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Accounting Expert Answers & Study Resources : Page 349

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92) The Cabinet Company provided the following information: CompanySteelWood as a wholeDivisionDivision Net sales$225,000$140,000$ 85,000 Fixed costs: Controllable by division managers40,00025,00015,000 Controllable by others25,00012,50012,500 Variable costs: Cost of merchandise sold95,00055,00040,000 Operating expenses20,00012,5007,500 Unallocated costs15,000 Required: Prepare a contribution approach income statement for the company as a whole and also for the divisions. 93) Wilson Corporation and Beattie Company are computer companies.  Comparative data for 20X1.

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  • 92) The Cabinet Company provided the following information: CompanySteelWood as a wholeDivisionDivision Net
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66) The joint formulation by a manager and his or her superior of a set of goals and plans for achieving the goals for a forthcoming period is known as A) capital budgeting. B) managerial effort. C) management by opinion. D) management by objectives. The following information pertains to Wolfe Company Total assets $200,000 Total current liabilities 40,000 Total expenses 240,000 Total.

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  • 66) The joint formulation by a manager and his or
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25) A set of activities assigned to a manager or a group of managers or other employees is called a(n) A) internal control system. B) management control system. C) responsibility centre. D) total quality control system. 26) An effective management control system gives each lower-level manager responsibility for a group of activities and objectives and.

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  • 25) A set of activities assigned to a manager or
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100) The Middleton Division of TTR Enterprises expects the following results for 2006: Revenues$500,000 Variable costs200,000 Contribution margin$300,000 Fixed expenses  180,000 Divisional income$120,000 Total divisional assets are $1,000,000. a. Calculate profit margin, asset turnover, and ROI for the division. b. Calculate residual income for the division using a minimum required return of 10%. 101) Raymer Incorporated has just formed.

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  • 100) The Middleton Division of TTR Enterprises expects the following
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102) Warren Company's overhead cost information is given below: Standard applied overhead$152,000 Budgeted overhead based on standard machine hours allowed162,000 Budgeted overhead based on actual machine hours used170,000 Actual overhead166,000 Required: a.Compute the total overhead variance. b.Calculate the flexible-budget variance. c.Determine the fixed overhead volume variance. 103) The following information was compiled by Bovinnette Company: Expected volume of production100,000 units Actual level of.

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  • 102) Warren Company's overhead cost information given below: Standard applied overhead$152,000 Budgeted
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106) The Fenmore Company uses standard costing for direct materials and direct labour. Management would like to use standard costing for variable and fixed overhead also. The following monthly cost functions were developed for manufacturing overhead items: OVERHEAD ITEMCOST FUNCTION Indirect materials$0.10 per DLH Indirect labour$0.40 per DLH Repairs and maintenance$0.20 per DLH Utilities$0.25 per DLH Insurance$ .

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  • 106) The Fenmore Company uses standard costing for direct materials
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11) GAAP is the acronym for generally accepted ________ principles. A) auditing B) accounting C) averaging D) associated 12) Accountants who ignore the effect of inflation on prices may be violating which accounting principle? A) Going concern B) Business entity C) Reliability D) Something other than what is listed 13) In the financial accounting records, most assets should be reported.

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  • 11) GAAP the acronym for generally accepted ________ principles. A) auditing B)
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1) Decentralization is the delegation of freedom to make decisions. 2) Decentralization is most successful when an organization's segments are relatively independent of one another. 3) Profit centres can exist only in a decentralized organization. 4) In designing accounting control systems, top managers must consider the system's impact on behaviour desired by the.

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  • 1) Decentralization the delegation of freedom to make decisions. 2) Decentralization
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56) Residual income is defined as A) net income less "imputed" interest. B) sales less expenses. C) income divided by revenue. D) being the same as ROI. The following information pertains to Jordan Company: Invested capital $1,000,000 Net income 200,000 Sales 2,000,000 Imputed interest rate 12 percent 57) The income percentage of revenue is A) 100 percent. B) 10 percent. C) 500 percent. D) 20 percent. 58) The capital.

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  • 56) Residual income defined as A) net income less "imputed" interest. B)
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26) Any action taken in conflict with organizational goals is called A) congruent behaviour. B) managerial effort. C) dysfunctional behaviour. D) negotiating. Good, Inc.'s records reveal the following: Division A Market price of finished component to outsiders $24 Variable costs per component     12 Contribution margin per component $ 12 Total contribution for 30,000 components $360,000 Division B Sales price of finished product $38 Variable costs: Division.

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  • 26) Any action taken in conflict with organizational goals called A)
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35) The drive for some selected goal that creates effort and action toward that goal is called A) motivation. B) goal congruence. C) managerial effort. D) apathy. 36) Who is responsible for developing, maintaining and evaluating internal control systems? A) Managers B) Stockholders C) Accountants D) Both managers and accountants 37) An internal control system consists of all of the.

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  • 35) The drive for some selected goal that creates effort
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96) Inman Company has two fabric divisions, Cotton and Wool.  The following information is available:   Cotton     Wool   Revenue$100,000$500,000 Income15,000180,000 Invested capital50,000300,000 Cost of capital10 percent12 percent Compute the following for each division: a.ROI. b.income percentage of revenue. c.capital turnover. d.residual income. 97) The following data are available for the three divisions of Pomeroy Company:                           Division ADivision BDivision C Income(a)$90,000(i) Revenue(b)(e)$168,000 ROI15.

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  • 96) Inman Company has two fabric divisions, Cotton and Wool. 
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90) The following information is available for Vegetable Company and its two divisions, Carrots and Celery: CompanyAppleOrange as a wholeDivisionDivision Net sales $250,000$175,000$ 75,000 Fixed costs: Controllable by division managers40,00025,00015,000 Controllable by others20,00015,0005,000 Variable costs: Cost of merchandise sold115,00070,00045,000 Operating expenses35,00020,00015,000 Unallocated costs10,000 Required: a.Compute the contribution margin for the Carrots Division. b.Compute the contribution controllable by the manager of the Celery Division. c.Compute the contribution by.

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  • 90) The following information available for Vegetable Company and its
  • Accounting
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31) Payables are classified as: A) Stockholders' Equity. B) Retained Earnings. C) Liabilities. D) Assets. 32) Items such as revenue, expenses and dividends are classified as: A) Common Stock. B) Retained Earnings. C) Liabilities. D) Assets. 33) The payment of cash dividends would have which of the following effects on the accounting equation? A) Increase Liabilities B) Decrease Stockholders' Equity C) Increase Assets D).

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  • 31) Payables classified as: A) Stockholders' Equity. B) Retained Earnings. C) Liabilities. D) Assets. 32)
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98) The Hooper Company has gathered the following information: Revenue$  500,000 Expenses300,000 Total assets1,000,000 Total current liabilities200,000 Total liabilities400,000 Compute: a.ROI assuming invested capital is equal to total assets. b.ROI assuming invested capital is equal to total assets minus current liabilities. c.ROI assuming invested capital is equal to stockholders' equity. 99) The Duncan Company provided the following information: Cost of machine$600,000 Life.

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  • 98) The Hooper Company has gathered the following information: Revenue$  500,000 Expenses300,000 Total
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65) What is Conway's 20X3 productivity measure in terms of revenues per employee? A) $1,015.00 B) $700.00 C) $714.29 D) $870.00 66) What is Philips' 20X3 productivity measure in terms of revenues per employee? A) $892.31 B) $615.39 C) $790.91 D) $545.45 67) What is Philips' revenues per employee in terms of 20X3 dollars? A) $892.31 B) $615.39 C) $790.91 D) $545.45 Nagel Corporation and.

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  • 65) What Conway's 20X3 productivity measure in terms of revenues
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11) The method of accounting that recognizes a transaction when it occurs is: A) financial accounting. B) cash accounting. C) cost accounting. D) accrual accounting. 12) Most businesses use: A) cash accounting. B) accrual accounting. C) cash and accrual accounting. D) profit accounting. 13) Which of the following is considered an asset? A) Accounts Payable B) Sales C) Accounts Receivable D) Common Stock 14).

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  • 11) The method of accounting that recognizes a transaction when
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94) Mini Sales and Maxi Sales are two of the largest mail order companies in Canada.  Given below is selected information for these two companies for 20X2 and 20X3. Mini SalesMaxi Sales Customer orders20X24,600,0005,400,000 20X35,200,0006,800,000 Number of employees20X2500 600 20X3600700 Required: a.Compute the 20X2 and 20X3 productivity measures in terms of customer orders per employee for Mini Sales.

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  • 94) Mini Sales and Maxi Sales two of the largest
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36) If Division X is NOT at full capacity, the lowest price at which it  would be willing to sell to Division Y would be A) $50. B) $34. C) $16. D) $44. 37) The formal and informal performance-based rewards that enhance managerial effort toward organizational goals are referred to as A) feedback. B) evaluations. C) incentives. D) risks. The.

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  • 36) If Division X NOT at full capacity, the lowest
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1.5   Questions 1) Cash accounting recognizes business transactions when they occur. 2) Cash accounting recognizes business transactions when cash is received or paid. 3) Accrual accounting recognizes business transactions when they occur. 4) Accrual accounting recognizes business transactions cash is received or paid. 5) The fundamental accounting equation is Assets plus Liabilities equals Stockholders' Equity. 6).

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  • 1.5   Questions 1) Cash accounting recognizes business transactions when they occur. 2)
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11) Dividends, Accounts Receivable, and Buildings have normal balances of: A) credit, debit, and debit, respectively. B) debit, debit, and credit, respectively. C) credit, credit, and credit, respectively. D) debit, debit, and debit, respectively. 12) Revenues, Accounts Receivable, and Common Stock have normal balances of: A) credit, debit, and credit, respectively. B) debit, debit, and credit, respectively. C).

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  • 11) Dividends, Accounts Receivable, and Buildings have normal balances of: A)
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15) Explicit coordination of individuals' activities, actions and choices is the hallmark of the A) management control system. B) responsibility centre. C) internal control system. D) quality-control chart. 16) Which of the following is NOT a characteristic of a management control system? A) It aids and coordinates the process of making decisions. B) It encourages short-term profitability. C).

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  • 15) Explicit coordination of individuals' activities, actions and choices the
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11) Which of the following financial statements illustrates the accounting equation? A) Statement of Retained Earnings B) Income Statement C) Balance Sheet D) Statement of Cash Flows 12) Beginning Retained Earnings for the period would be shown on the: A) Statement of Retained Earnings. B) Income Statement. C) Balance Sheets. D) Statement of Cash Flows. 13) Of the financial statements,.

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  • 11) Which of the following financial statements illustrates the accounting
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46) What is the Net income? A) $2,750,000 B) $1,250,000 C) $125,000 D) $400,000 47) What is the income percentage of revenue? A) 10.000 percent B) 3.125 percent C) 1.000 percent D) None of the above. The following information is available for the Peppercorn Company: Sales $1,000,000 Invested capital 625,000 ROI 10 percent 48) What is the capital turnover? A) 1.600 B) 0.100 C) 0.625 D) None of the above. 49) What.

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  • 46) What the Net income? A) $2,750,000 B) $1,250,000 C) $125,000 D) $400,000 47) What
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11) All payables are listed as: A) assets. B) liabilities. C) stockholders' equity. D) revenue. 12) Accounts that start with the numbers 6-9 would probably be: A) other revenues and expenses. B) other assets and liabilities. C) other stockholders' equity. D) other assets and revenues. 13) A type of company asset in which a customer owes the company money would.

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  • 11) All payables listed as: A) assets. B) liabilities. C) stockholders' equity. D) revenue. 12)
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105) The Garson Company manufactures roofing shingles.  The production process involves heating and compressing asphalt into sheets and then rolling coarse sand into the hot asphalt.  The sheets are then cooled, cut into shingles, and packaged. The following standard costs were developed: STANDARD COST CARD PER SHINGLE Materials: Asphalt2 lbs. x $0.08/lb.$0.16 Sand2 lbs. x.

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  • 105) The Garson Company manufactures roofing shingles.  The production process
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55) Quality control is a concern of A) privately owned companies. B) nonprofit organizations. C) government organizations. D) privately owned companies, nonprofit and government organizations alike. 56) A report that displays the financial impact of quality is called a A) cycle time report. B) productivity report. C) financial report. D) quality cost report. 57) All of the following are categories.

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  • 55) Quality control a concern of A) privately owned companies. B) nonprofit
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104) The Walton Manufacturing Company has developed the following standards for one of their products, a walnut fern stand. _______________________________________________________ STANDARD VARIABLE COST CARD One Walnut Fern Stand Materials:  5 square feet x $8 per square foot$40.00 Direct labour:  2 hours x $10/DLH20.00 Variable manufacturing overhead:  2 hours x $5/DLH  10.00 Total standard variable cost per unit$70.00 _______________________________________________________ The.

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  • 104) The Walton Manufacturing Company has developed the following standards
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21) An increase in revenues would have which of the following effects on the accounting equation? A) Decrease Stockholders' Equity B) Increase Common Stock C) Increase Liabilities D) Increase Stockholders' Equity 22) Which of the following is a written promise to pay? A) Account receivable B) Account payable C) Note payable D) Dividend payable 23) A company has Liabilities of.

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  • 21) An increase in revenues would have which of the
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