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business
managerial accounting

Questions and Answers of Managerial Accounting

Thomas Design is an interior design firm. The firm uses a job cost system, in which each client is a different job. Thomas Design traces direct labor, licensing costs, and travel costs directly to
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.The Las Vegas
In October 2021, the technology analysis intellectual property services firm TechInsights did a teardown and cost analysis of Apple’s iPhone 13 Pro phone model that was released in fall 2021.5
Why would it be inappropriate for a custom-home builder to use process costing?
Would a job costing system or a process costing system be used for this production process? Give specific reasons for your choice of which costing system would be most appropriate for this
Determine whether each of the following statements is true or false: Managers’ three primary responsibilities are planning, directing, and controlling.
Determine whether each of the following statements is true or false:Management accounting is geared toward external stakeholders, such as investors and creditors.
Determine whether each of the following statements is true or false:Management accountants often work in cross-functional teams throughout the organization.
Determine whether each of the following statements is true or false:The internal audit function reports to the audit committee of the board of directors.
Determine whether each of the following statements is true or false:Management accountants are now more often looked upon as internal business advisors rather than “bean counters” recording
Determine whether each of the following statements is true or false:Management accountants should be technically proficient, but they don’t need strong oral and written communication skills.
Determine whether each of the following statements is true or false:Management accountants should be proficient in Excel.
Determine whether each of the following statements is true or false:The Association of International Certified Professional Accountants (AICPA) issues the Certified Management Accountant (CMA)
Determine whether each of the following statements is true or false:The Sarbanes-Oxley Act of 2002 (SOX) imposes stricter requirements for financial reporting and internal controls and stricter
Determine whether each of the following statements is true or false:Most business decisions are now based on gut feelings and hunches, rather than being data-driven.
Determine whether each of the following statements is true or false:Critical thinking can be improved by asking yourself a series of questions about any issue or problem you encounter. These
Determine whether each of the following statements is true or false:The triple bottom line assesses company performance on three factors: people (social impact), planet (environmental impact), and
Determine whether each of the following statements is true or false:Manufacturing makes up the largest sector of the U.S. economy.
Determine whether each of the following statements is true or false:The globalization of business has little bearing on management accounting.
Determine whether each of the following statements is true or false:Computer systems that integrate all of a company’s worldwide functions into one database are known as Integrated Worldwide
1. Each of the following statements describes a responsibility of management. Match each statement to the management responsibility being fulfilled.2. Are the following statements more descriptive of
EZ-Rider Motorcycles is considering whether to expand into Germany. If gas prices increase, the company expects more interest in fuel-efficient transportation such as motorcycles. As a result, the
The costs of manufacturing or purchasing inventory would be classified asa. selling, general, and administrative expenses.b. operating expenses.c. period costs.d. product costs.
Prime costs consist ofa. direct materials and manufacturing overhead.b. direct labor and manufacturing overhead.c. direct materials and direct labor.d. direct materials, direct labor, and
Which of the following is true?a. Direct materials are considered to be fixed costs.b. The average cost can be used to predict total costs at other volumes.c. Manufacturing overhead is always a
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. ______ report three types of inventory on the balance
Classify each of the following costs as a direct cost or an indirect cost, assuming that the cost object is the Juniors Department (clothing and accessories for teenage and young women) in the Stow
Given the following information for a retailer, compute the cost of goods sold. Ending inventory. Website maintenance..... Revenues...... Freight-in............ Import duties........ Marketing
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. A(n) _______ is the cost of making one more unit.b.
Classify each of the following costs as fixed or variable:a. Cost of French fries used at a McDonald’s restaurantb. Hourly wages paid to cashiers at The Home Depotc. Monthly sugar costs for The
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).
Suppose Motor Shack incurred the following costs at its Ann Arbor, Michigan, store:Requirements:-1. Classify each cost as to which category of the value chain it belongs (R&D, Design, Purchases,
Each of the following scenarios describes some cost item for organizations in recent years. For each scenario, identify which function of the value chain that cost would represent (R&D, Design,
An airline manufacturer incurred the following costs last month (in thousands of dollars):Requirements:1. Assuming the cost object is an airplane, classify each cost as one of the following:direct
Outdoor Amenities is a manufacturer of backyard and deck furniture. Its products are in high demand, and it carries no inventory. Following is a list of selected account balances from its trial
Prepare the income statement for West Nautical Company in E2-31A for the most recent year. Assume that the company sold 34,000 units of its product at a price of $12 each during the year.Data From
Hilton Merchandise has several warehouses for its inventory located around the United States. Hilton’s controller has imported its inventory records into Excel. The following is a sample of the
Suppose Truck Shack incurred the following costs at its Philadelphia, Pennsylvania, store.Requirements:1. Classify each of these costs according to its place in the value chain (R&D, Design,
Backyard Amenities is a manufacturer of backyard and deck furniture. Its products are in high demand, and it carries no inventory. To follow is a list of selected account balances from its trial
Prepare the income statement for Golden Bay Company using the data in E2-45B for the most recent year. Assume that the company sold 39,000 units of its product at a price of \($15\) each during the
ShaZam Cola produces a lemon-lime soda. The production process starts with workers mixing the lemon syrup and lime flavors in a secret recipe. The company enhances the combined syrup with caffeine.
Finney Displays designs and manufactures displays used in mobile devices. Serious flooding throughout the region affected Finney Displays’ facilities. Inventory was completely ruined, and the
Brandon is the production manager of a large manufacturing firm. He is worried about the prospect of bonuses for the upcoming year. The company has paid out bonuses for the past 10 years, so Brandon
Since 2016, the price of coffee has fluctuated. Despite increases and decreases in coffee costs, Starbucks has only raised the prices of its brewed coffee across the United States over that same
Calculate Cost of Goods Sold for Ralph's Sporting Goods, a merchandising company, given the following information: Advertising expense...... $ 25,000 Purchases of merchandise............ 400,000
Which of the following costs are treated as product costs by a merchandising company, such as Walmart? Which costs are treated as period costs?1. Cost of leasing the retail locations 2. Cost of
Assume a grocery store manager wants to know the cost of running the Produce Department. Thus, the Produce Department is the cost object. Which of the following would be considered direct costs of
Classify each of the following business costs into one of the six value chain elements:a. Costs associated with warranties and recallsb. Cost of shipping finished goods to international customersc.
For a manufacturing company, identify the following as either a product cost or a period cost. If it is a product cost, classify it as direct materials, direct labor, or manufacturing overhead.a.
Calculate the Cost of Goods Manufactured. Use the following amounts: direct materials used (\($24,000),\) direct labor (\($9,000),\) manufacturing overhead (\($17,000),\) beginning work in process
Auto-USA spent \($300\) million in total to produce 50,000 cars this year. The \($300\) million breaks down as follows: The company spent \($50\) million on fixed costs to run its manufacturing
The two fundamental types of costing systems area. periodic costing and perpetual costingb. periodic costing and process costingc. process costing and job costingd. job costing and periodic costing
In a job costing system, which of the following statements about materials is not correct?a. A materials requisition is used to request materials needed from the storeroom.b. Materials used during
The formula to calculate the amount of manufacturing overhead to allocate to jobs isa. predetermined overhead rate times the estimated amount of the allocation base used by the specific job.b.
Assigning manufacturing overhead costs and other indirect costs to jobs is calleda. materials requisitioning.b. cost driver.c. cost allocation.d. cost tracing.
If the company underestimates the amount of allocation base when calculating its predetermined manufacturing overhead rate but estimates the amount of manufacturing overhead correctly, the amount of
If manufacturing overhead is overallocated for the period by $100, thena. The $100 should be prorated between Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold.b. Actual
When a company uses direct labor, it traces the cost to the job by debitinga. Direct Labor.b. Wages Payable.c. Manufacturing Overhead.d. Work in Process Inventory.
For which of the following reasons would the principal partner of a consulting firm want to know the total costs of a job (serving a particular client)?a. For inventory valuationb. For external
Categorize each of the following activities as to which management responsibility it fulfills: planning, directing, or controlling. Some activities may fulfill more than one responsibility.a.
Companies are facing a great amount of change in every facet of their operations today. To remain competitive, companies must keep abreast of current developments in several areas. You recently got
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.)
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. To quickly navigate to the end of the data in a
Sustainability involves more than just the impact of actions on the environment. The triple bottom line recognizes that a company has to measure its impact on its triple bottom line for its long-term
Sustainability involves more than just the impact of actions on the environment. The triple bottom line recognizes that a company has to measure its impact on its triple bottom line for its long-term
Shula Perot is the new controller for EduTechno Software, which develops and sells educational software. Shortly before the December 31 fiscal year-end, Nico Cattrall, the company president, asks
Ferguson 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
Bryan Haas has his own electronics retail chain, TechnoGeek. His stores sell computer parts, audiovisual equipment, consumer electronics, and related items. Custom computer building and electronics
As CEO of Riverside Marine, Lian Moore knows it is important to control costs and to respond quickly to changes in the highly competitive boat-building industry. When Gerbig Consulting proposes that
In this project, you will be conducting an interview about sustainability efforts at a local organization. Find a local company or organization with which you are familiar. Arrange an interview with
Sancha is an accountant at Merelix, a large international firm where she works on potential acquisitions. When Merelix is preparing to acquire a company, Sancha is involved in filing the necessary
The Shubert Organization, the largest owner of Broadway theatres, operates 24 theaters, including 18 on Broadway. It has brought hundreds of classic shows to Broadway over the decades, including The
Using the variance data for Menounos Manufacturing Co., prepare an income statement through gross profit for the year ended December 31, 20Y6. Assume the company sold 3,000 units at $100 per unit.
The following units of a particular item were available for sale during the period: Beginning inventory 40 units at $20 First purchase 50 units at $21 Second purchase 50 units at $22 Third purchase
The journal entry to record the requisition of materials to the factory in a job order cost system is a debit to:a. Materials.b. Accounts Payable.c. Work in Process.d. Cost of Goods Sold.
Hancock Inc. is considering spending $100,000 for a new grinding machine. This amount could be invested to yield a 12% return. What is the opportunity
The following units of a particular item were purchased and sold during the period:What is the cost of the 35 units on hand at the end of the period as determined under the perpetual inventory system
The beginning inventory, purchases, and sales of Item PEAR4 for a recent year are as follows:There are 16 units of the item in the physical inventory at December 31, the end of the fiscal year. The
JJ’s Electronics Company has three products in inventory (PCs, tablets, and smartphones). Each product’s quantity,cost per unit, and market value per unit are as follows:Apply the
Financial statement data for two years ending December 31 for Holland Company follow:a. Determine the inventory turnover for 20Y4 and 20Y3.b. Determine the number of days’ sales in inventory for
If inventory is being valued at cost and the price level is steadily rising, the method of costing that will yield the highest net income is:a. LIFO.b. FIFO.c. average.d. periodic.
Zulu Industries incorrectly counted its December 31, 20Y1, inventory at $250,000 instead of the correct amount of $220,000. Indicate the effect of the misstatement on Zulu’s income statement for
If the inventory at the end of the year is understated by $7,500, the error will cause an:a. understatement of cost of goods sold for the year by $7,500.b. overstatement of gross profit for the year
During the taking of its physical inventory on August 31, 20Y4, Kate Interiors Company incorrectly counted its inventory as $366,900 instead of the correct amount of $378,500. Indicate the effect of
Identify the control procedure violated in each of the following scenarios:a. Todd Leone is the accounting clerk for Home Chic, a small boutique retail store that is owned and operated by Al Dente.
The bank statement for Urethane Company for June 30, 20Y2, indicates a balance of $9,293.11.All cash receipts are deposited each evening in a night depository, after banking hours. The accounting
Which of the following is not an element of internal control?a. Control environmentb. Monitoringc. Compliance with laws and regulationsd. Control procedures
The following data related to the bank account of Apex Company were gathered on December 31, 20Y9, the end of the fiscal year:The following additional information was provided to help reconcile the
The bank erroneously charged Tropical Services’ account for $450.50 for a check that was correctly written and recorded by Tropical Services as $540.50. To reconcile the bank account of Tropical
In preparing a bank reconciliation, the amount of checks outstanding would be:a. added to the cash balance according to the bank statement.b. deducted from the cash balance according to the bank
Financial statement data for years ended December 31 for Holland Company follow:Determine the days’ cash on hand for 20Y2 and 20Y3. Round all calculations to one decimal place. Cash and short-term
Journal entries based on the bank reconciliation are required for:a. additions to the cash balance according to the company’s records.b. deductions from the cash balance according to the
At the end of the current year, ARS Industries has the following account balances before making an adjusting entry for uncollectible accounts:The company recorded $3,500,000 of credit sales during
On January 1, the first day of the fiscal year, Anchor Company issues a $30,000, 10%, five-year installment note that has annual payments of $7,914.a. Journalize the annual note payment at the end of
Which of the following taxes are employers usually not required to withhold from employees?a. Federal income taxb. Federal unemployment compensation taxc. Medicare taxd. State and local income tax
Scooter General Inc. is in its first year of manufacturing and selling high-end scooters. The company warrants its products for one year and estimates product warranty costs at 2% of sales. During
The fiscal year of Russell Inc., a manufacturer of acoustical supplies, ends December 31. Selected transactions for the period 20Y1 through 20Y6 involving bonds payable issued by Russell Inc.are as
An employee’s rate of pay is $36 per hour, with time and a half for all hours worked in excess of 40 during a week. The employee worked 45 hours during the week. The amount of the employee’s
Which of the following is the journal entry to record a periodic payment on an installment note?a. Debit Notes Payable;credit Cashb. Debit Interest Expense;credit Cashc. Debit Interest Expense; debit
Match the bond terminology in the left column to the correct definition from the right column. Bond Terminology 1. Contract rate of interest 2. Discount 3. Face amount 4. Market rate of interest 5.

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