ACCT 346 Managerial Accounting Complete Course Discussions Midterm Exam and Final Exam

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ACCT 346 (Introduction to Managerial Accounting) Complete Course

 

Week 1

 

Discussion 1 Ethics and Ethical Behaviour (Graded)

The Sarbanes-Oxley Act of 2002 (SOX) has emphasized the importance of ethical ehaviour and codes of conduct. Discuss the costs and benefits of the ethical environment. If a poor ethical environment results in costs to an organization, what are they? Conversely, what are the benefits of a good ethical environment?

Discussion 2Managerial and Financial Accounting (Graded)

Flexibility, timeliness, and forward looking is said to be the prominent trait of modern management accounting, whereas standardization and consistency describe financial accounting. Explain why the focus on these two accounting systems differs.

 

Week 1 Assignment:

ACCT 346 Week 1 Course Project Part 1

 

Week 2

Discussion1: Job Order and Process Costing Systems -

The job cost sheet is used to accumulate the three product costs: direct material, direct labor, and factory overhead. Discuss the source documents for determining these amounts (that is, where do we get these numbers, and how we arrive at the overhead?). Why is overhead the most difficult to assign?

Job Order and Process Costing Systems - Discussion

Describe how the process costing system accumulates and assigns costs by comparing and contrasting to the job order costing system.

Week 2 Assignment:

ACCT 346 Week 2 Course Project Part 2

 

Week 3

Discussion 1 CVP Analysis and Variable Costing –

Discuss the basic assumptions of CVP analysis and how we can use CVP analysis as mangers in making decisions.

Discussion 2 CVP Analysis and Variable Costing –

Discuss the difference between variable costing and full costing. Why would income computed under full costing exceed income computed under variable costing if production exceeds sales?

Week 3 Assignments:

ACCT 346 Week 3 Course Project Part 3

ACCT 346 Week 3 Quiz - Solution 1 (9 Short Questions and MCQ's)

ACCT 346 Week 3 Quiz - Solution 2 (9 Short Questions and MCQ's)

 

Week 4

 

Discussion 1 Activity-Based Costing and Incremental Analysis –

How does activity-based costing differ from the traditional costing approach? When would it give more accurate costs than traditional costing systems?

Discussion 2 Activity-Based Costing and Incremental Analysis –

Only those costs that change need be included in the decision making process. Evaluate this statement and discuss its merits or shortcomings.

 

Week 4 Assignment: ACCT 346 Week 4 Midterm (Multiple Choice)

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1. (TCO 4) Which of the following will have no effect on the break-even point in units? (Points : 4)

2. (TCO 4) Circle K Furniture has a contribution margin ratio of 16%. If fixed costs are $176,800, how many dollars of revenue must the company generate in order to reach the break-even point? (Points : 4)

3. (TCO 4) Paula Corporation sells a single product at a price of $275 per unit. Variable cost per unit is $135 and fixed costs total $356,860. If sales are expected to be $825,000, what is Paula’s margin of safety? (Points : 4)

4. (TCO 5)Which of the following is treated differently in full costing than in variable costing? (Points : 4)

5. (TCO 5) Which of the following items on a variable costing income statement will change in direct proportion to a change in sales? (Points : 4)

6. (TCO 5) Peak Manufacturing produces snow blowers. The selling price per snow blower is $100. Costs involved in production are:……(Points : 4)

7. (TCO 5)The cost objective is the (Points : 4)

8. (TCO 6)Which of the following statements about cost pools is not true? (Points : 4)

9. (TCO 6) AC Consulting Company has purchased a new $18,038 copier. This overhead cost will be shared by the purchasing, accounting, and information technology departments since those are the only departments which will be able to access the machine. The company has decided to allocate the cost based on the number of copies made by each.....(Points : 4)

10. (TCO 7) A company is trying to decide whether to keep or drop the sporting goods department in its department store. If the segment is dropped, the manager will be fired. The manager's salary, in relation to the decision to keep or drop the sporting goods.....(Points : 4)

11. (TCO 7)BigByte Company has 12 obsolete computers that are carried in inventory at a cost of $13,200. If these computers are upgraded at a cost of $7,500, they could be sold for $15,300. Alternatively, the computers could be sold "as is" for $9,000. What is the net......? (Points : 4)

12. (TCO 7)YXZ Company’s market for the Model 55 has changed significantly, and YXZ has had to drop the price per unit from $275 to $135. There are some units in the work in process inventory that have costs of $160 per unit associated with them. YXZ could sell..? (Points : 4)

13. (TCO 3) Which of the following companies is most likely to use a process costing system? (Points : 4)

14. (TCO 3) The Blending Department began the period with 45,000 units. During the period the department received another 30,000 units from the prior department and completed 60,000 units during the period. The remaining units were 75% complete. How much are...? (Points : 4)

15. (TCO 4)Total costs were $75,800 when 30,000 units were produced and $95,800 when 40,000 units were produced. Use the high-low method to find the estimated total....(Points : 4)

 

 

Week 5

 

Discussion1 Pricing and Capital Investment Decisions -

Pricing Techniques (Graded)

Compare target costing and cost-plus pricing. When is each the most appropriate method to use? Provide an example of each.

 

Discussion 2 Pricing and Capital Investment Decisions -

Capital Budgeting Techniques (Graded)

Suppose a company has 5 different capital budgeting projects from which to choose, but has constrained funds and cannot implement all of the projects. Explain why comparing the projects' NPVs is better than comparing their IRRs.

 

Week 5 Assignment: ACCT 346 Week 5 Course Project Part 4

 

Week 6

 

Discussion1 Budgeting and Standard Costing -

Budgeting (Graded)

How does a company effectively use budgets in the planning and control process?

 

Discussion 2 Budgeting and Standard Costing -

Standard Costs and Variance Analysis (Graded)

What role do standard costs play in controlling the operations of a business?

 

Week 6 Assignment: ACCT 346 Week 6 Course Project Part 5

 

Week 7

 

Discussion 1-Evaluating Management Performance

Responsibility Centers (Graded)

Compare and contrast the three types of responsibility centers. What is the best way to evaluate a manager's performance in each type of center?

 

Financial Statement Analysis (Graded)

Why do managers analyze financial statements? What are they looking for?

 

Week 7 Assignment: ACCT 346 Week 7 Course Project Part 6

 

 

Week 8

 

ACCT 346 Week 8 Final Exam (Multiple Choice and Explanatory)

 

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Page 1

1. (TCO 1)A difference between actual costs and planned costs (Points : 4)

2. (TCO 1)Which of the following is not likely to be a fixed cost? (Points : 4)

3. (TCO 2) Which of the following is not a manufacturing cost? (Points : 4)

4. (TCO 2)A job-order costing system is likely used by a (Points : 4)

5. (TCO 3) Equivalent units are calculated by (Points : 4)

6. (TCO 3) The Freedom Corporation’s painting department had a beginning inventory of 580 units, which had direct material costs of $22,715. During June, 9,290 units were started and costs of $1,268,085 were incurred for direct material. Ending inventory consists of 1,000 units, which are 35% complete with respect to direct material. What is the cost per equivalent unit for direct material? (Points : 4)

7. (TCO 4) Which of the following is not an assumption of C-V-P analysis? (Points : 4)

8. (TCO 4) The contribution margin per unit is the difference between (Points : 4)

9. (TCO 5)Full costing (Points : 4)

10. (TCO 5) Which of the following is not true when units sold exceed units....? (Points : 4)

11. (TCO 6) Cost-plus contracts are common in which of the following industries? (Points : 4)

12. (TCO 6)Which of the following is not generally true when a company compares ABC and traditional costing? (Points : 4)

13. (TCO 7) Fixed costs that will be eliminated if a particular course of action is undertaken are called (Points : 4)

Page 2

1. (TCO 7) Two or more products that result from common inputs are called (Points : 4)

2. (TCO 8) Activity based pricing seeks to (Points : 4)

3. (TCO 8)When deciding to accept or reject a special order, which of the following costs would most likely not be relevant? (Points : 4)

4. (TCO 9) Present value techniques (Points : 4)

5. (TCO 9)The internal rate of return (Points : 4)

6. (TCO 10) A method of budget preparation that requires all budgeted amounts to be justified by the department, even if the amounts were supported in prior periods, is called (Points : 4)

7. (TCO 10) Which budget is prepared first? (Points : 4)

8. (TCO 10) The difference between standard costs and budgeted costs is that...(Points : 4)

9. (TCO 10)The overhead volume variance indicates that (Points : 4)

10. (TCO 10) A subunit that has responsibility for controlling cost but not revenues...(Points : 4)

11. (TCO 10) Which of the following is not an advantage of decentralization for...? (Points : 4)

12. (TCO 10) The ratio that measures the return earned independently of how...(Points : 4)

Page 3

1. (TCO 1) Distinguish between product costs and period costs. Define both types of costs and provide examples. (Points : 20)

2. (TCO 6) Pacific Airlines has three service departments; ticketing, baggage handling, and aircraft maintenance. Costs of these departments are allocated to two revenue producing departments, domestic and international flights. Costs for the service departments are not separated into fixed and variable and the totals are as follows:

3. (TCO 10) Gina's Boutique makes custom jewelry. One item, the guru necklace, is a best seller and sales in units for the first quarter are as follows:

4. (TCO 2) Singleton Company is trying to determine a predetermined manufacturing overhead. Estimated overhead for the upcoming year is $600,000. Budgeted machine hours are 120,000 hours, and budgeted labor hours are 15,000 hours at a rate of $20.00 per hour. Compute the predetermined overhead rate based on:

Page 4

1. (TCO 9)A project will require an initial investment of $600,000 and is expected to generate the following cash flows:

2. (TCO 4)Legal Docs Inc is a legal services firm that files incorporation papers for small businesses. They charge $1,000 per application. This year's income statement shows.....:

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3. (TCO 5) The following data has been taken from Air-Tite company in its first year of business

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