21 May WHICH OF THESE SUGGESTED STRATEGIES ARE INCONSISTENT WITH IMA STANDARDS?
Managerial and financial accounting differ in many aspects.
Requirement
For each of the following, indicate whether the statement relates to management
accounting (MA) or financial accounting (FA):
2. Management has the responsibility to manage the resources of an organization in
a responsible manner.
Requirement
For each of the following management responsibilities, indicate the primary
stakeholder group to whom management is responsible. In the space provided,
write the letter corresponding to the appropriate stakeholder group.
3. Martin and Reynolds provides hair cutting services in the local community. In
January, the business incurred the following operating costs to cut the hair of 220
clients:
Martin and Reynolds earned $4,900 in revenues from haircuts for the month of
January.
Requirements
R1. What is the net operating income for the month?
R2. What is the cost of one haircut?
4. The Glass Pro, a retail merchandiser of auto windshields, has the following
information:
Requirement
Compute The Glass Pro’s cost of goods sold.
5. Consider the following costs:
Requirement
For each of the costs, indicate if the cost would be found on the income statement
of a service company (S), a merchandising company (Mer), and/or a manufacturing
company (Man). Some costs can be found on the income statements of more than
one type of company.
6. You are a new accounting intern at 101 Cookies. Your boss gives you the
following information:
Requirement
Compute direct materials used.
7. Consider Maher Cards’ manufacturing plant.
Requirement
R1. Match one of the following terms with each example of a manufacturing cost
given below:
8. Sun Pro Company manufactures sunglasses. Suppose the company’s October
records include the following items:
Requirements
R1. List the items and amounts that are manufacturing overhead costs.
R2. Calculate Sun Pro’s total manufacturing overhead cost in October.
9. Max-Fli Golf Company had the following inventory data for the year ended
December 31, 2010:
Requirement
Compute Max-Fli’s cost of goods manufactured for 2010.
10. Manufacturer’s costs are either inventoriable product costs or period costs.
Requirement
Classify each of a paper manufacturer’s costs as either an inventoriable product
cost or a period cost:
11. The following statements consider how managers use information.
Requirement
Complete the statements with one of the terms listed here. You may use a term
more than once, and some terms may not be used at all.
12. The following statements relate to understanding today’s business
environment.
Requirement
R1. Complete the statements with one of the terms listed here. You may use a term
more than once, and some terms may not be used at all.
13. Georgie’s Grooming is a competitor of Buddy Grooming. Georgie Oliver, owner,
incurred the following operating costs to groom 2,700 dogs for the first quarter of
2011 (January, February, and March):
Georgie’s Grooming earned $46,300 in revenues for the first quarter of 2011.
Requirements
R1. Prepare an income statement for the first quarter of 2011. Compute the ratio of
operating expense to total revenue and operating income to total revenue.
R2. Compute Georgie’s unit cost to groom one dog.
14. Consider the following data for a manufacturer:
Requirement
Compute cost of goods manufactured and cost of goods s
15. The Tree Doctors provide tree-spraying services in the company’s home county.
Ivan Peters, the owner, incurred the following operating costs for the month of
January 2012:
The Tree Doctors earned $28,000 in revenues for the month of January by spraying
trees totaling 35,000 feet in height.
Requirements
R1. Prepare an income statement for the month of January. Compute the ratio of
total operating expense to total revenue and operating income to total revenue.
R2. Compute the unit operating cost of spraying one foot of tree height.
R3. The manager of The Tree Doctors must keep unit operating cost below $.60 per
foot in order to get his bonus. Did he meet the goal?
R4. What kind of system could The Tree Doctors use to integrate all its data?
16. In 2011 Clyde Conway opened Clyde’s Pets, a small retail shop selling pet
supplies. On December 31, 2011, Clyde’s accounting records showed the following:
Requirement
Prepare an income statement for Clyde’s Pets, a merchandiser, for the year ended
December 31, 2011.
17. Certain item descriptions and amounts are missing from the monthly schedule
of cost of goods manufactured and the income statement of Webber Manufacturing
Company.
Requirement
Fill in the missing items.
18. Lee Reinhardt is the new controller for Night Software, Inc., which develops and
sells education software. Shortly before the December 31 fiscal year-end, Robert
Tau, the company president, asks Reinhardt how things look for the year-end
numbers. He is not happy to learn that earnings growth may be below 15% for the
first time in the company’s five-year history. Tau explains that financial analysts
have again predicted a 15% earnings growth for the company and that he does not
intend to disappoint them. He suggests that Reinhardt talk to the assistant
controller, who can explain how the previous controller dealt with such situations.
The assistant controller suggests the following strategies:
Requirements
R1. Which of these suggested strategies are inconsistent with IMA standards?
R2. What should Reinhardt do if Tau insists that she follow all of these suggestions?
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