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principles of accounting volume 1

Questions and Answers of Principles Of Accounting Volume 1

Rocks Industries has identified three different activities as cost drivers: machine setups, machine hours, and inspections. The overhead and estimated usage are:Compute the overhead rate for each
Which of the following is a reason a company would implement activity-based costing?A. The cost of record keeping is high.B. The additional data obtained through traditional allocation are not worth
Rex Industries has identified three different activities as cost drivers: machine setups, machine hours, and inspections. The overhead and estimated usage are:Compute the overhead rate for each
For each cost pool, identify an appropriate cost driver.A. Order departmentB. Accounts receivable processingC. CateringD. Raw material inventory
Which is the correct formula for computing the overhead rate?A. Estimated use of the cost driver for production/estimated overhead for the activityB. Estimated overhead for the product/estimated use
A company has traditionally allocated its overhead based on machine hours but collected this information to change to activity-based costing:A. How much overhead would be assigned to each unit under
How is the primary focus of activity-based costing different from that of traditional allocation?
A company anticipates the cost to heat the building will be $21,000. Product A takes up 500 square feet of space, while Product B takes up 200 square feet. The activity rate per product using
What are the primary differences between traditional and activity-based costing?
A company calculated the predetermined overhead based on an estimated overhead of $70,000, and the activity for the cost driver was estimated as 2,500 hours. If product A utilized 1,350 hours and
How are service companies similar or different from manufacturing companies in using ABC costing?
Custom’s makes two types of hats: polyester (poly) and silk. There are two cost pools: setup, with an estimated $100,000 in overhead, and inspection, with $25,000 in overhead. Poly is estimated to
Frenchy’s makes two types of scarves: polyester (poly) and silk. There are two cost pools: setup, with an estimated $120,000 in overhead, and inspection, with $30,000 in overhead. Poly is estimated
This cost data from Hickory Furniture is for the year 2017.A. Using the high-low method, express the factory utility expenses as an equation where x represents number of chairs produced.B. Predict
Roper Furniture manufactures office furniture and tracks cost data across their process. The following are some of the costs that they incur. Classify these costs as fixed or variable costs, and as
Total costs for ABC Distributing are $250,000 when the activity level is 10,000 units. If variable costs are $5 per unit, what are their fixed costs?A. $240,000B. $200,000C. $260,000D. Their fixed
Explain the components of the total cost equation and describe how each of the components can be used by management for decision-making.
Markson and Sons leases a copy machine with terms that include a fixed fee each month plus a charge for each copy made. Markson made 9,000 copies and paid a total of $480 in January. In April, they
Able Transport operates a tour bus that they lease with terms that involve a fixed fee each month plus a charge for each mile driven. Able Transport drove the tour bus 4,000 miles and paid a total of
Which of the following would not be classified as manufacturing overhead?A. Indirect materialsB. Indirect laborC. Direct laborD. Property taxes on factory
Explain how the high-low method is used for cost estimation. What, if any, are the limitations of this approach to cost estimation?
Markson and Sons leases a copy machine with terms that include a fixed fee each month of $500 plus a charge for each copy made. The company uses the high-low method to analyze costs. If Markson paid
Able Transport operates a tour bus that they lease with terms that involve a fixed fee each month plus a charge for each mile driven. Able Transport drove the bus 7,000 miles and paid a total of
Which of the following are prime costs?A. Indirect materials, indirect labor, and direct laborB. Direct labor, indirect materials, and indirect laborC. Direct labor and indirect laborD. Direct labor
Which of the following statements is true regarding average fixed costs?A. Average fixed costs per unit remain fixed regardless of level of activity.B. Average fixed costs per unit rise as the level
The high-low method and least-squares regression are used by managers to ________.A. Decide whether to make or buy a component partB. Minimize corporate tax liabilityC. Maximize outputD. Estimate
Which of the following methods of cost estimation relies on only two data points?A. The high-low methodB. Account analysisC. Least-squares regressionD. SWOT analysis.
In the cost equation Y = a + bx, Y represents which of the following?A. Fixed costsB. Variable costsC. Total costsD. Units of production
A scatter graph is used to test the assumption that the relationship between cost and activity level is ________.A. CurvilinearB. CyclicalC. UnpredictableD. Linear
The amount of a unit’s sales price that helps to cover fixed expenses is its ________.A. Contribution marginB. ProfitC. Variable costD. Stepped cost
Define and explain contribution margin on a per unit basis.
Calculate the per-unit contribution margin of a product that has a sale price of $200 if the variable costs per unit are $65.
Fill in the missing amounts for the four companies. Each case is independent of the others. Assume that only one product is being sold by each company. Units sold Sales in dollars Total variable
Calculate the per-unit contribution margin of a product that has a sale price of $150 if the variable costs per unit are $40.
Fill in the missing amounts for the four companies. Each case is independent of the others. Assume that only one product is being sold by each company. Units sold Sales in dollars Total variable
A company sells small motors as a component part to automobiles. The Model 101 motor sells for $850 and has per-unit variable costs of $400 associated with its production. The company has fixed
A company sells mulch by the cubic yard. Grade A much sells for $150 per cubic yard and has variable costs of $65 per cubic yard. The company has fixed expenses of $15,000 per month. In August, the
A company’s product sells for $150 and has variable costs of $60 associated with the product. What is its contribution margin per unit?A. $40B. $60C. $90D. $150
Calculate the per-unit contribution margin of a product that has a sale price of $400 if the variable costs per unit are $165.
Calculate the per-unit contribution margin of a product that has a sale price of $350 if the variable costs per unit are $95.
A company manufactures and sells racing bicycles to specialty retailers. The Bomber model sells for $450 and has per-unit variable costs of $200 associated with its production. The company has fixed
A company manufactures and sells blades that are used in riding lawnmowers. The 18-inch blade sells for $15 and has per-unit variable costs of $4 associated with its production. The company has fixed
West Island distributes a single product. The company’s sales and expenses for the month of June are shown.Using the information presented, answer these questions:A. What is the break-even point in
A company’s product sells for $150 and has variable costs of $60 associated with the product. What is its contribution margin ratio?A. 10%B. 40%C. 60%D. 90%
Kylie’s Cookies is considering the purchase of a larger oven that will cost $2,200 and will increase her fixed costs by $59. What would happen if she purchased the new oven to realize the variable
Explain how a contribution margin income statement can be used to determine profitability.
Wellington, Inc., reports the following contribution margin income statement for the month of May. The company has the opportunity to purchase new machinery that will reduce its variable cost per
A product has a sales price of $150 and a per-unit contribution margin of $50. What is the contribution margin ratio?
A product has a sales price of $175 and a per-unit contribution margin of $75. What is the contribution margin ratio?
A company’s contribution margin per unit is $25. If the company increases its activity level from 200 units to 350 units, how much will its total contribution margin increase?A. $1,250B. $3,750C.
In a cost-volume-profit analysis, explain what happens at the break-even point and why companies do not want to remain at the break-even point.
Karen’s Quilts is considering the purchase of a new Long-arm Quilt Machine that will cost $17,500 and will increase her fixed costs by $119. What would happen if she purchased the new quilt machine
A product has a sales price of $250 and a per-unit contribution margin of $75. What is the contribution margin ratio?
A product has a sales price of $90 and a per-unit contribution margin of $30. What is the contribution margin ratio?
A company sells its products for $80 per unit and has per-unit variable costs of $30. What is the contribution margin per unit?A. $30B. $50C. $80D. $110
Maple Enterprises sells a single product with a selling price of $75 and variable costs per unit of $30. The company’s monthly fixed expenses are $22,500.A. What is the company’s break-even point
If a company has fixed costs of $6,000 per month and their product that sells for $200 has a contribution margin ratio of 30%, how many units must they sell in order to break even?A. 100B. 180C.
Explain how a manager can use CVP analysis to make decisions regarding changes in operations or pricing structure.
Marlin Motors sells a single product with a selling price of $400 with variable costs per unit of $160.The company’s monthly fixed expenses are $36,000.A. What is the company’s break-even point
Kerr Manufacturing sells a single product with a selling price of $600 with variable costs per unit of $360. The company’s monthly fixed expenses are $72,000.A. What is the company’s break-even
After conducting a CVP analysis, most businesses will then recreate a revised or projected income statement incorporating the results of the CVP analysis. What is the benefit of taking this extra
Delta Co. sells a product for $150 per unit. The variable cost per unit is $90 and fixed costs are $15,250. Delta Co.’s tax rate is 36% and the company wants to earn $44,000 after taxes.A. What
Abilene Industries manufactures and sells three products (XX, YY, and ZZ). The sales price and unit variable cost for the three products are as follows:Their sales mix is reflected as a ratio of
Magio Company manufactures kitchen equipment used in hospitals. They distribute their products directly to the customer and, for the year ending 2019, they reported the these revenues and expenses.
The law that specifically prohibits payments to foreign officials in order to attain business is knowns as ________.A. FCPAB. AICPAC. SOXD. IFRS
What is corporate social responsibility, and who are the stakeholders?
Ballentine Manufacturing produces and sells lawnmowers through a national dealership network. They purchase raw materials from a variety of suppliers, and all manufacturing and assembly work is
Which of the following is not a step in the outline for examining ethical issues?A. Establish the facts of the situation.B. Evaluate each course of action.C. Make a decision.D. Confirm decision with
Conner & Scheer, Attorneys at Law, provide a wide range of legal services for their clients. They employ several paralegal and administrative support staff in order to provide high-quality legal
Hicks Products produces and sells patio furniture through a national dealership network. They purchase raw materials from a variety of suppliers and all manufacturing, and assembly work is performed
Which of the following is not an objective used in the balanced scorecard approach?A. CustomerB. FinancialC. VendorD. Learning and growth
Which of the following is not true regarding continuous improvement?A. It applies to both service and manufacturing companies.B. It is used to reduce performance costs.C. It rejects the idea of
CPK & Associates is a mid-size legal firm, specializing in closings and real estate law in the south. In 2019, they generated $945,000 in sales revenue. Their expenses related to this year’s
Tom West is a land surveyor who operates a small surveying company, performing surveys for both residential and commercial clients. He has a staff of surveyors and engineers who are employed by the
A company’s attempts to utilize sustainable business practices with regard to its employees, the environment, and society are known as ________.A. A balanced scorecardB. Corporate social
A process that is often linked to Six Sigma and is designed toward continuous improvement by eliminating waste is ________.A. KamikazeB. Value chainC. Total quality managementD. Kaizen
An inventory system that organizations use to increase efficiency and decrease waste is ________.A. Corporate social responsibilityB. Just-in-time manufacturingC. Total quality managementD. Lean Six
A quality control program that depends on multiple team members for removing waste and diminishing defects within products is ________.A. KaizenB. Total quality managementC. Lean Six SigmaD. A
Which of the following is the primary source of revenue for a service business?A. The production of products from raw materialsB. The purchase and resale of finished productsC. Providing intangible
Identify the three primary classifications of businesses and explain the differences among the three.
Just Beachy is a retail business located on the coast of Florida where it sells a variety of beach apparel, T-shirts, and beach-related souvenir items. They purchase all of their inventory from
Which of the following is the primary source of revenue for a merchandising business?A. The production of products from raw materialsB. The purchase and resale of finished productsC. The provision of
Wachowski Company reported these cost data for the year 2017.Use the data to complete the following table. Factory maintenance costs Direct labor, wages Direct labor, health insurance Indirect labor,
Baxter Company has a relevant range of production between 15,000 and 30,000 units. The following cost data represents average variable costs per unit for 25,000 units of production.Using the costs
Which of the following is the primary source of revenue for a manufacturing business?A. The production of products from raw materialsB. The purchase and resale of finished productsC. The provision of
Walsh & Coggins, a professional accounting firm, collects cost information about the services they provide to their clients. Describe the types of cost data they would collect and explain the
Rose Company has a relevant range of production between 10,000 and 25,000 units. The following cost data represents average cost per unit for 15,000 units of production.Using the cost data from Rose
Canine Couture is a specialty dog clothing boutique that sells clothing and clothing accessories for dogs. In 2019, they had gross revenue from sales totaling $86,500. Their operating expenses for
Sanchez & Vukmin, LLP, is a full-service accounting firm located near Chicago, Illinois. Last year, Sanchez provided tax preparation services to 500 clients. Total fixed costs were $265,000 with
Flip or Flop is a retail shop selling a wide variety of sandals and beach footwear. In 2019, they had gross revenue from sales totaling $93,200. Their operating expenses for this same period were
Carr Company provides human resource consulting services to small- and medium-sized companies. Last year, Carr provided services to 700 clients. Total fixed costs were $159,000 with total variable
Pocket Umbrella, Inc, is considering producing a new type of umbrella. This new pocket-sized umbrella would fit into a coat pocket or purse. Classify the following costs of this new product as direct
Which of the following represents the components of the income statement for a service business?A. Sales Revenue – Cost of Goods Sold = gross profitB. Service Revenue – Operating Expenses =
Carolina Yachts builds custom yachts in its production factory in South Carolina. Once complete, these yachts must be shipped to the dealership. They have collected this shipping cost data:A. Prepare
Lizzy’s is a retail clothing store, specializing in formal wear for weddings. They purchase their clothing for resale from specialty distributors and manufacturers. Recently the owners of Lizzy’s
Hicks Contracting collects and analyzes cost data in order to track the cost of installing decks on new home construction jobs. The following are some of the costs that they incur. Classify these
Listed as follows are various costs found in businesses. Classify each cost as a fixed or variable cost, and as a product and/or period cost.A. Wages of administrative staffB. Shipping costs on
Using the costs listed in the previous problem, classify the costs as either product costs or period costs.Data from PROBLEMS SETS B 5:Pocket Umbrella, Inc, is considering producing a new type of
Which of the following represents the components of the income statement for a manufacturing business?A. Sales Revenue – Cost of Goods Sold = gross profitB. Service Revenue – Operating Expenses =
The cost data for BC Billing Solutions for the year 2020 is as follows:A. Using the high-low method, express the company’s overtime wages as an equation where x represents number of invoices

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