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managerial accounting

Questions and Answers of Managerial Accounting

Weyakwin Enterprises specializes in offering architectural consulting and design services to large clients. Given the nature of the services it provides, the company does not work on more than six
The Polaris Company uses a job-order costing system. The following data relate to October, the first month of the company’s fiscal year:a. Raw materials were purchased on account, $300,000.b. Raw
Larned Corporation recorded the following transactions for the past month:• On April 10, requisition number 15673 was issued for 40 titanium blanks to be used in the special order. The blanks cost
Harwood Company is a manufacturing firm that operates a job-order costing system. Overhead costs are applied to jobs on the basis of machine-hours. At the beginning of the year, management estimated
Kingsport Containers, Ltd. of the Bahamas experiences wide variation in demand for the 200-litre steel drums it fabricates. The leakproof, rustproof steel drums have a variety of uses, from storing
Harris Fabrics computes its predetermined overhead rate annually on the basis of direct labour-hours. At the beginning of the year, it estimated that its total manufacturing overhead would be
White Company has two departments: cutting and finishing. The company uses a job-order costing system and computes a predetermined overhead rate in each department. The cutting department bases its
Leeds Architectural Consultants began operations on January 2. The following activity was recorded in the company?s work-in-process account for the first month of operations: Leeds Architectural
Cycle Gear Corporation has incurred the following costs on job W456, an order for 20 special sprockets to be delivered at the end of next month:Direct materials:• On April 10, requisition number
When would job-order costing be used in preference to process costing?
Grass Roots Consulting Company (GRCC) provides a variety of services to clients. For the year 2016, it had established the following budget (i.e., estimated amounts): Consultants are paid at the
Case Construction Company, a three-year-old business, provides contracting and construction services to a variety of clients. Given that each construction job is different from the others, Susan
Biotechnologies Unlimited, Inc. (BUI), located in Sydney, Nova Scotia, is a small but growing biotech quality analysis organization that tests pesticides before they are used by farmers. The testing
Discon Corporation manufactures a popular doll called Teardrops. Last year the company started with 10,000 dolls, produced 240,000 dolls, and ended the year with 8,000 dolls. Each doll was sold for
Use the following abbreviations:• Prime costs = PC• Conversion costs = CC• Direct materials costs = DM• Direct labour costs = DL• Manufacturing overhead costs = MOHDevelop an equation that
Margaret Rosenthal, accountant for Russell Manufacturing Company, prepared the following income statement for the quarter ending December 31,
The following data is available for Crater Corporation?s North American division for the years 2014 and 2015. During these years there were no inventories in the system. Required: 1. Classify the
Selected account balances for the year ended December 31 are provided below for Superior Company: Selling and administrative salaries...........................$110,000Insurance,
Sage Ltd. had the following results for the month of March.Sales..........................................................$1,700,000Opening finished goods inventory...........$130,000Gross margin 40%
The following cost information is presented for Phoenix Ltd. for the most recent period.Cost of direct material used in manufacturing..............................$62,000Direct labour
Lompac Products manufactures a variety of products in its factory. Data for the most recent month’s operations follow:Beginning raw materials
Swift Company was organized on March 1 of the current year. After five months of startup losses, management had expected to earn a profit during August, the most recent month. Management was
The Ningbo Fortune Company produces custom-made linens for the hospitality industry. During the month of June, the company purchased 10,000 bolts of spun polyester fabric at the cost of $80 per bolt.
Last month Bims, a wedding dress retailer, had total sales of $3,000,000, selling expenses of $315,000, and administrative expenses of $385,000. The company had beginning merchandise inventory of
“Fixed costs are inversely proportional to volume. As volume decreases, fixed costs increase, and as volume increases, fixed costs decrease.” Do you agree with this statement? Explain why, or why
Give two examples each of variable and fixed costs.
The Mahela Company specializes in producing sets of wooden patio furniture consisting of a table and four chairs. The company has ample orders to keep production going at its full capacity of 2,000
Various costs, as given below, are associated with running a commercial bakery that supplies baked goods to local coffee shops: 1. Account manager?s salary. 2. Rent on building. 3. Flour used in the
“A variable cost varies per unit of activity, whereas a fixed cost is constant per unit of activity.” Do you agree with this statement? Explain why, or why not.
Steel production involves a large amount of fixed costs. Since competition is defined primarily in terms of price, steel manufacturers (and many of their manufacturing and service industry
?I was sure that when our cellphone hit the market it would be an instant success,? said Brittany Patel, founder and president of Sun Power Communications, Inc. ?But just look at the gusher of red
On December 31, 2016, the accounting records of a medium-sized company in Winnipeg were severely damaged by an accidental fire. The company did have access to certain incomplete accounting records,
Ahmedabad Manufacturing Corporation (AMC) is based in western India and uses India’s currency, the rupee (symbol: ). AMC has been operating in its own manufacturing facility for over 15 years.
Royal Group Ltd. of Medicine Hat, Alberta, acquired its factory building about 20 years ago. For several years, the company has rented out a small annex attached to the rear of the building. The
Bill is the manager of the product development division at Fiao Company. He has been invited to a company lunch with several colleagues. He is also expected to prepare a quarterly financial
What is meant by the term cost behaviour?
“It is vital that management accountants abide by a code of ethics.” Do you agree or disagree? Explain.
What are the pros and cons of a JIT system?
Describe the lean business model and its corresponding management practices.
Describe the steps in the planning, implementation and control cycle.
A month after the mid-semester examination, a student approaches his instructor with a doctor’s note and requests the instructor to ignore his poor exam performance by not including it in the
Classify the following activities as primarily planning, implementation, or control:a. Doing a cost–benefit analysis of adding a new branch versus installing three new automated teller machines
As a professional accountant, you adhere to the code of ethics set forth by the International Federation of Accountants (see Appendix 1A). Keeping the IFAC Code in mind, determine if there are any
Classify the following activities as primarily managerial accounting or financial accounting:a. Preparing a cash budget for the next quarter.b. Analyzing the profitability of a request from a
The comparative accounts payable and long-term debt balances for a company follow.Based on this information, what is the amount and percentage of increase or decrease that would be shown on a balance
The net income reported on the income statement for the current year was $93,700. Depreciation recorded on store equipment for the year amounted to $31,200. Balances of the current asset and current
A retail business, using the accrual method of accounting, owed merchandise creditors (accounts payable) $320,000 at the beginning of the year and $350,000 at the end of the year. How would the
The administrator of Liberty Hospital has been asked to perform an activity analysis of the emergency room (ER). The ER activities include cost of quality and other patient care activities. The lab
The procurement process for Jarom Wholesale Company includes a series of activities that transforms a materials requisition into a vendor payment. The process begins with a request for materials. The
Project 1 requires an original investment of $125,000. The project will yield cash flows of $50,000 per year for 10 years. Project 2 has a computed net present value of $135,000 over an eight-year
A project has estimated annual net cash flows of $80,000 for seven years and is estimated to cost $325,000. Assume a minimum acceptable rate of return of 6%. Using the present value of an annuity
Thomas Textiles Corporation began November with a budget for 60,000 hours of production in the Weaving Department. The department has a full capacity of 75,000 hours under normal business conditions.
The budget director of Birding Homes & Feeders Inc., with the assistance of the controller, treasurer, production manager, and sales manager, has gathered the following data for use in developing
On January 1, 20Y6, the controller of Omicron Inc. is planning capital expenditures for the years 20Y6–20Y9. The following interviews helped the controller collect the necessary information for the
Lundquist & Fretwell, CPAs, offer three types of services to clients: auditing, tax, and small business accounting. Based on experience and projected growth, the following billable hours have
Prepare a cost of goods sold budget for Pasadena Candle Inc. using the information in Basic Exercises 3 and 4. Assume the estimated inventories on January 1 for finished goods and work in process
Kimbeth Manufacturing uses a process cost system to manufacture dust density sensors for the mining industry. The following information pertains to operations for the month of May:
A summary of the time tickets is as follows:Journalize the entry to record the factory labor costs. Job No. Indirect Job No. Amount Amount $ 4,800 5,875 18,250 15,500 $ 8,220 9,430 12,675 19,225 100
Materials issued are as follows:Journalize the entry to record the issuance of materials. Requisition No. 201 202 203 204 205 Material Aluminum Plastic Rubber Glue Steel Job No. 500 503 504 Indirect
Indicate whether each of the following costs of an automobile manufacturer would be classified as direct materials cost, direct labor cost, or factory overhead cost:a. Automobile engineb. Brake
Incomplete financial statements for Pepper Industries are given below:The following additional in formation about the company is available:a. Selected financial ratios computed from the statements
You have just been hired as a loan officer at Westmount Bank. Your supervisor has given you a file containing a request from Hill Company, a manufacturer of computer components, for a $2,000,000
"If a share's market value exceeds its book value, then the share is overpriced." Do you agree? Explain.
Critics of financial statement analysis argue that it is of limited value because it is based on historical amounts, which are not necessarily indicative of how well a company is likely to perform in
Stephen Scott recently joined the Finance and Planning Division of the Carrigan Bank (Bassillo) Limited as an assistant chief financial officer (CFO). Scott is a certified management accountant and
In five years, Kent Duncan will retire. He is exploring the possibility of opening a self-service car wash. The car wash could be managed in the free time he has available from his regular
"I really want to invest in the advanced production module to combine with our other manufacturing equipment, we'll have a complete flexible manufacturing system (FMS) in place in our Lakeland
Top Notch Limited has $750,000 to invest and is trying to decide between two alternative uses of the funds. The alternatives are as follows: The working capital needed for Project B will
Cardinal Company is considering a five-year project that would require a $2,975,000 investment in equipment with a useful life of five years and no salvage value. The company's discount rate is 14%.
Henrie's Drapery Service is investigating the purchase of a new machine for cleaning and blocking drapes. The machine would cost$137,280, including freight and installation. Henrie's has estimated
Cardinal Company is considering a five-year project that would require a $2,975,000 investment in equipment with a useful life of five years and no salvage value. The company's discount rate is 14%.
Conceptually, what does the project profitability index represent? How should it be used to compare competing investment projects?
Piccadilly Hospital has purchased new lab equipment for $200,000. The equipment is expected to last for three years and to provide cash inflows as follows:RequiredAssuming that the equipment will
Cardinal Company is considering a five-year project that would require a $2,975,000 investment in equipment with a useful life of five years and no salvage value. The company's discount rate is 14%.
Cardinal Company is considering a five-year project that would require a $2,975,000 investment in equipment with a useful life of five years and no salvage value. The company's discount rate is 14%.
Cardinal Company is considering a five-year project that would require a $2,975,000 investment in equipment with a useful life of five years and no salvage value. The company's discount rate is 14%.
Cardinal Company is considering a five-year project that would require a $2,975,000 investment in equipment with a useful life of five years and no salvage value. The company's discount rate is 14%.
How is the IRR used to determine whether a project is acceptable or not?
Cardinal Company is considering a five-year project that would require a $2,975,000 investment in equipment with a useful life of five years and no salvage value. The company's discount rate is 14%.
What is the weighted average cost of capital and how should it be used in capital budgeting decisions?.
Cardinal Company is considering a five-year project that would require a $2,975,000 investment in equipment with a useful life of five years and no salvage value. The company's discount rate is 14%.
The CFO of The Fun Factory is investigating the possibility of investing in a three dimensional printer that would cost $20,000. The printer would eliminate the need to have prototypes of new toys be
Cardinal Company is considering a five-year project that would require a $2,975,000 investment in equipment with a useful life of five years and no salvage value. The company's discount rate is 14%.
Rosman Company has an opportunity to pursue a capital budgeting project with a five-year time horizon. After careful study, Rosman estimated the following costs and revenues for the project:The new
Cardinal Company is considering a five-year project that would require a $2,975,000 investment in equipment with a useful life of five years and no salvage value. The company's discount rate is 14%.
What is the main criticism of the simple rate of return method?
Cardinal Company is considering a five-year project that would require a $2,975,000 investment in equipment with a useful life of five years and no salvage value. The company's discount rate is 14%.
Darnell Limited has capital project opportunities each of which would require an initial investment of $250,000. Details for each opportunity are shown below:The robotic equipment would have a
Jannsen Limited is contemplating investing in solar panels to reduce its need to purchase electricity from its local hydro company. The panels are estimated to cost $2,000,000 and will have a 15-year
Cardinal Company is considering a five-year project that would require a $2,975,000 investment in equipment with a useful life of five years and no salvage value. The company's discount rate is 14%.
What is meant by the term net present value?
Cardinal Company is considering a five-year project that would require a $2,975,000 investment in equipment with a useful life of five years and no salvage value. The company's discount rate is 14%.
Claire Jackson (CEO) of Easy Learning (EL) is considering discontinuing operations in South America, which are based in Argentina. For a variety of reasons it has been a challenge for EL to grow the
Cardinal Company is considering a five-year project that would require a $2,975,000 investment in equipment with a useful life of five years and no salvage value. The company's discount rate is 14%.
Drums, bins, boxes, and other containers that are used in the petroleum industry are sold by Holden Inc. One of the company's products is a heavy-duty, environmentally friendly, corrosion-resistant
Double Duty, a combination fertilizer-weed killer, is Alanco's only product. It is sold nationwide through normal marketing channels to retail nurseries and garden stores.Taylor Nursery plans to sell
Clean and Shine Corporation produces several types of industrial and household cleaning compounds and solutions. While most of its products are processed independently a few are related, such as the
The Scottie Sweater Company produces sweaters under the "Scottie" label. The company buys raw wool and processes it into wool yarn from which the sweaters are woven. One spindle of wool yarn is
Royal Company manufactures 10,000 units of Part R-3 each year. At this level of activity, the cost per unit for Part R-3 follows:An outside supplier has offered to sell 10,000 units of Part R-3 each
At the Kicher Company's current activity level of 8,000 units per month, the costs of producing and selling one unit of the company's only product are as follows:The normal selling price is $26 per

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