29 Jun Question The short answer que
Question
The short answer questions below required detailed answers. Read each question to understand the requirements. Notice that the questions may require computations and multiple-part answers, and they should include reference to where the answer was located.
1.(TCO 10) Not all pricing methods apply to the market place. In manufacturing it is common practice to determine the cost of a product as it moves through it transformation to a finished product. (1) Explain how a transfer price could be used to make other financial decisions (10 points) and (2) provide an example of the application of transfer price data (10 points). (Points : 20)
2.(TCO 11) Terry LeMay is unclear as to the difference between the income statement of a merchandising company and a manufacturing company. (1) Describe and provide an example of an income statement of a merchandising company and (2) compare to an example of an income statement of a manufacturing company (10 points). (Points : 20)
3.(TCO 3) Internal Control Procedures are required to safeguard company assets and to ensure ethical operation of the business. (1) Explain how proper approvals can satisfy the purpose of internal control (10 points) and (2) provide an example of how this control could be implemented (10 points). (Points : 20)
4.(TCO 7) To promote better management control of business centers financial responsibilities are assigned to managers. There are three basic types of responsibility centers. (1) Explain how a investment center operates (10 points) and (2) provide an example of its application in business. (10 points). (Points : 20)
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5.(TCO 1) To evaluate the financial operation and health of a business ratio analysis is used. (1) Provide the formula for Current Ratio and explain how it is computed (10 points) and (2) provide an example of how this ratio can be used in decision making in business (10 points). (Points : 20)
Part 2
The essay questions below required detailed answers. Read each question to understand the requirements. Notice that the questions may require computations and multiple-part answers, and they should include reference to where the answer was located.
1.(TCO 8) Planning for capital investments is an important function of management. You are responsible for considering purchasing new equipment for $450,000. It is expected that the equipment will produce net annual cash flows of $55,000 over its 10-year useful life. Annual depreciation will be $45,000. Compute the cash payback period. (1) Explain the pros and cons of using this method to evaluate a capital expenditure (10 points) and (2) show all computations required to arrive at the correct solution. (15 points). (Points : 25)
Answer:
2.(TCO 6) To adequately plan for the success of the business a budget must be developed. (1) Indicate the benefits of budgeting (10 points) and (2) state the essentials of effective budgeting (15 points). Include textbook page references to identify where the correct answer was located. (Points : 25)
Answer:
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