Info
Warning
Danger

Study Resources (Accounting)

Answer the following questions using the information below: The Singer Company manufactures several different products. Unit costs associated with Product ICT101 are as follows: Direct materials$ 60 Direct manufacturing labor10 Variable manufacturing overhead18 Fixed manufacturing overhead32 Sales commissions (2% of sales)4 Administrative salaries16 Total$140 19) What are the variable costs per unit associated with Product ICT101? A) $18 B).
5 Views
View Answer
11) Customer relationship management initiatives use technology to coordinate all: A) production activities B) research activities C) customer-facing activities D) inventory management activities 12) ________ describe(s) the flow of goods, services, and information from the purchase of materials to the delivery of products to consumers, regardless of whether those activities occur in the same organization.
6 Views
View Answer
41) Gains and losses on plant, property, and equipment are reported: A) as a retrospective application. B) in the discontinued operations section. C) in the continuing operations section. D) in the extraordinary items section. 42) A(n) ________ is a distinguishable part of a business that is subject to a different set of risks and returns.
5 Views
View Answer
31) The supply chain always occurs within a single organization. 32) Distribution refers to promoting and selling products or services to customers or prospective customers. 33) The production component of the value chain refers detailed planning, engineering, and testing of products and processes. 34) Management accountants might provide information on.
4 Views
View Answer
101) A company has $56,000 in cash; $12,000 in accounts receivable; $25,000 in short-term investments and $100,000 in merchandise inventory. The company also has $60,000 in current liabilities. The company's quick ratio is: A) 3.217. B) 1.550. C) 1.133. D) 0.933. 102) An acid test (quick ratio) of 0.75 would indicate: A) a ratio that would.
6 Views
View Answer
34) For each report listed below, identify whether the major purpose of the report is for (1) routine 35) Describe management accounting and financial accounting. 36) Is financial accounting or management accounting more useful to an operations manager? Why? 37) Is it possible to have an active cost management program.
4 Views
View Answer
41) Costs expensed on the income statement in the accounting period incurred are called: A) direct costs B) indirect costs C) period costs D) inventoriable costs 42) Prime costs include: A) direct materials and direct manufacturing labor costs B) direct manufacturing labor and manufacturing overhead costs C) direct materials and.
7 Views
View Answer
Objective 1.4 1) Place the five steps in the decision-making process in the correct order: A = Obtain information B = Make decisions by choosing among alternatives C = Identify the problem and uncertainties D = Implement the decision E = Make predictions about the future A) C D B E A B) E D A B C C).
8 Views
View Answer
11) Credibility includes maintaining an appropriate level of professional expertise by continually developing knowledge and skills. 12) The Sarbanes-Oxley legislation does NOT provide a process for employees to report violations of illegal and unethical acts. 13) Management accountants have important ethical responsibilities that are related to competence, confidentiality, integrity, and credibility. 14).
3 Views
View Answer
111) A company with an accounts receivable turnover of four means that the company collects its receivables approximately every ________ days. A)  30 B)  60 C)  90 D) 120 112) If accounts receivable turnover is 10.4, this means that from the date of: A) purchase to the date of payment is approximately 35 days. B) sale to.
4 Views
View Answer
51) The following information pertains to the Cannady Corporation: Beginning work-in-process inventory$ 50,000 Ending work-in-process inventory48,000 Beginning finished goods inventory180,000 Ending finished goods inventory195,000 Cost of goods manufactured1,220,000 What is cost of goods sold? A) $1,235,000 B) $1,205,000 C) $1,218,000 D) $1,222,000 52) The following information pertains to the Duggan Corporation: Beginning work-in-process inventory$ 20,000 Ending work-in-process inventory23,000 Beginning.
7 Views
View Answer
31) Inventoriable costs are expensed on the income statement: A) when direct materials for the product are purchased B) after the products are manufactured C) when the products are sold D) not at any particular time, it varies 32) Costs that are initially recorded as assets and expensed when sold.
5 Views
View Answer
1) Which item is NOT a guideline used by management accountants to assist in strategic and operational decision making? A) cost-benefit approach B) behavioral and technical considerations C) different costs for different purposes D) balanced scorecard 2) The scenario that resources should be spent if the expected benefits to the company exceed the expected costs.
6 Views
View Answer
Answer the following questions using the information below: Pederson Company reported the following: Manufacturing costs$2,000,000 Units manufactured50,000 Units sold47,000 units sold for $75 per unit Beginning inventory0 units 12) What is the average manufacturing cost per unit? A) $40.00 B) $42.55 C) $0.025 D) $75.00 13) What is the amount of ending finished goods inventory? A).
7 Views
View Answer
21) Work-in-process inventory would normally include: A) direct materials in stock and awaiting use in the manufacturing process B) goods partially worked on but not yet fully completed C) goods fully completed but not yet sold D) products in their original form intended to be sold without changing their basic.
5 Views
View Answer
31) For each type of report listed below, identify one planning decision and one controlling decision for which the information would be helpful. Assume you are a Walgreen Company store. Item: a.annual financial statements for the past three years b.report detailing sales by department by each hour of the day for the past.
8 Views
View Answer
Answer the following questions using the information below: Pederson Company reported the following: Manufacturing costs$2,000,000 Units manufactured50,000 Units sold47,000 units sold for $75 per unit Beginning inventory0 units 1) What is the amount of gross margin? A) $1,750,000 B) $3,525,000 C) $5,405,000 D) $1,645,000 2) ________ - sector companies purchase materials and components and convert them.
11 Views
View Answer
121) Which of the following ratios helps to evaluate how well a company is earning profit with the money shareholders have invested? A) Asset turnover ratio B) Return on sales C) Return on assets D) Return on equity 122) National Equipment reported the following for 2012: Net sales: $345,000 Net income: $29,600 Market price per share of common stock: $35.50 Dividends: $18,500 Average.
6 Views
View Answer
18) Describe the major differences between management accounting and financial accounting for the following: 1. Primary users 2. Focus and emphasis 3. Rules of measurement and reporting 19) What is strategy? Briefly describe the two broad types of strategies that companies may choose to pursue. 20) Briefly describe how managers make use of management.
6 Views
View Answer
1) The person(s) directly responsible for attaining of organizational objectives is/are: A) the treasurer B) line management C) the controller D) the chief financial officer 2) The person(s) responsible for providing advice and assistance to line managers is/are: A) the controller B) the chief financial officer C) staff management D) the treasurer 3) ________ includes.
5 Views
View Answer
71) Allied Industrial has net sales of $1,200,000, net income of $85,000, average current assets of $53,000, average fixed assets of $184,000, and average total assets of $237,000. Allied Industrial's fixed asset turnover ratio is: A) 5.06. B) 0.15. C) 6.52. D) 22.64. 72) Allied Industrial has net sales of $1,200,000, net income of $85,000,.
3 Views
View Answer
18) A unit cost is computed by dividing total cost by the number of units. 19) Unit costs and average costs are really the same thing. 20) Mirabella, Inc., reports the following information for September sales: Sales$60,000 Variable costs12,000 Fixed costs16,000 Operating income$ 32,000 Required: If sales double in October, what is the projected operating income? 21).
6 Views
View Answer
11) Cost accounting: A) provides information on the efficiency of factory labor B) provides information on the cost of servicing commercial customers C) provides information on the performance of an operating division D) All of these answers are correct. 12) Which of the following types of information are used in.
8 Views
View Answer
22) Archambeau Products Company manufactures office furniture. Recently, the company decided to develop a formal cost accounting system and classify all costs into three categories. Categorize each of the following items as being appropriate for (1) cost tracing to the finished furniture, (2) cost allocation of an indirect manufacturing cost.
6 Views
View Answer
32) The list of representative cost drivers in the right column below are randomized with respect to the list of functions in the left column. That is, they do not match. Function Representative Cost Driver 1. Purchasing A. Number of employees 2. Billing B. Number of shipments 3. Shipping C. Number of customers 4. Computer Support D. Number of invoices 5. Personnel E. Number of desktop computers 6. Customer Service F. Number of purchase orders Required: Match.
7 Views
View Answer
1) Which of the following issues is NOT addressed by the Sarbanes-Oxley legislation? A) improving internal control B) corporate governance C) disclosure practices of public corporations D) disclosure practices of private companies 2) The Standards of Ethical Conduct for management accountants include concepts related to: A) competence, performance, integrity, and reporting B) competence, confidentiality, integrity,.
4 Views
View Answer
1) Which of the following statements concerning an organization's strategy is NOT true? A) Strategy specifies how an organization matches its own capabilities with the opportunities in the marketplace to accomplish its objectives. B) Management accountants provide input to help managers formulate strategy. C) A good strategy will always overcome.
4 Views
View Answer
21) Management accounting information focuses on external reporting. 22) Cost management is narrowly focused on a continuous reduction of costs. 23) Managers always require the information in an accounting system to be presented in the same format. 24) Modern cost accounting takes the perspective that collecting cost information is a function.
7 Views
View Answer
11) Manufacturing-sector companies report: A) only merchandise inventory B) only finished goods inventory C) direct materials inventory, work-in-process inventory, and finished goods inventory accounts D) no inventory accounts 12) For a manufacturing company, direct material costs may be included in: A) direct materials inventory only B) merchandise inventory only C).
8 Views
View Answer
A) focuses on estimating future revenues, costs, and other measures to forecast activities and their results B) provides information about the company as a whole C) reports information that has occurred in the past that is verifiable and reliable D) provides information that is generally available only on a quarterly.
25 Views
View Answer
11) Long term financing is an integral part of the ________ function in an organization. A) treasurer's B) controller's C) internal audit D) president's 12) Line management is directly responsible for attaining the goals of the organization. 13) Staff management should NOT provide advice and assistance to line management. 14) Treasury includes.
11 Views
View Answer
21) List the four standards of ethical conduct for management accountants.  For each standard, give an example that demonstrates compliance with that standard. 22) You have been employed as an entry-level management accountant for a little under a year. You suspect that your immediate supervisor is involved in a significant fraud.
11 Views
View Answer
61) Liberty Auto reported Net Sales of $258,000, Cost of Goods Sold of $110,500, Operating Expenses of $62,400, and Income Tax Expense of 21,600. Liberty Auto's gross profit margin percentage was: A) 32.98. B) 42.83. C) 57.17. D) 24.61. 62) Hallett Industries, Inc. reported Net Sales of $306,000, Cost of Goods Sold of $192,600, Operating.
3 Views
View Answer
1) Place the four business functions in the order they appear along the value chain: Customer service Design Marketing Production A) Customer Service, Design, Production, Marketing B) Customer Service, Marketing, Production, Design C) Design, Production, Marketing, Customer Service D) Design, Customer Service, Production, Marketing 2) R&D, production, and customer service are business functions that are.
14 Views
View Answer
81) Advanced Industries, Inc. the following for 2012: Earnings/share of $17.68 Market price per share of common stock: $52 Number of shares of common stock outstanding: 52,000 Net income: $48,000 Dividends/share: $7.14 What is the dividend yield for Advanced Industries, Inc. (to the nearest tenth of a percent)? A) 13.7% B) 40.4% C) 92.3% D) 34.0% 82) Advanced Industries, Inc. the following for 2012: Earnings/share of $17.68 Market.
8 Views
View Answer
91) A common-size comparative statement shows: A) dollars and percents. B) dollars only. C) percents only. D) dollar increases and decreases. 92) If total assets are $6,000, what is the common-size figure of Cash, assuming that Cash has a balance of $2,400? A) 120.0% B) 100.0% C)  40.0% D)  60.0% 93) In a common-size income statement, selling expenses are 55%..
8 Views
View Answer
6) Kym Manufacturing provided the following information for last month: Sales$12,000 Variable costs4,000 Fixed costs1,000 Operating income$7,000 If sales double next month, what is the projected operating income? A) $14,000 B) $15,000 C) $18,000 D) $19,000 7) Wheel and Tire Manufacturing currently produces 1,000 tires per month. The following per unit data apply for sales.
33 Views
View Answer