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business
managerial accounting

Questions and Answers of Managerial Accounting

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
Cumberland County Senior Services is a non-profit organization devoted to providing essential services to seniors who live in their own homes within the Cumberland County area. Three services are
At the beginning of this year, a group of lawyers and accountants in Calgary decided to join efforts in providing one stop legal and accounting consulting services to industry and the government. The
Airflow Inc. produces ceiling fans for home and industrial use. The parts for the different styles of fans are produced and sold by the Parts Division to the Assembly Division of Airflow Inc. The
Wallen Products Inc. has just purchased a small company that specializes in the manufacture of electronic tuners that are used as a component part of LCD TVs. Wallen Products is a decentralized
What are the four groups of performance measures typically included in a balanced scorecard?
Okanagan College has provided the following data to be used in its service department cost allocations:RequiredUsing the direct method, allocate the costs of the service departments to the two
What is meant by the term residual income?
Collyer Products Inc. has a Valve Division that manufactures and sells a standard valve as follows:The company has a Pump Division that could use this valve in the manufacture of one of its pumps.
How do the direct and step down methods of service department cost allocation differ?
What are interdepartmental services?
How are service department costs assigned to products?
Quality cost reports typically break down types of quality costs into four broad groups. What are these four groups, and how do they differ?
Over the past several years, Claire Jackson, CEO and founder of Easy Learning (EL), has been working to expand operations outside of Canada. In particular, she has placed two longtime, trusted
You have recently accepted a position with Sea-Jewels Inc., the manufacturer of a popular consumer product. When trying to open your variance analysis files, you find some of them have become
Grosch! Company has had great difficulty in controlling manufacturing overhead costs. At a recent convention, the president heard about a control device for overhead costs known as a flexible budget,
Ryder Company produces a single product, school backpacks made of a sturdy nylon fabric. The production of these bags requires a relatively large amount of labour time. Overhead cost is applied
Comfort Company produces leather office chairs. The standard cost per chair is as follows:During 2017, Comfort Company produced and sold 12,000 office chairs. Management believes that the denominator
You became acquainted with the concept of under or over applied overhead. The under or over applied overhead can be broken down into what four variances?
The cheque-clearing office of Pay Loans Company is responsible for processing all cheques that come to the company for payment. Managers at the company believe that variable overhead costs are
Oxford Concrete Inc. (OCI processes and distributes various types of cement. The company buys quarried local rock, limestone, and clay from around the world and mixes, blends, and packages the
Onassis Catering is a Greek company that provides passenger and crew meals to airlines operating out of two international airports in Athens and Corfu. The operations at the two airports are managed
AnimPix Inc. is a small company that creates computer-generated animations for films and television. Much of the company's work consists of short commercials for television, but the company also does
Quick Supply distributes office supplies to small to medium sized offices throughout the Region of Waterloo, Ontario. Quick Supply sets its prices by marking up its cost of goods sold by 5%. For
Ace Mining Tools Ltd. of Calgary makes specialty tools used in the mining industry. The company uses an ABC system for internal decision making. The company has four activity cost pools, as listed
Various activities at Husang Corporation, a claims processing centre that provides service to several large insurance companies, are listed below:Activitya. Employees check claims against
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.
Larner Corporation manufactures two types of light fixtures for industrial use, the J78 and the W52. The company's ABC system contains the following six activity cost pools and activity
Tambin Inc. produces a gasoline additive that, when added to the gas tank of the average automobile, is designed to increase gas mileage by 10%. The company's controller suspects that the year-end
Refer to the data for Rachel's Real Root Beer in Case 6-19. Assume the company uses the FIFO method. Required:Take on the role of Switzer and prepare the report for Archer. Be sure to provide
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
Ainsley Industries uses the weighted-average method in its process costing system. Data for the Assembly Department for May appear below:RequiredCompute the cost per equivalent unit for materials,

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