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The University has a graduate school of business. The Vice-President of Finance of the University says he will not allow a class to run unless it has six students. Only three students sign up for the class. The VP states the professor can run the class at half pay. The school is not near its capacity. Evaluate this using the principles of management and cost accounting.
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- A clinic at unniversity is run as a profit center. The dean of student services was reviewing the expenses on last month's financial report for the clinic, which also treated non-students on a fee-forservice basis. During the month the buildings furnace needed to be replaced, and the non-student department of the clinic was charged $400 for its share in addition to its normal fixed overhead assessment, which was $800. The dean was concerned because actual departmental expenses exceed budget but then noticed that 250 non-student patients had been treated, compared to a budget estimate of 150. and costs to serve the patients per unit were 10 percent below the $85.00 budgeted. Questions: a. How much was the total expenses variance? Was it favorable or unfavorable? b. what was the variance for the variable costs? was it favorable or unfavorable? c. what was the flexible budget estimate? d. what was the volume variance for the patient costs? the cost variance for patient costs?Southeastern Oklahoma State University's business program has the facilities and faculty to handle an enrollment of 2,200new students per semester. However, in an effort to limit class sizes to a "reasonable" level (under 200, generally), Southeastern's dean, Holly Lutze, placed a ceiling on enrollment of 1,500new students. Although there was ample demand for business courses last semester, conflicting schedules allowed only 1,420 new students to take business courses. The utilization rate for Southeastern =______% (enter your response as a percentage rounded to one decimal place).Chris is a financial manager for a small business. Right now, he's working on next year's budget. Money is tight, and each department has requested more money than Chris is able to budget for it. His best friend works in marketing and is pressuring Chris for an extra $5,000.00 for her advertising budget. Chris doesn't want to disappoint her but granting her the favor would mean taking money away from other departments. The decision is up to him, and his boss will trust his judgment. What should Chris do? Is it all right to let a personal relationship influence his budgeting decisions?
- Margaret is the manager of a medium-size company. A few years ago, Margaret persuaded the owner to base a part of her compensation on the net income of the company. Each December she estimates year-end financial figures in anticipation of the bonus she will receive. If the bonus is not as high as she would like, she offers several recommendations to the accountant for year-end adjustments. One of her favorite recommendations is for the controller to reduce the estimate of doubtful accounts. What type of internal control(s) might be useful for this company in overseeing the manager's recommendation for accounting changes?Suppose you are a part of a group of students from a prominent university and were sent out as a team to work with a leading merchandizing company as a part of a work experience program. The team having been introduced to the general manger was told that the Accountant who normally prepares the financial statements has suddenly resigned and there is no one available to prepare the company’s financial statements which are now due. As aspiring university students, you and your group members have expressed an interest in taking on the task. As a group, you are required to collaborate and analyse the problem at hand then apply the accrual basis of accounting in the preparation of the company’s financial statements. See attached Unadjusted Trial Balance and instructions to complete question.Suppose you are a part of a group of students from a prominent university and were sent out as a team to work with a leading merchandizing company as a part of a work experience program. The team having been introduced to the general manger was told that the Accountant who normally prepares the financial statements has suddenly resigned and there is no one available to prepare the company’s financial statements which are now due. As aspiring university students, you and your group members have expressed an interest in taking on the task. As a group, you are required to collaborate and analyse the problem at hand then apply the accrual basis of accounting in the preparation of the company’s financial statements. The following additional information is available at December 31, 2018: Insurance of $450,000 was paid on May 1, 2018 for the 10-months to February 2019. The furniture and fixtures have an estimated useful life of 10 years…
- At a recent board meeting, the president and CEO got into a heated argument about whether to shut down the firm’s plan in Miami. The Miami plant currently loses $60,000 monthly. The president of the firm argued that the Miami plant should continue to operate, at least until a buyer is found for the production facility. The president’s argument was based on the fact that the Miami plant’s fixed costs are $68,000 per month. The CEO exploded over this point, castigating the president for considering fixed costs in making the shutdown decision. According to the CEO, “Everyone knows fixed costs don’t matter!” a. Should the Miami plant be closed or continue to operate at a loss in the short run?b. How would you explain to the incorrect party that he is wrong?A particular university was considering whether to offer a seminar for executives. The tuition would be USD 650 per person. Variable costs, including meals, parking, and materials, would be USD 80 per person. Certain costs of offering the seminar, including advertising, instructors' fees, room rent, and audiovisual equipment rent, would not be affected by the number of people attending. Such costs, which could be thought of as fixed costs, amounted to USD 8,000 for the seminar. If the University wants to have a profit of USD 7,000, how much revenue should they expect ? Round off your answer two decimal places. 20 15 14 none of theseA particular university was considering whether to offer a seminar for executives. The tuition would be USD 650 per person. Variable costs, including meals, parking, and materials, would be USD 80 per person. Certain costs of offering the seminar, including advertising, instructors' fees, room rent, and audiovisual equipment rent, would not be affected by the number of people attending. Such costs, which could be thought of as fixed costs, amounted to USD 8,000 for the seminar. If the University wants to have a profit of USD 7,000, how many students should they expect to attend? 28 30 26 none of these
- Accounting Executive Solutions is a strategy consulting firm. Other than the senior leadership (who manage the firm, but do not actively consult), the managers and staff are billed to clients on an hourly basis. The workload varies quite a bit from month to month requiring careful planning.Managers are billed to clients at a rate of $900 per hour and staff at a rate of $450 per hour. Managers are paid $225 per hour worked (including nonbillable time) and staff are paid $125 per hour. The current plan calls for managers to bill 1,200 hours in May and 750 hours in June. Staff are expected to bill 6,400 hours in May and 4,500 hours in June. Managers will work a total of 2,400 hours in both months and staff will work a total of 9,600 hours in both months.Other monthly costs (all fixed) are $550,000 SG&A, $225,000 in depreciation, and $350,000 in marketing. Required: Prepare a budgeted income statement for Executive Solutions for May and June (separately).Timmy knows that Tammy, his boss at ABC Corp., desperately wants to bring the department in under-budget for the year so that she can earn herself a nice year-end bonus. And since Timmy is desperate to butter Tammy up and become her favorite employee, his brain churns out the following logic: Even though I used my own credit card to take that big group of customers out to eat and to the ball game last night, and even though the total cost was $1,200, I’ll not submit an expense report and so not get reimbursed, which will make Tammy very happy and she’ll like me very much! Oh, and since I file a Schedule C for my side business (tax return prep), I’ll just deduct the $1,200 there! Wonderful strategy! Do you agree with Timmy that his strategy is wonderful? Why or why not?Costco has a policy of not hiring business school graduates because it wants employees to start at the bottom and work their way up. What are the advantages and disadvantages of this approach?
