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business
managerial accounting

Questions and Answers of Managerial Accounting

What are financial budgets? List at least three financial budgets.
How does the comprehensive budget for a service company differ from a comprehensive budget for a manufacturing company? Which (if any) operating budgets differ and how, specifically, do they differ?
Give an example of a sustainable practice that would affect a company’s budget.How might this sustainable practice, if adopted, impact the company’s budget in both the short-term and in the
Why might a company want to state environmental goals for increased sustainability in its budgets? Explain.
Assume Tucson Tortilla’s sales budget shows projected sales of 32,000 cases in April and 40,000 cases in May. The company’s manager would like to maintain ending safety stock equal to 10% of the
Assume Georgio’s has the following budgeted sales for the quarter:Determine Georgio’s budget for March cash collections assuming credit sales are collected as follows: 90% is collected the month
Pillows Unlimited makes decorative throw pillows for home use. The company sells the pillows to home décor retailers for \($14\) per pillow. Each pillow requires 1.25 yards of fabric, which the
The following information was taken from the Pillows Unlimited sales budget, found in Summary Problem 1:The company’s collection history indicates that 75% of credit sales is collected in the month
Which type of variance causes operating income to be higher than the budgeted operating income?a. Unfavorable varianceb. Favorable variancec. Neutral varianced. Any variance
The basic principle of management by exception would indicate that a manager should investigate which of the following variances?a. All variances regardless of the size of the varianceb. All
If the sales revenue volume variance is favorable, then it is likely thata. fewer units were actually sold than the company had anticipated.b. the expenses of the company were less than the amount of
Which perspective of the balanced scorecard would number of repeat customers be?a. Financialb. Learning and growthc. Customerd. Internal business
Actual salary expense is in Cell B12, budgeted salary expense is in Cell C12, and the absolute value of the salary expense variance is in Cell E12. What formula would be entered in Cell E12 to
The controller for the Butler Corporation wants to use the what-if analysis tool in Excel to analyze the sales price, volume, and profit related to the graphics card it manufactures.The sales price
A company expects to receive which of the following benefits when it uses its budgeting process?a. The planning required to develop the budget helps managers foresee and avoid potential problems
Which of the following is the starting point for the comprehensive budget?a. The direct materials budgetb. The production budgetc. The sales budgetd. The operating expenses budget
The income statement is part of which element of a company’s comprehensive budget?a. The operating budgetsb. The capital expenditures budgetc. The financial budgetd. The cash budget
The usual starting point for a direct labor budget for a manufacturer is thea. direct materials budget.b. sales budget.c. cash budget.d. production budget.
The following budgets are all financial budgets except for thea. combined cash budget.b. budgeted balance sheet.c. budgeted income statement.d. capital expenditures budget.
Which of the following expenses would not appear in a cash budget?a. Depreciation expenseb. Wages expensec. Interest expensed. Marketing expense
A service company would have all of the following budgets except fora. a sales budget.b. an operating expenses budget.c. a budgeted income statement.d. a direct materials budget.
A disadvantage to merchants from accepting debit and credit cards would bea. lost sales.b. transaction fees.c. bounced checks.d. longer time to receive cash.
A direct materials budget would be used in which of the following types of companies?a. Serviceb. Merchandisingc. Manufacturingd. All of the above
According to the text, which of the following factors is not one of the six V’s relating to big data?a. Varietyb. Viabilityc. Veracityd. Vulnerability
The regression line in a scatterplot is also known as a(n)a. high-low line.b. R-squared line.c. linear trendline.d. outcome variable.
See the Winter Sports Inc. data from S8-2. Assume that Winter Sports’ reputation has diminished and other resorts in the vicinity are charging only \($65\) per lift ticket. Winter Sports has become
Consider Devine Fashion from S8-6. Assume that the fixed expenses assigned to each department include only the following direct fixed costs of the department (rather than unavoidable fixed costs as
Storage Solutions produces plastic storage bins for household storage needs. The company makes two sizes of bins: Large (50 gallon) and Regular (35 gallon). Demand for the product is so high that the
Consider Storage Solutions from S8-9. Assume that demand for Regular bins is limited to 36,000 units and demand for Large bins is limited to 25,000 units.1. How many of each size bin should the
Waverly Pool Toys Corporation manufactures a variety of pool toys. Waverly has just received a special order for a large volume of pool toys at reduced special order prices. The following is a
Suppose Smithers Company is considering discontinuing its organic dried fruit product line. Assume that during the past year, the organic dried fruit’s product line income statement showed the
TreadFast produces two types of exercise treadmills: Regular and Deluxe. The exercise craze and related demand is such that TreadFast could use all of its available machine hours producing either
Each morning, Jamal Imery stocks the drink case at Jamal’s Beach Hut in Charlotte, North Carolina. Jamal’s Beach Hut has 110 linear feet of refrigerated display space for cold drinks. Each linear
InteliSystems manufactures an optical switch that it uses in its final product. InteliSystems incurred the following manufacturing costs when it produced 70,000 units last year:InteliSystems does not
Refer to E8-31A. InteliSystems needs 79,000 optical switches next year (assume same relevant range). By outsourcing them, InteliSystems can use its idle facilities to manufacture another product that
ExcerTreads produces two types of exercise treadmills: Regular and Deluxe. The exercise craze and related demand is such that ExcerTreads could use all of its available machine hours producing either
TechSystems manufactures an optical switch that it uses in its final product. TechSystems incurred the following manufacturing costs when it produced 71,000 units last year:TechSystems does not yet
TechSystems needs 78,000 optical switches next year (assume same relevant range). By outsourcing them, TechSystems can use its idle facilities to manufacture another product that will contribute
Summer Fun manufactures flotation vests in Philadelphia, Pennsylvania. Summer Fun’s contribution margin income statement for the most recent month contains the following data:Suppose Sparkle
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
Mrs. Yoder is a large family-style restaurant chain located throughout the Midwest in Amish communities. Currently, Mrs. Yoder makes its own biscuits. Customers love these biscuits; they are light,
A beverage company is considering whether to discontinue its line of grape soda. What factors will affect the company’s decision? What is a qualitative factor? Which of the factors you listed are
What factors would be relevant to a restaurant that is considering whether to make its own dinner rolls or to purchase dinner rolls from a local bakery?
How would outsourcing change a company’s cost structure? How might this change in cost structure help or harm a company’s competitive position?
What is an opportunity cost? List possible opportunity costs associated with a make-orbuy decision.
What undesirable result can arise from allocating common fixed costs to product lines?
Why could a manager be justified in ignoring fixed costs when making a decision about a special order? When would fixed costs be relevant when making a decision about a special order?
What is the difference between segment margin and contribution margin? When would each be used?
Do joint costs affect a sell as is or process further decision? Why or why not?
How can “make-or-buy” concepts be applied to decisions at a service organization? What types of make-or-buy decisions might a service organization face?
Oscar Company builds outdoor furniture using a variety of woods and plastics. What is a constraint? List at least four possible constraints at Oscar Company.
A computer manufacturer is considering outsourcing its technical support call center to India. Its current technical support call center is located in Dellroy, Ohio. The current call center is one of
Assume that a Campbell’s soup plant is running at 90% of its monthly capacity. Campbell’s has just received a special order to produce 40,000 cases of chicken noodle soup for a national
Assume Kroger’s grocery store is deciding whether to eliminate the salad bar section of its stores. The product line income statement shows the following quarterly data for the salad bar
Rossignol makes downhill ski equipment. Assume that Atomic has offered to produce ski poles for Rossignol for \($18\) per pair. Rossignol needs 100,000 pairs of poles per period.Rossignol can only
Linger Industries makes tennis balls. Linger’s only plant can produce up to 2.5 million cans of balls per year. Current production is 2 million cans. Annual manufacturing, selling, and
1. Aziz produces Standard and Deluxe sunglasses:The company has 15,000 machine hours available. In one machine hour, Aziz can produce 70 pairs of the Standard model or 30 pairs of the Deluxe model.
Use the information from the FunTime Cruiseline Data Set. Suppose FunTime Cruiseline decides to offer two types of dinner cruises: regular cruises and executive cruises. The executive cruise includes
Refer to your answer to S7-7.a. Compute the total number of dinner cruises that FunTime Cruiseline must sell to break even.b. Compute the number of regular cruises and executive cruises the company
Describe what each letter stands for in the CVP graph. D C 300 200 F G H B A 150 E The breakeven point is at K units and at dollars of sales.
For each of the situations listed, identify the primary standard from the IMA Statement of Ethical Professional Practice that is violated (competence, confidentiality, integrity, or credibility).1.
Refer to Noodle Time in E7-26A. Mason did franchise her restaurant concept. Because of Noodle Time’s success, Noodles ‘n More has come on the scene as a competitor. To maintain its market share,
Refer to Granville Steel Parts in E7-28A. The owner feels like he’s in a giant squeeze play:The automotive manufacturers are demanding lower prices, and the steel producers have increased raw
James Griffin admired his friend Diamond Walker’s success at selling scarves at local craft shows (E7-33A), so he decided to make two types of plant stands to sell at the shows.James makes twig
Wellington Medical Supply is a retailer of home medical equipment. Last year, Wellington’s sales revenues totaled \($6,300,000\). Total expenses were \($2,200,000\). Of this amount, approximately
Dara Thompson operates a snow cone cart that she takes to outdoor fairs and festivals on the weekends. She makes the snow cones from ice shavings topped with flavored sugar syrup. She currently sells
Refer to Porterville Steel Parts in E7-51B. The owner feels like he’s in a giant squeeze play: The automotive manufacturers are demanding lower prices, and the steel producers have increased raw
Ibrahim Binney admired his friend Mariah DeLozier’s success at selling scarves at local craft shows (E7-56B), so he decided to make two types of plant stands to sell at the shows. Ibrahim makes
The controller for the Jubilee Corporation wants to use the what-if analysis tool in Excel to analyze the sales price, volume, and profit related to the graphics card it manufactures.The sales price
Claire Swanson operates a snow cone cart that she takes to outdoor fairs and festivals on the weekends. She makes the snow cones from ice shavings topped with flavored sugar syrup. She currently
Horner Work Wear, Inc., supplies uniforms for a variety of businesses. Xavier Hoffman is a new intern in the Accounting Department at Horner. To expand sales, the company is considering paying
Goose down is used in a wide variety of products, including jackets, bedding, and pillows.Lands’ End, a retailer of clothing and bedding items, uses goose down in many of its products.For a variety
Deja runs her own hot dog stand on the U of A campus. The monthly cost of the cart rental and business permit is \($300\). Deja spends \($0.50\) on each hot dog sold, including bun and condiments.
Deja runs her own hot dog stand on the U of A campus. The monthly cost of the cart rental and business permit is \($300\). Deja’s contribution margin per unit is \($1.50\) and her contribution
Deja runs her own hot dog stand on the U of A campus. The monthly cost of the cart rental and business permit is \($300\). Deja’s contribution margin per unit is \($1.50,\) and her contribution
Deja runs her own hot dog stand on the U of A campus. The monthly cost of the cart rental and business permit is \($300\). Deja’s contribution margin is \($1.50\) per hot dog sold. She has recently
Deja runs her own hot dog stand on the U of A campus. The monthly cost of the cart rental and business permit is currently \($300\), but she has been given the option of changing the arrangements to
Fleet Foot buys hiking socks for \($6\) a pair and sells them for \($10\). Management budgets monthly fixed expenses of \($10,000\) for sales volumes between 0 and 12,000 pairs.Requirements 1. Use
Fleet Foot buys hiking socks for \($6\) a pair and sells them for \($10.\) Monthly fixed costs are \($10,000\) (for sales volumes between 0 and 12,000 pairs), resulting in a breakeven point of 2,500
In making short-term special decisions, the decision-maker shoulda. focus on total costs.b. focus only on quantitative factors.c. separate variable costs from fixed costs.d. use a traditional
Which of the following costs is irrelevant to business decisions?a. Costs that differ between alternativesb. Variable costsc. Sunk costsd. Avoidable costs
When deciding whether to sell banana powder as is or to process further to make banana bread mix, managers should ignore which of the following?a. The cost of processing the banana powder further to
Refer to the Montrose Oil and Lube data in S6-7. Use the high-low method to determine the variable and fixed cost components of Montrose Oil and Lube’s operating costs. Use this information to
Refer to the hotel scatterplot in S6-11.1. Would the high-low method or regression analysis result in a more accurate cost equation for the data pictured in the scatterplot? Explain.2. A regression
Complete the following statements with one of the terms listed here. You may use a term more than once, and some terms may not be used at all.a. An s-shaped line would represent a .b. The cost
For each of the situations listed, identify the primary standard from the IMA Statement of Ethical Professional Practice that is violated (competence, confidentiality, integrity, or credibility).1.
For each of the following situations, identify the independent variable and the dependent variable.a. Carron Corporation is trying to predict its monthly utilities cost. The cost manager has gathered
Refer to the Farnsworth Drycleaners in E6-23A. Assume that Farnsworth charges customers \($10\) per garment for dry cleaning. Prepare Farnsworth’s projected income statement if 4,260 garments are
Refer to the Broadway Floral data in E6-28A. Use Microsoft Excel to do the following:Requirements:1. Run a regression analysis.2. Determine the company’s cost equation (use the output from the
Refer to the laboratory overhead cost and activity data for Elmhurst Health Center in E6-32A. Use the high-low method to determine the laboratory’s cost equation for total laboratory overhead. Use
Using the data provided in E6-32A, the laboratory manager performed a regression analysis to predict total laboratory overhead costs. The output generated by Excel is as follows:Requirements:1.
The manager of the main laboratory facility at Elmhurst Health Center (from E6-32A) collects seven additional months of data after obtaining the regression results in E6-34A.The number of tests
Royal Industries has one product. Information about the production and sales of that product for the past year follow.The company had no beginning inventory.Requirements:1. Prepare two income
Charleston Carriage Company offers guided horse-drawn carriage rides through historic Greenville, South Carolina. The carriage business is highly regulated by the city. Charleston Carriage Company
Hadlock Manufacturing manufactures a single product that it will sell for \($68\) per unit. The company is looking to project its operating income for its first two years of operations.Cost
The annual data that follow pertain to Aqua Goggles, a manufacturer of swimming goggles (the company had no beginning inventory):Requirements:1. Prepare both conventional (absorption costing) and
Refer to the Whitman Drycleaners in E6-46B. Assume that Whitman charges customers \($9\) per garment for dry cleaning. Prepare Whitman’s projected income statement if 4,220 garments are cleaned in
Tamika Lotta, owner of Fourth Street Floral, operates a local chain of floral shops. Each shop has its own delivery van. Instead of charging a flat delivery fee, Lotta wants to set the delivery fee
Refer to Lotta’s Fourth Street Floral data in E6-51B. Use the high-low method to determine the company’s cost equation for van operating costs. Use your results to predict van operating costs at
Refer to the Fourth Street Floral data in E6-51B. Use Microsoft Excel to run a regression analysis, then do the following calculations:Requirements:1. Determine the firm’s cost equation (use the

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