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managerial accounting 12th

Managerial Accounting 12th Canadian Edition Ray H. Garrison, Alan Webb, Theresa Libby - Solutions

For each of the following situations, indicate which type of chart would be most appropriate (line chart, column chart, bar chart, or scatter plot.)1. A manager thinks that marketing dollars spent is correlated with sales. The manager wants a chart to show the relationship between sales and
The controller wants to prepare a chart of monthly operating income from the past two years. What chart would likely be most appropriate?a. Line chartb. Bar chartc. Scatter plotd. Pie chart
Hosbach Corporation expects no waste and no inefficiencies in the production process. This type of standard is referred to as a(n)a. Realistic standard.b. Practical standard.c. Ideal standard.d. Efficiency standard.
On March 31, the purchasing manager at Reynold Plastics purchased a greater quantity of raw materials than budgeted and paid the standard price for the raw materials. Which variance is directly impacted by the March 31 purchase?a. Materials price varianceb. Materials quantity variancec. Both of the
Mitchell Bakery uses butter in producing its pies. If the price of butter doubles, which variance is directly impacted?a. Direct materials price varianceb. Direct materials quantity variancec. Direct labor rate varianced. Direct labor efficiency variance
A company receives an unusually high number of orders. To complete all the orders on time, the company pays employees an extra $10 per hour for every hour of overtime the employees work. Which of the following variances will be directly impacted?a. Direct materials price varianceb. Direct materials
The unemployment rate has increased over the past year. Allison Company finds that it is able to pay new employees a lower wage per hour than when the unemployment rate was lower a year ago. Which of the following variances will be directly impacted?a. Direct materials price varianceb. Direct
At lean companies, employees tend to be multiskilled and cross-trained to perform a variety of tasks. These workers are valued by management and are considered to be part of the team rather than a labor force to be handled and controlled. Consequently, thisa. Increases the importance of direct
The recommendations in the “Similar items you may like” section that displays when you look at an item on the Walmart website most likely are derived by analysis.a. Fraud detectionb. Clusteringc. Associationd. Anomaly detection
What feature in Excel will automatically color cells based on each cell’s value?a. Fill Colorb. AutoSumc. Format as Tabled. Conditional Formatting
After a company has made an investment in a capital asset, what will it conduct to compare the actual net cash inflows to the projected net cash inflows?a. Internal cash auditb. Post-auditc. Post-cash flow analysisd. Cash flow analysis
Examples of capital budgeting investments include all of the following excepta. Paying bonuses to the sales force.b. Customizing a fleet of new delivery vehicles.c. Installing a new computer system.d. Building a factory.
A retailer is considering whether to invest in a warehouse routing system that costs $1,200,000, has a $100,000 residual value, and should lead to cost savings of $275,000 per year for its five-year life. In calculating the accounting rate of return (ARR), which of the following numbers should be
This case is a continuation of the Burburr Resorts & Hotels Corporation serial case that began in Chapter 1. The components of the Burburr serial case can be completed in any order. Burburr Resorts & Hotels Corporation is a fictitious corporation.Below is a list that contains Burburr’s
When a company is operating at its breakeven pointa. Its fixed expenses will be equal to its variable expenses.b. Its total revenues will be equal to its total expenses.c. Its selling price will be equal to its variable expense per unit.d. Its contribution margin will be equal to its variable
Total contribution margin less total fixed expenses equalsa. Gross profit.b. Sales revenue.c. Contribution margin ratio.d. Operating income.
If the sales price of a product increases while everything else remains the same, what happens to the breakeven point?a. The breakeven point will increase.b. The breakeven point will decrease.c. The breakeven point will remain the same.d. The effect cannot be determined without further information.
Target profit analysis is used to calculate the sales volume that is needed toa. Cover all fixed expenses.b. Cover all expenses.c. To avoid a loss.d. Earn a specific amount of net operating income.
The process of experimenting with base case, best case, and worst case scenarios to see what would happen to company profits under those conditions would be an example ofa. Sequencing analysis.b. Breakeven analysis.c. Scenario analysis.d. Target profit analysis.
Bricker Frames has asked you to determine whether the company’s ability to pay current liabilities and total liabilities improved or deteriorated during 2023. To answer this question, compute these ratios for 2023 and 2022, using the following data:a. Current ratiob. Acid-test ratioc. Debt
In its 2023/2024 Sustainable Business Report and its annual report, Green Athletics Inc., describes several sustainability goals and commitments it has made. In the following list, categorize each goal (or measurement) as to whether it is oriented toward the people, planet, or profit component of
Shareholders, special interest groups, employees, customers, bankers, suppliers, policy makers, and community members can all be considered to bea. Constraints.b. Regulators.c. Stakeholders.d. None of the above.
Which of the following is a reason an organization would pursue sustainability initiatives?a. To improve competitive positionb. To reduce costsc. To satisfy shareholder demandsd. All of the above
Extended producer responsibility (EPR) laws that require manufacturers to take back a large percentage of their products at the end of the products’ life is an example of which type of reason to implement sustainable initiatives?a. Competitive strategyb. Regulatory compliancec. Cost reductiond.
When a large hotel chain integrated sustainability practices within one of its floors at one of its hotels, it experienced significantly reduced costs related to laundry, housekeeping, and personal consumables This situation is an example of which type of reason to implement sustainable
Which of the following factors is not part of the triple bottom line?a. Peopleb. Profitc. Productivityd. Planet
Which of the following organizations is working to develop and/or improve sustainability reporting?a. GRIb. IMAc. FASBd. AICPA
The topic of child labor would address sustainability by which of the GRI standpoints?a. Economicb. Environmentalc. Sociald. Financial
The topic of energy would address sustainability by which of the GRI standpoints?a. Economicb. Environmentalc. Sociald. Financial
Which of the following tools can be used to help justify investments in sustainability?a. Social return on investment (SROI)b. Life-cycle assessment (LCA)c. Investment appraisals that include traditionally ignored factors related to sustainabilityd. All of the above
Which of the following is a reason that managers in an organization would use dashboards?a. Insights can be gained through charts and other visuals.b. Teams can be focused on the same goals as represented by metrics on the dashboard.c. Data can be consolidated from several sources.d. All the listed
What are the steps needed to create a column chart in Excel?a. Select the data, click on Insert in the ribbon, select Column Chart, and then customize the chart title.b. Right-click the first cell in the data range, select Column Chart, and edit the chart title.c. Select the data, click on Data in
Sebastian Wilmer operates Wilmer’s Cricket Farm in Fairview, Georgia. Wilmer’s raises about 18 million crickets a month. Most are sold to pet stores at $10.26 for a box of 1,000 crickets. Pet stores sell the crickets for $0.05 to $0.10 each as live feed for reptiles. Raising crickets requires a
The Gertz Gummy Bear Company manufactures a variety of gummy bear candies. The gummy bears are available in the following packages: a 6-ounce bag, a 1.6-pound bag, a 5-pound bag, and a 4.5-pound single giant bear box. The following is a sample of Gertz’s open sales orders, or backorders, in an
Old Salty’s Pretzels sells its gourmet pretzels to grocery stores throughout the United States. An excerpt from a data set of sales transactions from the past year is displayed below.For each of the following questions, identify the three fields from Old Salty’s data set that would be used to
The accounting manager is gathering data to form a cost allocation pool and cost allocation rate for materials handling costs at the Markleton Company, which makes outdoor furniture and signage from plastic resins. The manager is gathering data on the pounds of plastic resin processed in the month
Jamillah Miracle has her own chain of music stores, Miracle Music. Her stores sell musical instruments, sheet music, and other related items. Music lessons and instrument repair are also offered through the stores. Miracle Music also has a website that sells music merchandise. The store has a staff
In a data set containing order number, city, customer, product, quantity sold, and gross profit, a pivot table would be an appropriate tool to answer which of the following questions?a. What is the gross profit generated by each product?b. What is the gross profit generated from each customer?c.
In general, transferred-in costs include costs incurred when?a. In the current periodb. In all prior periodsc. In only the previous periodd. In all prior processes
Which of the following is a step in the data cleaning process?a. Remove irrelevant data.b. Filter out data outliers.c. Standardize data.d. All the listed choices are correct.
Which of the following companies would most likely use process costing?a. Accenture, a management consulting firmb. Pace Foods, producer of Pace Chunky Salsac. Kobe Digital, a digital marketing campaign agencyd. Jones Day, a law firm
Which of the following companies would most likely use job costing?a. A dairy farmb. An oil refineryc. A paint manufacturerd. A hospital
Which primary management responsibility includes the process of creating budgets?a. Controllingb. Directingc. Planningd. Calculating
Which primary management responsibility includes the process of comparing the budget to actual results?a. Directingb. Planningc. Calculatingd. Controlling
The focus of management accounting is usuallya. Tax returns.b. Internal reporting.c. External reporting.d. Auditing.
Part One: In 2021, Fran Lexa opened Fran’s Flowers, a small shop selling floral arrangements. On December 31, 2022, her accounting records show the following:RequirementPrepare an income statement for Fran’s Flowers, a merchandiser, for the year ended December 31, 2022.Part
What type of information would be used for managerial accounting?a. Sales forecastsb. Financial accounting informationc. Nonfinancial informationd. All of the listed choices
The duties of a chief financial officer (CFO) would includea. Managing the preparation of financial statements.b. Supervising the preparation of all corporate tax returns.c. Providing reports to creditors as needed.d. All of the listed choices.
Which of the following positions is primarily responsible for raising capital and investing funds?a. The controllerb. The CEOc. The treasurerd. The CFO
“Maintain an appropriate level of professional leadership and expertise by enhancing knowledge and skills” is an example of which IMA ethical standard?a. Competenceb. Confidentialityc. Integrityd. Credibility
Olson Frame manufactures picture frames. Suppose the company’s July records include the items described below. What is Olson Frame’s total manufacturing overhead cost in July? Oil for manufacturing equipment.. Wood for frames......... Company president's salary Interest expense.. Plant
What is the Institute of Management Accountants (IMA)? What is the Association of International Certified Professional Accountants (AICPA)? How could being a member of a professional organization help a person’s career?
To help meet profit goals in the current year, the Fretter Corporation manager ships out pre-ordered merchandise the last week of December, even though the customer explicitly stated that the order was to be shipped the third week of January. This early shipment could be a violation of which
According to the Sarbanes- Oxley Act, who is responsible for the corporation’s financial statements?a. The auditorsb. The company’s CEO and CFOc. Internal Revenue Service (IRS)d. Securities and Exchange Commission (SEC)
Unity Gas wants to move its sales order system online. Under the proposed system, gas stations and other merchants will use a secure site to check the availability and current price of various products and place an order. Currently, customer service representatives take dealers’ orders over the
The triple bottom line focuses on what three factors?a. People, planet, profitb. People, place, profitc. Place, planet, profitd. Profit, people, plants
Which of the following is a benefit of using data analytics in an organization?a. Businesses can make quicker decisions.b. The efficiency of internal operations is increased.c. Data analytics add more fact-based information to the decision-making process.d. All of the listed statements are benefits
Describe the benefits an organization could realize from using data analytics to guide its decision-making process.
Which of the following types of companies would rarely, if ever, have inventory?a. Serviceb. Merchandisingc. Manufacturingd. All of the above
The cost that Lowe’s incurs to deliver building supplies to a customer would be an example of what type of activity in the value chain?a. Marketingb. Customer Servicec. Distributiond. Administration
A cost that is related to a cost object, but cannot be traced specifically to it, is known as a(n)a. Controllable cost.b. Product cost.c. Direct cost.d. Indirect cost.
Which one of the following costs would be considered a direct cost of serving a particular customer at a McDonald’s restaurant?a. The salary of the restaurant managerb. The depreciation on the restaurant buildingc. The cost of the cheese in the sandwich the customer orderedd. The cost of heating
Which of the following costs would be classified as manufacturing overhead?a. Electricity used in the sales and marketing building.b. Depreciation on the fleet of distribution trucks.c. Lease payments on equipment used in the manufacturing plant.d. Wages of assembly-line workers.
Which of the following types of companies will not have “cost of goods sold” on its income statement?a. Service.b. Merchandising.c. Manufacturing.d. Both merchandising and manufacturing.
Which type of companies will always have operating expenses on its income statement?a. Service.b. Service and merchandising.c. Merchandising and manufacturing.d. Service, merchandising, and manufacturing.
Which of the following statements is true?a. Sunk costs are irrelevant to decisions.b. Managers have the ability to influence uncontrollable costs in the short run.c. Differential costs are not relevant to decisions.d. Sunk costs are costs that will be incurred in the future.
The number of customers who purchased Product XA-343 during June would be ___ data.a. Discreteb. Continuousc. Categoricald. Ordinal
Part One: In 2021, Patsy Jackson opened Patsy’s Posies, a small retail shop selling floral arrangements. On December 31, 2022, her accounting records show the following:RequirementPrepare an income statement for Patsy’s Posies, a merchandiser, for the year ended December 31, 2022.Part two:
Suppose the smartphone manufacturer Skylar Technologies provides the following information for its costs last month (in millions):Requirements1. Classify each of these costs according to its place in the value chain (R&D, Design, Production, Marketing, Distribution, or Customer Service).2.
This case is a continuation of the Burburr Resorts & Hotels Corporation serial case that began in Chapter 1. The components of the Burburr serial case can be completed in any order.What follows is a table listing condensed revenue and expense figures for Burburr Resorts & Hotels Corporation
Which of the following statements is false about Excel?a. In Excel, a table is the same concept as a data array.b. Sorting means putting the data in a specific order.c. Filtering means only the data records meeting a specific criterion will be viewed.d. Data records can be both filtered and sorted.
Jazmyn Grandstone is a new staff accountant at James & Associates. She is paid a salary of $67,600 per year and is expected to work 2,600 hours per year on client jobs. The firm’s indirect cost allocation rate is $25 per hour. The firm would like to achieve a profit equal to 20% of cost.1.
Which of the following companies would be most likely to use a job costing system rather than a process costing system?a. Beverage bottlerb. Cereal manufacturerc. Legal firmd. Steel manufacturer
Would the following companies use job costing or process costing?a. A legal firmb. An oil refineryc. A commercial plumbing contractord. A cereal manufacturere. A custom-home builder
What form is used to accumulate the costs of a job in a job costing system?a. Bill of materialb. Labor time recordc. Job cost recordd. Requisition form
How can a company’s management use product cost information?a. To identify ways to cut production costs.b. To set prices of its products.c. To decide which products to emphasize.d. All of the listed choices are correct.
Which of the following tasks would be least likely to be performed by a bot?a. Notifying the purchasing department when raw materials need to be purchasedb. Billing the customer once the completed job has been shippedc. Generating electronic payments for approved invoices in the accounts payable
A pivot table would be an appropriate tool for each of the following actions excepta. Summarizing transaction data by store location.b. Locating one specific sales transaction.c. Calculating the average cost of each product model by plant location.d. Calculating the total costs for each product
Cost distortion is likely to cause:a. Over-costing of all products.b. Undercosting of all products.c. Over-costing some products and under-costing other products.d. Accurate costing of all products.
Insurance on a company’s buildings would most likely be classified as a _______ cost.a. Unit-levelb. Batch-levelc. Product-leveld. Facility-level
The legal costs associated with filing a patent for a new model of scooter at a toy manufacturer is an example of which type of activity?a. Unit-levelb. Batch-levelc. Product-leveld. Facility-level
The information provided by an activity-based costing system can help with what type of decisions by an automobile manufacturer?a. Pricingb. Evaluating manager performancec. Cost cuttingd. All of the listed choices are correct.
Handy Products Company manufactures a product that goes through three processing departments. Information relating to activity in the first department during October is given below:The department started 195,000 units into production during the month and transferred 205,000 completed units to the
Cretin Enterprises uses a predetermined overhead rate of $8 per direct labour-hour. This predetermined rate was based on 40,000 estimated direct labour-hours and $320,000 of estimated total manufacturing overhead. The company incurred actual total manufacturing overhead costs of $298,000 and 38,500
Carera Corporation uses a predetermined overhead rate of $18 per direct labour-hour. This predetermined rate was based on 15,000 estimated direct labour-hours and $270,000 of estimated total manufacturing overhead. The company incurred actual total manufacturing overhead costs of $230,000 and
Oil Field Equipment Company is a small company that manufactures specialty heavy equipment for use in Alberta oil-fields. The company uses a job-order costing system and applies manufacturing overhead cost to jobs on the basis of the direct labour-hours. At the beginning of the current year, the
Ainsley Industries uses the weighted-average method in its process costing system. Data for the Assembly Department for May appear below:Required:Compute the cost per equivalent unit for materials, for labour, for overhead, and in total. Work in process, May 1 ... Cost added during
Tasty Bakery uses a process costing system for its single product- a popular rye bread. Tasty has two processing departments-Mixing and Baking. The T-accounts below show the flow of costs through the two departments in April:RequiredPrepare journal entries showing the flow of costs through the two
United Claim Processors provides claims processing services for major insurance companies. The Winnipeg location processes all health benefit claims for various insurance benefit providers. Claims are received electronically or by mail in the Initial Review Department. Employees in this department
Ida Sidha Karya Company is a family-owned company located in the village of Gianyar on the island of Bali in Indonesia. The company produces a handcrafted Balinese musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold to a Canadian importer for $850. Selected
What is the second-stage allocation in ABC?
Klein Company produces three types of bird feeders: Basic, Squirrel-Proof, and Deluxe. Currently, the company allocates overhead to products using machine-hours. This year, the company produced 1,000 Basic models, 2,000 Squirrel-Proof models, and 1,800 Deluxe models. Details for each product at the
Jamesway Corporation makes two types of replacement fittings for heavy construction equipment screws and bolts. Data regarding the two products follow:Additional information about the company follows:a. Screws require $8 in direct materials per unit, and bolts require $6.b. The direct labour wage
What is benchmarking?
Various activities at Reservations Online, a hotel reservation call centre, are listed below:Required:1. Classify each activity as unit-level, batch-level, product-level, customer- level, or organizationsustaining.2. For each activity, provide an example of a cost driver that might be used in the
Colby Company makes cases for cell phones of all sizes and types for sale through specialty retailers. The company makes a standard model for the most recent iPhone as well as a deluxe model. Management has designed an ABC system with the following activity cost pools and activity rates for these
What are unit-level, batch-level, product-level, customer-level, and organization-sustaining activities?
What is an activity cost pool?
The following activities occur at Greenwich Corporation, a company that manufactures a variety of products:a. Manage the parts inventories.b. Issue purchase orders for a job.c. Human Resources department sets up payroll fi les for new production workers.d. The factory's general manager meets with
Alderberry Recording Inc. is a small audio recording studio. The company handles work for advertising agencies-primarily for radio ads-and has a few singers and bands as clients. Alderberry Recording handles all aspects of recording, from editing to making a digital master. The competition in the

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