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11. The dividend payout ratio describes: A. the proportion of earnings paid as dividends. B. the relationship of dividends per share to market price per share. C. the percentage change in dividends this year compared to last year. D. dividends as a percentage of the price/earnings ratio. 12. The price/earnings ratio: A. is a.
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Chapter 12 - Managerial Accounting and Cost-Volume-Profit Relationships Multiple Choice Questions 1. Managerial accounting supports the management process most significantly by: A. measuring and reporting financial results after the fact. B. determining the goals and objectives of the entity. C. providing estimates of financial results for various plans. D. establishing operating policies to be followed.
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Chapter 12 - Managerial Accounting and Cost-Volume-Profit Relationships 66.Management of ABC Company is considering new production robotics to replace some current manual labor operations for one of their product lines. ABC's current cost structure for this product line consists of variable expenses of $40 per unit and fixed expenses totaling $86,400.
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Chapter 13 - Cost Accounting and Reporting 50.The following table summarizes the beginning and ending inventories of Ariel Co. for the month of October:Raw materials purchased during the month of October totaled $112,300. Direct labor costs incurred totaled $234,800 for the month. Actual and applied manufacturing overhead costs for October totaled.
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Chapter 12 - Managerial Accounting and Cost-Volume-Profit Relationships 62.Presented below is the income statement for Kettridge's Farm for the month of April:Based on an analysis of cost behavior patterns, it has been determined that the company's contribution margin ratio is 40%.(a.) Rearrange the income statement to the contribution margin format.(b.) If.
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Chapter 13 - Cost Accounting and Reporting 48.Erber, Inc. produces men's neckties and dress socks. Manufacturing overhead is assigned to production using an application rate based on direct labor hours.(a.) For 2009 the company's cost accountant estimated that total overhead costs incurred would be $184,500, and that a total of 24,600.
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Multiple Choice Questions 1. Which of the following is not a category of financial statement ratios? A. Financial leverage. B. Liquidity. C. Profitability. D. Prospectus. 2. Management's use of resources can best be evaluated by focusing on measures of: A. liquidity. B. activity. C. leverage. D. book value. 3. An individual interested in making a judgment about the profitability.
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Chapter 14 - Cost Planning 56.The following information for the month of May has been provided for the Bowser Company:(a.) Prepare a cash budget for May. 57.Peachtree's Siding and Window Co. is a custom home improvement company. All sales are made on account; 30 percent of a month's sales are collected in.
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Chapter 14 - Cost Planning 52.Avery's Bicycle Shop, a retail store, has an average gross profit ratio of 28 percent. The sales forecast for the next four months follows:Management's inventory policy is to have ending inventory equal to 1.4 times the cost of sales for the subsequent month, although it is.
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Chapter 13 - Cost Accounting and Reporting 31. The three sections of a statement of cost of goods manufactured include: A. raw material, direct labor, manufacturing overhead. B. variable expenses, contribution margin, fixed expenses. C. sales revenue, gross profit, selling and administrative expenses. D. direct costs, indirect costs, operating profit. 32. Which of the following.
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Chapter 12 - Managerial Accounting and Cost-Volume-Profit Relationships 11. The relevant range concept refers to: A. a firm's range of profitability. B. a firm's range of sales. C. a firm's range of rates of return. D. a firm's range of activity. 12. Which of the following is another term for mixed costs? A. Semifixed costs. B..
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Chapter 14 - Cost Planning 51.Pacesetters, Inc., has actual sales for July and August and forecasted sales for September, October, November, and December as follows:(a.) The firm's policy is to have finished goods inventory on hand at the end of the month that is equal to 70 percent of the next.
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Chapter 08 - Accounting for and Presentation of Owners' Equity 34.Calculate the cash dividends required to be paid for each of the following preferred stock issuances:(a.) The semiannual dividend on 11.5 percent cumulative preferred, $100 par value; 12,000 shares authorized, issued, and outstanding.(b.) The total dividends owed to preferred shareholders on.
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Chapter 09 - The Income Statement and the Statement of Cash Flows Multiple Choice Questions 1. The first caption in most income statements in annual reports is: A. gross sales. B. net sales. C. earned revenues. D. sales, less sales returns and allowances. 2. Gains differ from revenues because gains: A. are not a result of.
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Chapter 12 - Managerial Accounting and Cost-Volume-Profit Relationships 31. To which function of management is CVP analysis most applicable? A. Planning B. Organizing C. Directing D. Controlling 32. The scattergram allows cost-volume relationships to be visually scanned for outlier observations that should be: A. included in the calculation of the cost formula of a mixed.
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Chapter 14 - Cost Planning 41. The concept of a standard used for planning and control purposes is most like a: A. measure of ideal performance. B. unit budget. C. measure of maximum efficiency. D. measure of historical performance. 42. Standards are most appropriately used to: A. reward workers and managers who meet them. B. penalize.
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Chapter 13 - Cost Accounting and Reporting 54.Baja Industries has recently switched its method of applying manufacturing overhead from a single predetermined overhead rate based on direct labor hours to activity-based costing (ABC). Assume that the direct labor rate is $18.00 per hour and that there were no beginning inventories. The.
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Chapter 12 - Managerial Accounting and Cost-Volume-Profit Relationships 58.XYZ Company incurred the following costs for the month of August when it observed an activity level of 10,000 units.During October, the activity level was 16,000 units, and the total costs incurred were $150,000.a. Calculate the variable costs, fixed costs, and mixed costs.
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Chapter 13 - Cost Accounting and Reporting Multiple Choice Questions 1. The term "cost" means: A. the price paid for a raw material. B. the wage paid to a worker. C. the price charged by an entity for its services. D. all of the above. 2. Cost accounting is primarily concerned with: A. accumulation and determination.
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Chapter 14 - Cost Planning 11. The key data element on which the entire budget is based is the: A. sales/revenue forecast. B. income statement budget. C. cash budget. D. balance sheet forecast. 12. The operating budget depends on key information developed in the: A. cash forecast. B. sales forecast. C. labor forecast. D. operating forecast. 13. The production.
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Chapter 13 - Cost Accounting and Reporting Essay Questions42.For each of the following costs, check the columns that most likely apply. 43.Webster World Products uses the following account titles: 44.Erca, Inc. produces automobile bumpers. Overhead is applied on the basis of machine hours required for cutting and fabricating. A predetermined overhead application rate.
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Chapter 13 - Cost Accounting and Reporting 45.Vincent Custom Graphics estimates the following for 2010:During 2010 Vincent incurs the following costs and activity:Vincent uses direct labor hours to calculate the predetermined overhead rate for the year.(a.) Calculate the predetermined overhead rate for 2010.(b.) Calculate the applied overhead for 2010.(c.) Calculate the.
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Chapter 12 - Managerial Accounting and Cost-Volume-Profit Relationships 51. The contribution margin ratio always decreases when the: A. breakeven point decreases. B. fixed expenses increase. C. selling price increases and the variable costs remain constant. D. variable cost increase and the selling price remains constant. 52. If fixed costs were increased by $9,000 and the.
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Chapter 13 - Cost Accounting and Reporting 11. Product costs are inventoried and treated as assets until: A. the next accounting period. B. related liabilities no longer exist. C. the period in which the products they relate to are sold. D. none of the above. 12. In the T-account cost flow diagram of balance sheet.
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11. The impact of changing price levels on amounts reported in financial statements is: A. reported as a separate item on the balance sheet. B. accomplished by reporting assets at their replacement cost. C. required to be described in the explanatory notes to the financial statements. D. encouraged, but not required to be.
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Chapter 09 - The Income Statement and the Statement of Cash Flows 25.Use the appropriate information from the data provided below to calculate operating income for the year ended December 31, 2011. 26.Use the appropriate information from the data provided below to calculate operating income for the year ended December 31, 2011. 9-1 .
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Chapter 15 - Cost Control 11. The total variance for any particular cost component is referred to as the: A. price variance. B. efficiency variance. C. budget variance. D. none of the above. 12. The total budget variance is caused by two factors: A. quantity and price. B. time and materials. C. direct and indirect relationships. D. fixed.
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Multiple Choice Questions 1. Corporate governance includes concerns about: A. business ethics and social responsibility. B. the responsibilities of the board of directors. C. equitable treatment of stakeholders. D. disclosures and transparency. E. all of the above. 2. The most powerful corporate governance legislation to date has been: A. the Sarbanes-Oxley Act (SOX) of 2002. B. the.
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Chapter 12 - Managerial Accounting and Cost-Volume-Profit Relationships 60.Preppy Co. makes and sells a single product. The current selling price is $30 per unit. Variable costs are $21 per unit, and fixed expenses total $90,000 per month. Sales volume for July totaled 12,000 units.a. Calculate the operating income for July.b. Calculate.
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Chapter 12 - Managerial Accounting and Cost-Volume-Profit Relationships 21. As the level of activity decreases: A. fixed cost per unit decrease. B. variable cost per unit decrease. C. fixed cost remains constant in total. D. variable cost remains constant in total. 22. An example of a cost that is likely to have a variable behavior.
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Chapter 12 - Managerial Accounting and Cost-Volume-Profit Relationships Essay Questions 57.For each of the following costs, identify the cost behavior as variable, mixed, or fixed:1. Wages of assembly line workers _________________2. President's salary _________________3. Plant utilities _________________4. Sales force commissions _________________5. Shipping costs _________________6. Factory rent _________________7. Research and development expenses _________________8..
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Chapter 13 - Cost Accounting and Reporting 21. The three components of product costs are: A. direct material, supervisor salaries, selling expenses. B. direct labor, manufacturing overhead, indirect material. C. direct material, direct labor, manufacturing overhead. D. manufacturing overhead, indirect material, indirect labor. 22. Which of the following is NOT an inventory account for a.
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Chapter 12 - Managerial Accounting and Cost-Volume-Profit Relationships 64.Brazen, Inc. produces sound amplifiers for electric guitars. The firm's income statement showed the following:An automated machine has been developed that can produce several components of the amplifiers. If the machine is purchased, fixed expenses will increase to $315,000 per year. The firm's.
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Chapter 14 - Cost Planning 50.Aborkian Co. is forecasting sales of 75,000 units of product for November. To make one unit of finished product, seven pounds of raw materials are required. Actual beginning and desired ending inventories of raw materials and finished goods are:(a.) Calculate the number of units of product.
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Chapter 15 - Cost Control 31. How is performance evaluated for a cost center? A. Actual costs incurred compared to budgeted costs. B. Actual segment margin compared to budgeted segment margin. C. Comparison of actual and budgeted return on investment (ROI) based on segment margin and assets controlled by the segment. D. None of.
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Chapter 15 - Cost Control Multiple Choice Questions 1. ________________ is a technique used to filter cost information contained in performance reports to each manager within the organization at an appropriate level of detail or summarization. A. Managerial reporting B. Responsibility reporting C. Financial reporting D. Segment reporting 2. The term noncontrollable cost: A. implies that.
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Chapter 13 - Cost Accounting and Reporting 52.Envision Toy Co. manufactures toy boats. During 2010, total costs incurred in making 27,000 toy boats included $94,500 of fixed manufacturing overhead. The total absorption cost per toy boat was $30.80.(a.) Calculate the variable cost per toy boat.(b.) The ending inventory of toy boats.
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Chapter 14 - Cost Planning Multiple Choice Questions 1. An example of a committed cost is: A. employee training. B. manufacturing supplies. C. real estate taxes. D. charitable contributions. 2. Which of the following is not a strong reason for budgeting? A. Budgets provide a benchmark for judging performance. B. Budgeting requires little effort by non-accounting managers. C..
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Chapter 14 - Cost Planning 21. Which of the following is a plan for acquiring the resources needed to complete the manufacturing activities that will satisfy the organization's sales forecast? A. Sales budget B. Raw materials budget C. Production budget D. Direct labor budget 22. Which of the following lists the components of the master.
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Chapter 12 - Managerial Accounting and Cost-Volume-Profit Relationships 41. The contribution margin format income statement is organized by: A. responsibility centers. B. functional classifications. C. sales territories. D. cost behavior classifications. 42. A 10% change in a firm's revenues is likely to result in a change of more than 10% in the firm's operating income.
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Chapter 15 - Cost Control Essay Questions40.Patrick Company manufactures a single product. The original budget for April was based on expected production of 12,000 units; actual production for April was 10,600 units. The original budget and actual costs for the manufacturing department are shown below:Prepare an appropriate performance report for the.
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