You learn excel related stuff throughout the mod but none of it is tested in the finals. The spending variance for occupancy expenses in July would be closest to: A. Process Time is the only value-added component of Throughput Time. The company has developed standard costs for one bag of Fastgro as follows: The company had no beginning inventories of any kind on Jan. Just a tedious and long paper. May the motivation be still there through the new semester and never let anything bring me down.
It was 80% Finals and 20% Mid Terms, so finals really make or break your grade. In my case, the lecture notes I had were sufficiently comprehensive to understand the concepts covered i. Parlee Company's sales are 30% in cash and 70% on credit. Which of the following statements is true? Machine hours and process time are linked more closely than direct-labor hours to the robotic technology and computer-integrated manufacturing systems becoming common in today's manufacturing environment. Therefore, effective communication and mutual trust between the top management and its employees may be critical in determining the success of budgets. Choice A Choice B Choice C Choice D 1 6. Students will be able to utilize the knowledge acquired in managerial problem solving, and be able to critically evaluate managerial accounting data and reports.
Answers will vary but often include market share, queue time, results of a customer quality survey, number of customer complaints, number of order errors, and number of repeat customers. Although the main perspective adopted here is that of the Chief Risk Officer and internal auditors working in a large organisation, the viewpoints of other stakeholders, such as external auditors, regulators, the public, the interest groups and investors and consumers will also be considered. Such users would need to understand both the financial accounting process and outputs in order to make investing and lending decisions. Using the general rule, the transfer price from the Bottle Division to the Cologne Division would be: A. You should be adequately prepared before you come to each tutorial.
What general factors are included in a typical balanced scorecard? What is the materials price variance for the month? What is the residual income of the project? A key advantage of these top-down budgets is that it requires less time to prepare as fewer discussions or negotiations are required. If the company has budgeted to sell 20,000 Yutes in December, then the budgeted total cash disbursements for selling and administrative expenses for December would be: A. Item by item comparisons with industrial figures or past year data may help to reveal budgetary slack. Academic honesty and integrity are essential conditions for the pursuit and acquisition of knowledge, and the University expects each student to maintain and uphold the highest standards of integrity and academic honesty at all times. During July, the clinic budgeted for 2,100 client-visits, but its actual level of activity was 2,110 client-visits.
Please pre-read the requisite chapters in your textbook before the lectures and complete all tutorial questions ahead of time. This enables managers to eliminate the causes of unfavorable variances more quickly. During January, the clinic budgeted for 2,700 client-visits, but its actual level of activity was 2,730 client-visits. Finals was considerably more difficult than mid-terms, so be prepared for more unconventional questions. What parties should be involved in setting the new price? During March, the clinic budgeted for 3,000 client-visits, but its actual level of activity was 2,970 client-visits. Budgetary data should be reviewed and approved by all levels of management. Annual data on the Axle Division's single product follow: 12.
A labor efficiency variance resulting from the use of poor quality materials should be charged to: A. The activities and events of a business entity are summarized by the financial accounting process into published financial statements to be used by external users such as investors and creditors. At Overland Company, maintenance cost is exclusively a variable cost that varies directly with machine-hours. The clinic has provided the following data concerning the formulas used in its budgeting and its actual results for July: 10. Purchase of poor quality materials will generally result in a favorable materials price variance and an unfavorable labor rate variance. Therefore, students will learn how to prepare simple financial statements and also learn how to read, understand and use published financial statements for decision making. If the company has budgeted to sell 19,000 Yutes in November, then the total budgeted selling and administrative expenses for November would be: A.
It is designed to make both prospective accountants and those interested in other areas of management aware of the roles that accounting plays within organizations. It is a close-book and close-note examination except where students are allowed to bring in a one-page A-4 paper in which they can summarize the content of the course. Goal congruence results when the managers of subunits throughout an organization strive to achieve objectives that are consistent with the goals set by top management. In addition, as automation increases, more and more firms are switching to such measures of activity as machine hours or process time for their flexible overhead budgets. Retained earnings at the end of December would be: A. The whole academic semester this time round was a roller coaster, but more because of all the things not related to academics.
Payment for merchandise is made in the month following the purchase. All students should complete the assigned questions before the tutorial regardless of whether they are making the presentations or not. A flexible budget allows for many possible activity levels. As a result, the overall targeted net income is understated and can be met more easily. Students would also be required to produce all physical documents relevant to the economic transactions for example, sales invoices, goods receipt notes, credit notes, purchase order, payment vouchers, etc , taking into consideration document flow processes within organisations, appropriate authorisation and approval processes, internal control concerns, accuracy, document coding techniques and all relevant areas covered in this course.
In practice, a mixture of both approaches may be used. Show computations to support your answer. If improvement in a performance measure on a balanced scorecard should lead to improvement in another performance measure, but does not, then management should reexamine its strategy. Essentially the module is teaching one how to allocate cost. About 30% of the questions consisted of non-numerical based questions, so you will need to memorize a whole lot of answers for this. Understanding where and how the cost of a cost object came from. It is not going to be easy to score an A- or better for this module, unless you have a knack for presentations and discussions.
Amidst the unfamiliarity, my group turned out to be some godlike group as we aced every single report. In addition, the direct-material purchase price variance calculates the effect on spending for material purchases that is caused by deviations between actual and standard direct-material prices. Given the difference in tax rates, should Walker attempt to generate the majority of its income in Pennsylvania or Germany? All students who will be future users of accounting information will benefit from this course. The cost of December merchandise purchases would be: A. Marple Company's budgeted production in units and budgeted raw materials purchases over the next three months are given below: Two pounds of raw materials are required to produce one unit of product.