Homework

Homework Questions? Ask a Tutor for Answers ASAP

Ask an Expert,
Get an Answer ASAP!

According to the Financial Executives Institute, one function…

Customer Question
According to the Financial Executives...
According to the Financial Executives Institute, one function of controllership is _____. reporting and interpreting financial information investments short term financing provision of capital Department performance reports can be used to help department heads determine _____. who is primarily responsible for any deviations from plans how effectively the department is operating how efficiently the department is operating how effectively and efficiently the department is operating Performance reports _____. ignore areas that are presumed to be running smoothly are quantitative expressions of action plans provide feedback by comparing results with plans and by highlighting deviations from plans are deviations from a plan According to the Institute of Management Accountants’ Statement of Ethical Professional Practice, the standard of competence includes: All of these answers are correct the ongoing development of the accountant’s knowledge and skills avoiding actual or apparent conflicts of interest disclosing all relevant information Below is a statement from the Institute of Management Accountants’ Statement of Ethical Professional Practice. “Refrain from disclosing confidential information acquired in the course of their work except when authorized, unless legally obligated to do so.” It is an example of _____. objectivity competence confidentiality integrity Ethical accountants are important to society because _____. none of these answers is correct they pay their taxes the information produced is reliable they will not go to prison and waste taxpayers’ money _____ is the field of accounting that develops information for external decision makers such as stockholders, suppliers, banks, and government regulatory agencies. Financial accounting Auditing Tax accounting Management accounting _____ is (are) the accounting system's effect on the decision of managers. Computerization Simplicity Behavioral implications The cost-benefit balance _____ refers to accounting information developed for managers within an organization. Tax accounting Internal auditing Managerial accounting Financial accounting The _____ is not one of the three major financial statements. statement of equity position statement of cash flows income statement balance sheet The accrual basis of accounting recognizes the impact of transactions on the financial statements in the period when _____. the accounting equation is decreased revenues are earned and expenses are incurred cash is received or disbursed the transaction occurs Etiwanda Company’s accountant recorded a debit to Accounts Payable and a credit to Cash. This transaction will_____. decrease Cash and increase Accounts Payable increase Cash and increase Accounts Payable increase Cash and decrease Accounts Payable decrease Cash and decrease Accounts Payable Mr. Bryant invested $50,000 cash in a new corporation. The new corporation will record this transaction with a debit to_____. Cash and a credit to Retained Income for $50,000 Paid-in Capital and a credit to Retained Earnings for $50,000 Retained Earnings and a credit to Cash for $50,000 Cash and a credit to Paid-in Capital for $50,000 Valuing assets at replacement cost to facilitate the measurement of “economic income” violates the _____ accounting convention. objectivity conservatism materiality cost benefit The accounting convention of _____ permits a company to immediately expense assets (such as a garbage can) with small values and long useful lives. continuity materiality objectivity conservatism The Rebecca Company acquired merchandise inventory costing $10,000 on September 1. The company will not pay for the inventory until October 1. This transaction will affect the Rebecca Company by increasing the Merchandise Inventory account by $10,000 and _____. decreasing the Accounts Payable account by $10,000 increasing the Capital account by $10,000 increasing the Accounts Payable account by $10,000 decreasing the Capital account by $10,000 Sylvester Company requires clients to pay in advance for legal services. One such client made a $4,000 payment on May 1, and Sylvester Company recorded this transaction in the appropriate liability account. As of May 20, the legal services that the client requested had been completed. The May 20 accounting entry will: decrease assets and decrease liabilities increase revenues and increase liabilities decrease assets and increase revenues decrease liabilities and increase revenues The difference between a single and multiple step income statement is that a single step income statement_____. calculates net income using one method, whereas a multiple step income statement calculates net income under two or more methods calculates gross profit and operating income, whereas a multiple step income statement does not groups all revenues together and all expenses together, whereas a multiple step income statement separates certain revenues and expenses from each other and presents subtotals shows only one year's net income, whereas a multiple step income statement shows multiple years' net income Which value chain function would include advertising costs? The customer service function would include advertising costs. The production function would include advertising costs. The distribution function would include advertising costs. The marketing function would include advertising costs. Which value chain function would include depreciation on transportation cost? The customer service function would include depreciation on transportation cost. The production function would include depreciation on transportation cost. The distribution function would include depreciation on transportation cost. The marketing function would include depreciation on transportation cost Number of engineering hours is a likely cost driver for which value chain function? The design function has number of engineering hours as a likely cost driver. The marketing function has number of engineering hours as a likely cost driver. The research and development function has number of engineering hours as a likely cost driver. The production function has number of engineering hours as a likely cost driver Walnut Corporation sells desks at $480 per desk. The costs associated with each desk are as follows: Direct materials $195 Direct labor 126 Variable factory overhead 51 Total fixed costs for the period are $456,840. The contribution margin per desk is _____. $108 $51 $195 $126 Hug Me Company produces dolls. Each doll sells for $20.00. Variable costs per unit total $14.00, of which $6.25 is for direct materials and $5.25 is for direct labor. If total fixed costs are $435,000, then the break even volume in dollars is _____. $1,023,529 $621,429 $1,450,000 $435,000 If the sales price per unit is $100, the unit variable cost is $75, and total fixed costs are $150,000, then the break even volume in dollar sales rounded to the nearest whole dollar is _____. $600,000 $150,000 $200,000 $1,500 Managers should apply two principles to obtain accurate and useful cost functions. These principles are ____. believability and validity reliability and validity plausibility and reliability plausibility and believability _____ of approximating cost functions does not involve the analysis of past costs. least-squares regression Engineering analysis Visual fit analysis High low analysis The _____ method of measuring cost functions is the least reliable. multiple least squares regression simple least squares regression visual fit high low _____ need cost accounting systems. Manufacturing firms, service organizations, and nonprofit organizations Manufacturing firms and nonprofit organizations Service organizations and nonprofit organizations Manufacturing firms and service organizations Managers have greater confidence in the accuracy of costs of products and services reported by activity-based systems because _____. All of these answers are correct activity-based systems classify more costs as direct activity-based systems are more complex activity-based systems are more expensive _____ is a name for a system that first accumulates overhead costs for each of the activities of an organization, and then assigns the costs of activities to the products, services, or other cost objects that caused that activity. Transaction costing Transaction based accounting Cost driver accounting Activity based costing _____ models are mathematical models of the master budget that can react to any set of assumption about sales, costs, and product mix. Futuring Accounting Financial planning Budgeting analysis _____ budgeting is when budgets are formulated with the active participation of all affected employees Shared Participative Team Financial Budgets generate negative feelings if they are _____. used to point out managers’ failings and used primarily to limit spending congruent with rewards used primarily to limit spending used to point out managers’ failings A sales forecast is _____. all of these answers are correct the same as a sales budget that will generate a desired level of sales the result of decisions to create conditions a prediction of sales under a given set of conditions Unit sales of Product A are currently 10,000, while unit sales of Product B are double those of Product A. The company's sales forecast will be _____, assuming sales of Product A increase by 10% and those of Product B increase by 4,000 units. none of these answers is correct 11,000 and 24,000 units, respectively 11,000 and 22,000 units, respectively 10,000 and 20,000 units, respectively The master budget includes forecasts for all of the following except _____. cash disbursements balance sheets number of employees sales Which of the following statements is false? Flexible budgets are not based on the same revenue and cost behavior assumptions as the static budget. Flexible budgets help provide a basis for management by exception. Flexible budgets are automatically matched to changes in activity levels Flexible budgets are prepared for a range of activity. _____ are components of a master budget. An operating budget and a financial budget A strategic plan and an operating budget A cash budget and an activity budget A continuous budget and a static budget The master budget quantifies targets for all of the following except _____. production sales cost driver activity markets The preferred guidelines for allocating service department costs include _____. evaluating performance using allocated costs for each service department identifying the direct and indirect costs allocating variable- and fixed-cost pools simultaneously establishing part or all of the details regarding cost allocation in advance of rendering the service _____ is not a type of cost allocation. Reallocation of costs from service departments to production departments Allocation of costs to the appropriate organizational unit Reallocation of costs from production departments to service departments Allocation of costs of a particular organizational unit to products or services Costs are allocated for all the following purposes except to _____. obtain reimbursement predict the economic effects of planning and control decisions compute income and asset valuation determine inventory levels Serena Company has two service departments, Maintenance and Personnel, as well as two production departments, Mixing and Finishing. Maintenance costs are allocated based on square footage while personnel costs are allocated based on number of employees. The following information has been gathered for the current year: Maintenance Personnel Mixing Finishing Direct dept. costs $126,000 $84,000 $105,000 $175,000 Square footage 800 400 1,600 1,200 Number of employees 8 12 24 32 If the step-down method is used to allocate costs and the Maintenance Department is allocated first, then the amount of overhead that would be allocated from Maintenance to Finishing is _____. $31,500 $42,750 $47,250 $57,000 Valdez Company has two service departments, Maintenance and Personnel, as well as two production departments, Mixing and Finishing. Maintenance costs are allocated based on square footage while personnel costs are allocated based on number of employees. The following information has been gathered for the current year: Maintenance Personnel Mixing Finishing Direct dept. costs $50,400 $33,600 $42,000 $5,600 Square footage 1,600 800 3,200 2,400 Number of employees 16 24 48 64 If the step-down method of allocating costs is used and the Personnel Department is allocated first, then the amount of overhead that would be allocated from Personnel to Finishing is _____. $5,040 $6,300 $0 $16,800 Gomez Company has two service departments, Maintenance and Personnel, as well as two production departments, Mixing and Finishing. Maintenance costs are allocated based on square footage while personnel costs are allocated based on number of employees. The following information has been gathered for the current year _____. Maintenance Personnel Mixing Finishing Direct dept. costs $126,000 $84,000 $105,000 $175,000 Square footage 800 400 1,600 1,200 Number of employees 8 12 24 32 If the step-down method is used to allocate costs and the Maintenance Department is allocated first, the amount of overhead that would be allocated from Maintenance to Mixing is: $36,000 $42,750 $42,000 $63,000 factory overhead appears on the absorption-costing income statement as_____. part of cost of goods sold a fixed expense part of cost of goods sold and as a production volume variance a production volume variance Absorption costing assigns _____ to the product. all variable costs variable manufacturing costs all fixed and variable costs variable and fixed manufacturing costs _____ is (are) used for external reporting. Variable costing Absorption costing Absorption costing and variable costing Direct costing _____ is not a step in the design of a successful management control system. Identifying responsibility centers Specifying organizational goals, subgoals, and objectives Developing measures of performance for motivation and goal congruence Measuring and reporting financial performance but not nonfinancial performance _____ is the logical integration of management accounting tools to gather and report data and to evaluate performance. A financial reporting system A quality control system A management control system An internal control system _____ is (are) the most basic component of a management control system. The stockholder’s preferences The organization’s goals Top management’s preferences The organization’s long-range budget The following information is available for the Peter Company: Sales $500,000 Invested Capital 312,500 ROI 10% The return on sales is _____. 1.000% 6.250% none of these answers is correct 10.000% Jewel Company’s revenues are $300 and invested capital is $240. Expenses are currently 60% of sales. Jewel Company’s current return on investment is _____. 80% 100% none of these answers are correct 50% Jewel Company’s revenues are $300 and invested capital is $240. Expenses are currently 60% of sales. Jewel Company’s current return on investment is _____. 93.75% 37.5% none of these answers is correct 20%
Submitted: 8 years ago.Category: Homework
Show More
Show Less
Ask Your Own Homework Question
Answered in 3 hours by:
6/10/2010
Tutor: Manal Elkhoshkhany, Tutor replied 8 years ago
Manal Elkhoshkhany
Category: Homework
Satisfied Customers: 9,999
Experience: More than 5000 online tutoring sessions.
Verified

Hello and welcome to Just Answer

 

Please advise your deadline for these questions, also the way the questions are posted is very hard to read, if you have the problem in pdf of word format, you can upload it to http://www.mediafire.com/ then copy and paste the share link here?

 

Thank you

Ask Your Own Homework Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tutorLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Scott Your Own Question
Scott
Scott
Scott, MIT Graduate
Category: Homework
Satisfied Customers: 3,040
3,040 Satisfied Customers
Experience: MIT Graduate (Math, Programming, Science, and Music)

Scott is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

I couldn't be more satisfied! This is the site I will always come to when I need a second opinion.

JustinKernersville, NC

Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around.

EstherWoodstock, NY

Thank you so much for taking your time and knowledge to support my concerns. Not only did you answer my questions, you even took it a step further with replying with more pertinent information I needed to know.

RobinElkton, Maryland

He answered my question promptly and gave me accurate, detailed information. If all of your experts are half as good, you have a great thing going here.

DianeDallas, TX

< Previous | Next >

Meet the Experts:

LogicPro

LogicPro

Engineer

5,894 satisfied customers

Expert in Java C++ C C# VB Javascript Design SQL HTML

Manal Elkhoshkhany

Manal Elkhoshkhany

Tutor

9,999 satisfied customers

More than 5000 online tutoring sessions.

Linda_us

Linda_us

Finance, Accounts & Homework Tutor

3,138 satisfied customers

Post Graduate Diploma in Management (MBA)

Chris M.

Chris M.

M.S.W. Social Work

2,699 satisfied customers

Master's Degree, strong math and writing skills, experience in one-on-one tutoring (college English)

F. Naz

F. Naz

Chartered Accountant

2,194 satisfied customers

Experience with chartered accountancy

Bizhelp

Bizhelp

CPA

1,887 satisfied customers

Bachelors Degree and CPA with Accounting work experience

Seanna

Seanna

Tutor

1,781 satisfied customers

3,000+ satisfied customers, all topics, A+ work

< Previous | Next >

Related Homework Questions
38) Which of the following statements is false A. Flexible
38) Which of the following statements is false? A. Flexible budgets are prepared for a range of activity. B. Flexible budgets are not based on the same revenue and cost behavior assumptions as the sta… read more
F. Naz
F. Naz
Chartered Accountant
CA Finalist & Completed B.com
2,194 satisfied customers
Business Tutor - your previous responsded to this homework
Business Tutor - your previous responsded to this homework assignment on 3/14 for someone but the ansers are locked and I did pay to access but it is unavailable. I would be glade to pay for them to b… read more
Manal Elkhoshkhany
Manal Elkhoshkhany
Tutor
9,999 satisfied customers
1) According to the Financial Executives Institute, one function
1) According to the Financial Executives Institute, one function of the treasurer is _____. A. Short term financing B. government reporting C. tax administration D. reporting and interpreting financia… read more
Manal Elkhoshkhany
Manal Elkhoshkhany
Tutor
9,999 satisfied customers
1) Department performance reports can be used to help department
1) Department performance reports can be used to help department heads determine _____. A. who is primarily responsible for any deviations from plans B. how effectively and efficiently the department … read more
Manal Elkhoshkhany
Manal Elkhoshkhany
Tutor
9,999 satisfied customers
1) Department performance reports can be used to help department
1) Department performance reports can be used to help department heads determine _____. A. who is primarily responsible for any deviations from plans B. how effectively and efficiently the department … read more
Linda_us
Linda_us
Finance, Accounts & Homework Tutor
Master's Degree
3,138 satisfied customers
40) The preferred guidelines for allocating service department
40) The preferred guidelines for allocating service department costs include _____. A. establishing part or all of the details regarding cost allocation in advance of rendering the service B. allocati… read more
Jabi
Jabi
Lecturer
Master's Degree
1,336 satisfied customers
1) Budgets _____. A. provide feedback by comparing results
1) Budgets _____. A. provide feedback by comparing results with plans and by highlighting deviations from plans B. are quantitative expressions of action plans C. ignore areas that are presumed to be … read more
getsetgo
getsetgo
Master\u0027s Degree
496 satisfied customers
1) Department performance reports can be used to help department
1) Department performance reports can be used to help department heads determine _____. A. who is primarily responsible for any deviations from plans B. how efficiently the department is operating C. … read more
Kathy
Kathy
Master\u0027s Degree
201 satisfied customers
1) Department performance reports can be used to help department
1) Department performance reports can be used to help department heads determine _____. A. who is primarily responsible for any deviations from plans B. how effectively and efficiently the department … read more
Linda_us
Linda_us
Finance, Accounts & Homework Tutor
Master's Degree
3,138 satisfied customers
36) A _____ gives the expected sales under a given set of conditions.
36) A _____ gives the expected sales under a given set of conditions. A. sales prediction B. sales budget C. budget forecast D. sales forecast 37) Differences between the static budget and the flexibl… read more
Linda_us
Linda_us
Finance, Accounts & Homework Tutor
Master's Degree
3,138 satisfied customers
According to the Financial Executives Institute, one function
According to the Financial Executives Institute, one function of controllership is _____. reporting and interpreting financial information investments short term financing provision of capital Departm… read more
Manal Elkhoshkhany
Manal Elkhoshkhany
Tutor
9,999 satisfied customers
1) Management by exception _____.A.is a summary report of plan
1) Management by exception _____.A.is a summary report of plan results B.provides feedback by comparing results with plans and by highlighting deviations from plansC.is the quantitative expression of … read more
Manal Elkhoshkhany
Manal Elkhoshkhany
Tutor
9,999 satisfied customers
1) Department performance reports can be used to help department
1) Department performance reports can be used to help department heads determine _____. A. who is primarily responsible for any deviations from plans B. how effectively and efficiently the department … read more
ConceptsCoach
ConceptsCoach
Master's Degree
266 satisfied customers
1) Budgets _____. A. provide feedback by comparing results
1) Budgets _____. A. provide feedback by comparing results with plans and by highlighting deviations from plans B. are quantitative expressions of action plans C. ignore areas that are presumed to be … read more
Manal Elkhoshkhany
Manal Elkhoshkhany
Tutor
9,999 satisfied customers
1) According to the Financial Executives Institute, one function
1) According to the Financial Executives Institute, one function of the treasurer is _____. A. tax administration B. Short term financing C. reporting and interpreting financial information D. governm… read more
AmandaR
AmandaR
Master\u0027s Degree
143 satisfied customers
19) Which of the following is not a cost driver of customer
19) Which of the following is not a cost driver of customer services costs? A. Number of service calls is not a cost driver of customer services costs. B. All of these answers are correct C. Hours spe… read more
F. Naz
F. Naz
Chartered Accountant
CA Finalist & Completed B.com
2,194 satisfied customers
Question 1) Department performance reports can be used to
Question 1) Department performance reports can be used to help department heads determine _____. A. who is primarily responsible for any deviations from plans B. how effectively and efficiently the de… read more
Linda_us
Linda_us
Finance, Accounts & Homework Tutor
Master's Degree
3,138 satisfied customers
1) Department performance reports can be used to help department
1) Department performance reports can be used to help department heads determine _____. A. who is primarily responsible for any deviations from plans B. how effectively and efficiently the department … read more
Linda_us
Linda_us
Finance, Accounts & Homework Tutor
Master's Degree
3,138 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x