and CDs, could be increased by spending more on advertising. The following table shows
What is a capital expenditure decision? Give three examples of capital expenditure opportunities.
When is a capital expenditure proposal acceptable to a business?
What four steps must a business complete to determine whether or not a capital expenditure proposal is acceptable?
What is the initial cost of a capital expenditure proposal? Give three examples of items included in the initial cost of purchasing a machine.
Identify three forms of expected net future cash receipts.
What are relevant cash flows? How are cash inflows and outflows that occurred prior to a capital expenditure decision included in relevant cash flows?
Briefly discuss how depreciation expense on a machine is treated in a capital expenditure analysis.
What is a business' cost of capital? How does it relate to the required rate of return on a capital expenditure?
What is an acceptable accounting rate of return on a capital expenditure proposal?
What is the relationship between present value and compound interest?
Explain how to calculate the present value of a future amount.
Explain how to calculate the present value of an annuity.
Define the net present value of a capital expenditure proposal. Identify what amount of net present value indicates an acceptable (unacceptable) proposal.
Define the term payback period. Why is the payback period a poor measure for determining whether a capital expenditure proposal is acceptable?
Briefly explain the advantages and disadvantages of the accounting rate of return and the payback period.
What are mutually exclusive capital expenditure proposals? Give an example.
Define the term capital rationing. Identify an investment approach that a business could use in a capital rationing situation.
These are four sets of cash flows:a A single \(\$ 1000\) cash inflow at the end of year 5 .b A series of \(\$ 2500\) cash inflows at the end of years \(1,2,3,4\) and 5 .c A cash inflow of \(\$ 360\)
These are four sets of cash flows:a A single \(\$ 450\) cash inflow at the end of year 6 .b A series of \(\$ 800\) cash inflows at the end of years \(1,2,3,4\) and 5 .c A cash inflow of \(\$ 55000\)
These are two independent questions.a The Danforth Business sells a new type of macadamia nut shelling machine that it claims will save a constant amount of labour costs at a particular business each
Tina Harper is considering investing \(\$ 7840\) in some farmland a group of her friends is planning to buy. Her share of the expected selling price of the land after five years would be \(\$
The Simpson Business is considering buying a machine that would increase the business' cash receipts by \(\$ 3300\) per year for five years. Operation of the machine would increase the business' cash
Fernandez Radio Business, a distributor of radio towers and antennas, is considering buying the entire inventory of Southern Tower Business, which manufactures extremely large, heavy-duty towers, and
Rooney Business is considering purchasing a packaging machine for \(\$ 40000\) that will have a residual value of \(\$ 400\) after 10 years. It would be depreciated using the straight-line method.
Nelson Business is considering purchasing an overhead conveyor system for \(\$ 350000\) that will have a residual value of \(\$ 5250\) after eight years. This conveyor system would be depreciated on
A business is considering the following three capital expenditure proposals:Proposal A - An investment of \(\$ 15000\) promising cash receipts of \(\$ 5400\) per year for five years.Proposal B - An
A business is considering the following three capital expenditure proposals:Proposal A - An investment of \(\$ 24000\) promising cash receipts of \(\$ 5400\) per year for 20 years.Proposal B - An
A business is considering the following investment proposals:a \(\$ 15000\) invested in a savings account that pays \(\$ 300\) (in cash) quarterly.b \$15000 invested in a delivery van, which would
Refer to 12.23.Required:Calculate the payback period of Simpson Business for this machine.12.23The Simpson Business is considering buying a machine that would increase the business' cash receipts by
Refer to 12.23.Required:Calculate the accounting rate of return for the machine being considered by Simpson Business.12.23The Simpson Business is considering buying a machine that would increase the
Infinite Ltd is considering two investment options. The first option involves an upgrade to an existing food processing facility and the second option building a new food processing facility.
Cosmic Investments can accept either capital expenditure proposal A or B (but not both), or it can reject both proposals. Proposal A requires an investment of \(\$ 1400\) and promises increased net
The Anderson Business has identified the following capital expenditure proposals as acceptable.Only \(\$ 150000\) is available for investment.Required:Determine the combination of proposals to be
The Merton Medical Business is considering replacing an old machine that cost the business \(\$ 100000\) five years ago. This machine could be used for 10 more years, at which time it would have no
Several years ago, Catherine's Cattery Business signed a contract to supply 5000 units of a special product each year to one of its customers at a price of \(\$ 15\) per unit. This contract, which
Monica's Metal Fabrication Business has just been ordered by the court to install a pollutioncontrol device on the exhaust system of one of its production processes. The business' required rate of
Bruce Industries is considering introducing a new product. Bruce believes it can sell 32000 units of this product per year for 10 years at a price of \(\$ 18\) per unit. Bruce estimates that the cost
The current dividend of a share in Osmium Company is \(\$ 6\) and investors require a rate of return of 9 per cent. Dividends are expected to grow at the following rate.Required:Calculate the price
The required rate of return for a share in Gamma Company is 12 per cent. The current dividend per share is \(\$ 7\) and dividends are expected to grow at the following rate.Required:Calculate the
Quick Coffee Shops, a chain of fast-food shops serving breakfast 24 hours a day, is considering opening a shop in Jonestown. The shop could be opened in one of two ways, either by building the shop
Susan lives with her mother and is a secretary for a large architectural business. She earns \(\$ 27500\) per year. She dreams of being an architect, however. Salaries for new architects in her
Yesterday, Megan received a note from her father, who is now 47 years old, asking for advice in starting his plans for retirement. The relevant parts of that note are as follows:'. . and you know how
Frangipani Fragrances currently reimburses its 40 salespeople for the use of their personal cars for the business. Cassandra, business sales manager, has been trying without success to persuade the
The following five situations (columns 1-5) are independent.Required:Calculate each of the unknown amounts, items (a) to (e). Ending balance in the business' cheque account Deposits made directly by
An examination of the accounting records and the bank statement of the Evans Company at 31 March provides the following information:i The Cash account has a balance of \(\$ 6351.98\).ii The bank
You have been asked to help the Rancher Company prepare its bank reconciliation. You examine the business' accounting records and its bank statement at 31 May, and find the following information:i
The Huron Company keeps a petty cash fund of \(\$ 80\). On 30 June the fund contained cash of \(\$ 36.87\) and these petty cash receipts:Required:a If the business' fiscal year ends 30 June should
The Heat Be Gone business sells one type of air conditioner and uses the perpetual inventory system. At the beginning of January, the business had a balance in its Cash account of \(\$ 2100\) and an
The Short Cut Lawn Mower Store sells one type of lawn mower at a price of \(\$ 200\) per unit. On 1 June, it had an \(\$ 800\) accounts receivable balance and a \(\$ 600\) accounts payable balance,
On 31 December the Big Hole Property Management Company had a balance of \(\$ 70\) in its petty cash fund, a reconciled balance of \(\$ 1283\) in its cheque account and a \(\$ 4627\) balance in its
Bugs-Be-Gone sells two types of screen doors. Model A, which sells for \(\$ 30\), is the basic screen door and Model B, for \(\$ 50\), is the deluxe screen door. At the beginning of July, the
On 1 January, the balance in the Accounts Receivable Account for James Pty Ltd was \(\$ 4125\). During the next six months, credit sales amounted to \(\$ 13075\) and clients paid \(\$ 14560\) to
Your friend, an avid sports fan, recently purchased a cricket bat from a catalogue. While he was filling out the order form, he noticed the warning, 'Don't send cash!' He asked you, 'Does it seem odd
Sam Lewis has been operating a 'full service' service station for several years. Although he occasionally has employed students part-time, he has collected the cash and cheques for petrol and repair
Your dad's friend Frank has a business, Frank's Franks, which is responsible for street-corner vending of sausages, pies and soft drinks. It's a small business with an office and four vending carts
Your sister Ella works at a bar in an upmarket hotel located in a shopping centre that includes a bank. She often works the late shift and doesn't leave work until 1:00 or 1:30 a.m. One day, when you
The Anibonita Company is a retail shop with three sales departments. It also has a small accounting department, a purchasing department and a receiving department. All inventory is kept in the sales
The JeBean Company makes sales only on credit. All JeBean's customers order through the post. The business has a small accounting department, a credit department, an inventory department and a
Oliver Bauer, owner of Bauer's Retail Store, has been very careful to establish good internal control over inventory purchases for his shop. The shop has several employees, and since Ollie cannot
We mentioned that if Sweet Temptations came up short four boxes of chocolates, it should increase its Cost of Goods Sold account and decrease its Inventory account by the cost of those boxes. Suppose
Suppose that one of your business' largest customers has written an NSF cheque for \(\$ 9734\) and your boss has just found out about it. This morning he comes flying into your office demanding to
You are a consultant for several businesses. The following are independent situations you have discovered, each of which may or may not have one or more internal control weaknesses. The names of the
Write out the income statement equation, and explain its components.
Company X purchases inventory under terms FOB destination from Company Y, and the goods are still in transit. Which company includes the goods in its inventory? Why? How would your answers change if
Explain how managers use a business' income statement for decision making.
Explain which costs are included in cost of goods sold and ending inventory under the(a) FIFO,(b) average cost and(c) LIFO cost flow assumptions.
What is the formula for calculating cost of goods sold (COGS) under the periodic inventory system?
Identify the parts and subsections of a retail business' classified income statement. What is included in each part?
Explain the impact of FIFO and LIFO on a company's income statement and balance sheet if costs are rising.
How are changes in a business' income statement accounts recorded in its accounting system?
Is GST included in the cost of inventory? Why or why not?
Explain the difference between a quantity discount and a sales (cash) discount.
Explain what is meant by the lower-of-cost-or-Net Realisable value method.
The Schulte Tape Business has a beginning inventory for May of \(\$ 2500\) (250 tapes at \(\$ 10\) each) and makes the following purchases and sales of tapes during May:Required: Calculate the cost
The Gomez Folding Chair Company has 400 chairs (at \(\$ 15\) each) in its beginning inventory for July. It makes the following purchases and sales of chairs during July:Required: Calculate the cost
Explain the difference between a sales return and a sales allowance.
What is a perpetual inventory system? How is a business' cost of goods sold determined under this system?
The Russell DVD business had 200 DVDs in its 1 April inventory. It uses the perpetual inventory system and made the following purchases and sales of DVDs during April and May:The FIFO and the LIFO
What is a periodic inventory system? How is a business' cost of goods sold determined under this system?
The Brabham Kite Business had the following FIFO costs and replacement costs of kites for its ending inventory:Required:a Calculate the value of the ending inventory under the lower-of-cost-or-net
What are operating expenses? Explain the difference between selling expenses and general and administrative expenses.

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