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Accounting Expert Answers & Study Resources : Page 75

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28) Sunnybrook Orange Groves processes a variety of fresh juices. The company has the following expenses for July: Depreciation expense on bottling machines $63,000 Glass juice bottles $53,000 Commissions for salespeople $27,000 Salaries of nutrition researchers $89,000 Cost of maintaining website used for  customer orders $4,000 Wages of factory workers $75,000 Freshness seals/caps for juice bottles $3,000 Reconfigure the factory layout $102,000 Customer help line $2,000 Cost of refrigerated.

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  • 28) Sunnybrook Orange Groves processes a variety of fresh juices.
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1) The Sarbanes-Oxley Act was designed to hold corporations accountable for internal control and financial reporting functions. 2) The Sarbanes-Oxley Act has significantly impacted the responsibility for financial reporting by publicly traded corporations. 3) CA firms cannot provide consulting services for their current audit clients. 4) Trends in the modern business environment include.

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  • 1) The Sarbanes-Oxley Act was designed to hold corporations accountable
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41) Assume the costs listed below are incurred by an Telcra Manufacturing. Place the letter for the appropriate value chain element on the line in front of each item. Letters may be used more than once or not at all. A. Research and development D. Marketing B. Design E. Distribution C. Production or purchases F. Customer service Costs: _____ Salaries for the engineers who.

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  • 41) Assume the costs listed below incurred by an Telcra
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11) Which of the following management responsibilities are being fulfilled when management uses feedback to take corrective action on the budgets? A) Directing and planning B) Planning and decision-making C) Controlling and decision-making D) Planning and controlling 12) Which of the following management responsibilities is being fulfilled when management decides to move production to another.

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  • 11) Which of the following management responsibilities being fulfilled when
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11) What type of company resells products it previously purchased ready-made from suppliers? A) Merchandiser B) Retailer C) Wholesaler D) All of the above 12) Before these materials are used to manufacture its cars, Honda classifies steel, glass, and plastic as: A) finished goods inventory. B) raw materials inventory. C) work in process inventory. D) merchandise inventory. 13) Wal-Mart classifies.

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  • 11) What type of company resells products it previously purchased
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1) Retailers sell their products to other wholesalers. 2) Merchandising companies include both wholesalers and retailers. 3) All companies have the same types of inventories. 4) Merchandising and manufacturing companies have finished goods inventory. 5) Which of the following are merchandising companies? A) Manufacturers B) Retailers C) Wholesalers D) Both Retailers and Wholesalers 6) Raw materials, work in process.

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  • 1) Retailers sell their products to other wholesalers. 2) Merchandising companies
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11) The standards of the Society of Management Accountants Code of Professional Ethics include which of the following? A) Integrity B) Honesty C) Fairness D) Objectivity 12) Categorize each of the following activities as to which management responsibility it fulfills: planning, directing, controlling, or decision making. a. The decision to increase sales in the next fiscal period. b..

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  • 11) The standards of the Society of Management Accountants Code
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14) Preparing financial statements in accordance with GAAP is an example of: A) competence. B) integrity. C) objectivity. D) credibility. 15) Communicating information fairly and objectively represents what ethical standard? A) Competence B) Confidentiality C) Credibility D) Integrity 16) Performing duties in accordance with relevant laws, regulations, and technical standards make up which SMA professional ethics standard? A) Competence B) Confidentiality C) Credibility D).

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  • 14) Preparing financial statements in accordance with GAAP an example
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11) Which of the following statements is TRUE about managerial accounting information? A) It is prepared annually and quarterly. B) It is audited by CPAs. C) It emphasizes relevance. D) It must be prepared in conformity with generally accepted accounting principles (GAAP). 12) Management accounting focuses on: A) external reporting. B) internal reporting. C) tax preparation. D) auditing. 13) The.

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  • 11) Which of the following statements TRUE about managerial accounting
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1) Controlling means overseeing the company's day-to-day operations. 2) Managerial accounting gathers, summarizes, and reports the cost and revenue data relevant to each decision that is made. 3) Evaluating the results of business operations against a plan and then making adjustments to that plan is called budgeting. 4) The four primary responsibilities of.

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  • 1) Controlling means overseeing the company's day-to-day operations. 2) Managerial accounting
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40) Assume the costs listed below are incurred by an Telcra Manufacturing. Place the letter for the appropriate value chain element on the line in front of each item. Letters may be used more than once or not at all. A. Research and development D. Marketing B. Design E. Distribution C. Production or purchases F. Customer service Costs: ____ Salaries of sales persons ____ Depreciation.

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  • 40) Assume the costs listed below incurred by an Telcra
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1) An inventoriable cost could be the cost of the marketing and distribution of a product. 2) Inventoriable product costs consist of manufacturing overhead, direct labor and direct materials. 3) All of the following are product costs for a manufacturer EXCEPT: A) direct labor. B) direct materials. C) freight out. D) manufacturing overhead. 4) Period costs are: A).

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  • 1) An inventoriable cost could be the cost of the
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41) Managerial accounting is needed by which type of company? A) Manufacturers B) Retailers C) Service D) All of the above 42) Which services are CA firms allowed to provide to audit clients? A) Bookkeeping B) Consulting C) Information systems design D) Tax preparation 43) Exchanging information to reduce costs, speed delivery, and improve quality is the definition of: A) ERP. B).

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  • 41) Managerial accounting needed by which type of company? A) Manufacturers B)
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11) XBRL will be required of both public and private companies. 12) Managerial accounting has its roots in the industrial age of manufacturing. 13) Lean production is both a philosophy and a business strategy of manufacturing without waste. 14) To resolve ethical dilemmas, management accountants should first : A) consult an attorney regarding legal.

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  • 11) XBRL will be required of both public and private
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31) Under Sarbanes-Oxley, companies must have their internal audit procedures assessed: A) annually. B) monthly. C) quarterly. D) at any time they choose. 32) Under Sarbanes-Oxley, what is the maximum number of years of imprisonment for knowingly destroying or creating documents to obstruct any federal investigation? A) 5 years B) 10 years C) 15 years D) 20 years 33) Which.

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  • 31) Under Sarbanes-Oxley, companies must have their internal audit procedures
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21) Which of the following statements is FALSE? A) Financial accounting provides sufficient information for managers to effectively plan and control operations. B) Financial accounting reports help creditors make decisions. C) Financial accounting helps investors make decisions. D) Financial accounting provides external reports. 22) Which of the following is TRUE? A) Managerial accounting reports are audited.

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  • 21) Which of the following statements FALSE? A) Financial accounting provides
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28) Describe service, merchandising, and manufacturing companies. 29) Explain the difference between raw materials inventory, work in process inventory, and finished goods inventory. 30) Describe a company that has some elements of all three types of companies. It is part service company, part manufacturer, and part merchandiser. 31) Why do service firms not.

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  • 28) Describe service, merchandising, and manufacturing companies. 29) Explain the difference
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18) A company decision as to where to locate a new store would be considered: A) customer service. B) marketing. C) production. D) research and development. 19) Farm Fresh Dairy provided the following expense information for May: Assembly-line workers' wages $72,000 Caps for milk bottles 2,000 Reconfiguring the assembly line 155,000 Customer support hotline 8,000 Delivery expenses 17,000 Depreciation on factory equipment 81,000 Plastic milk bottles 52,000 Salaries of salespeople 63,000 Salaries.

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  • 18) A company decision as to where to locate a
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38) Place the letter for the appropriate value chain element on the line in front of each item. Letters may be used more than once or not at all. A. Research and development D. Marketing B. Design E. Distribution C. Production or purchases F. Customer service _____ Delivery of products and services _____ Detailed engineering plans for products _____ Payment to sponsor a racing team _____.

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  • 38) Place the letter for the appropriate value chain element
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21) Comfy Furniture Company manufactures furniture at its Akron, Ohio, factory. Some of its costs from the past year include: Depreciation on sales office $11,000 Depreciation on factory equipment $16,000 Factory supervisor salary $52,500 Sales commissions $23,000 Lubricants used in factory equipment $3,000 Insurance costs for factory $21,000 Wages paid to maintenance workers $115,000 Fabric used to upholster furniture $7,000 Freight-in (on raw materials) $2,500 Costs of delivery to.

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  • 21) Comfy Furniture Company manufactures furniture at its Akron, Ohio,
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34) Place the letter for the appropriate value chain activity on the line in front of each item. Letters may be used more than once or not at all. Assume a manufacturer. A. Research and development D. Marketing B. Design E. Distribution C. Production or purchases F. Customer service _____ Depreciation expense on equipment in factory _____ Delivery expense _____ Toll free line for customer.

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  • 34) Place the letter for the appropriate value chain activity
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27) On the line in front of each statement, enter the letter corresponding to the term that best fits that statement. You may use a letter more than once and some letters may not be used at all. A. Materials inventory E. Work in process inventory B. Service companies F. Manufacturing companies C. Merchandise inventory G. Merchandising companies D. Finished goods inventory _____ Typically have.

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  • 27) On the line in front of each statement, enter
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21) Managerial accountants may be responsible for: A) analyzing data. B) communicating results. C) providing decision support. D) all of the above. 22) Which of the following skills are required of managerial accountants? A) The ability to work on a team B) Analytical skills C) Oral and written communication skills D) All of the above 23) Which would be a.

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  • 21) Managerial accountants may be responsible for: A) analyzing data. B) communicating
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11) Conversion costs consist of: A) direct labor and manufacturing overhead. B) direct materials and direct labor. C) direct materials and manufacturing overhead. D) direct materials, direct labor and manufacturing overhead. 12) Which of the following is an example of direct labor? A) Salary of a production manager B) Salary of the vice-president of operations C) Wages of.

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  • 11) Conversion costs consist of: A) direct labor and manufacturing overhead. B)
  • Accounting
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21) IFRS stands for: A) International and Foreign Reporting Systems. B) International Financial Reporting Standards. C) Important Foreign Registering Systems. D) International and Foreign Registering Standards. 22) XBRL stands for: A) eXtensible Business Reporting Language. B) eXisting Business Responsibility Language. C) eXtensive Business Registering Location. D) eXtractable Business Reporting Location. 23) The advantages of XBRL include decreases in the need.

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  • 21) IFRS stands for: A) International and Foreign Reporting Systems. B) International
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11) Which of the following certifications is issued by the Society of Management Accountants? A) CPA B) CMA C) CIA D) CFP 12) A CFO would have all of the following responsibilities EXCEPT: A) preparing all corporate tax returns. B) managing corporate financing. C) providing reports to creditors as required. D) investing in new equipment. 13) Who typically manages the.

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  • 11) Which of the following certifications issued by the Society
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24) An example of the IMA's competence standard is to: A) abstain from engaging in or supporting any activity that might discredit the profession. B) communicate information fairly and objectively. C) keep information confidential, except when disclosure is legally required. D) provide decision support that is accurate, clear, concise and timely. 25) Attending class to.

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  • 24) An example of the IMA's competence standard to: A) abstain
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