New Semester
Started
Get
50% OFF
Study Help!
--h --m --s
Claim Now
Question Answers
Textbooks
Find textbooks, questions and answers
Oops, something went wrong!
Change your search query and then try again
S
Books
FREE
Study Help
Expert Questions
Accounting
General Management
Mathematics
Finance
Organizational Behaviour
Law
Physics
Operating System
Management Leadership
Sociology
Programming
Marketing
Database
Computer Network
Economics
Textbooks Solutions
Accounting
Managerial Accounting
Management Leadership
Cost Accounting
Statistics
Business Law
Corporate Finance
Finance
Economics
Auditing
Tutors
Online Tutors
Find a Tutor
Hire a Tutor
Become a Tutor
AI Tutor
AI Study Planner
NEW
Sell Books
Search
Search
Sign In
Register
study help
business
financial accounting information
Financial Accounting Reporting Analysis And Decision Making 6th Edition Shirley Carlon - Solutions
18.6 explain the concept of budgetary control
18.5 indicate the applicability of budgeting in non-manufacturing entities
18.4 describe the sources of information for preparing the budgeted statement of profit or loss and statement of financial position
18.3 explain and prepare the main sections of a cash budget
18.2 identify and describe the components of the master budget
18.1 outline the benefits and essential elements of effective budgeting
17.10 The traditional statement of profit or loss for Reeves Ltd shows sales $900 000, cost of sales$500 000 and operating expenses $200 000. Assuming all costs and expenses are 70% variable and 30% fixed, prepare a CVP statement of profit or loss including contribution margin.
17.9 How is the contribution margin per unit of limited resources calculated?
17.8 Calculate the weighted average contribution margin for the following sales mix:Product A Product B Selling price $20 $30 Unit variable cost $12 $18 Sales mix 3 4
17.7 Inwood Pty Ltd’s break-even sales are $600 000. Assuming fixed costs are $210 000, what sales dollars are needed to achieve a target profit of $56 000?
17.6 In Eusey Ltd, the Speedo pocket calculator sells for $40, and variable costs per unit are estimated to be $22. What is the contribution margin per unit and the contribution margin ratio?
17.5 Explain the five basic assumptions of CVP analysis.
17.4 Ray Chang claims that the relevant range concept is important only for variable costs.(a) Explain the relevant range concept.(b) Do you agree with Ray’s claim? Explain.
17.3 Distinguish between absorption costing and variable costing.
17.2 (a) Jenny Beason asks your help in understanding the term ‘activity index’. Explain the meaning and importance of this term for Jenny.(b) State the two ways that variable costs may be defined.
17.1 (a) What is cost behaviour analysis?(b) Why is cost behaviour analysis important to management?
17.12 LO7 Cournot Ltd sells 100 000 wrenches for $10.00 a unit. Fixed costs are $300 000 and profit is $200 000. What should be reported as variable expenses in the CVP statement of profit or loss?(a) $700 000.(b) $900 000.(c) $500 000.(d) $1000 000.
17.11 LO6 Assume Domino’s sells 5 Supremes for every 3 Hawaiian and 2 Meatosaurus pizzas. What is the percentage of Supreme pizzas in the sales mix?(a) 5%.(b) 30%.(c) 20%.(d) 50%.
17.10 LO5 The mathematical equation for calculating required sales to obtain target profit is: Required sales =(a) Variable costs + Target profit.(b) Variable costs + Fixed costs + Target profit.(c) Fixed costs + Target profit.(d) No correct answer is given.
17.9 LO4 Marshall & Co. had actual sales of $1 000 000 when break-even sales were $400 000. What is the margin of safety ratio?(a) 25%.(b) 30%.(c) 60%.(d) 40%.
17.8 LO4 Gossen Pty Ltd is planning to sell 200 000 pliers for $4.00 per unit. The contribution margin ratio is 25%. If Gossen will break even at this level of sales, what are the fixed costs?(a) $100 000.(b) $160 000.(c) $200 000.(d) $300 000.
17.7 Contribution margin: LO4(a) is revenue remaining after deducting variable costs.(b) may be expressed as contribution margin per unit.(c) is selling price less cost of sales.(d) both (a) and (b) above.
17.6 One of the following is not involved in CVP analysis. That factor is: LO3(a) sales mix.(b) unit selling prices.(c) fixed costs per unit.(d) volume or level of activity.
17.5 Profit would be higher under absorption costing than under variable costing when: LO2(a) units produced are less than units sold.(b) units produced are more than units sold.(c) units produced are the same as units sold.(d) both (a) and (b).
17.4 Under variable costing, fixed manufacturing costs are classified as: LO2(a) period costs.(b) product costs.(c) both (a) and (b).(d) neither (a) nor (b).
17.3 Mixed costs consist of a: LO1(a) variable cost element and a fixed cost element.(b) fixed cost element and a controllable cost element.(c) relevant cost element and a controllable cost element.(d) variable cost element and a relevant cost element.
17.2 The relevant range is: LO1(a) the range of activity in which variable costs will be curvilinear.(b) the range of activity in which fixed costs will be curvilinear.(c) the range over which the entity expects to operate during a year.(d) usually from zero to 100% of operating capacity.
17.1 Variable costs are costs that: LO1(a) vary in total directly and proportionately with changes in the activity level.(b) remain the same per unit at every activity level.(c) none of the above.(d) both (a) and (b) above.
17.7 describe the essential features of a CVP statement of profit or loss.
17.6 explain how CVP analysis is used with multiple products
17.5 determine target profit by applying formulas
17.4 indicate the meaning of contribution margin and identify break-even point and the use of break-even analysis
17.3 explain the five basic assumptions of cost–volume–profit (CVP) analysis
17.2 explain the difference between absorption costing and variable costing
17.1 distinguish between variable, fixed and mixed cost behaviour
16.10 In what ways is the application of ABC to service entities the same as its application to manufacturing entities?
16.9 (a) Describe the philosophy and approach of just-in-time processing.(b) Identify the major elements of JIT processing.
16.8 Of what benefit is classifying activities as value-added and non-value-added?
16.7 (a) What are the main differences between activity-based costing (ABC) and traditional product costing?(b) What assumptions must be met for ABC costing to be useful?
16.6 What steps are involved in developing an activity-based costing system?
16.5 A friend is confused about the features of process cost accounting. Identify and explain the distinctive features.
16.4 Ron is confused about under- and overapplied manufacturing overhead. Define the terms for Ron and indicate the action that should be taken at the end of the year for under- or overapplied overhead.
16.3 What is the purpose of a job cost sheet?
16.2 Your classmate asks for your help in understanding the major steps in the flow of costs in a job order cost system. Identify the steps.
16.1 (a) Your friend is not sure about the differences between cost accounting and a cost accounting system. Explain the differences.(b) What is an important feature of a cost accounting system?
16.15 Just-in-time processing requires all of the following except: LO10(a) increasing operational efficiencies.(b) eliminating inventories.(c) basing production on future demand for the product.(d) controlling quality.
16.14 Which activities are value-added? LO9(a) Storage of raw materials.(b) Moving parts from machine to machine.(c) Turning a piece of metal on a lathe.(d) All of the above.
16.13 Activity-based costing would be likely to be most beneficial to companies with: LO8(a) a single product.(b) few products, each of which consumes about the same amount of resources.(c) many products, each of which consumes about the same amount of resources.(d) many products, each of which
16.12 Any activity that causes resources to be consumed is called a: LO7(a) just-in-time activity.(b) facility-level activity.(c) cost driver.(d) non-value-added activity.
16.11 LO7 Crawford Ltd has identified an activity cost pool to which it has allocated estimated overhead of$1 500 000 and determined the expected use of cost drivers per that activity to be 200 000 inspections.Widgets require 40 000 inspections, gadgets 60 000 inspections, and targets 100 000
16.10 Activity-based costing: LO7(a) is the initial phase of converting to a just-in-time operating environment.(b) can be used only in a job order cost system.(c) is a two-phase overhead cost allocation system that identifies activity cost pools and cost drivers.(d) uses direct labour as its main
16.9 A production cost report: LO6(a) is an external report.(b) shows costs charged to department and costs accounted for.(c) shows equivalent units of production but not physical units.(d) contains six sections.
16.8 LO6 Lister Ltd has a unit cost of $10 for materials and $30 for conversion costs. If there are 2500 units in ending work in process, 40% complete as to conversion, and fully complete as to materials cost, the total cost assignable to ending work in process inventory is:(a) $40 000.(b) $55
16.7 LO5 The Mixing Department’s output during the period consists of 20 000 units completed and transferred out, and 5000 units in ending work in process 60% complete as to materials and conversion costs. Beginning work in process is 1000 units, 40% complete as to materials and conversion
16.6 In making the journal entry to assign raw materials costs in a process costing system the: LO5(a) debit is to finished goods inventory.(b) debit is often to two or more work in process accounts.(c) credit is generally to two or more work in process accounts.(d) credit is to finished goods
16.5 In a process cost system, costs are assigned only to: LO4(a) one work in process account.(b) work in process and finished goods inventory.(c) work in process, finished goods and cost of sales.(d) work in process accounts.
16.4 LO3 In Styler Manufacturing, the predetermined overhead rate is 80% of direct labour cost. During the month, $210 000 of factory labour costs are incurred, of which $180 000 is direct labour and$30 000 is indirect labour. Actual overheads incurred was $200 000. The amount of overhead debited
16.3 A job cost sheet: LO3(a) is used in process costing.(b) is the subsidiary ledger record for work in process.(c) records direct material requisitions only.(d) is used to record a factory employee’s total hours worked.
16.2 When incurred, factory labour costs are debited to: LO2(a) work in process.(b) factory wages expense.(c) factory labour.(d) factory wages payable.
16.1 Cost accounting involves the measuring, recording and reporting of: LO1(a) product costs.(b) future costs.(c) manufacturing processes.(d) managerial accounting decisions.
16.10 explain just-in-time (JIT) processing.
16.9 differentiate between value-added and non-value-added activities
16.8 understand the benefits and limitations of activity-based costing
16.7 recognise the difference between traditional costing and activity-based costing and identify the activity cost pools and activity drivers used in activity-based cost systems
16.6 prepare a production cost report
16.5 prepare the accounting entries for a process cost system
16.4 describe the flow of costs in a process cost system
16.3 explain a job cost sheet and the accounting entries for a job order cost system
16.2 describe the flow of costs in a job order cost system
16.1 explain the characteristics and purposes of cost accounting systems
15.10 What typical account balances are carried into the cost of goods manufactured columns of the manufacturing worksheet?
15.9 How, if at all, does the accounting cycle differ between a manufacturing entity and a merchandising entity?
15.8 Griggs Manufacturing Ltd has beginning work in process $27 200, direct materials used $280 000, direct labour $180 000, total manufacturing overhead $220 000, and ending work in process$36 400. What are (a) total manufacturing costs, (b) total cost of work in process and (c) cost of goods
15.7 Harn Manufacturing has beginning raw materials inventory $32 000, ending raw materials inventory$29 000, and raw materials purchases $200 000. What is the cost of direct materials used?
15.6 In Fisher Ltd, direct materials are $12 000, direct labour $15 000 and manufacturing overhead is$9000. What is the amount of (a) prime costs and (b) conversion costs?
15.5 Carlos Mann is an interim management accountant in MFC Manufacturing Ltd. He is confused about whether depreciation on the office building should be a product cost or a period cost. Explain how Carlos should classify this depreciation.
15.4 ‘Decision making is management’s most important function.’ Do you agree? Why or why not?
15.3 Karen Smith is studying for the next accounting examination. Summarise for Karen what she should know about management functions.
15.2 Distinguish between management and financial accounting as to (a) main users of reports,(b) types and frequency of reports, and (c) purpose of reports.
15.1 (a) ‘Management accounting is a field of accounting that provides economic information for all interested parties.’ Do you agree? Explain.(b) Pat Gonzalez believes that management accounting serves only manufacturing entities. Is Pat correct? Explain.
15.11 LO7 For the year, Redder Ltd has cost of goods manufactured of $600 000, beginning finished goods inventory of $200 000, and ending finished goods inventory of $250 000. The cost of sales is:(a) $450 000.(b) $500 000.(c) $550 000.(d) $600 000.
15.10 LO7 James SurfboardManufacturing Ltd has beginning and ending work in process inventory of $3500 and $7800 respectively for the year. Direct materials used amounts to $55 000, direct labour incurred is $80 000 and manufacturing overheads total $46 000. The cost of goods manufactured is:(a)
15.9 LO6 In a manufacturing entity statement of financial position, three inventories may be reported:(1) raw materials, (2) work in process, and (3) finished goods. Indicate in what sequence these inventories generally appear on a statement of financial position.(a) (1), (2), (3).(b) (2), (3),
15.8 A cost of goods manufactured schedule shows beginning and ending inventories for: LO5(a) raw materials and work in process only.(b) work in process only.(c) raw materials only.(d) raw materials, work in process, and finished goods.
15.7 Indirect labour is a: LO4(a) non-manufacturing cost.(b) prime cost.(c) product cost.(d) period cost.
15.6 Which of the following is not an element of manufacturing overhead? LO3(a) Sales manager’s salary.(b) Factory manager’s salary.(c) Factory repairman’s wages.(d) Product inspector’s salary.
15.5 LO3 Which of the following costs would be included in manufacturing overhead of a computer manufacturer?(a) The cost of the disk drives.(b) The wages earned by computer assemblers.(c) The cost of the memory chips.(d) Depreciation on testing equipment.
15.4 Direct materials are a: LO3(a)(b)(c)(d)Conversion cost Manufacturing cost Prime cost Yes Yes No No Yes Yes Yes Yes Yes No No No
15.3 Which of the following is not an example of management accounting tools? LO2(a) Budgets.(b) Sales forecast.(c) Performance evaluation reports.(d) Costing analysis reports.
15.2 The management of an organisation performs three broad functions. They are: LO2(a) planning, directing and motivating, and selling.(b) planning, directing and motivating, and controlling.(c) planning, manufacturing and controlling.(d) directing and motivating, manufacturing and controlling.
15.1 Management accounting: LO1(a) is governed by generally accepted accounting principles.(b) places emphasis on special-purpose information.(c) pertains to the entity as a whole and is highly aggregated.(d) is limited to cost data.
15.9 prepare a worksheet and closing entries for a manufacturing entity.
15.8 describe contemporary developments in management accounting
15.7 indicate how cost of goods manufactured and cost of sales are determined
15.6 explain the difference between a merchandising and a manufacturing statement of financial position
15.5 explain the difference between a merchandising and a manufacturing statement of profit or loss
15.4 distinguish between product and period costs
15.3 define the three classes of manufacturing costs
15.2 identify the three broad functions of management and discuss how management accounting tools assist these functions
15.1 explain the distinguishing features of management accounting
Showing 500 - 600
of 4264
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Last
Step by Step Answers
Get 50% OFF
Claim Now
