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managerial accounting

Questions and Answers of Managerial Accounting

Suppose you are a recent accounting graduate and begin work for a well-known consulting firm, Shady Deals, Inc. As you are preparing the final journal entries and the financial statements for the
Classify each of the following as pertaining to the income statement or the balance sheet. If it is a balance sheetaccount, choose the proper category. A balance sheet and income statement example
Which actions are needed when analyzing and resolving potential ethical problems?
Indicate whether each of the following is True or False.a. The main objective of general financial accounting is to provide management with information to budget for the future and for the IRS to tax
For the following events, in the spaces provided, fill in the numbers of the account(s) increased and decreased when recording the entry in the first grid. Accounts may be used more than once, and
Describe the IMA’s Statement of Ethical Professional Practice.
The following is known about Pedro Company, which has a January fiscal year end:Answer the following questionsa. What were Long-Term Liabilities on 1/31/23?b. What was the total of Property, Plant,
For the following events, in the spaces provided, fill in the effect on net income on the Income Statement. Use:+ for increase– for decrease0 for no net effect Transactions a. Employees worked for
Explain the differences between the three means of gathering managerial accounting data.
Explain the three primary uses of managerial accounting information.
What are three means of gathering managerial accounting data?
How is management accounting information useful to the three functions of management?
How are information needs different for higher and lower levels of management in an organization?
The elements of the accounting information system are inputs, processes, and outputs. What are some inputs into the system?
One output of managerial reporting is an analysis of actual costs or a cost report. Provide three examples of cost items that could be found in a cost report for a bakery.
How are a budget and a simple performance report useful to analyze the results of operations?
With respect to the processing of managerial accounting information, how can efficiency be achieved with technology?
Besides a cost report, budget, and performance analysis, what are other outputs or tools available to management to achieveoperational and strategic goals?
Give three examples of qualitative information that are relevant in managerial accounting but not captured and reported in financial accounting.
Describe the three primary functions of managers within organizations that are necessary for long-term sustainability.
Describe the difference between structured and unstructured data. How does big data analysis use structured and unstructured data?
Differentiate between descriptive analytics, diagnostic analytics, predictive analytics, and prescriptive analytics.
Refer to the lawn service company illustration. Assume that the company wanted to offer an additional line of service covering fumigation, fertilizing, and landscaping. What information should the
What is meant by the cost-benefit constraint when developing managerial accounting systems?
United Forest Products (UFP) is a large timber and wood processing plant. UFP's performance-evaluation system pays its managers substantial bonuses if the company achieves annual budgeted profit
Why is it important to distinguish between the performance of a manager and the performance of the organization subunit for which the manager is responsible? Give examples.
Distinguish among measuring assets based on present value, current cost, and historical cost.
Describe economic value added.
“Residual income is not identical to ROI, although both measures incorporate income and investment into their computations.” Do you agree? Explain.
What are the six steps in designing an accounting-based performance measure?
Give two examples of financial performance measures and two examples of nonfinancial performance measures.
Refer to Exercise 21-28.Required1. Suppose the manager of Division A has the option of (a) cutting the external price to $195, with the certainty that sales will rise to 1,000 units or (b)
Refer to Exercise 21-25. Assume that Division A can sell the 2,000 units to other customers at $155 per unit, with variable marketing cost of $5 per unit.Required1. Determine whether Allison-Chambers
The Allison Corporation, manufacturer of tractors and other heavy farm equipment, is organized along decentralized product lines, with each manufacturing division operating as a separate profit
Quest Motors Inc. operates as a decentralized multidivision company. The tivo division of Quest Motors purchases most of its airbags from the airbag division. The airbag division's incremental cost
Ajax Corporation has two divisions. The mining division makes toldine, which is then transferred to the metals division. The toldine is further processed by the metals division and sold to customers
User Friendly Computer Inc., with headquarters in Nepean, Ontario, manufactures and sells a premium desktop computer system. User Friendly has three divisions, each of which is located in a different
Give two reasons why a dual-price approach to transfer pricing is not widely used.
What are the three general methods for determining transfer prices?
Nate Stately, a manager of the Plate division for the Great Slate Manufacturing Company, has the opportunity to expand the division by investing in additional machinery costing $320,000. He would
You have the opportunity to expand your business by purchasing new equipment for $189,000. You expect to incur fixed costs of $96,000 per year to use this new equipment, and you expect to incur
Anna's Bakery plans to purchase a new oven with an estimated useful life of four years. The estimated pretax cash flows for the oven are as shown in the table that follows, with no anticipated change
Lethbridge Company runs hardware stores in Alberta. Lethbridge's management estimates that if it invests $160,000 in a new computer system, it can save $60,000 in annual cash operating costs. The
To be sure that you understand how to use the tables in Appendix A at the end of this book, solve the following exercises. Ignore income tax considerations.Required1. You have just won $5,000. How
“Managers’ control of job projects generally focuses on four critical success factors.” Identify those factors.
List and briefly describe the five major categories of cash flows included in capital investment projects.
“The trouble with discounted cash flow techniques is that they ignore depreciation costs.” Do you agree? Explain.
The following conversation occurred between Brian Richardson, plant manager at Glendale Engineering, and Charles Cheng, plant controller. Glendale manufactures automotive component parts, such as
Copeland Sporting Goods is evaluating two suppliers of footballs: Big Red and Quality Sports. Pertinent information about each potential supplier follows:RequiredCalculate the relevant costs of
Assume the same facts as in Problem 19-33 except now there are only two trigger points: the completion of good finished units of product and the sale of finished goods.Required1. Prepare summary
The Acton Corporation manufactures electrical meters. For August, there were no beginning inventories of direct materials and no beginning or ending work in process. Acton uses a JIT production
MacroHard Corp. produces J-Pods, music players that can download thousands of songs. MacroHard forecasts that demand in 2017 will be 48,000 J-Pods. The variable production cost of each J-Pod is $50.
Assume the same facts as in Exercise 19-24, except now Road Warrior uses only two trigger points, the completion of good finished units of product and the sale of finished goods. Any under- or
Assume the same facts as in Exercise 19-23, except that Road Warrior now uses a backflush costing system with the following two trigger points:■ Purchase of direct materials.■ Sale of finished
Assume the same facts as in Exercise 19-23, except that Road Warrior now uses a backflush costing system with the following two trigger points:■ Purchase of direct materials.■ Sale of finished
What are the main features in a JIT production system?
What five assumptions are made when using the simplest version of the economic order quantity (EOQ) decision model?
Blue Titanium (BT) Corporation is a manufacturer of computer chips based in Nepean. It manufactures two types of computer chips, CS1 and CS2. The costs of manufacturing each CS1 chip, excluding
Refer to the information in Problem 18-35. Suppose Rounder determines standard costs of $246 per (equivalent) unit for direct materials and $96 per (equivalent) unit for conversion costs for both
Refer to the information in Problem 18-35.RequiredRepeat question 1 from Problem 18-35 using the FIFO method of process costing.Data From Exercise 18-35:Rounder specializes in the manufacture of ball
Refer to the information in Problem 18-35.RequiredRepeat question 1 from Problem 18-35 using the FIFO method of process costing.Data From Exercise 18-35:Rounder specializes in the manufacture of ball
Refer to the information in Problem 18-32 except for the transferred-in costs for May, which equal the total cost of good units completed and transferred out in May from the cleaning department,
Refer to the information in Exercise 18-24.RequiredDo Exercise 18-24 using the FIFO method of process costing.Data From Exercise 18-24:Chipcity Inc. is a fast-growing manufacturer of computer chips.
For the data in Exercise 18-19, use the FIFO method to summarize total costs to account for, calculate the cost per equivalent unit for direct materials and conversion costs, and assign total costs
For the data in Exercise 18-17, summarize total costs to account for, calculate the cost per equivalent unit for direct materials and conversion costs, and assign total costs to units completed and
“The costs of reworking defective units are always charged to the specific jobs where the defects were originally discovered.” Do you agree? Explain.
“The point of inspection is the key to the allocation of spoilage costs.” Do you agree? Explain.
“In accounting for spoiled goods, we are dealing with cost assignment rather than cost incurrence.” Explain.
Distinguish among spoilage, reworked units, and scrap.
Do Problem 17-36 using the FIFO method of process costing. If you did Problem 17-36, explain any difference between the cost of work completed and transferred out and the cost of ending work in
Prepare a set of summarized journal entries for all April transactions affecting Work in Process Assembly. Set up a T-account for Work in Process—Assembly, and post the entries to it.Data From
Refer to the information in Problem 17-34. Suppose that Larsen Corp. uses the FIFO method instead of the weightedaverage method in all of its departments. The only changes to Problem 17-34 under the
Do Problem 17-31 using the FIFO method of process costing. Explain any difference between the cost per equivalent unit in the assembly department under the weighted-average method and the FIFO
For the data in Exercise 17-26, use the FIFO method to summarize total costs to account for, calculate cost per equivalent unit for direct materials and conversion costs, and assign total costs to
Refer to the information in Exercise 17-26. Suppose the assembly division at Fenton Watches Inc. uses the FIFO method of process costing instead of the weighted average method.RequiredCompute
For the data in Exercise 17-26, summarize total costs to account for, calculate cost per equivalent unit for direct materials and conversion costs, and assign total costs to units completed (and
Refer to the information in Exercise 17-24. Suppose that Asaya uses the FIFO method instead of the weighted-average method in all of its departments. The only changes to Exercise 17-24 under the FIFO
Refer to the information in Exercise 17-19. Suppose the assembly division uses the FIFO method of process costing instead of the weighted-average method.Required1. Compute equivalent units for direct
For the data in Exercise 17-19, use the FIFO method to summarize total costs to account for, and assign these costs to units completed and transferred out, and to units in ending work in process.Data
For the data in Exercise 17-19, summarize total costs to account for, and assign these costs to units completed (and transferred out) and to units in ending work in process.Data From Exercise
Refer to the information in Exercise 17-16. Suppose Bio Doc determines standard costs of $6.60 per equivalent unit for direct materials and $10.40 per equivalent unit for conversion costs for both
Roary Chemicals has a mixing department and a refining department. Its process-costing system in the mixing department has two direct materials cost categories (Chemical P and Chemical Q) and one
Refer to requirement 2 of Exercise 17-13.RequiredPrepare summary journal entries for the use of direct materials and incurrence of conversion costs. Also prepare a journal entry to transfer out the
A&A Inc. is a manufacturer of digital cameras. It has two departments: assembly and testing. In January 2015, the company incurred $750,000 on direct materials and $798,000 on conversion costs,
“Transferred-in costs are those incurred in the preceding accounting period.” Do you agree? Explain.
Give three examples of industries that often use process-costing systems.
Why might some companies choose not to compute market-size and market-share variances?
Royston Inc. is a large food processing company. It processes 120,000 kilograms of peanuts in the Peanuts Department at a cost of $160,000 to yield 10,000 kilograms of product A, 60,000 kilograms of
Newcastle Mining Company (NMC) mines coal, puts it through a one-step crushing process, and loads the bulk raw coal onto river barges for shipment to customers.NMC’s management is currently
Sinclair Oil & Gas, a large energy conglomerate, jointly processes purchased hydrocarbons to generate three nonsaleable intermediate products: ICR8, ING4, and XGE3. These intermediate products
Instant Foods produces two types of microwavable products—beef-flavoured ramen and shrimp-flavoured ramen. The two products share common inputs such as noodles and spices. The production of ramen
Convad Company is one of the world’s leading corn refiners. It produces two joint products, corn syrup and corn starch, using a common production process. In July 2015, Convad reported the
The Bow River Company has prepared division overhead budgets for budgeted-volume levels before allocations as follows:Management has decided that the most appropriate inventory costs are achieved by
What is one key method to avoid disputes over allocation of support costs with respect to government contracts?
What is theoretically the most defensible method for allocating service division costs?
“To ensure unbiased cost allocations, fixed indirect costs should be allocated on the basis of estimated long-run use by user division managers.” Do you agree? Why?
What are four purposes of cost allocation?
“I am going to focus on the customers of my business and leave cost allocation issues to my accountant.” Do you agree with this comment by a division president?
Refer to the information for Dransfield Company in Exercise 13-31.Required1. Calculate the amount and cost of unused capacity for:a. Manufacturingb. Sales and customer servicec. AdvertisingIf you are
Dransfield Company manufactures an electronic component, ZP98. This component is significantly less expensive than similar products sold by Dransfield’s competitors. Order-processing time is very

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