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managerial accounting
Questions and Answers of
Managerial Accounting
Static budgets are often used by:a. production departments.b. administrative departments.c. responsibility centers.d. capital projects.
The actual and standard factory overhead costs for producing a specified quantity of product are as follows:If 1,000 hours were unused, the fixed factory overhead volume variance would be:a. $1,500
The total estimated sales for the coming year is 250,000 units. The estimated inventory at the beginning of the year is 22,500 units, and the desired inventory at the end of the year is 30,000 units.
Menounos Manufacturing Co. uses standard costs. Standard costs and actual costs for direct materials and direct labor for the manufacture of 3,000 units during 20Y6 were as follows:Each unit requires
Menounos Manufacturing Co. uses standard costs. Standard costs and actual costs for direct labor and factory overhead for the manufacture of 3,000 units during 20Y6 were as follows:Each unit requires
Dixon Company expects $650,000 of credit sales in March and $800,000 of credit sales in April. Dixon historically collects 70% of its sales in the month of sale and 30% in the following month. How
The actual and standard direct materials costs for producing a specified quantity of product are as follows:The direct materials price variance is:a. $50 unfavorable.b. $2,500
Bower Company produced 4,000 units of product. Each unit requires 0.5 standard hour. The standard labor rate is $12 per hour. Actual direct labor for the period was $22,000 (2,200 hrs. × $10 per
Twitchell Industries produces three products. All of the products use a furnace operation, which is a production bottleneck. The following data are available:Which product is most profitable and
Ramathan Company produced 6,000 units of Product Y, which is 80% of capacity. Each unit required 0.25 standard machine hour for production. The standard variable factory overhead rate is $5 per
Delinco Tech Inc. manufactures corrosion-resistant water pumps and fluid meters. Its Commercial Products Division is organized as a cost center. The division’s budget for the month ended July 31 is
Applegate Company has a normal budgeted capacity of 200 machine hours. Applegate produced 600 units. Each unit requires a standard 0.2 machine hour to complete. The standard fixed factory overhead is
Johnson Company has two divisions, East and West, that operate as profit centers. Sales, cost of goods sold, and selling expenses for the two divisions for the year ended December 31 are as
When the manager has the responsibility and authority to make decisions that affect costs and revenues but no responsibility for or authority over assets invested in the department, the department is
The Accounts Payable Department has expenses of $600,000 and makes 150,000 payments to the various vendors who provide products and services to the divisions. Division A has operating income of
Yummy Foods Company is a diversified company with three divisions organized as investment centers.Condensed data taken from the records of the three divisions for the year ended December 31 are as
Division A of Kern Co. has sales of $350,000, cost of goods sold of $200,000, operating expenses of $30,000, and invested assets of $600,000. What is the return on investment for Division A?a. 20%b.
The materials used by the South Division of Eagle Company are currently purchased from outside suppliers at $30 per unit. These same materials are produced by Eagle’s North Division. Operating
Division L of Liddy Co. has a return on investment of 24% and an investment turnover of 1.6. What is the profit margin?a. 6%b. 15%c. 24%d. 38%
Which approach to transfer pricing uses the price at which the product or service transferred could be sold to outside buyers?a. Cost price approachb. Negotiated price approachc. Market price
For the three cases that follow, prepare a differential analysis.Case A (Discontinue a Product): Product K has revenue of $65,000, variable cost of goods sold of $50,000, variable selling expenses of
SMB Company recently began production of a new product, Q, which required an investment of $2,500,000 in assets. The costs of producing and selling 100,000 units of Product Q are estimated as
Johnston Company is considering discontinuing a product. The costs of the product consist of $20,000 fixed costs and $15,000 variable costs. The variable operating expenses related to the product
Madden Company is considering disposing of equipment that was originally purchased for $200,000 and has $150,000 accumulated depreciation to date. The same equipment would cost $310,000 to replace.
Tyme Manufacturing Inc. is evaluating a capital investment proposal for a new machine. The new machine has a cost of $230,000, an expected useful life of six years, and a residual value of $20,000.
Which method of setting normal product selling prices includes administrative and selling expenses in the markup that is added to the cost amount?a. Target costing methodb. Demand-based methodc.
The management of Broncial Industries Inc. is considering a capital investment project. The net cash flows expected from the project are $50,000 a year for seven years. The project requires an
Methods of evaluating capital investment proposals that ignore present value include:a. average rate of return.b. cash payback.c. both a and b.d. neither a nor b.
Management is considering a $100,000 investment in a project with a five-year life and no residual value. If the total income from the project is expected to be $60,000 and straight-line depreciation
Acme Company is evaluating two projects with unequal lives. Project 1 requires an original investment of$50,000. The project will yield cash flows of $12,000 per year for five years. Project 1 could
The expected period of time that will elapse between the date of a capital investment and the complete recovery of the amount of cash invested is called the:a. average rate of return period.b. cash
A project that will cost $120,000 is estimated to generate cash flows of $25,000 per year for eight years. What is the net present value of the project, assuming an 11% required rate of
I. Lean Concepts Match the following lean concepts with the appropriate description.II. Lead Time Analysis The Helping Hands Company manufactures designer gloves. Gloves are manufactured in 50-glove
A project is estimated to generate cash flows of $40,000 per year for 10 years. The cost of the project is $226,009. What is the internal rate of return for this project?a. 8%b. 10%c. 12%d. 14%
Which of the following is not a characteristic of the lean manufacturing philosophy?a. Product-oriented layoutb. Push manufacturing (make to stock)c. Short lead timesd. Reducing setup time as a
The budgeted conversion costs for a lean cell are $142,500 for 1,900 production hours. Each unit produced by the cell requires 10 minutes of cell process time. During the month, 1,050 units are
A quality control activity analysis indicated the following four activity costs of an administrative department:Sales are $2,000,000. Prepare a cost of quality report. Verifying the accuracy of a
Accounting for lean manufacturing is best described as:a. more complex.b. focused on direct labor.c. providing detailed variance reports.d. providing less transaction control.
A product cell for Dynah Company has budgeted conversion costs of $420,000 for the year.The cell is planned to be available 2,100 hours for production. Each unit requires $12.50 of materials cost.
In-process inspection activities are an example of what type of quality cost?a. Preventionb. Appraisalc. Internal failured. External failure
A Pareto chart is used to display:a. a ranking of attribute totals, by category, in the form of a bar chart.b. important trends in the form of a line chart.c. percentage information in the form of a
Cameron Tools Inc. has developed a balanced scorecard with six objectives under the four standard performance perspectives. In the learning and growth perspective, the company has strategic
Which of the following is not an example of a metric that companies are likely to use to measure some aspect of performance?a. Operating incomeb. CEO salaryc. Cash flowsd. Average employee tenure
Building on the Cameron Tools Inc. balanced scorecard example, assume that the company has the following performance metrics for each strategic objective:▪ Promote from within: Percentage of new
Which of the following are elements of the balanced scorecard?i. Performance targets ii. Strategy maps iii. Performance forecasts iv. Strategic initiativesa. i onlyb. iii and ivc. i, ii, and ivd. i,
Which of the following statements is true regarding the balanced scorecard?a. Strategic objectives are the same as the overall mission statement of a company.b. All effective performance metrics of a
Which of the following statements most accurately describes the difference between a strategy map and a measure map?a. Strategy maps show which performance metrics are leading or lagging indicators
Which of the following best describes one of the main reasons why most Fortune 500 companies now issue CSR reports?a. Investors and consumers are increasingly rewarding companies that are engaged in
Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables: June 2. Received $1,200 from Melissa Crone and wrote off the remainder owed of
At the end of the fiscal year, before the accounts are adjusted, Accounts Receivable has a balance of $200,000 and Allowance for Doubtful Accounts has a credit balance of $2,500.If the estimate of
Journalize the following transactions, using the allowance method of accounting for uncollectible receivables: June 2. Received $1,200 from Melissa Crone and wrote off the remainder owed of $4,000 as
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
At the end of the fiscal year, Accounts Receivable has a balance of $100,000 and Allowance for Doubtful Accounts has a balance of $7,000. The expected net realizable value of the accounts receivable
Icebreaker Company receives a 120-day, 6% note for $40,000, dated May 14, in settlement of a $40,000 account that is past due.a. Determine the due date of the note.b. Determine the maturity value of
What is the maturity value of a 90-day, 12% note for $10,000?a. $8,800b. $10,000c. $10,300d. $11,200
What is the due date of a $12,000, 90-day, 8% note receivable dated August 5?a. October 31b. November 2c. November 3d. November 4
Chiro-Solutions Company reported the following for two recent years:a. Determine the accounts receivable turnover for 20Y2 and 20Y1. Round answers to one decimal place.b. Determine the days’ sales
When a note receivable is dishonored, Accounts Receivable is debited for what amount?a. The face value of the noteb. The maturity value of the notec. The maturity value of the note less accrued
Which of the following expenditures incurred in connection with acquiring machinery is a proper charge to the asset account?a. Freightb. Installation costsc. Both (a) and (b)d. Neither (a) nor (b)
McCollum Company, a furniture wholesaler, acquired new equipment at a cost of $150,000 at the beginning of the fiscal year. The equipment has an estimated life of five years and an estimated residual
On the first day of the year, Firefall Company acquired equipment for use in operations at a cost of$340,000. The equipment was expected to have a useful life of four years or 1,000 hours, and a
What is the amount of depreciation, using the double-declining-balance method for the second year of use for equipment costing $9,000, with an estimated residual value of$600 and an estimated life of
On the first day of the year, Firefall Company purchased equipment at a cost of $340,000. The equipment was expected to have a useful life of four years, a residual value of $20,000, and is
An example of an accelerated depreciation method is:a. straight-line.b. double-declining-balance.c. units-of-activity.d. depletion.
Caldwell Mining Co. acquired mineral rights for $126,000,000. The mineral deposit is estimated at 42,000,000 tons.During the current year, 3,800,000 tons were mined and sold.a. What is the depletion
Equipment purchased on January 3 for $80,000 was depreciated using the straight-line method based upon a five-year life and $7,500 residual value. The equipment was sold three years later on December
Hollis Company acquired patents for $125,000 on July 1 of the current year. The technology supported by these patents was expected to have a 10-year life. In addition, goodwill from acquiring Logan
Which of the following is an example of an intangible asset?a. Patentsb. Goodwillc. Copyrightsd. All of these
Select financial statement data for two recent years for DePuy Company are as follows:a. Determine the fixed asset turnover ratio for 20Y7 and 20Y8.b. Does the change in the fixed asset turnover
On October 3, Bering Industries Inc. is considering two alternatives for a short-term loan from Community Bank: (1) issue a $60,000, 60-day, 5% note or (2) issue a $60,000, 60-day note that the bank
Selected transactions of Taylor Company, completed during the fiscal year ended December 31, are as follows:InstructionsJournalize the preceding transactions. Mar. 1. Apr. 10. June 9. Aug. 1. Oct.
A business issued a $5,000, 60-day, 12% note to the bank. The amount due at maturity is:a. $4,900b. $5,000c. $5,100d. $5,600
Wildcat Company had gross wages of $180,000 for the week ended March 20. All $180,000 of wages are subject to social security and Medicare taxes, while $30,000 of wages are subject to federal and
A business issued a $5,000, 60-day note to a supplier, which discounted the note at 12%.The proceeds are:a. $4,400b. $4,900c. $5,000d. $5,100
A petty cash fund is:a. used to pay relatively small amounts.b. established by estimating the amount of cash needed for disbursements of relatively small amounts during a specified period.c.
Innovative Consulting Co. has the following accounts in its ledger: Cash, Accounts Receivable, Supplies, Office Equipment, Accounts Payable, Common Stock, Retained Earnings, Dividends, Fees Earned,
During the month, Gates Labs Co. has a substantial number of transactions affecting each of the following accounts. State for each account whether it is likely to have(a) debit entries only,(b)
Identify each of the following accounts of Liken Services Co. as asset, liability, stockholders’ equity, revenue, or expense, and state in each case whether the normal balance is a debit or a
Three years ago, T. Roderick organized Harbor Realty. At July 31, 20Y2, the end of the current year, the unadjusted trial balance of Harbor Realty follows:The data needed to determine year-end
On February 11, 20Y9, Quick Fix Company purchased $2,250 of supplies on account. In Quick Fix’s chart of accounts, the supplies account is No. 15, and the accounts payable account is No. 21.a.
Drive Time Delivery is a local delivery service operating in Cleveland, Ohio. On February 1, Drive Time has the following balances: Cash, $32,500; Accounts Receivable, $5,000; Accounts Payable,
Levart Travel Service's assets and liabilities at December 31, 20Y6, and its revenue and expenses for the year follow.The retained earnings were $30,000 on January 1, 20Y6, the beginning of the year.
Which of the following items represents a deferral?a. Prepaid insuranceb. Wages payablec. Fees earnedd. Accumulated depreciation
The balance in the unearned rent account for Jones Co. as of December 31 is $1,200. If Jones Co. failed to record the adjusting entry for $600 of rent earned during December, the effect on the
At the end of the current year, $59,500 of fees have been earned but have not been billed to clients.a. Journalize the adjusting entry to record the accrued fees.b. If the cash basis rather than the
David Simmons, M.D., organized Simmons Urgent Care Inc. by investing cash in exchange for common stock. In addition, the clinic purchased medical supplies and office equipment on account.Identify the
If the supplies account, before adjustment on May 31, indicated a balance of $2,250, and supplies on hand at May 31 totaled $950, the adjusting entry would be:a. debit Supplies, $950; credit Supplies
Selected transactions from Simmons Urgent Care Inc.'s first month of operations are as follows:Prepare journal entries to record these transactions, and illustrate their impact on the accounting
The adjusting entry for accrued wages was omitted at July 31, the end of the current year.Indicate which items will be in error, because of the omission, on(a) the income statement for the current
If the estimated amount of depreciation on equipment for a period is $2,000, the adjusting entry to record depreciation would be:a. debit Depreciation Expense, $2,000; credit Equipment, $2,000.b.
Paradise Realty Co. pays weekly salaries of $25,500 on Friday for a five-day workweek ending on that day. Journalize the necessary adjusting entry at the end of the accounting period, assuming that
The accounts of Simmons Urgent Care Inc. as of December 31, 20Y7, are listed in alphabetical order as follows.All accounts have normal balances.Prepare an unadjusted trial balance, listing the
The wages payable and wages expense accounts at August 31, after adjusting entries have been posted at the end of the first month of operations, are shown in the following T accounts:Determine the
If the adjusting entry for accrued wages of $7,500 was omitted, the adjusted trial balance totals would be:a. unequal, the debit total would exceed the credit total by $7,500.b. unequal, the debit
The following data were accumulated for preparing the adjusting entries for the Atlanta Rhythm Company:▪ At the end of the year, $13,680 of fees have been earned, but have not been billed to
Accrued salaries owed to employees for October 30 and 31 are not considered in preparing the financial statements for the year ended October 31. Indicate which items will be erroneously stated,
Selected unadjusted account balances for Atlanta Rhythm Company on December 31 are as follows:The following adjustment data were accumulated on December 31:▪ Supplies on hand at December 31,
Selected account balances for Atlanta Rhythm Company on December 31 are as follows:Depreciation on equipment during the year is $4,000.a. Journalize the adjusting entry necessary for depreciation on
The balance in the unearned fees account, before adjustment at the end of the year, is $18,000.Journalize the adjusting entry required if the amount of unearned fees at the end of the year is $3,600.
Which of the following accounts would not be included in a post-closing trial balance?a. Cashb. Fees Earnedc. Accumulated Depreciationd. Retained Earnings
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