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Accounting Expert Answers & Study Resources : Page 48

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1. Management accounting is a subordinate activity to financial accounting.  2. Management accounting is a profession that involves partnering in management decision making.  3. Financial accounting information is confidential and private.  4. Management accounting provides reports that are future oriented.  5. Accounting rules applicable to management accounting are the same as those used for financial accounting.  6. Management accounting exists primarily.

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  • 1. Management accounting a subordinate activity to financial accounting.  2. Management accounting a
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172. The fundamental way in which a company will achieve its goal is described in its A. balance sheet and income statement.B. cash flow statement.C. budget.D. mission statement. 173. Which of the following activities is not a part of the "perform" stage in the management process? A. Producing products as per customer specifications B. Manage supply chain relationshipsC. Identifying operating activities that.

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  • 172. The fundamental way in which a company will achieve its
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124. The following information pertains to Patterson Corporation. Assume that all balance sheet amounts represent both average and ending figures. Patterson Corporation Partial Balance Sheet December 31, 20x5 Liabilities and Stockholders' Equity Current liabilities $ 90,000 Long-term liabilities 135,000 Stockholders' equity   225,000 Total liabilities and stockholders' equity $450,000 Patterson Corporation Income Statement For the Year Ended December 31, 20x5 Net sales $120,000 Cost of goods sold   67,500 Gross margin $52,500 Operating.

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  • 124. The following information pertains to Patterson Corporation. Assume that all
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161. Using the following information reported in an annual report, prepare a horizontal analysis of the consolidated balance sheets. (Round percentage answers to one decimal place.) (In millions) June 30, 20x5 June 30, 20x4 Cash and cash equivalents $   584 $   410 Accounts and other receivables 182 204 Merchandise inventories 2,027 1,902 Prepaid expenses and other current assets       .

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  • 161. Using the following information reported in an annual report, prepare
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159. Using the following information from an annual report, prepare a vertical analysis of the consolidated balance sheet at June 30, 20x5. (Round percentage answers to one decimal place.) June 30, 20x5 (In millions) Cash and cash equivalents $   584 Accounts and other receivables 182 Merchandise inventories 2,027 Prepaid expenses and other current assets        80 Total current assets $2,873.

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  • 159. Using the following information from an annual report, prepare a
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74. One of the best places to look for early signals of change in a company's profitability is the A. Form 10-K.B. Form 10-Q.C. Form 8-K.D. annual report sent to stockholders. 75. To find the most comprehensive information about a company's performance during the year, one would look to A. interim financial statements.B. the annual report sent to the SEC.C. The Wall.

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  • 74. One of the best places to look for early signals
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84. What is the best way to study the relationship of the components of financial statements? A. Perform ratio analysis.B. Perform trend analysis.C. Perform horizontal analysis.D. Prepare common-size statements. 85. In conducting horizontal analysis, it is important to focus attention on the changes in A. the composition of the statements.B. dollar amounts and their percentages.C. dollar amounts.D. percentages. 86. If Year 1 equals $2,800, Year.

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  • 84. What the best way to study the relationship of the
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114. Following are the financial statements for Flynn Corporation for the year ended December 31, 20x5. Assume that all balance sheet amounts represent both average and ending figures. Flynn Corporation Balance Sheet December 31, 20x5 Assets Cash $  40,000 Marketable securities 60,000 Accounts receivable 100,000 Inventory 200,000 Long-term receivables 70,000 Property, plant, and equipment    130,000 Total assets $600,000 Liabilities and Stockholders' Equity Current liabilities $200,000 Long-term liabilities 120,000 Stockholders' equity   280,000 Total liabilities and stockholders'.

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  • 114. Following the financial statements for Flynn Corporation for the year
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104. Which of the following describes the profit margin ratio? A. Average total assets divided by net incomeB. Net income plus income tax expense divided by average total assetsC. Average total assets divided by net revenueD. Net income divided by net revenue 105. Which of the following best describes the payables turnover? A. Cost of goods sold/Average accounts payableB. Cost of.

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  • 104. Which of the following describes the profit margin ratio? A. Average total
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156. Prepare a trend analysis of the following data, using 20x4 as the base year. Place your answers in the chart provided. Comment on the trend. 20x6 20x5 20x4 Net sales $324,000 $330,000 $300,000 Net income 33,000 31,800 30,000 20x6 20x5 20x4 Net sales Net income 157. Prepare a horizontal analysis by computing the amounts and percentage changes for the following balance sheet items; place your answers in the.

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  • 156. Prepare a trend analysis of the following data, using 20x4
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142. Which of the following documents initiates the purchasing of materials? A. Job order cost sheetB. Receiving reportC. Purchase requestD. Purchase order 143. Overhead costs are A. not allocated to the Work in Process Inventory account.B. not charged directly to the Finished Goods Inventory account.C. expensed in the period in which they are incurred.D. not considered product costs. 144. In a manufacturing environment, direct labor.

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  • 142. Which of the following documents initiates the purchasing of materials? A. Job
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91. Managers use managerial accounting principles to guide their actions and decisions in the management process.  92. A supply chain includes only processes and services that add value to the final product or service.  93. The overriding goal of a business is to increase the value of the stakeholders’ interest in the business.  94. The evaluation stage.

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  • 91. Managers use managerial accounting principles to guide their actions and
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41. Property taxes and equipment depreciation are examples of indirect manufacturing costs.  42. The costs of labor for maintenance and inspections are examples of direct labor.  43. The product is the cost object when assigning indirect product costs.  44. Product costs for a manufacturing company consist of cost of direct materials, direct labor, and overhead.  45. Period cost and.

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  • 41. Property taxes and equipment depreciation examples of indirect manufacturing costs.  42. The
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94. A common measure of long-term solvency is the A. receivable turnover.B. asset turnover.C. debt to equity ratio.D. current ratio. 95. Return on assets is most closely related to A. interest coverage and the debt to equity ratios.B. profit margin and the debt to equity ratio.C. profit margin and asset turnover.D. inventory turnover and profit margin. 96. Which of the following ratios uses the market.

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  • 94. A common measure of long-term solvency the A. receivable turnover.B. asset turnover.C. debt to
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185. Complete the following chart by placing an “X” under the applicable column heading. Classify each cost as a fixed cost or variable cost and as either a direct or indirect product cost or a period cost. Item Cost Behavior Product Costs Period Cost Fixed Variable Direct Indirect Wages of assembly line workers Office salaries Salary of factory supervisor Depreciation on factory Sales commissions Paper.

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  • 185. Complete the following chart by placing an “X” under the
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167. The following selected amounts were extracted from the financial statements of Alfonso Corporation. Year 4 Year 3 Year 2 Year 1 Net sales $720,000 $690,000 $660,000 $600,000 Gross margin 464,000 448,000 436,000 400,000 Net income 113,000 111,000 108,000 100,000 a. Prepare a trend analysis for net sales, gross margin, and net income using Year 1 as the base year.b. For net sales, gross margin, and net income:1. Calculate the percentage.

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  • 167. The following selected amounts were extracted from the financial statements
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162. The Finished Goods Inventory and the Cost of Goods Sold for a manufacturing company for the year 2014 are as follows: May 1 Finished Goods Inventory, $470,500; May 31 Finished Goods Inventory, $125,000; Cost of Goods Sold for the year, $1,110,000. The cost of goods manufactured for the month was A. $1,455,500.B. $595,500.C. $985,000.D. $764,500. 163. Which.

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  • 162. The Finished Goods Inventory and the Cost of Goods Sold
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41. Ratio analysis is useful only if the ratio states a meaningful relationship between two numbers.  42. The receivable turnover is useful in assessing the effectiveness of credit policies.  43. Inventory turnover is a measure of liquidity that focuses on the relative size of inventory.  44. Payables turnover measures the relative size of accounts payable.  45. Asset turnover is.

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  • 41. Ratio analysis useful only if the ratio states a meaningful
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194. Use the information below for the year ended December 31, 2014, to prepare the statement of cost of goods manufactured. Inventories Beginning Ending Materials inventory $32,600 $ 32,500 Work in process inventory 41,200 41,800 Direct materials purchased 168,000 Total direct labor costs 245,200 Total indirect labor costs 52,100 Utilities 27,300 Depreciation 35,000 Small tools 2,500 Factory insurance 1,600 Factory supervision 45,200 Miscellaneous overhead costs 7,200 195. Use the information below for the year ended December 31, 2014, to.

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  • 194. Use the information below for the year ended December 31,
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134. Executive officers' compensation is typically comprised of all of the following except A. incentive bonuses.B. declared dividends.C. stock option awards.D. annual base salaries. 135. Quality of earnings is affected by all of the following except A. executive compensation.B. accounting methods.C. accounting estimates.D. one-time items. 136. Consistency requires A. that the company use the same accounting procedures from period to period.B. that the company use the same accounting.

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  • 134. Executive officers' compensation typically comprised of all of the following
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169. From the following information, compute the ratios indicated and place the proper numbers in the spaces provided. Assume the average for the year is the same as the ending balances for the balance sheet accounts. Round answers to one decimal place, and show your work. Anders Corporation Balance Sheet December 31, 20x5 Assets Cash $  30,000 Marketable.

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  • 169. From the following information, compute the ratios indicated and place
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192. Identify the document needed to support each of the following activities in a manufacturing organization: 1. Time card      Placing an order for direct materials with a supplier 2. Purchase order      Recording direct labor time at the beginning and end of each work shift 3. Sales invoice      Issuing direct materials into production 4. Receiving report      Recording the.

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  • 192. Identify the document needed to support each of the following
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64. The ability to pay bills when due and to meet unexpected needs for cash most closely describes A. cash flow adequacy.B. long-term solvency.C. liquidity.D. profitability. 65. A general rule in choosing among alternative investments is the greater the risk taken, the A. greater the return required.B. lower the potential expected.C. greater the price of the investment.D. lower the profits expected. 66. A company is.

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  • 64. The ability to pay bills when due and to meet
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81. The product costs that appear in the financial statements are estimated product costs.  82. The standard costing method uses estimated costs to find product unit cost.  83. The key to the preparation of an income statement for a manufacturing company is proper determination of the cost of goods manufactured.  84. The terms total manufacturing costs and.

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  • 81. The product costs that appear in the financial statements estimated
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61. Total manufacturing costs decrease the balance of the Work in Process Inventory account.  62. Recording cost of goods manufactured increases the Work in Process Inventory account.  63. Overhead costs are not recorded in the Work in Process Inventory account.  64. Total manufacturing costs include all direct materials used as well as all direct labor costs and.

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  • 61. Total manufacturing costs decrease the balance of the Work in
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153. Using the income statement below, develop a common-size statement by filling in the blanks provided. Show your work. Round to one decimal place. 20x5 20x5 Net sales $400,000 _________ Cost of goods sold 232,000 _________ Gross margin $ 168,000 _________ Operating expenses    92,000 _________ Income before income taxes $  76,000 _________ Income taxes expense    30,400 _________ Net income $  45,600 _________ 154. Using the income statement below, develop a common-size statement by.

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  • 153. Using the income statement below, develop a common-size statement by
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112. Management accounting reports A. are primarily used by parties inside the organization.B. must be prepared on a periodic basis.C. are generally publicly available.D. are based on generally accepted accounting principles. 113. Which of the following user groups will use managerial accounting information for decision-making purposes? A. CustomersB. LendersC. EmployeesD. Stockholders 114. Management accounting reports are A. prepared using the double-entry system of accounting.B. prepared periodically.C. based on generally.

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  • 112. Management accounting reports A. are primarily used by parties inside the organization.B. must
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171. Financial statements for Pelican Corporation are presented below. Pelican Corporation Comparative Balance Sheet December 31 Assets 20x5 20x4 Cash $   120,000 $   110,000 Accounts receivable (net) 135,000 95,000 Inventory 270,000 240,000 Property, plant, and equipment (net)      750,000      800,000 Total assets $1,275,000 $1,245,000 Liabilities and Stockholders' Equity Accounts payable $   152,000 $   208,000 Accrued liabilities 12,000 16,000 Bonds payable, 10 percent 160,000 160,000 Common stock, $10 par      500,000      500,000 Retained earnings      451,000         361,000 Total liabilities and stockholders' equity $1,275,000 $1,245,000 Pelican Corporation Income Statement For the Year.

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  • 171. Financial statements for Pelican Corporation presented below. Pelican Corporation Comparative Bal
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150. Match each of the following terms with its correct description. 1. Measures how much operating cash each dollar of net income generated.      Current ratio. 2. Public corporations in the United States must file this annual report with the SEC.      Conglomerates. 3. Large companies that have multiple segments and operate in more than one industry.      Form 10-K. 4. For a(n) ___________, the.

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  • 150. Match each of the following terms with its correct description. 1. Measures
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132. Materials and supplies that cannot be traced conveniently to specific products are called A. indirect materials.B. raw materials.C. waste materials.D. direct materials. 133. Which of the following terms apply to materials and supplies that can be traced conveniently to specific products? A. Indirect materialsB. Indirect manufacturing costsC. Direct costsD. Manufacturing overhead 134. Period costs are A. charged against the revenue of the current period.B. initially recognized on.

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  • 132. Materials and supplies that cannot be traced conveniently to specific
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31. Direct costs can be conveniently traced to a cost object.  32. Variable costs per unit change in an inversely proportional rate to changes in volume.  33. Total variable costs remain constant within a defined time period or range of activity.  34. In a manufacturing company, an accountant’s salary is a value-adding cost.  35. Non-value-adding costs increase the cost.

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  • 31. Direct costs can be conveniently traced to a cost object.  32. Variable
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101. A manager should focus on the purpose of a report while preparing it.  102. When there is an ethical conflict, the management accountant should resign if the immediate supervisor is involved in the conflict.  103. Practitioners of management accounting and financial management have a responsibility to communicate information fairly and objectively.  104. All ethical conflicts are.

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  • 101. A manager should focus the purpose of a report while
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196. Fill in the missing data for Company B: Company B Direct materials used $ 9,000 Direct labor cost 4,000 Overhead (a) Total manufacturing costs 25,000 Work in process inventory, Jan. 1 1,000 Work in process inventory, Dec. 31 3,500 Sales revenue 40,000 Finished goods inventory, Jan. 1 (b) Cost of goods manufactured (c) Cost of goods available for sale (d) Finished goods inventory, Dec. 31 4,000 Cost of goods sold 26,500 Gross margin (e) Operating expenses (f) Net operating income 5,500 197. Fill.

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  • 196. Fill in the missing data for Company B: Company B Direct materials
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146. What is vertical analysis, and why is it useful in performing financial performance measurement? 147. What is horizontal analysis, and why is it useful in performing financial performance measurement? 148. Why is the quick ratio probably better than the current ratio as a measure of short-term liquidity? 149. Briefly explain a “big bath” including when it.

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  • 146. What vertical analysis, and why it useful in performing financial
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183. Management accounting differs from financial accounting in many ways. Indicate with an “X” in the appropriate column whether each of the following characteristics relates to financial accounting, management accounting, or neither. Financial Accounting Management Accounting Neither Primary Users: Owners, stockholders, lenders, customers, governmental agencies Managers and lenders only Managers, employees, supply-chain partners Report Format: Flexible, driven by user’s needs Based.

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  • 183. Management accounting differs from financial accounting in many ways. Indicate
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198. Sorrel Pharmaceuticals Corporation manufactures a variety of drugs that are marketed internationally. Inventories on May 31 and June 30 were as follows: May 31 June 30 Materials Inventory $354,100 $327,400 Work in Process Inventory 112,600 116,400 Finished Goods Inventory 138,500 142,800 Purchases of materials for June were $142,600. Direct labor costs were incurred and computed on the basis of 27,000 hours.

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  • 198. Sorrel Pharmaceuticals Corporation manufactures a variety of drugs that marketed
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151. The following selected amounts were extracted from the financial statements of Alma Corporation. Year 4 Year 3 Year 2 Year 1 Net sales $350,000 $340,000 $330,000 $250,000 Cost of goods sold 218,000 209,000 201,000 180,000 Gross margin 132,000 131,000 129,000 70,000 Prepare a trend analysis for net sales, cost of goods sold, and gross margin. (Round answers to one decimal place.) Use Year 1 as the base year. 152. The following selected.

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  • 151. The following selected amounts were extracted from the financial statements
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152. The presentation of merchandise inventory on the balance sheet of a merchandising company most nearly resembles the presentation of __________ inventory on the balance sheet of a manufacturing company. A. materialsB. finished goodsC. manufacturing suppliesD. work in process 153. From Jolier's year-end income statement, you observe that the finished goods inventory has doubled during the year. This.

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  • 152. The presentation of merchandise inventory the balance sheet of a
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11. The reporting format of financial accounting information is based on generally accepted accounting principles.  12. Reporting format of managerial accounting is flexible and driven by user’s needs.  13. Management accounting data must be expressed in historical dollars.  14. Management accounting information is objective and verifiable for decision making.  15. Primary users of managerial accounting include governmental agencies.  16. Financial accounting.

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  • 11. The reporting format of financial accounting information based generally accepted
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21. Neither the amount of detail nor the format of a management accounting report is affected by those to whom the report is sent.  22. Management accounting formats are identical for all companies.  23. Period costs are also called noninventoriable costs.  24. Inventoriable cost is a synonym of product cost.  25. Manufacturing costs behave as variable or fixed costs.  26. The.

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  • 21. Neither the amount of detail nor the format of a
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122. Depreciation expense could be A. a period cost.B. a product cost.C. a fixed cost.D. All of these 123. Which of the following is a period cost? A. Advertising costsB. Indirect materialsC. Manufacturing overheadD. Direct materials 124. Period cost is also called A. variable cost.B. direct cost.C. value-adding cost.D. noninventoriable cost. 125. Prime costs is the sum of A. the direct labor costs and indirect labor costs.B. the direct material costs, direct labor costs, and.

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  • 122. Depreciation expense could be A. a period cost.B. a product cost.C. a fixed cost.D. All
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173. Use the following information to calculate the ratios requested below. Round answers to two decimal places. Show your work. Average inventory $ 9,000 Average total assets 100,000 Cost of goods sold 31,500 Income taxes expense 2,700 Interest expense 1,500 Net income 6,400 Net sales 60,000 Market price December 31, on 2,000 shares $48 / share Return on assets Inventory turnover Price/earnings (P/E).

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  • 173. Use the following information to calculate the ratios requested below.
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