Question 1

Select the term from the list provided that best matches each of the following descriptions. The first is done for you.

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Question 2

Benchmarking involves the identification of the best practices used by world-class competitors. Discuss the following widely recognized best practices: activity-based management and just-in-time inventory.

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Question 3

Management accountants have a responsibility to be credible. What does this ethical standard require of management accountants?

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Question 4

Jarvis Company provided the following information regarding its first year of operations:
  Required:Determine the following amounts:Total overhead costs.Total product costs.Product cost per unit.Total cost of ending finished goods inventory.Total cost of goods sold.

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Question 5

Select the term from the list provided that best matches each of the following descriptions. The first is done for you.

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Question 6

As a Certified Management Accountant, Steven is bound by the Institute of Management Accountant's Standards of Ethical Conduct. Describe the actions Steven should take when faced with an ethical dilemma at work.

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Question 7

The Szakos Company engaged in the following transactions during the current year:
Acquired $50,000 of cash by issuing common stock to ownersPaid $10,000 to acquire manufacturing equipmentPaid $5,000 cash for materials used in productionPaid $2,000 for wages of production workersPaid $8,000 in general, selling, and administrative costsRecognized $1,000 of depreciation on the manufacturing equipmentSold inventory for $18,000 cashThe cost of the inventory sold was $6,500Required:Show the balance sheet and income statement effects of the transactions by completing the financial statement model provided.

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Question 8

What is a value chain? And what relationship is there between the value chain and activity-based management?

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Question 9

Reno Company provided the following information regarding its operations for the month ending September 30:
 $\begin{array}{ll}
\text { Acministrative salaries } & 30,000 \
\text { Depreciation on factory equipment } & 12,000 \
\text { Indirect materials } & 2,000 \
\text { Marketing and distribution costs } & 24,000 \
\text { Salaries for factory supervisors } & 20,000 \
\text { Wages for production workers} & 26,000 \
\text { Raw materials used} & 38,000\
\text { Sales revenues}&196,000\
\text { Selling costs}&18,000\
\text { Utilities for production facilities}&8,000\
\text { Number of units produced}&20,000\
\text {Number of units sold }&15,000
\end{array}$
 Required:Compute the firm's total manufacturing overhead cost.Prepare a schedule of inventory costs that shows total product costs, ending inventory, and cost of goods sold; andPrepare an income statement for the month ending September 30.

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Question 10

Classify each of the following costs for Harrison Company as a selling or general and administrative period cost or as a direct or indirect product cost by entering the dollar amount(s) in the appropriate column(s):Paid $75,000 in wages for employees who assemble the company's products.Paid sales commissions of $58,000.Paid $38,000 in salaries for factory supervisors.Paid $88,000 in salaries for executives (president and vice presidents).Recorded depreciation cost of $25,000. $13,000 was depreciation on factory equipment and $12,000 was depreciation on the company headquarters building.Paid $4,000 for various supplies that it used in the factory (oil and materials used in machine maintenance).Used $10,000 in prepaid corporate liability insurance.

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Question 11

Management accountants have a responsibility to demonstrate integrity. What does this ethical standard require of management accountants?

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Question 12

What benefits may result from use of a just-in-time system?

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Question 13

The Giga Company produces tablet computers. The following information is provided:
 $\begin{array}{lc}
\text { a) Materials used } & \$ 216,000 \
 \text { b)Advertising } & \$ 40,000 \
\text { c) Insurance, factory } & \$ 20,000 \
\text { d) Administrative salaries } & \$ 50,000 \
\text { e) Property taxes, factory } & \$ 12,000 \
\text { f) Utilities, administrative building } & \$ 22,000\
\text {g) Factory labor}&\$80,000\
\text {h) Sales commissions}&\$56,000\
\text {i) Factory supervisor's salary}&\$60,000\
\text {j) Research and development}&\$18,000\
\text {k) Depreciation, factory}&\$12,000\
\text {l) Depreciation, office}&\$8,000\
\text { m) Indirect materials }&\$14,000
\end{array}$ Required:Classify each of the company's costs as a period cost (general, selling, and administrative cost) or as a direct or indirect product cost. Enter the dollar amount of the cost in the appropriate column. After entering all amounts, calculate the total general, selling, and administrative cost, the total direct product cost, and the total indirect product cost.

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Question 14

Complete the following table to compare and contrast financial and managerial accounting.

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Question 15

Arizona Company provided the following information regarding its most recent year of operations:
 $\begin{array}{ll}
\text { Acministrative salaries } & 24,000 \
\text { Direct labor } & 48,000 \
\text { Direct raw material } & 80,000 \
\text { Marketing and distribution costs } & 60,000 \
\text { Overheads costs } & 36,000 \
\text { Product design and testing } & 30,000 \
\text { Research and development } & 40,000\
\text { Sales revenues}&410,000\
\text { Sales salaries and commissions}&54,000\
\text { Warranty costs}&4,000\
\text { Number of units produced}&20,000\
\text { Kumber of units sold }&20,000
\end{array}$ Required:Determine the following amounts:Total product costsTotal upstream costsTotal downstream costsProduct cost per unitTotal cost per unit, including product costs and upstream and downstream costsThe selling price per unit that would be required if the company wishes to earn a profit margin equal to 25% of total costComment on the company's profitability at its current selling price

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Quiz 10: An Introduction to Management Accounting

Select the term from the list provided that best matches each of the following descriptions. The first is done for you.

Benchmarking involves the identification of the best practices used by world-class competitors. Discuss the following widely recognized best practices: activity-based management and just-in-time inventory.

Management accountants have a responsibility to be credible. What does this ethical standard require of management accountants?

Jarvis Company provided the following information regarding its first year of operations: Required:Determine the following amounts:Total overhead costs.Total product costs.Product cost per unit.Total cost of ending finished goods inventory.Total cost of goods sold.

Select the term from the list provided that best matches each of the following descriptions. The first is done for you.

As a Certified Management Accountant, Steven is bound by the Institute of Management Accountant's Standards of Ethical Conduct. Describe the actions Steven should take when faced with an ethical dilemma at work.

What is a value chain? And what relationship is there between the value chain and activity-based management?

Management accountants have a responsibility to demonstrate integrity. What does this ethical standard require of management accountants?

What benefits may result from use of a just-in-time system?

Complete the following table to compare and contrast financial and managerial accounting.