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accounting information systems

Questions and Answers of Accounting Information Systems

The Body Shop Equipment Company (BSEC) sells a small, relatively lightweight, multipurpose exercise machine. This machine sells for \(\$ 700\). A recent cost analysis shows that the BSEC's cost
Thumper is a small business that currently sells a single product, gluten-free bread, for \(\$ 6\) per loaf. The variable cost per loaf is \(\$ 4\). Thumper's fixed cost totals \(\$ 6000\).Required:a
The Water Ski Equipment Company (WSEC) sells a small, relatively lightweight kneeboard. This kneeboard sells for \(\$ 350\). A recent cost analysis shows that the WSEC's cost structure for the coming
Lady MacBath is a business selling bottles of dry cleaning solvent (spot remover) for \(\$ 10\) each. The variable cost for each bottle is \(\$ 4\). Lady MacBath's total fixed cost for the year is
The Brickhouse Company is planning to lease a fuel-efficient, hybrid delivery van for its northern sales territory. They can choose to lease the van under three alternative plans:- Plan A -
Mallory Motors sells small electric motors for \(\$ 2\) each. Variable costs are \(\$ 1.20\) per unit, and fixed costs total \(\$ 60000\) per year.Required:a Write out Mallory's profit equation in
Campcraft is a small manufacturer of camping trailers. The business manufactures only one model and sells the units for \(\$ 2500\) each. The variable costs of manufacturing and selling each trailer
This year Babco's fixed costs total \(\$ 110000\). The business sells recyclable 1 -litre thermos drink containers for \(\$ 13\) each. The variable cost per container is \(\$ 8\).Required:a Compute
Simmons Kitchens sells small electric knives for \(\$ 4\) each. Variable costs are \(\$ 2.40\) per unit, and fixed costs total \(\$ 60000\) per year.Required:a Write out Simmons' profit equation in
An internationally renowned professor specialising in management accounting has agreed to conduct a one-day seminar at a university for management executives. The Head of the Graduate School
Refer to 2.38. What if your aunt instead gave you $100000 and you were interested in investing it in Sweet Temptations?Required:Would this change your answers to 2.38? Why or why not?Data from in
The Cardiff Company sells a single product for \(\$ 40\) per unit. Its total fixed cost amounts to \(\$ 360000\) per year, and its variable cost per unit is \(\$ 34\).Required:a Compute the following
Suppose your wealthy aunt gave you and your cousins \(\$ 10000\) each. Assume for a moment that you are not associated with Sweet Temptations and that you are considering loaning the \(\$ 10000\) to
The Vend-O-Bait Company operates and services bait vending machines placed in service stations, motels and restaurants surrounding a large lake. Vend-O-Bait rents 200 machines from the manufacturer.
John Williams Company sells a single product - bush hats - for \(\$ 24\) per hat. The total fixed cost is \(\$ 180000\) per year, and the variable cost per hat is \(\$ 15\).Required:a Compute the
Refer to 2.30. Suppose your boss at Lady MacBath is considering some alternative plans and would like your input on the following three independent alternatives:1 Increase the selling price per
Suppose you work for the Miniola Hills Bus Company. The business' ten buses made a total of 80 trips per day on 310 days last year, for a total of 350000 kilometres. Another year like last year will
Fred Sports manufactures trucks and four-wheel drive vehicles (4WDs). The company announced that it planned to eliminate 1000 jobs (25 per cent of its work force) over the next three years. Fred
In the context of fixed and variable costs, in general, if my company's sales volume doubles, should I also expect my profits to double? Explain why or why not.
What is it about budgeting that adds discipline to the planning process?
If a problem comes to light during the budgeting process, what is the manager likely to do?
'Budgeting serves as a benchmark for evaluation.' Explain what this statement means.
Describe a master budget. Why might a master budget be different from one business to another?
How are the master budgets of a retail business and a service business similar to each other? How are they different from each other?
Describe the operating cycle of a retail business. How are the operating cycles of a retail business and a service business similar to and different from each other?
Why must the sales budget be developed before any of the other budgets? Where does information for sales forecasts come from?
If you just finished budgeting sales for next year, what information would you need to be able to budget cash collections from sales?
How does knowing forecasted sales help a manager develop a purchases budget? What else besides forecasted sales would a manager have to know to complete the purchases budget?
When developing a selling expenses budget and a general and administrative expenses budget, why do you have to know how expenses behave?
Why must you complete all the other budgets before you can develop the cash budget?
Why is it important to know about anticipated cash shortages ahead of time?
What is a 'cash buffer' and what is an example of a circumstance where a business could use one?
Why is having too much cash on hand a problem?
On the cash budget, why is the beginning cash balance for July the same as the beginning cash balance for the first quarter of the year? Why is the September ending cash balance the same as the first
How is the cash budget similar to a cash flow statement? How are they different from each other?
Why is the cash budget not the same as the projected income statement? What items included on the projected income statement are not included on the cash budget?
In evaluating a business' performance, why do managers or owners need to learn the causes of differences between actual and budgeted amounts?
Jaime's Hat Shop sells hats with school logos on them; the hats sell for \(\$ 22\) each. This year, Jaime's expects to sell 350 hats in August, 300 in September, 400 in October, 800 in November, 1040
Robert and Gwen are partners in a new superannuation search business called Super Lost and Found. Super Lost and Found, which begins operations in December, finds lost accounts from superannuation
Maid Company sells a single product for \(\$ 12\) per unit. Sales estimates (in units) for the last four months of the year are as follows:Ninety per cent of Maid's sales are credit sales, and it
The sales budget for Merita Medallion Company shows budgeted sales (in medallions) for December and the first four months of next year:Required:Prepare a budget for the number of medallions Merita
The sales budget for Astra Awards Company shows budgeted sales (in awards) for December and the first four months of next year:Required:Prepare a budget for the number of awards Astra needs to
Total Pet Shop sells pet food in 20-kilogram bags for \(\$ 20\) per bag, which it buys from its supplier for \(\$ 12\) per bag. Total estimates that its sales of bags of pet food for the second
Fred's Electronics Machines estimates its monthly selling expenses as follows:Assume that Fred pays selling expenses in the month after they are incurred. Based on current plans of Fred's sales
Well Feed Company sells pet food in 10 -kilogram bags for \(\$ 12.40\) per bag. Sales estimates for the first three months of the year are as follows:December sales were 16000 bags of pet food. Well
Suppose you are a banker, and the controller of a small business asks you for a short-term \(\$ 10000\) loan due in 120 days. Interest on the loan would be 12 per cent, due when the loan is paid
Jimmy, Matt and Andy are business partners who own Jimmy Matt Andy's Beach Wear. Jimmy Matt Andy's arrangement with all of its clothing suppliers allows it to pay for its merchandise purchases one
Assume that a business collects two-thirds of its sales revenue in the month of sale and the remaining one-third in the following month.Required:a How much revenue has the business actually earned in
The airline industry is very competitive - management is under constant pressure to improve business profits. Ideas that could improve profits include the following:a increasing the price of tickets
Bill Morgan is the manager of the sales department of Rise \& Shine Company, which sells deluxe bread makers. At the beginning of each month, Bill estimates the total cost of operating the department
Steve and Tammy are thinking of opening a fitness centre with facilities for aerobics, weight training, jogging and lap swimming, as well as diet and injury consultation. They plan to buy land and
Joe Collagen is the CEO of a small retail business that sells a skin-smoothing lotion and has been operating for several years. He keeps meticulous records of his actual operating activities,
Why do external users need financial accounting information about a business? How can financial statements help these external users?
Why is it important for external users to know that a business' financial statements are prepared according to GAAP?
Name and briefly define five concepts and terms that you need to understand to identify the activities that a business' accounting system records.
What is the entity concept? How does it affect the accounting for a specific business?
What is a 'going concern' and why is it important in accounting?
What is a source document? Why does a business need to prepare source documents?
What are the monetary unit and historical cost concepts? How do they affect the recording of transactions?
Define assets. Give four examples.
Define liabilities. Give two examples.
Define owner's equity. What items affect owner's equity?
Why is a business' statement of financial position called a balance sheet?
What are a business' net assets? How do they relate to owner's equity?
What is meant by the dual effect of transactions? How does it relate to the accounting equation?
How is the accounting equation used to set up a basic accounting system for a business?
What is an account? What is an account balance?
Define revenues, expenses and net income. How is the accounting equation expanded to record income-related transactions?
Name and briefly define four principles and concepts relating to net income.
What is an accounting period? What is the usual length of an accounting period?
What is a business' earning process, and when does the business record revenues?
What is the matching principle? Why is it useful to a business?
What is accrual accounting, and why is it important?
Each of the following cases is independent of the others.Required:Determine the amounts for A, B and C. Case 1 2 3 Assets A $ 95 000 $102 000 Liabilities $30 000 B $44 000 Owner's equity $62 000 $54
Why are adjustment entries needed at the end of the period? Give four examples of adjustments that might be necessary.
At the beginning of the year, Thomas Lighting had total assets of \(\$ 78000\) and total liabilities of \(\$ 22000\). During the year, the total assets increased by \(\$ 16000\). At the end of the
At the end of the year, a business' total assets are \(\$ 43000\) and its total owner's equity is \(\$ 22000\).During the year, the business' liabilities decreased by \(\$ 8000\) while its assets
The following transactions are taken from the records of Phantom Security Company:a Rex Simpson, the owner, invested \(\$ 12000\) cash in the business.b Phantom paid \(\$ 6000\) cash to acquire
On 31 August 20X2, the Hernandez Engineering Company's accounting records contained the following items (listed in alphabetical order):Required:Prepare a balance sheet for the Hernandez Engineering
Listed below, in random order, are all the items included in the Ridge Rental Company balance sheet at 31 December 20X1:Total assets on 31 December 20X1 are \(\$ 33800\).Required:Prepare a balance
We stated that a transaction is an exchange of property or service by a business with another entity. We also explained that in the recording of a transaction at least two changes must be made in the
We defined a source document as a business record used as evidence that a transaction has occurred.Required:Name the source documents you think a business would use as evidence for each of the
During October, the Wilson Company incurred the following costs:a At the beginning of the month, the company paid \(\$ 1200\) to an insurance agency for a twoyear comprehensive insurance policy on
The Slidell Auto Supply Company entered into the following transactions during the month of July:Required:Using the basic accounting equation that we introduced in this chapter, record the preceding
Gertz Rent-A-Car is in the business of providing customers with quality rental cars at low rates. The business engaged in the following transactions during March:a J. Gertz deposited an additional
Amy Dixon opened the Dixon Travel Agency in January, and the company entered into the following transactions during January:a On 2 January Amy deposited \(\$ 23000\) in the cash account.b To conduct
Parsons Fashion Designers was started on 1 June. The following transactions of the business occurred during June:a E. Parsons started the business by investing \(\$ 18000\) cash.b Land and an office
The Johnson Drafting Company was started on 1 March to draw blueprints for building contractors. The following transactions of the company occurred during March:Required:i Using the accounting system
L. Snider, a young accountant, started Snider Accounting Services on 1 September. During September, the following transactions of the business took place. Note: where appropriate, GST is included in
The five transactions that occurred during June, the first month of operations for Brown's Gym, were recorded as follows (excluding GST implications):Required:a Describe the five transactions that
The following transactions were recorded by the Sutton Systems Design Company for May, its first month of operations (excluding GST implications):Required:a Describe the five transactions that took
At the beginning of July, Patti Dwyer established PD Company, investing \(\$ 20000\) cash in the business. On 5 July the company purchased land and a building, making a \(\$ 6000\) down payment(which
Your friend Maxine plans to supplement her job salary by running her own company at night and on the weekends. When the company earns enough money so that she can pay for a holiday house in Fiji, she
Andrew Poist works for a public accounting firm in Melbourne, Australia. On 4 October 20XI Sydney Langston, who started selling decorative, carved, wooden ducks out of a booth at Cypress Court
Chris Schandling is a loan officer at the Nation Bank in Brisbane, Australia. One day Nathan Wooten, who owns KidzLand (an indoor playground for young children), comes to the bank to see Chris about
In this assignment, we are going to chronicle the changes in value and ownership of one asset - a one-hectare plot of land on the corner of Cedar Springs Road and McKinney Avenue in Tamborine
Five years ago, Linda Monroe became the sole owner of LM Electronics. LM Electronics sells home entertainment centres, car audio equipment and computers. LM advertises that it sells only the best
Paul Jenkins is the sole owner of Friendly Exchange Shop. Friendly Exchange Shop buys and sells jewellery, musical instruments, televisions, telephones and small kitchen appliances. Paul has owned
Your friend Jane Thomson is about to prepare the 31 January balance sheet for her new business, Tasty Bites cupcake shop. This is Tasty Bites' first month of operation, and Jane is also going to
Samson Construction Company is a small business that constructs buildings. Usually the time for Samson to complete the construction of a building is about six months. At the beginning of this year,

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