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Accounting Expert Answers & Study Resources : Page 86

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9.2   Questions 1) To design a management control system that meets an organization's needs, managers must identify what motivates employees, ________ and ________. A) develop performance measures based on these employee motivators; establish a monitoring and reporting structure for the performance measures B) develop performance measures to encourage managerial effort; establish a monitoring.

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  • 9.2   Questions 1) To design a management control system that meets
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8.4   Questions 1) The difference between static budget amounts and flexible budget amounts are ________.  The difference between flexible budget amounts and actual results are ________. A) static variances; flexible budget variances B) master variances; flexible budget variances C) quantity variances; static budget variances D) activity level variances; flexible budget variances 2) Actual results may differ.

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  • 8.4   Questions 1) The difference between static budget amounts and flexible
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21) Fixed costs not controllable by a segment manager usually include depreciation and property taxes on the building used by the segment. 22) When evaluating a segment manager, unallocated costs usually include central corporate costs. 23) The following information is available for Wildwood Consulting Company and its two offices: EuclidRoyal Office                   Office Net sales$250,000$400,000 Fixed costs: Controllable.

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  • 21) Fixed costs not controllable by a segment manager usually
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7.3   Questions 1) Budgeting can result in incentives to lie and cheat that undermine ________. A) the Securities and Exchange Commission B) a company's ethical standards C) a company's value chain D) standards of confidentiality promulgated by the Institute of Management Accountants 2) Managers may ________ their budgeted costs or ________ their budgeted revenues to create.

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  • 7.3   Questions 1) Budgeting can result in incentives to lie and
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11) Variances should be investigated if they ________. A) are favorable B) are unfavorable C) are smaller than the prior period D) exceed certain dollar or percentage deviations from the budget 12) Favorable variances do not require investigation. 13) Favorable flexible budget variances are always good news. 14) Sales-activity variances measure how efficient managers have been in.

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  • 11) Variances should be investigated if they ________. A) favorable B) unfavorable C)
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10) Diamond Company has the following sales budget for the last six months of 2010: July$100,000 August80,000 September110,000 October90,000 November100,000 December94,000 Historically, the cash collection of sales has been as follows: 65% of sales collected in month of sale 25% of sales collected in month following sale 8% of sales collected in second month following sale 2% of sales uncollectible What is.

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  • 10) Diamond Company has the following sales budget for the
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20) The following sales budget has been prepared: Month           Cash Sales               Credit Sales September$100,000$200,000 October125,000180,000 November207,000199,000 December67,000144,000 Collection of credit sales are 50% in the month of sale, 40% in the month following sale, and 10% two months following sale.  No uncollectible accounts are expected.  What is the expected balance of Accounts Receivable at October 31? A) $72,500 B) $110,000 C).

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  • 20) The following sales budget has been prepared: Month           Cash Sales          &#
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26) Leno Company has the following information: Cash Balance, June 30$80,000 Dividends paid in July55,000 Cash paid for operating expenses in July185,500 Depreciation expense in July12,000 Cash collections on sales in July510,000 Merchandise purchases paid in July180,000 Purchase equipment for cash in July94,500 Leno Company wants to maintain a minimum cash balance of $80,000. Required: Prepare a cash budget for.

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  • 26) Leno Company has the following information: Cash Balance, June 30$80,000 Dividends
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9.8   Questions 1) Most nonprofit organizations face substantial difficulty implementing management control systems.  What is the main reason? A) The outputs of nonprofit organizations are easy to measure. B) The outputs of nonprofit organizations are difficult to measure. C) The outputs of nonprofit organizations cannot be measured. D) The inputs of nonprofit organizations cannot be.

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  • 9.8   Questions 1) Most nonprofit organizations face substantial difficulty implementing management
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21) Standard cost systems value products according to actual costs. 22) Currently attainable standards are levels of performance that can be achieved by realistic levels of effort. 23) The unfavorable variances resulting from ideal standards are intended to constantly remind personnel of the continuous need for improvement. 24) Variances are signals that actual.

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  • 21) Standard cost systems value products according to actual costs. 22)
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11) The following information is available for Price Supplies Inc. and its two divisions, Durable Goods and Nondurable Goods. WholeDurableNondurable Company           Goods            Goods Net sales$100,000$50,000$50,000 Fixed costs controllable by Division Manager16,50012,5004,000 Fixed costs not controlled by Division Manager8,0005,0003,000 Variable costs: Cost of merchandise sold24,50017,5007,000 Operating expenses16,40010,0006,400 Unallocated costs1,000 What is the contribution controllable by the manager of the Nondurable Goods.

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  • 11) The following information available for Price Supplies Inc. and
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11) Budgets that focus on the budgeted cost of activities required to produce and sell products are called ________. A) strategic budgets B) master budgets C) activity-based budgets D) rolling budgets 12) The activity-based budgeting system emphasizes ________. A) the resources needed by a company B) the preparation of budgets by function C) the attainment of long-range goals D).

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  • 11) Budgets that focus the budgeted cost of activities required
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9.6   Questions 1) To identify defective products, companies incur inspection costs or ________ costs. A) prevention B) appraisal C) internal failure D) external failure 2) ________ costs involve efforts to improve product design for more efficient production processes. A) Prevention B) Appraisal C) Internal failure D) External failure 3) The traditional approach to quality control in the United States was to.

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  • 9.6   Questions 1) To identify defective products, companies incur inspection costs
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40) ________ expense is driven by sales volume. A) Rent B) Insurance C) Depreciation D) Sales commission 41) The Happy Company is preparing a budgeted income statement.  The dollar amount for Sales comes from ________. A) the sales forecast B) the sales manager C) the sales budget D) the sales from competitors 42) The Unhappy Company is preparing a budgeted.

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  • 40) ________ expense driven by sales volume. A) Rent B) Insurance C) Depreciation D)
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11) Good performance measures should only focus on long-term concerns. 12) Good performance measures should be reasonably subjective. 13) Financial performance measures are often lagging indicators that arrive too late to help prevent problems. 14) Some management experts have said that the only sustainable competitive advantage is the rate at which a company's.

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  • 11) Good performance measures should only focus long-term concerns. 12) Good
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  9.1   Questions 1) ________ is the logical integration of techniques to gather and report data for planning and control decisions and to evaluate performance. A) An internal control system B) A quality control system C) A financial reporting system D) A management control system 2) A management control system includes the techniques to gather and use.

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  •   9.1   Questions 1) ________ the logical integration of techniques to gather
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8.2   Questions 1) To calculate the numbers in a flexible budget, managers use ________. A) cost functions developed from regression analysis B) flexible budget formulas C) cost functions obtained from the high-low method D) all of the above 2) When preparing a flexible budget income statement, ________ costs are constant at different levels of activity. A) variable B).

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  • 8.2   Questions 1) To calculate the numbers in a flexible budget,
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7.2   Questions 1) Misalignment between the ________ stressed in budgets and ________ used to reward employees and managers can limit the advantages of budgeting. A) performance goals; participative goals B) performance goals; performance measures C) bonuses; sales goals D) bonuses; resource goals 2) One way to reduce negative attitudes of managers toward budgets is by ________. A).

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  • 7.2   Questions 1) Misalignment between the ________ stressed in budgets and
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11) Efficiency is indicated by the ________ variances. A) sales activity B) static budget C) flexible budget D) strategic budget 12) Effectiveness is indicated by the ________ variances. A) sales activity B) static budget C) flexible budget D) price 13) Blue Company planned to sell 35,000 units.  Actual sales were 30,000 units.  Based on this information, Blue Company was ________. A).

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  • 11) Efficiency indicated by the ________ variances. A) sales activity B) static
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21) The Petunia Company makes mugs for which the following standards have been developed: Standard Inputs ExpectedStandard Price Expected                   For Each Unit of Output                 Per Unit of Input Direct Materials5 ounces$2 per ounce Direct Labor2.5 hours$8 per hour Production of 400 mugs was expected in August, but 440 mugs were actually completed.  Direct materials purchased and.

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  • 21) The Petunia Company makes mugs for which the following
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8.3   Questions 1) A company that has an activity-based costing system with multiple cost drivers will prepare a(n) ________ budget. A) financial planning B) short-range planning C) activity-based flexible D) strategic 2) When should a company use an activity-based flexible budget with multiple cost drivers instead of a simple flexible budget with one cost driver? A) when.

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  • 8.3   Questions 1) A company that has an activity-based costing system
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11) Which of the following is NOT a component of the operating budget? A) capital budget B) purchases budget C) budgeted income statement D) operating expense budget 12) Which of the following is NOT a component of the financial budget? A) capital budget B) cash budget C) budgeted balance sheet D) budgeted income statement 13) Which of the following is.

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  • 11) Which of the following NOT a component of the
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11) A responsibility center for which a separate measure of revenues and costs is obtained is called a(n) ________. A) cost center B) contribution center C) contribution margin center D) segment 12) The manager of a(n) ________ responsibility center is responsible for the income and invested capital from the center. A) profit B) cost C) investment D) accounting 13) Responsibility.

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  • 11) A responsibility center for which a separate measure of
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31) Direct Material        Direct Labor Std. price per unit of input$12 per foot$14 per hour Actual price per unit of input$14 per foot$13 per hour Std. inputs allowed per unit of output5 feet3 hours Actual units of input2,500 feet1,550 hours Actual units of output600 units Required: Compute the price and quantity variances for direct materials and direct labor. 32).

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  • 31) Direct Material        Direct Labor Std. price per unit of input$12 per
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9.4   Questions 1) ________ costs include those costs that a manager's decisions and actions can influence to a reasonable degree. A) uncontrollable B) controllable C) third party D) allocated 2) ________ costs provide evidence about a manager's performance.  ________ costs do not provide evidence about a manager's performance. A) Allocated; Unallocated B) Controllable; Uncontrollable C) Uncontrollable; Controllable D) Allocated; Third.

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  • 9.4   Questions 1) ________ costs include those costs that a manager's
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30) Pease Company's expected sales for April are $27,600.  Other information follows: Budgeted Operating Expenses             Amount Wages$2,000 Advertising1,680 Depreciation1,440 Rent2,560 Other expenses5% of sales What are the total expected operating expenses for April? A) $6,240 B) $7,620 C) $7,680 D) $9,060 31) Moran Company's expected sales for April are $27,600.  Other information follows: Budgeted Operating Expenses             Amount Wages$2,000 Advertising1,680 Depreciation1,440 Rent2,560 Other expenses5% of sales All cash expenses are paid as.

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  • 30) Pease Company's expected sales for April $27,600.  Other information
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50) Bates Corporation has the following sales budget: Month                   Budgeted Sales May$84,000 June100,000 July92,000 August116,000 September98,000 Credit sales are 80% of total sales.  Collections of credit sales are 80% in the month of sale, 15% in the month after sale and 5% are never collected. Required: Prepare a schedule of cash collections for June, July and August. 51) Dubuque Company has.

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  • 50) Bates Corporation has the following sales budget: Month                   Budgeted Sales
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11) Farmers Insurance Company had a static budgeted operating income of $8.6 million.  Actual operating income was $6.4 million.  What is the static-budget variance of operating income? A) $2.2 million Favorable B) $2.2 million Unfavorable C) $6.4 million Favorable D) $8.6 million Unfavorable 12) For the current year, John Company's static budget sales were $225,000. .

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  • 11) Farmers Insurance Company had a static budgeted operating income
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7.5   Questions 1) Which of the following statements about long-range plans is FALSE? A) Long-range plans provide forecasted financial statements for five to ten year periods. B) Long-range plans guide day-to-day operations. C) Companies coordinate long-range plans with capital budgets. D) A decision made during long-range planning is the acquisition of a plant building. 2) Short-term.

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  • 7.5   Questions 1) Which of the following statements about long-range plans
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11) Given the following information: Variable overhead costs incurred$20,570 Material purchased and used2,900 pounds Direct labor costs incurred$24,500 Direct labor hours incurred2,450 hours Finished units produced500 units Actual material cost$37 per pound Standard direct labor cost$9 per hour Standard material cost$40 per pound Standard variable overhead$8 per hour Standard pounds of material in a finished unit6 pounds Standard direct labor hours.

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  • 11) Given the following information: Variable overhead costs incurred$20,570 Material purchased and
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21) Sonny Corporation and Cher Corporation are movie companies.  Comparative data for 20X0 and 20X1 are given below: SonnyCher Corporation     Corporation Sales revenue20X0$8,000,000$4,400,000 20X19,600,0006,175,000 Number of employees20X010,0005,500 20X19,0006,500 Assume that each 20X0 dollar is equivalent to 1.60 of each 20X1 dollar, due to inflation.  Taking inflation into account, what is Sonny Corporation's 20X0 productivity measure in terms of.

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  • 21) Sonny Corporation and Cher Corporation movie companies.  Comparative data
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9.5   Questions 1) To calculate the contribution by segment, take contribution controllable by segment managers minus ________. A) unallocated costs B) variable operating expenses C) fixed costs controllable by others D) fixed costs controllable by segment managers 2) To calculate income before taxes for a segmented company as a whole, take contribution by segments and subtract.

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  • 9.5   Questions 1) To calculate the contribution by segment, take contribution
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9.3   Questions 1) For most organizations, effective performance measurement requires ________ and ________ measures of performance. A) rolling; static B) flexible; static C) strategic; continuous D) financial; nonfinancial 2) An example of a nonfinancial goal is ________. A) increase customer satisfaction B) increase profits C) increase segment margin D) increase required return on investment 3) Effective performance measures have all the.

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  • 9.3   Questions 1) For most organizations, effective performance measurement requires ________
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9.7   Questions 1) A popular approach to performance measurement that integrates financial and nonfinancial measures and links them to the organization's goals and objectives is called the ________. A) balanced scorecard B) balanced contribution approach C) quality control approach D) TQM approach 2) The balanced scorecard focuses management attention on the ________. A) measures of productivity B) measures.

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  • 9.7   Questions 1) A popular approach to performance measurement that integrates
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8.7   Questions 1) The flexible budget variance for variable overhead costs is composed of a(n) ________ variance and a(n) ________ variance. A) efficiency; effective B) spending; rate C) quantity; efficiency D) spending; efficiency 2) The variable overhead efficiency variance depends on whether the quantity of the cost driver used is more or less than ________. A) the.

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  • 8.7   Questions 1) The flexible budget variance for variable overhead costs
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