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Accounting Expert Answers & Study Resources : Page 444

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  51.Which of the following is not an example of an activity included in the category of service activities? A.Market research. B.Customer support. C.Warranty work. D.Maintenance at the customer site. E.All of the above are examples of service activities. 52.Under differentiation strategy, a firm evaluates activities based on how they enhance the success of a business.

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  •   51.Which of the following not an example of an activity
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MULTIPLE CHOICE 31.Which of the following is a type of decision a regional manager would make? A.Pricing. B.Promotion. C.Office management. D.A and B only. E.A, B and C are decisions a regional manager would make. 32.Which of the following is not a benefit of decentralization? A.Permits timely decisions with the best available information. B.Better coordination of decisions. C.Trains future.

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  • MULTIPLE CHOICE 31.Which of the following a type of decision a
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Short Essays 1.“Variations in the traceability of costs is the key distinction between job- and process-costing systems.” Comment. 2.“Costing systems in hospitals are like job-costing systems in many respects.” Do you agree with this statement? Why or why not? 3.Describe service firms that are likely to have a job costing-like system; a process.

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  • Short Essays 1.“Variations in the traceability of costs the key distinction
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Problems 1.As organizations grow, both the number and type of decisions owners and managers face increase rapidly.  Often, organizations have no other choice but to decentralize.  The decision to decentralize has both benefits and costs. Required: a.What is a decentralized organization? b.List three benefits associated with decentralization. c.List three costs associated with decentralization. 2.Although it is.

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  • Problems 1.As organizations grow, both the number and type of decisions
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71.Which of the following describes ROI? A.It fosters underinvestment. B.It ignores future period considerations. C.It is less suitable for evaluating long-term performance. D.None of the above. E.All of the above. 72.What does return on investment (ROI) measure? A.The profit generated by a segment that exceeds the required rate of return B.The revenue generated per dollar of investment.

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  • 71.Which of the following describes ROI? A.It fosters underinvestment. B.It ignores future
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7.What are the two key principles of performance measurement? 8.List three characteristics of an effective performance measure. 9.How are cost center managers commonly evaluated? 10.What does the term kaizen mean? 11.How are profit center managers commonly evaluated? 12.Define ROI. List two advantages and two disadvantages of using ROI as a measure to evaluate investment centers. 13.Define.

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  • 7.What the two key principles of performance measurement? 8.List three characteristics
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Short Essays 1.Organizational experts say that decentralization “co-locates knowledge and decision rights.” What does this statement mean? Is decentralization always beneficial? What are the costs associated with delegating decision making to lower levels of an organization? 2.Some argue that decentralization results in maximizing profit division by division. It may not lead to.

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  • Short Essays 1.Organizational experts say that decentralization “co-locates knowledge and decision
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4.Watson Bicycle Manufacturing has provided the following information on the current year’s activities.  Watson uses the net book value to compute ROI. Sales $100,000 Variable costs $30,000 Original costs of assets $200,000 Accumulated depreciation $70,000 Replacement costs of assets $170,000 Average investment $120,000 Net profit $45,000 Watson’s minimum required return 30% Required: a.Calculate Watson’s ROI. b.Calculate Watson’s residual income. 5.Most companies issue guidelines for setting transfer prices.  However, they usually.

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  • 4.Watson Bicycle Manufacturing has provided the following information the current
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  41.Which stage in the product life cycle yields the maximum revenue generation? A.Development B. Growth C. Maturity D. Decline 42.When is target costing most effective? A. When firms can obtain substantial and sustainable price premiums B. In firms offering products with well-defined and discrete features C. In firms offering commodity-type products D. In firms that have little.

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  •   41.Which stage in the product life cycle yields the maximum
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  11.A firm’s actual overhead cost and actual activity volume are likely to remain relatively constant from month to month, thus fluctuations in overhead rates remain relatively constant. 12.The predetermined overhead rate is calculated by dividing expected activity level by expected overhead costs for the period. 13.Because of their widespread use, we call.

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  •   11.A firm’s actual overhead cost and actual activity volume likely
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4.Worthington Company employs a job-order costing system. Before disposition of the underapplied or overapplied over-head, selected year-end balances from Worthington’s accounting records were: Cost of goods sold $720,000 Raw material inventory 36,000 Work-in-process inventory 54,000 Finished goods inventory 90,000 Required: If the adjusted ending balance (after proration of underapplied or overapplied overhead) of cost of goods.

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  • 4.Worthington Company employs a job-order costing system. Before disposition of
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Exercises 1.Refer to the data in the following table: Setting Initial Outlay Life (years) Discount Rate (compounded annually) Future Value (at the end of life) 1 $225,000 5 10% ? 2 ? 10 12% $400,000 3 $157,950 8 ? $450,000 4 $150,000 ? 12% $371,400 Required: Treating each row of the table independently, compute the missing information. Use the present value/future value tables at the end of the book. 2.Kim Barth decides to start a small restaurant near a busy shopping mall..

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  • Exercises 1.Refer to the data in the following table: Setting Initial Outlay Life (years)
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51.Firms often view investment centers as: A.Support activities. B.Discretionary cost centers. C.Stand-alone businesses. D.Revenue centers. E.None of the above. 52.Which of the following is not a popular measure of investment center performance? A.Employee turnover. B.Return on investment. C.Residual income. D.Economic value added. E.None of the above. 53.When a company is attempting to increase return on investment (ROI) it should work to: A.Decrease sales. B.Decrease.

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  • 51.Firms often view investment centers as: A.Support activities. B.Discretionary cost centers. C.Stand-alone businesses. D.Revenue
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TRUE/FALSE 1.Typical inputs in manufacturing include materials, labor and equipment. 2.Most production systems exhibit some characteristic of job shops or some characteristics of process shops, but not both. 3.Job shops and process shops are basically the same in the extent to which we can trace costs to individual units and jobs. 4.In process shops,.

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  • TRUE/FALSE 1.Typical inputs in manufacturing include materials, labor and equipment. 2.Most production
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7.What is life-cycle analysis? 8.What are the five stages in a product’s life cycle? 9.What is target costing? 10.Why do organizations use both leading and lagging indicators of performance? 11.What are the three deficiencies of financial measures? 12.How does the problem of managing companies resemble the problem a pilot faces when flying a jetliner? 13.What is.

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  • 7.What life-cycle analysis? 8.What the five stages in a product’s life
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MULTIPLE CHOICE 31.Techniques that help a firm to incorporate a long-term view when making strategic planning decisions are: A.Life cycle analysis. B.Target costing. C.Kaizen analysis. D.A and B. E.A, B and C. 32.If a company is pursuing a cost leadership strategy, which of the following management accounting functions will not be critical to its success? A.Product differentiation.

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  • MULTIPLE CHOICE 31.Techniques that help a firm to incorporate a long-term
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Exercises 1.Predetermined rates and cost flows (LO2, LO3). Ace Company has the following (unadjusted) amounts in its accounts as of December 31: Cost of goods sold $100,000 Finished goods inventory $75,000 Raw materials inventory $50,000 Work-in-process inventory $25,000 The company prorates over- or underapplied overhead. Required: What will the adjusted balance in work-in-process inventory be if overhead.

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  • Exercises 1.Predetermined rates and cost flows (LO2, LO3). Ace Company has
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Problems 1.The characteristics of a firm’s production process determine the features of its cost accounting system.  However, every process converts inputs to outputs.  Required: Enter the identifying letters in the blanks below to indicate the term that best matches each description. A. Applied overhead F. Operations costing B. Cost accounting G. Over-applied overhead C. Fixed manufacturing overhead H. Predetermined overhead rate D. Job shops I. Process shops E. Normal.

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  • Problems 1.The characteristics of a firm’s production process determine the features
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81.Which of the following transfer price approaches is most appropriate for a short-term problem in which the selling division has excess capacity? A.Variable cost-based transfer prices. B.Full cost-based transfer prices. C.Market-based transfer prices. D.Negotiated transfer prices. E.None of the above. 82.Which of the following transfer prices, in theory, is the most sound because it provides the.

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  • 81.Which of the following transfer price approaches most appropriate for
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  61.Which of the following is a characteristic of operational critical success factors (CSF)? A.Operational CSFs are short-term measures. B.Operational CSFs focus on the efficiency with which an organization is utilizing its resources. C.Operations CSFs may be financial or non-financial. D.All of the above are characteristics of operational CSFs. E.None of the above are characteristics of.

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  •   61.Which of the following a characteristic of operational critical success
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MULTIPLE CHOICE 21.Which of the following entities would not use job costing systems? A.Law firms. B.Manufacturer of electronic equipment used in aircraft. C.Remodeling contractors. D.PepsiCo. E.All of the above would use job costing. 22.The most logical business which would use job order costing would be: A.An oil refinery B.A paper company C.A custom-home builder D.A car dealership 23.Which of the following statements.

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  • MULTIPLE CHOICE 21.Which of the following entities would not use job
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  21.The balanced scorecard stresses the importance of linking long-term performance measures to the firm’s strategy and for linking the various measures in the organizational perspectives. 22.The balanced scorecard uses only financial measures to evaluate short-term versus long-term objectives, past outcomes versus futures outcomes, and external versus internal factors. 23.An example of a.

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  •   21.The balanced scorecard stresses the importance of linking long-term performance
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  41.In which of the following accounts do firms accumulate indirect manufacturing costs? A.General and administrative expense accounts. B.Work-in-process inventory accounts. C.Overhead control accounts. D.Over- or under-applied overhead accounts. E.None of the above. 42.Systems like job costing (systems that use predetermined overhead rates to apply overhead) are referred to as: A.Standard costing systems. B.Actual costing systems. C.Normal costing systems. D.Discretionary costing.

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  •   41.In which of the following accounts do firms accumulate indirect
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Short Answer Questions 1.Why do firms decentralize? 2.List two benefits and two costs associated with decentralization. 3.What are the three common forms of responsibility centers we find in organizations? 4.What are the responsibilities of a cost center manager? 5.What are the responsibilities of a profit center manager? 6.What are the responsibilities of an investment center manager? .

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  • Short Answer Questions 1.Why do firms decentralize? 2.List two benefits and two
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41.A production manager should be held accountable for: A.Production delays. B.Production delays and overall volume of production. C.Changing prices. D.Changing prices and overall volume of production. E.Losses due to natural disasters. 42.Income statements prepared by segment are useful when they are prepared: A.On a cash basis. B.In a multi-step format. C.On a contribution (cost behavior) basis. D.On an accrual basis. 43.The.

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  • 41.A production manager should be held accountable for: A.Production delays. B.Production delays
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  36.Smith Manufacturing uses the weighted average process costs method.  Smith has provided the follow data: Total Units/CostMaterialConversion Beginning inventory      25,000 Units started during period    175,000 Units completed during period    185,000 Costs from beginning inventory  $641,250   $561,250      $80,000 Costs incurred during period$6,868,750$4,038,750$2,830,000 Units still in process at the end of the period are 100% complete as to material.

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  •   36.Smith Manufacturing uses the weighted average process costs method.  Smith
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TRUE/FALSE 1.Decentralizing authority empowers employees at the higher levels. 2.Ensuring smooth succession is important for the survival of any company. 3.Decentralization worsens the problem of divergence between individual and organizational goals by preventing lower-level managers from preparing to move to upper-level positions. 4.Organizations use monitoring, performance evaluation, and incentive schemes to manage the cost.

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  • TRUE/FALSE 1.Decentralizing authority empowers employees at the higher levels. 2.Ensuring smooth succession
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21.When intra-company transfers occur, a legally recognized sale takes place even though the divisions are part of the same company. 22.From the perspective of determining corporate pre-tax income, a transfer price does not serve any useful purpose. 23.Divisional managers have a keen interest in the transfer price because their individual compensation often.

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  • 21.When intra-company transfers occur, a legally recognized sale takes place
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