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Example 1. The ________ method allows managers to increase operating income through production by producing more products than needed.
- variable costing
- direct costing
- marginal costing
- absorption costing
Example 2. How would ABC Company treat fixed manufacturing costs, under the absorption costing method and the variable costing method?
- Product Cost under absorption; Product Cost under variable
- Period Cost under absorption; Product Cost under variable
- Period Cost under absorption; Period Cost under variable
- Product Cost under absorption; Period Cost under variable
Example 3. The term gross margin is used in reports prepared using:
- both absorption costing and variable costing.
- absorption costing but not variable costing.
- variable costing but not absorption costing.
- neither variable costing nor absorption costing.
Example 4. Determine which costing method (variable costing or absorption costing) accounts for fixed manufacturing costs as costs of the period:
a. at the time of incurrence, or b. at the time the finished units to which the fixed overhead relates are sold.
- Absorption costing uses (a) and variable costing uses (b).
- Variable costing uses (a) and absorption costing uses (b).
- Variable costing uses (a) and absorption costing uses neither.
- Absorption costing uses (a) and variable costing uses neither.
Example 5. Why is net profit always greater in absorption costing than indirect costing? Why cost accountants use two types of costing methods i-e absorption costing and direct costing? Identify a case where absorption costing yields higher net profit than direct costing?
Example 1. Differential analysis can be used to determine whether to keep or drop a customer. The format is similar to differential analysis used for making product line decisions. What is the difference between differential analysis used to evaluate customer decisions and differential analysis used to make product line decisions? Select one:
- In differential analysis for customer decisions, factor costs, shadow costs, and imputed costs are traced directly to customers rather than to product lines.
- In differential analysis for customer decisions, sales revenue, variable costs, and fixed costs are traced directly to customers, rather than to product lines.
- In differential analysis used customer decisions, discounted prices, increasing costs, and stop/loss costs are traced directly to customers, rather than to product lines.
- In differential analysis for customer decisions, sales predictions, variable input costs, and unallocated overhead costs are traced directly to customers, rather than to product lines.
1. Describe Differential analysis to drop/keep customers.
2. Describe Differential analysis regarding product line offerings
3. Describe Differential analysis regarding Make-or-Buy decisions
4. Discuss the role qualitative information may have in differential analysis
5. Discuss sunk and opportunity costs, why must managers consider these things?Provide a brief explanation of why a managerial decision may be made, at times, that doesn’t align with the quantitative recommendations of the analysis.
Example 3. Performance Drinks – A further study of: Regression Analysis Contribution Margin Reporting Cost-Volume-Profit Analysis Differential Analysis Capital Budgeting.
Example 4. In differential analysis, what types of costs are relevant?
Example 5. Please list, in order, the five steps that are used in differential analysis.
Example 1. Explain the concept of incremental analysis. Is an incremental analysis often the most direct route to a business decision?
Example 2. What is incremental analysis? In what types of situations is incremental analysis most useful? Discuss
Example 3. Often the most direct route to a business decision is an incremental analysis. What is meant by an incremental analysis?
Example 4. Describe one of the methods of incremental analysis and the outside factors that a manager should consider when performing this type of incremental analysis.
Example 1. In operational management, there are requirements to conduct a make or buy decision. Describe what a make or buy decision is and list the advantages of each. Provide an example of a buy decision.
Example 2. Briefly describe the ” Gray Zone” in the Make or Buy decision process. In your opinion, does the “Gray Zone” in make or buy decisions offer the most value to the purchaser or supplier.
Example 3. The plan procurement process from the PMBOK ® Guide really begins with a make-or-buy decision. What are some things an organization should take into account during a make-or-buy decision? Why are these important?
Example 4. What costs are relevant in a make-or-buy decision?
Example 5. Make or buy decisions involve decisions concerning whether to out-source or not. TRUE OR FALSE
Example 1. Distinguish between horizontal and vertical analysis of financial statement data.
Example 2. Vertical analysis of financial statements is accomplished by preparing common-size statements. True False
Example 3. Example and how to1. Types and purpose of analysis of financial statements and what each indicates
Example 4. Investment Analysis and Portfolio Management (with Thomson ONE – Business School Edition and Stock-Trak Coupon) (10th Edition) Describe briefly two decisions that requires the analysis of financial statements
Example 5. In determining whether a company’s financial condition is improving or deteriorating over time, horizontal analysis of financial statement data would be more useful than vertical analysis.True False
Example 1. Just as we did in chapter two, analyzing transactions is critical to making sure that we understand the transactions prior to recording it in the appropriate account. What are the three steps recommended by the author of your text for analyzing the effects of business transactions? Which step did you find most difficult/easy, and most helpful? Explain!
Example 2. The accounting process involves all of the following except:
- communicating financial information to users by preparing financial reports.
- analyzing and interpreting financial reports.
- identifying economic transactions that are relevant to the business.
- recording nonquantifiable economic events
Example 3. When a company uses special journals, the general journal is used for selected transactions and events including:
- Recording adjusting transactions.
- Posting transactions to special journals.
- Accumulating debits and credits
- Collecting detailed listings of amounts
Example 4. Recording Purchases and Cash Payment Transactions.Cycle Tech had the following purchases and cash payment transactions for the month of March:
Instruction: Prepare the following reports: Purchases Journal, Cash Disbursements Journal, and a General Ledger.
Example 1. Describe the difference and similarities between adjusting and closing entries?
Example 2. What are the major differences between the perpetual inventory system and the periodic inventory system? What are special considerations for each when doing adjusting and closing entries?
Example 3. Van Frank Telecommunications has a patent on a cellular transmission process. The company has amortized the $16.20 million cost of the patent on a straight-line basis since it was acquired at the beginning of 2014. Due to rapid technological advances in the industry, management decided that the patent would benefit the company over a total of six years rather than the nine-year life being used to amortize its cost. The decision was made at the end of 2018 (before adjusting and closing entries).
What is the appropriate adjusting entry for patent amortization in 2018 to reflect the revised estimate? (If no entry is required for a transaction/event, select “No journal entry required” in the first account field. Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50).)
Example 4. Van Frank Telecommunications has a patent on a cellular transmission process. The company has amortized the $24.30 million cost of the patent on a straight-line basis since it was acquired at the beginning of 2012. Due to rapid technological advances in the industry, management decided that the patent would benefit the company over a total of six years rather than the nine-year life being used to amortize its cost. The decision was made at the end of 2016 (before adjusting and closing entries).
What is the appropriate adjusting entry for patent amortization in 2016 to reflect the revised estimate. (If no entry is required for a transaction/event, select “No journal entry required” in the first account field. Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50).)
Example 1. What is bank reconciliation statement?
Example 2. Explain the importance of Bank Reconciliation Statement and give real examples explaining all possible items that make differences between cash balance in general ledger and bank statement balance.
Example 3. When Cash is presented on a Balance Sheet, what are the details of the Cash A/C? How does a Bank Reconciliation Statement factor into the Cash Balance? Please be specific in your details.
Example 4. A firm’s bank reconciliation statement shows a book balance of $32,740, an NSF check of $1,350, and a service charge of $95. Its adjusted book balance is