Briefly explain what is meant by each of the following ethical standards for managerial accountants: competence, confidentiality, integrity, and credibility.

Q: Timing is the key in distinguishing between absorption and variable costing. Explain this statement.

A: Definition: Variable costing: It refers to the method of product costing in which the price of the p...

Q: When Projects Require Only Operating and Investing Activities?

A: Operating activities are those activities that directly relate to the principal business activities ...

Q: How does activity-based budgeting explain the logic of budgeting?

A: Activity based budgeting: It is a budgeting system where budgets are prepared based on the expected...

Q: What is the Amount Realized, Type and amount of Basis, Gain or Loss, and Character thereof:   (Tas...

A: Amount realized is the amount that is received after selling the product. Gain or loss is the amount...

Q: How solvent is the business and how many interest payments can the business service on its own?

A: Solvency of the company is the ability of a company to meet its long-term debts and financial obliga...

Q: For the following activitie, explain which of the objectives of managerial accounting activity is in...

A: Objectives of managerial accounting activity: Managerial accounting activity includes set of tools,...

Q: Explain the benefits of using a predetermined overhead rate instead of an actual overhead rate.

A:

Q: Why is it a good idea to create a “Budgeting Assumptions” tab when creating a master budget in Micro...

A: A master budget is the central planning instrument that is used by the management team to coordinate...

Q: What is the interpretation of the direct-material quantity variance?

A: Direct material quantity variance is a variance analysis tool for manufacturing companies. It shows ...

Q: 7. REA MODEL—CRYOGENICS’ PAYROLL SYSTEM Based on the general information about Cryogenics Inc., in P...

A: REA Model:   The REA model stands for the Resource-Event-Agent model. It is a process to intellectua...

Q: Under absorption costing, how is it possible to increase net operating income without increasing sal...

A: Absorption costing: Absorption costing is compulsory under Generally Accepted Accounting Principles ...

Q: Explain why a new product-costing system may be needed when line managers suggest that an apparently...

A: Activity-based costing: It is a method that helps in finding the activities performed by a company ...

Q: Orbital Communications, Inc. manufactures communications satellites used in TV signal transmission. ...

A: Annual Differential Cost between two alternatives : $33,000

Q: Why do many managers prefer variable costing over absorption costing?

A: Variable Costing:  The variable costing is the method of costing in which only the variable producti...

Q: Leslie Epstein, an employee of Bormack Manufacturing Company, prepares journal vouchers for general ...

A: Internal control system suggests an organization to never makes a single person solely responsible t...

Q: Define the terms relative-performance (relative-improvement) contract and rolling financial forecast...

A: Relative performance: It is related to the evaluation of the performance of an individual based on a...

Q: Calculator A machine with a cost of $69,400.00 has an estimated residual value of $3,122.00 and ...

A:

Q: The totals from the first payroll of the year are shown below. TotalEarnings   FICAOASDI   FICAHI ...

A: Payroll Accounting: The process of payroll accounting includes the computation and payment of earnin...

Q: The following details relate to materials used by Ohiahyeda manufacturing enterprise to produce its ...

A: Compute the economic order quantity as follows:   Here, EOQ= Economic order quantity. D = Annual ...

Q: Which statement below best describes a profit center?a. The authority to make decisions affecting th...

A: Answer c. The authority to make decisions over the most significant costs of operations, including t...

Q: Your organization is planning to implement an ERP system. Some managers in the organization favor th...

A:

Q: How solvent is the business and how many interest payments can the business service on its own?

A: Solvency is ability of company to cover its Liabilities against its Assets.Solvency determines capab...

Q: What is meant by the term sales mix? What assumption is usually made concerning sales mix in CVP ana...

A: Sales Mix:   Sales mix of a product is the proportion of a product sales in overall sales of the com...

Q: Question using the weighted procedure method of setting rates, calculate the relative value and cost...

A: Job order costing is a costing method which is used to determine the cost to manufacture for each jo...

Q: Day Inc. has 6,541 shares of 5%, $100 par value cumulative preferred stock and 90,851 shares of $1 p...

A: Dividend on cumulative preferred stock is calculated as a percentage of its par value.

Q: List five types of manufacturing in which process costing would be an appropriate product-costing sy...

A: Process Costing:   It is a method of cost accounting used by an enterprise with processes categorize...

Q: Define and explain the significance of the term CMA.

A: Certified Management Accountant (CMA): CMA stands for certified management accountant. CMA certifica...

Q: Question using the weighted procedure method of setting rates, calculate the relative value and cost...

A: Compute the relative value and total cost per procedure as follows: Note: Lab costs is calculated b...

Q: As the discount rate increases, the present value of a given future cash flow also increases. Do you...

A: Present value, also called "discounted value," is the current worth of a future sum of money or stre...

Q: e. Make vs. Buy (Sourcing Decision) Eggers Company needs 20,000 units of a part to use inproducing o...

A: Make vs. Buy decision: It can be defined as the action of making a rational choice between the makin...

Q: Two years ago the manager of a large department store purchased new bar code scanners costing $39,00...

A:

Q: A food processing company has two sequential production departments: mixing and cooking. The cost of...

A:

Q: Should standards be used to identify who to blame for problems?

A: Standards are set to identify whether the actual activity is performed efficiently. The variances fr...

Q: What are cash equivalents, and why are they included with cash on a statement of cash flows?

A: Cash equivalents refers to financial instruments which can be converted into cash immediately or to ...

Q: (c). Explain qualities (or characteristics) that users expect information that they produce to have,...

A: Information can be considered good information if it has certain qualities or characteristics. 

Q: What is the rule for assigning foreign keys in an M:M association?

A: Foreign Key: The primary key of a file is used to identify a record in another file is known as for...

Q: List and define the four basic management activities.

A:  Definition: Managerial accounting: Managerial accounting is a system, or a process of collecting an...

Q: List several product costs incurred in the production of a backpack.

A:

Q: In a strategy meeting, a manufacturing company’s president said, “If we raise the price of our produ...

A: Unit contribution margin is calculated by subtracting variable expenses including manufacturing, sel...

Q: Why is cost accumulation simpler in a process costing system than it is in a job-order costing syste...

A: Cost accumulation means collecting and maintaining data for expenses incurred by the business during...

Q: Joint Direct Materials Variance Acme Manufacturing produces corrugated board containersthat the near...

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and s...

Q: What is a user view?

A: Database Management:  Database management refers to management of databases held within an organizat...

Q: Mobile Co. issued a $49,712, 60-day, discounted note to Guarantee Bank. The discount rate is 12%. At...

A: Issue Price of Note $49712 Discount rate 12% Assuming 360 days in a year Thus, interest = Issue Pric...