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Consider the following short descriptions. Indicate whether each description more closely relates to a major feature of financial accounting (use FA) or management accounting (use MA) a. Behavioral impact is secondary b. Is constrained by generally accepted accounting principles C. Has a future orientation d. Is characterized by detailed reports e. Field is more sharply defined f. Has less flexibility on

Consider the following short descriptions. Indicate whether each description more closely relates to a major feature of financial accounting (use FA) or management accounting (use MA) a. Behavioral impact is secondary b. Is constrained by generally accepted accounting principles C. Has a future orientation d. Is characterized by detailed reports e. Field is more sharply defined f. Has less flexibility on

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter2: Financial Reporting: Its Conceptual Framework
Section: Chapter Questions
Problem 2MC: Which of the following is considered a constraint on useful information by Statement of Financial...
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1.2 Consider the following short descriptions. Indicate whether each description more closely relates to a major feature of financial accounting (use FA) or management accounting (use MA) a. Behavioral impact is secondary b. Is constrained by generally accepted accounting principles C. Has a future orientation d. Is characterized by detailed reports e. Field is more sharply defined f. Has less flexibility On
Transcribed Image Text:1.2 Consider the following short descriptions. Indicate whether each description more closely relates to a major feature of financial accounting (use FA) or management accounting (use MA) a. Behavioral impact is secondary b. Is constrained by generally accepted accounting principles C. Has a future orientation d. Is characterized by detailed reports e. Field is more sharply defined f. Has less flexibility On
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3.8 Cookie Light, Inc. normally produces 12,000 bottles of its product soda light. The following data were provided to determine the following: Material costs Direct labor costs P 80,000 Factory overhead, variable Factory overhead, fixed Beginning inventory in units Units sold for the period 100,000 72,000 60,000 2,000 10,000 Net income for the year under the variable costing method is P40,000. Instructions: 1. Determine the cost per unit of production under the two methods. 2. Determine the cost of goods sold under the two methods. 3. Determine the net income under absorption costing. 3.9 The following data were taken from the records of C5 Drinks Company for the years ending Year I and Year 2 Year 1 Year 2 In units Inventory, beginning Production Available for sale Units sold 20,000 20,000 13,000 7,000 P260,000 7,000 18,000 25,000 23,000 2,000 P460,000 Inventory ending Sales (P20 per unit ) Variable Manufacturing cost (P7.50 per unit) Fixed Manufacturing costs Selling and administrative (60% fixed, 40% variable) 45,000 150,000 50,000 135,000 54,000 75,000 Instructions: 1. Determine the net income under absorption costing for Year I and Year 2. 2. Determine the net income under variable costing for Year 1 and Year 2. 3. Determine the cause of the difference in the two net incomes in Year 1 and Year 2.
Transcribed Image Text:3.8 Cookie Light, Inc. normally produces 12,000 bottles of its product soda light. The following data were provided to determine the following: Material costs Direct labor costs P 80,000 Factory overhead, variable Factory overhead, fixed Beginning inventory in units Units sold for the period 100,000 72,000 60,000 2,000 10,000 Net income for the year under the variable costing method is P40,000. Instructions: 1. Determine the cost per unit of production under the two methods. 2. Determine the cost of goods sold under the two methods. 3. Determine the net income under absorption costing. 3.9 The following data were taken from the records of C5 Drinks Company for the years ending Year I and Year 2 Year 1 Year 2 In units Inventory, beginning Production Available for sale Units sold 20,000 20,000 13,000 7,000 P260,000 7,000 18,000 25,000 23,000 2,000 P460,000 Inventory ending Sales (P20 per unit ) Variable Manufacturing cost (P7.50 per unit) Fixed Manufacturing costs Selling and administrative (60% fixed, 40% variable) 45,000 150,000 50,000 135,000 54,000 75,000 Instructions: 1. Determine the net income under absorption costing for Year I and Year 2. 2. Determine the net income under variable costing for Year 1 and Year 2. 3. Determine the cause of the difference in the two net incomes in Year 1 and Year 2.
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22 An organization has the following total costs at two activity levels P150,000 @ 16,000 units; P200,000 @ 24,000 units Variable costs per unit is constant in this range of activity and there is a step down of P20,000 in the total fixed costs when activity is below 18,000 units. 1. What is the total cost at an activity level of 17,000 units? 2 What is the total cost at an activity level of 25,000 units?
Transcribed Image Text:22 An organization has the following total costs at two activity levels P150,000 @ 16,000 units; P200,000 @ 24,000 units Variable costs per unit is constant in this range of activity and there is a step down of P20,000 in the total fixed costs when activity is below 18,000 units. 1. What is the total cost at an activity level of 17,000 units? 2 What is the total cost at an activity level of 25,000 units?
Chepter 2 Cost Concent. Classifications and Behavior 49 PROBLEMS 21 The following information summarized total production costs and number of units of product produced by Rosalyn Company over the last 6 months: Units Produced 30,000 42,000 40,000 34,000 32,000 31,000 Total Cost P24,000 30,000 32,000 27,000 23,000 23,000 Month 4 1. Determine the cost formula 2. What would be the total cost if the company plans to produce 35,000 units? 3. What would be the total cost if the company plans to produce 25,000 units? 123 56
Transcribed Image Text:Chepter 2 Cost Concent. Classifications and Behavior 49 PROBLEMS 21 The following information summarized total production costs and number of units of product produced by Rosalyn Company over the last 6 months: Units Produced 30,000 42,000 40,000 34,000 32,000 31,000 Total Cost P24,000 30,000 32,000 27,000 23,000 23,000 Month 4 1. Determine the cost formula 2. What would be the total cost if the company plans to produce 35,000 units? 3. What would be the total cost if the company plans to produce 25,000 units? 123 56
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