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principles of accounting volume 1

Questions and Answers of Principles Of Accounting Volume 1

When is the material quantity variance favorable?A. When the actual quantity used is greater than the standard quantityB. When the actual quantity used is less than the standard quantityC. When the
What is the direct labor time variance?
Acme Inc. has the following information available:A. Compute the material price and quantity, and the labor rate and efficiency variances.B. Describe the possible causes for this combination of
Recompute the variances from the second Acme Inc. exercise using $0.0725 as the standard cost of the material and $14 as the standard labor cost per hour. How has your explanation of the variances
Fitzgerald Company manufactures sewing machines, and they produced 2,500 this past month. The standard variable manufacturing overhead (MOH) rate used by the company is $6.75 per machine hour. Each
When is the material quantity unfavorable?A. When the actual quantity used is greater than the standard quantityB. When the actual quantity used is less than the standard quantityC. When the actual
What are some possible causes of a direct labor rate variance?
Acme Inc. has the following information available:A. Compute the material price and quantity, and the labor rate and efficiency variances.B. Describe the possible causes for this combination of
A manufacturer planned to use $78 of variable overhead per unit produced, but in the most recent period, it actually used $76 of variable overhead per unit produced. During this same period, the
Acme Inc. has the following information available:A. Compute the material price and quantity, and the labor rate and efficiency variances.B. Describe the possible causes for this combination of
What are some possible reasons for a labor rate variance?A. Hiring of less qualified workersB. An excess of material usageC. Material price increaseD. Utilities usage change
What are some possible causes of a direct labor time variance?
When is the labor rate variance unfavorable?A. When the actual quantity used is greater than the standard quantityB. When the actual quantity used is less than the standard quantityC. When the actual
Acme Inc. has the following information available:A. Compute the material price and quantity, and the labor rate and efficiency variances.B. Describe the possible causes for this combination of
How is the total direct labor variance calculated?
What causes the variable overhead rate variance?
What are some possible reasons for a direct labor time variance?A. Utility usage decreaseB. Less qualified workersC. Office supplies spendingD. Sales decline
What causes the variable overhead efficiency variance?
When is the direct labor time variance favorable?A. When the actual quantity used is greater than the standard quantityB. When the actual quantity used is less than the standard quantityC. When the
What is the main difference between a flexible budget and a master budget?
When is the direct labor time variance unfavorable?A. When the actual quantity used is greater than the standard quantityB. When the actual quantity used is less than the standard quantityC. When the
What causes a favorable variance?
A flexible budget ________.A. Predicts estimated revenues and costs at varying levels of productionB. Gives actual figures for selling priceC. Gives actual figures for variable and fixed overheadD.
The variable overhead rate variance is caused by the sum between which of the following?A. Actual and standard allocation baseB. Actual and standard overhead ratesC. Actual and budgeted unitsD.
What causes an unfavorable variance?
When might a favorable variance not be a good outcome?
The variable overhead efficiency variance is caused by the difference between which of the following?A. Actual and budgeted unitsB. Actual and standard allocation baseC. Actual and standard overhead
When might an unfavorable variance be a good outcome?
Identify several causes of a favorable material price variance.
The fixed factory overhead variance is caused by the difference between which of the following?A. Actual and standard allocation baseB. Actual and budgeted unitsC. Actual fixed overhead and applied
Which of the following is a possible cause of an unfavorable material price variance?A. Purchasing too much materialB. Purchasing higher-quality materialC. Hiring substandard workersD. Buying
Identify several causes of an unfavorable material price variance.
Use Netflix’s 2017 annual report (https://openstax.org/l/50Netflix2017) to answer the following questions.A. Using the revenue and contribution profit information, calculate the contribution profit
Which of the following is a possible cause of an unfavorable material quantity variance?A. Purchasing substandard materialB. Hiring higher-quality workersC. Paying more than should have for workersD.
Identify several causes of a favorable material quantity variance.
Which of the following is a possible cause of an unfavorable labor efficiency variance?A. Hiring substandard workersB. Making too many unitsC. Buying higher-quality materialD. Paying too much
The following information is from Dessert Dynasty. The company runs three stores and the December Income Statement for all stores is shown.A. Find the missing values for retail revenue, ingredients,
The following information is from Bluff Run Golf Courses. The company runs three courses and the July income statement for each course is shown.A. Find the missing value for outings revenue, wages,
Identify several causes of an unfavorable labor rate variance.
Identify several causes of a favorable labor efficiency variance.
Assume you are the leather department manager at the Famous Football Factory. The leather department is a cost center and you are reviewing the scrap costs for the previous year, shown here:A. Using
The income statement comparison for Forklift Material Handling shows the income statement for the current and prior year.A. Determine the operating income (loss) (dollars) for each year.B. Determine
Identify several causes of an unfavorable labor efficiency variance.
The income statement comparison for Rush Delivery Company shows the income statement for the current and prior year.A. Determine the operating income (loss) (dollars) for each year.B. Determine the
Assume you have been hired by Hilton Hotels and Resorts. As part of your new role in the accounting department, you have been tasked to set up a responsibility accounting structure for the company.
Assume you have been hired by Cabela’s Sporting Goods. As part of your new role in the accounting department, you have been tasked to set up a responsibility accounting structure for the company.
Which of the following is not a common goal of an organization?A. Operational efficiencyB. Being acquired by another businessC. Achieving strategic goalsD. Measuring financial performance
The following information is from Dave’s Sporting Goods. Dave’s is a Midwest sporting goods store with three regional stores. The August income statement for all stores is shown.A. Comment on the
Identify and describe the levels of management, including the various types of decisions managers at each level make.
The following information is from Good Read Books. Good Read is a regional book store with three regional stores. The May income statement for all stores is shown.A. Comment on the operating income
Financial information for Lighthizer Trading Company for the fiscal year-ended September 30, 20xx, was collected. As part of a management training session, you have been asked to prepare an income
Consider the national nonprofit organization the American Red Cross. Assume you are the regional director of the organization, and you just received the quarterly financial reports. Even though the
Assume you are the warehouse manager for Vinnie’s Vinyls, a multi-location business specializing in vinyl records. Vinnies’s operates under a cost-based transfer structure and the warehouse
Assume you are the regional manager for a hotel chain. You receive the quarterly financial reports and notice one particular hotel had drastically lower revenue and a corresponding high occupancy
Financial information for BDS Enterprises for the year-ended December 31, 20xx, was gathered from an accounting intern, who has asked for your guidance on how to prepare an income statement format
Use Kellogg’s 2017 annual report (https://openstax.org/l/50Kellogg2017) to answer the following questions.A. Using the information for Kellogg, calculate the operating profit percentage for each of
Discuss the difference between centralized and decentralized organizations. Does the size of the organization influence whether the organization has a centralized or decentralized structure? Explain.
Which of the following does not describe a management control system?A. Establishes a company’s strategic goalsB. Implements a company’s strategic goalsC. Monitors a company’s strategic goalsD.
Management of Great Springs Bottled Water Company has asked you, the controller, to develop a transfer pricing system for the company. The Transportation Department of the company sells all of its
Using the information for Lighthizer Trading Company, prepare the income statement to include all costs, but separate out uncontrollable costs. Insert subtotals where appropriate (include one for
Management of Green Peak Tea Company has asked you, the controller, to develop a transfer pricing system for the company. The Brewing Department of the company sells all of its product to the
In centralized organizations, primary decisions are made by ________.A. An individual at the top of the organizationB. Various managers throughout the organizationC. Outside consultantsD. Low-level
Identify a company where you recently shopped. Assume the company operates with a decentralized structure. Describe how customers might benefit from the decentralized structure.
The following revenue data were taken from the December 31, 2017, General Electric annual report (10-K):For each segment and each year, calculate intersegment sales (another name for transfer sales)
A key advantage of a decentralized organization is ________.A. Increased administrative costsB. Quicker decisions and response timeC. The ease of aligning segment and company goalsD. Duplication of
Discuss the difference between daily and strategic decisions. Think of a business and provide an example of a daily and strategic decision.
The following revenue data were taken from the December 31, 2017, Coca-Cola annual report (10-K):For each segment and each year, calculate intersegment sales (another name for transfer sales) as a
Strategic decisions occur ________.A. Frequently and involve immediate decisionsB. Frequently and involve long-term decisionsC. Infrequently and involve long-term decisionsD. Infrequently and involve
Access PepsiCo’s 2017 annual report (https://openstax.org/l/50Pepsi2017). Starting at the top of the document, use the find (Ctrl + F) or search feature in the browser to search the annual report
As manager of the warehouse for Vinnie’s Vinyls, based on this analysis and the items you identified for further research, what is your advice to the manager of the West store? What might be some
Segments are uniquely identifiable components of the business and can be categorized by all of the following except ________.A. Products producedB. Services providedC. Geographical locationD. Number
Another search of PepsiCo’s 2017 annual report (https://openstax.org/l/50 Pepsi2017) reveals the company maintains a centralized management perspective on aspects of these items:• Commodities
Discuss how, as warehouse manager for Vinnie’s Vinyls, you view the different rate of allocated costs the warehouse is being charged compared to the West store. Describe the implications of this.
Organizational charts ________.A. List the salaries of all employeesB. Outline the strategic goals of the organizationC. Show the structure of an organizationD. Help management measure financial
Choose a company and describe how a specific issue, policy, or procedure (for example, granting merchandise returns, establishing sales prices) might look if the business is structured as a
Using the information in the previous exercises about Marley's Manufacturing, determine the operating income for department B, assuming department A “sold” department B 1,000 units during the
Determine the operating income for Vinnie’s Vinyls’ West store, assuming the warehouse allocation is reduced to 10% of sales for the warehouse and the difference will be charged to the West
In a centralized organization, where are goals established?A. At the lower level of the organization and promoted upwardB. Outside the organization based on best practices in the industryC. By each
Choose a company and explain how a specific issue, policy, or procedure (for example, granting merchandise returns, establishing sales prices) might look if the business is structured as a
Managers in decentralized organizations make decisions relating to all of the following except ________.A. The company’s stock priceB. Equipment purchasesC. PersonnelD. Prices to charge customers
Which of the following is not a type of responsibility center?A. Concentrated cost centerB. Investment centerC. Profit centerD. Cost center
A system that establishes financial accountability for operating segments within an organization is called ________.A. A financial statementB. An internal control systemC. Responsibility accountingD.
A responsibility center in which managers are held accountable for both revenues and expenses is called a ________.A. Discretionary cost centerB. Revenue centerC. Cost centerD. Profit center
Use Netflix’s 2017 annual report (https://openstax.org/l/50Netflix2017) to answer the following questions. How many segments does Netflix have? What are the segments? The annual report also shows
A responsibility center structure that considers investments made by the operating segments by using a common cost of capital percentage is called ________.A. Return on investmentB. Residual incomeC.
Reference the Kellogg Company’s 2017 annual report (https://openstax.org/l/50Kellogg2017) to answer the following question. In “Note 18: Reportable Segments,” you will find selected financial
An important goal of a responsibility accounting framework is to help ensure which of the following?A. Decision-making is made by the top executives.B. Investments made by each segment are
Lavell started out mowing lawns in the neighborhood when he was 13 years old. He did such good work that, without advertising, his business grew steadily each year. After college, Lavell decided to
Costs that a company or manager can influence are called ________.A. Discretionary costsB. Fixed costsC. Variable costsD. Controllable costs
Describe the concept of responsibility accounting.
An example of an uncontrollable cost would include all of the following except ________.A. Real estate taxes charged by the county in which the business operatesB. Per-gallon cost of fuel for the
Describe the concept of a cost center and, using a specific organization, give an example of how this might be used to achieve the strategic goals of the organization.
Internal costs that are charged to the segments of a business are called ________.A. Controllable costsB. Variable costsC. Fixed costsD. Allocated costs
Describe the concept of a profit center and, using a specific organization, give an example of how this might be used to achieve the strategic goals of the organization.
A transfer pricing arrangement that uses the price that would be charged to an external customer is a ________.A. Market-based approachB. Negotiated approachC. Cost approachD. Decentralized approach
Explain the benefits of a return on investment structure within an investment center framework. It may help to think of an example using an existing company.
A transfer pricing structure that considers the opportunity costs of selling to internal rather than external customers uses ________.A. The cost approachB. The general transfer pricing approachC.
Explain the benefits of a residual income structure within an investment center framework. It may help to think of an example using an existing company.
Discuss the concept of controllable and uncontrollable costs and how they affect the evaluation of the responsibility center’s financial performance.
Discuss the concept of transfer pricing.

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