Manerial accounting 11e garrison noreen brewer chap008
Managerial accounting 14e garrison, noreen, brewer
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Intermediate Accounting - Chap008 doc
... 11,200.00 8-3 1 Moving-Average Perpetual System 8-3 2 Moving-Average Perpetual System $11,600.00 ÷ (80 0-6 00+300) = $23.200 8-3 3 Moving-Average Perpetual System $27,490.00 ÷ (80 0-6 00+30 0-3 00+250+200+400) ... sold 8-2 2 Inventory Cost Flow Methods Specific cost identification Specific cost identification Average cost Average cost First-in, first-out (FIFO) First-in, first-out (FIFO) Last-in, ... Goods acquired for resale resale ••RawMaterials Raw Materials ••Work-in-Process Work-in-Process ••Finished Goods Finished Goods 8-4 Inventory Cost Flows Raw Materials (1) $XX Work in Process $XX...
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Test bank accounting management 11e chapter 01 THE ACCOUNTANTS ROLE IN THE ORGANIZATION
... management accounting and financial accounting What are some basic characteristics of accounting that all accountants use whether in financial or managerial accounting? The Financial Accounting ... among the problem-solving, scorekeeping, and attention-directing roles of management accountants Describe the steps in making a decision in terms of the roles of management accountants Using the ... is presented Chapter CHAPTER OUTLINE Learning Objective 1: Describe how cost accounting supports management accounting and financial accounting I Accounting systems: processing information from...
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Test bank accounting management 11e chapter 02 AN INTRODUCTION TO COST TERMS AND PURPOSES
... combining of cost but one must look to the particular purpose and its full meaning 12 Chapter An Introduction to Cost Terms and Purposes 12 Present key features of cost accounting and cost management ... Cost accounting is more than costing a product that can be inventoried Costs must be 11 Chapter An Introduction to Cost Terms and Purposes 11 accumulated and assigned for service-sector companies ... 10.a Chapter An Introduction to Cost Terms and Purposes CHAPTER QUIZ Tanner Co management desires cost information regarding their Rawhide brand The Rawhide brand is a(n) a cost object b cost...
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Test bank accounting management 11e chapter 03 COST VOLUME PROFIT ANALYSIS
... outcome CHAPTER QUIZ SOLUTIONS: 1.a 2.c 3.b 4.a 5.c 6.d 7.b 8.c 9.b 10.d Cost- Volume- Profit Analysis 33 CHAPTER QUIZ Which of the following is not an assumption of cost- volume- profit analysis? ... statements Cost- Volume- Profit Analysis 35 WRITING/DISCUSSION EXERCISES Understand the assumptions underlying cost- volume- profit (CVP) analysis How helpful is a model, such as CVP analysis, if ... angles at intersection of cost and revenue lines.] Cost- Volume- Profit Analysis 41 Operating Leverage $ Profit opens up Revenues BEPs OLDWAY costs MODERN costs Fixed costs as lever to change angle...
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Test bank accounting management 11e chapter 4 4 JOB COSTING
... manufacturing costs by use of individual jobs Do multiple choice – Assign Exercises 4- 24 (25) and 4- 26, Problems 4- 30, 4- 36, and 4- 37 12 Chapter Job Costing 12 VI Other normal costing issues A A timeliness ... choice V Assign Exercises 4- 17 and 4- 18, Problem 4- 34 Accounting for the flow of costs in a normal job- costing system Learning Objective 5: Track the flow of costs in a job- costing system A Stages ... of resulting information 14 Chapter Job Costing 14 b Cost/benefit test favors the simplest approach Do multiple choice and Assign Exercise 4- 27 and Problems 4- 33 and 4- 35 B Multiple overhead cost...
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Test bank accounting management 11e chapter 05ACTIVITY BASED COSTING AND ACTIVITY BASED MANAGEMENT
... with activity -based costing and activity -based management Activity -based costing is a whole company approach and works best when so employed through activity -based management and activity -based ... Use activity -based costing systems for activity -based management Can a company (organization) use activity -based costing and not have activity -based management? Yes, a company could implement activity -based ... adds activity -based budgeting) Learning Objective 7: Compare activity -based costing systems and department -costing systems III Activity -based costing compared to department -costing systems Activity- Based...
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Test bank accounting management 11e chapter 06 MASTER BUDGET AND RESPONSIBILITY ACCOUNTING
... Exercise 6-27 and Problem 6-35 CHAPTER QUIZ SOLUTIONS: 1.d 2.a 3.b 4.d 5.c 6.b 7.c 8.a 9.d 10.b 11.c 12.b Master Budget and Responsibility Accounting 79 CHAPTER QUIZ Budgeting is the common accounting ... coverage of budgets Purpose of budget should guide time period chosen Ongoing coverage through use of rolling budget Do multiple choice Assign Exercise 6-16 Master Budget and Responsibility Accounting ... feedback and changing conditions Terms used Learning Objective 1: Understand what a master budget is and explain its benefits a Master budget i Summarizes financial projections of all of company’s budgets...
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Test bank accounting management 11e chapter 07 FLEXIBLE BUDGETS, VARIANCES,
... QUIZ SOLUTIONS: 1.b 2.c 3.a 4.b 5.c 6.d 7.a 8.c 9.a 10.d Flexible Budgets, Variances, and Management Control: I 93 CHAPTER QUIZ [CMA Adapted] Flexible budgets a b c d accommodate changes in the inflation ... across companies Flexible Budgets, Variances, and Management Control: I 95 WRITING/DISCUSSION EXERCISES Distinguish a static budget from a flexible budget How is the preparation of a flexible budget ... be considered Top management must take the lead in emphasizing achievement of total organizational objectives rather than a piecemeal approach Flexible Budgets, Variances, and Management Control:...
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Test bank accounting management 11e chapter 08 FLEXIBLE BUDGETS, VARIANCES,
... accounting system should be designed to provide the information that improves the decisions of managers, keeping in mind that accounting systems have a cost Flexible Budgets, Variances, and Management ... implementation have declined Flexible Budgets, Variances, and Management Control: II 111 SUGGESTED READINGS Beischel, M and Smith, K., “Linking the Shop Floor to the Top Floor,” Management Accounting (October ... Refer to the “Standards of Ethical Conduct for Management Accountants” developed by the Institute of Management Accounting, Exhibit 1-7 in Chapter 110 Chapter Show how the 4-variance analysis approach...
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Test bank accounting management 11e chapter 09 INVENTORY COSTING AND CAPACITY ANALYSIS
... T., Buddenbohm, H and Swenson, D., “Understanding Capacity Utilization at Rocketdyne,” Management Accounting Quarterly (Winter 2000) p.42 [6p] Inventory Costing and Capacity Analysis 15 ... practical capacity level to calculate the rate and proration for tax reporting Inventory Costing and Capacity Analysis Difficulties in forecasting chosen denominator-level capacity Practical capacity ... in comparing absorption costing and variable costing If a company has a pattern of Inventory Costing and Capacity Analysis 10 peaks and valleys for building up inventory in anticipation of heavier...
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Test bank accounting management 11e chapter 10 DETERMINING HOW COSTS BEHAVE
... relationship exists d management should cut costs Answer: a Difficulty: Chapter 10 Page 19 104 The smaller the residual term a the stronger the relationship between the cost driver and costs b the weaker ... total labor costs at Carroll Company when 10, 000 labor-hours are used? a $17,000 b $41,000 c $21,167 d $27,000 Answer: b Difficulty: y = $17,000 + ($2.40 x 10, 000) = $41,000 Chapter 10 Page 15 ... between actual costs and predicted costs the better the goodness of fit Answer: True Difficulty: Chapter 10 Page Objective: 26 Choosing an economically plausible cost driver for indirect costs is fairly...
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Test bank accounting management 11e chapter 11 DECISION MAKING AND RELEVANT INFORMATION
... choice Assign Exercises 11- 22 and 11- 23, Problems 11- 29 and 11- 32 D Add or discontinue a product line—example of customer profitability Understand conditions of decision (obtain information) a Customer ... discontinuing customers and segments Decision Making and Relevant Information 145 c Ignore allocated overhead costs d Focus on how total costs differ among alternatives [Exhibit 11- 9 and 11- 10] Choose ... equipment, is irrelevant Identify relevant revenues and costs [Exhibit 11- 11] a Minimize costs (maximize income if revenues are relevant) b Future revenues and costs are relevant [Exhibit 11- 12] i Cash...
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Test bank accounting management 11e chapter 12 PRICING DECISIONS AND COST MANAGEMENT
... Emphasized in costing systems b Locked-in or designed-in costs [Exhibits 12- 5 and 12- 6] Pricing Decisions and Cost Management 159 i Definition: Costs that have not yet been incurred but, based on decisions ... Advantages to use of full cost of product for pricing decisions full recovery of all costs of product, price stability, and simplicity Cost- plus pricing and target pricing a Cost- plus pricing determines ... life-cycle costs locked in at design stage Pricing Decisions and Cost Management 161 Management of environmental costs Customer life-cycle costs: total costs incurred by customer to acquire and use...
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