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business
intermediate accounting

Questions and Answers of Intermediate Accounting

David Booth operates Booth Bootcamp Pty Ltd. David is a graduate of a sports and arecreation course, offers customised adventures for business groups wanting to develop their staff. Two clients have
Mixon Marketing is considering employing another marketing consultant to help with managing its clients. The human resources manager of the firm is weighing up whether to employ a marketing graduate
Comment on the following statement: ‘Cost of capital is the cost of the capital raised to pay for a particular project. If the money is borrowed from the bank, then the interest rate charged on the
The method of depreciation used has no effect on the capital budgeting decision. Discuss.
Calculation of present value and determining discounted cash flows are two techniques which are the same. Do you agree Explain your stance.
An accounting student said, ‘In making capital budgeting decisions it is necessary to determine the relevant cash flows from the proposal rather than the revenues and expenses based on normal
On presenting your manager with the differential analysis of two possible uses for a piece of land that cost the company $2 million your manager believes you have made a major error as you omitted
You are responsible for managing a large department store. Explain how the section on ‘product mix decisions’ in this chapter could be relevant to deciding what departments you would include in
How can the ideas of `evaluation of a make-or-buy decision’ be used in deciding whether to use existing staff expertise and existing resources in a new marketing campaign for a clothing brand name
A business manager was heard to remark: ‘Quantitative analysis may be all right for some businesses but I’d rather make decisions based on my intuition and years of experience’. Do you agree?
This book indicates that one of the roles of managers is to make decisions about organising resources. How can a human resource manager use differential analysis in deciding the appropriate number
Accountants may provide much of the quantitative information in the decision-making process outlined in this chapter. What quantitative and non-quantitative information could people working in
Refer to the latest financial report of JB Hi-Fi Limited on its website, www.jbhifi.com.au, and answer the following questions:1. Is JB Hi-Fi Limited segmented?2. Could JB Hi-Fi Limited be described
Bill Robbie works for a human resource management firm, People 4 U (P4U), that searches for middle and senior managers for large businesses. The firm receives a fee equivalent to 80% of the salary
Read the extract of ‘Let’s stick together’ and discuss the questions that follow.In many organisations the functional silo is alive and well. A common view is finance does not provide
Elena works for a medium-sized family-owned firm and was employed on a low retainer with the majority of her income based on bonuses. Elena is in charge of one of four responsibility centres and the
A. Should Penny close her resort in the fourth quarter and take her family on holiday? Explain why.B. Should Penny close her resort in the fourth quarter and seek employment
Steph Gates, sales manager of Pluto Computers Ltd, was given the following budget performance report for selling expenses in the marketing software department for the month of April 2017.The recently
Wagons and Wheels Ltd is a farm machinery dealership. In recent years, the company has experienced unsatisfactory profit results because of declining sales in the area. At the suggestion of the
Universal Solar Ltd operates three departments — a lighting department, a water heating department, and an equipment department. The store’s accountant has prepared an income statement by
Coola Vents Ltd has prepared a fixed budget performance report for the year ended 30June 2017 as follows:BudgetActualVarianceUnits of production: 72 000 75 200 3 200FFactory
The fixed budget performance report for the year ended 30 June 2018 for Motueka Mint is as follows:BudgetActualVarianceUnits of production:84 000 94 00010 000 FFactory overhead:Variable
Perjaya Plastics Ltd has prepared the following fixed budget performance report for the production department’s financial results during the year ended 30 June 2017:PERJAYA PLASTICS LTDFixed Budget
Barrington Ltd has prepared the following fixed budget performance report:BARRINGTON LTDFixed Budget Performance Reportfor the year ended 30 June 2017BudgetActualVarianceUnits produced
Daisy Supermarket operates four departments. Management is concerned about the financial results of the dried goods department, which has shown a loss for the past 3 years according to the
Fabric Wholesalers Ltd operates three departments. The accessories department has not been performing very well and has shown a loss for the past 3 years according to the company’s income
Versatile Vacuums sells two products — domestic and commercial. The store’s income statement for the year ending 30 June 2017 has been prepared from the accounting records.VERSATILE VACUUMSIncome
Cranford Cars Ltd operates a car sales business with two locations — new cars and second-hand cars. The company’s accountant has prepared an income statement for the year ending 30 June
Sam’s Storage Solutions operates four departments — kitchen, bathroom, office and laundry. When preparing a departmental income statement, the store’s accountant allocates indirect expenses
Rugged Rooms Ltd is a rug and drapery retailer. Rugged Rooms specialises in selling floor rugs and window dressings. The following information was derived from the shop’s accounting records for the
Pretty in Pink Ltd specialises in bridal wear. The store operates two departments — gowns and shoes. The following information was obtained from the store’s accounting records for the year ended
You are provided with the profit centre responsibility accounting reports for Owen’s Department Stores:Budget ($’000)Actual ($’000)Variance ($’000)General manager’s reportClothing
The balanced scorecard goes beyond financial measures to provide a broader range of performance measures. Refer to The Balanced Scorecard Institute at the following
MBK Bags uses an annual flexible budget based on standard direct machine hours for the following factory overhead items:Fixed costVariable cost per standarddirect machine
Fiscal Fixes Ltd is preparing flexible budget cost estimates for the following items within a range of 16 000 to 24 000 chargeable hours:Fixed costVariable cost per chargeable
Nathan’s Demolition Ltd wants to prepare flexible budget cost estimates for the following items within a range of 32 000 to 40 000 chargeable hours.Fixed costVariable cost per chargeable
European Motors Ltd uses flexible budgets in order to control selling expenses.Monthly sales range from $200 000 to $300 000. Budgeted fixed monthly expenses for the Sales Department are
Dairy Delights operates with three departments. The owner–manager wants to close Department B because it continually shows a loss. During the past year ending 30 June 2017, the departmental
McKee’s Outdoor Store Ltd operates three departments, including a department that has consistently shown losses. For the year just ended, the fishing supplies department showed the following
Even Electronics Ltd operates three selling departments. Certain indirect expenses are allocated to the selling departments as follows:AmountBasis of allocationAdministrationPersonnel
Shirley Cycles Ltd operates three selling departments — mountain bike, road bike and hybrid. Certain indirect expenses are allocated to the selling departments as follows.AmountBasis of
One of the Marshland Ltd’s four departments has reported a loss of $90 000 after deducting $204 000 of expenses. Assume that only $130 000 of the expenses can be eliminated if the department is
Fitness Fantastic operates four gymnasiums in suburban areas. The Richmond club has recently reported an operating loss of $35000. Total revenue for this club was recorded at $215000. If this club is
Petaling Products is a manufacturer of leather goods and for management and control purposes is divided into three departments. For the year ended 30 June the following information has been collected
Perfect Health Pharmacy allocates indirect expenses to its three departments on the basis of sales. For the year ended 30 June 2016, the following allocations were made:Dispensary itemsCosmeticsHair
Port Hills Gondola is a tourist operation on the outskirts of Dunedin. It provides cable car trips to the highest peak and also operates a café and gift shop on the mountain. Port Hills Gondola
Daisy Discount Store operates two departments — stationery and kitchenware. During the year ended 30 June 2017, the store had the following financial results:StationeryKitchenwareSalesDirect
Awesome Appliances operates two departments — whitegoods and electronics. During the year ended 30 June 2017, the store had the following financial results:WhitegoodsElectronicsSalesSales
Following is a performance report for Oasis Villas.BudgetActualVarianceStaff wagesFood and suppliesRepairs and maintenanceRates and insuranceAdvertisingElectricity$234 000189 00080 00036
Tania is the production manager for Manikato Winery. Tania has responsibility for all aspects of white wine production by Manikato. Red wines are produced at a different geographical locations and
‘The principles of responsibility accounting are just as relevant for the balanced scorecard management system as for an accounting system.’ Discuss.
Standard costs are predetermined measures of what it should cost to produce a product or perform an operation. How are standard costs derived and what factors should be taken into account when
In performance evaluation, is a fixed budget or a flexible budget more likely to provide a better measure of how well a manager has performed? Explain your answer by using examples.
‘The only difference between fixed (static) and flexible budgets is the number of fixed budgets — with a fixed budget there is one, with a flexible budget there are many fixed budgets.’ Discuss.
Variable costs represent the “flex” in the flexible budget and fixed costs really are of no use in such a budget.’ Discuss.
What are two factors that need to be taken into account when determining whether a department should be maintained or closed down? Give examples to illustrate each factor.
When preparing departmental contribution income statements, all direct expenses are controllable by department managers. Discuss, giving examples.
The manager of a newly established department store asked the accountant to make recommendations regarding reports which should be produced for management use. The accountant was adamant that an
‘Although determining gross profit for departments in a department store has some merit, the idea of trying to determine departmental profit is questionable because of all the indirect costs
Save More is a large retail warehouse store which sells a wide range of products at discounted prices to the public. For each of the following business segments identify what type of responsibility
It is much more time consuming to involve all managers accountable for responsibility centres in the planning process. Given the extra time and resources of this approach what are some of the
‘Distinguishing between direct cost, controllable cost and avoidable cost is difficult, since they all really mean the same except they are used in different contexts.’ Discuss.
Refer to the latest financial report of JB Hi-Fi Limited on its website, www.jbhifi.com.au, and answer the following questions:RequiredAfter examining the report, is it possible to conclude that
William Bill is the production manager for Cheetah Motors Ltd and is responsible for preparing the production budget for the Cheetah car that the company manufactures. During the previous year, new
Read the following extract from a CIMA report into annuality in public budgeting.Public sector budgeting: The annuality phenomenonAnnuality is a widespread and pervasive phenomenon that affects
Read the following article and answer the questions that follow.Council’s green strategy no longer a key area of failureA South Australian council has overhauled its carbon reduction strategy and
You are newly employed by Surat Global Ltd to promote their environmental approach to mining for minerals. In their annual report and promotional material, Surat Global Ltd states that protecting the
Refer to the latest financial report of JB Hi-Fi Limited on its website, www.jbhifi.com.au, and answer the following questions:Required1. Would JB Hi-Fi Limited be able to make use of
Phuong Nguyen runs a commercial kitchen that produces a range of bottled Vietnamese cooking sauces that are sold in major retail food stores across the country. Past accounting records show that the
Jill owns and operates a business that makes hand-crafted rocking chairs. The business is expanding but the increasing costs of raw materials and labour, and the GST, have badly affected
A. Explain, in non-accounting terms, about the nature of manufacturing costs and costing products.B. Why can’t Jemma simply reduce her price by $15 and cover only the variable costs of production?
The manager of Fritz Fabricators Ltd has just reviewed the income statement for the previous quarter and is concerned by the profit earned. Her main concern is the significant difference between the
Richards Ltd has prepared the following draft profit analysis for the current year:Sales (15 000 units)Variable expenses$600000345000Contribution marginFixed expenses255000108800Profit before
Lawsistan Ltd has prepared the following draft profit analysis for the current year.Sales (150000 units)Variable expenses$1200000 690000Contribution marginFixed expenses510000
Kids Sports Consulting Pty Ltd is a company set up by sports and recreation management students to gain experience in running their own business. It had the following contribution margin income
TMP Human Resource Consulting had the following contribution margin income statement for the year ended 2016:Employment services fees (1500 employed)Variable expenses$3600000014400000contribution
Details of BJM Pty Ltd’s income statement for the past year are:Sales (22000 units)Cost of sales:Direct materialsDirect labourVariable factory overheadFixed factory overhead$44000039600088000
Long Weekend Ltd suffered a severe drop in sales and profit performance for the year ended 30 June 2015. The income statement revealed that net sales were $1500000 with a profit of $310000. Unit
A to Z Pty Ltd has provided the following planned per-unit cost and sales data for the year ended 30 June 2016: ABCSelling priceDirect labour costDirect materials costVariable factory
Copeland Hotels Ltd provide three levels of rooms in their hotels. The following planning data are provided for the year ended 31 December 2016:Deluxe SuiteSuperior SuitePresidential SuiteRate per
XYZ Childcare Ltd plans to open a day care centre at the beginning of next year. A building has been leased and the company has estimated that the following annual costs will be required:Salaries —
The accountant of Pearl Coast Medical Centre is evaluating ways to increase revenues. The financial objective of the centre is to operate at or just above its break-even point. The centre currently
AEK Ltd has prepared its income statement, summarised below, for the year ended 30 June 2016:Sales revenue (40000 units)Variable expenses$256000192000Contribution marginFixed expenses64000
Move On Marketing (MOM) Pty Ltd produces television advertisements for local businesses. The contribution margin income statement for the company is as follows:Marketing fees (52 television
Slip Shod Ltd has provided the following production and sales information for each pair of its dress shoes:Direct materialsDirect labourVariable factory overheadSelling priceSales
The factory overhead of TJD Ltd has fluctuated significantly from year to year in relation to the direct machine hours. The average costs at the average high and low levels of activity during the
Assume you are marketing manager for SJM Ltd in exercise 11.14, and the accountant explains that when the actual results were compared with budget results he found a favourable sales price variance,
SJM Ltd has prepared the following income statement information showing the actual contribution margin earned from the sale of its only product, and the planned contribution margin.BudgetActualSales
Aussie Sporting Company Pty Ltd produces two types of sporting balls: basketballs and footballs. During the year ended 30 June 2015 it sold the balls in the proportion of three basketballs for every
Flaherty Ltd sells two types of shoes, men’s shoes and women’s shoes. During the financial year ended 30 June 2016, fixed costs were $460 800 and sales were in the ratio of three units (pairs) of
Cruz Manufacturing Ltd’s sales slumped badly in 2015. For the first time in its history, it operated at a loss. The company’s income statement showed the following results from selling 600 000
Warner Ltd sells its only product at a price of $200 per unit. Variable costs are $160 per unit and total fixed costs are $208 000. Current annual sales are 6500 units.RequiredA. What is the
Big Beef BBQ Ltd sells a single product, a gas barbecue. The barbecue sells for $960 per unit. Annual fixed costs are $1536000, and the contribution margin rate is 40%.RequiredA. What are the
Use the same information for Energy Experiences Pty Ltd in exercise 11.7. The accountant can’t make decisions on the future of the company without your authority as manager, so he believes it is
Energy Experiences Pty Ltd runs camps for school children and sporting clubs that provide 3 days of canoeing, horseriding, abseiling and skiing. As a graduate with a sports and recreation degree, you
RingTone Pty Ltd produces phones. The company prepared the following budgeted income statement:SalesCost of sales$25600001028000Gross profitExpenses1532000Selling expensesAdministrative
Adam Leeman Ltd has determined total factory overhead costs at both minimum and maximum levels of production — 200 000 machine hours and 300 000 machine hours respectively. The total
A sound cash management system has several advantages. Why is it beneficial to reduce collection time for accounts receivable?
‘The principle that receipts should be banked daily and all payments made by cheque or electronic transfer provides a sound basis for internal control over cash. But it breaks down immediately when
A manager of a small online business believes that now most of their transactions take place using electronic transfer of funds rather than cash or cheques they no longer need to do a bank

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