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performance assessment systems

What are the benefits and disadvantages to performance assessment systems in organizations? Why should management accountants be involved in the establishment and use of those measures? To what extent are these measures and assessments reliable and accurate?

Marguerite, Inc. Shimon Corporation -- manufacturing overhead, budgets

THE FOLLOWING INFORMATION APPLIES TO QUESTIONS 20 THROUGH 22. Marguerite, Inc., expects to manufacture and sell 20,000 pool cues for $12.00 each. Direct materials costs are $2.00, direct manufacturing labor is $4.00, and manufacturing overhead is $0.80 per pool cue. The following inventory levels apply to 20x4: Beginning

Benefits of being able to record expenses

1. You stated a good comparison between cash basis accounting and accrual basis. Many accountants believe that the cash basis of accounting fails to match efforts and accomplishments of a company in a manner that measures economic performance and true financial position. For instance, if a bill is received in January for Decembe

accounting questions for managers

Which is a characteristic of management accounting? - It must follow generally accepted accounting principles -It is used primarily by internal users. - it is concerned primarily with reporting past performances. - it uses historical costs as the sole measurement unit. An example of a period cost is? - Advertising cost.

Reengineer the Process or Use Continuous Improvement?

4. An equipment manufacturer has the following steps in its order entry process: a. Take the order and fax it to order entry. b. Enter the order into the system (10 percent unclear or incorrect). c. Check stock availability (stock not available for 15 percent of orders). d.

Tax Expense and Deferred Tax (Roosterfish Case Study)

ROOSTERFISH CORPORATION Roosterfish had a tax liability for 20X7 of $20,000 based on a tax rate of 40%. The accounting staff of Roosterfish is having trouble putting together the 20X7 financials. They need your help in determining the tax expense and deferred tax amounts for 20X7. The enacted tax rates for the future peri

Price Considerations and the Internet

How has the Internet affected price considerations? Analyze several different industries, such as airlines, sales, hotel reservations, and book sales.

Smithton, Inc.- Calculate the Budgeted Profit

Smithton, Inc. makes and sells one product, the standard costs of which are as follows: Direct materials (2 kg at 3.00/kg) = 6.00 Direct labour (30 minutes at 10.00/hr) = 5.00 Fixed overheads = 2.50 Total = 13.50 Selling price = 20.00 Standard profit margin = 6.50 The monthly production and sales are planned to be

Cash Outflow Irregularities: Check tamper in, suspect list

Client Consultation: The internal auditor from a Fortune 500 company would like to have a consultation with your forensic accounting firm. The internal auditor and members of the staff suspect irregularities in cash outflows, specifically in the areas of check tampering and employee reimbursements. Question 1: What is ch

Explorer Corporation: Calculate the equivalent units

Explorer Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 900 units. The costs and percentage completion of these units in beginning inventory were: Materials costs $10,500 -- 75% complete Conversion costs $6,400 --

Absorption Costing: Calculating the Unit Product Cost

Billy Bing Ping Pong Corporation manufactures a single product, premium pink ping pong balls. Each premium pink ping pong ball sells for $500.00 each. Selected operating information from last month is as follows: Variable costs per unit: Direct materials $17.50 Direct labor $5.33 Manufacturing overhead $2.50 Selling &

Calculating Taxes Withheld and Net Pay

Reaves Professional Services has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Consultant Computer Programmer Administrator Regular earning $3000 per week $2

Smith Corp. East Corp., Terry Transport, Merrick - Tax Entry

Question 1 Smith Corp. received cash of $20,000 that was included in revenues in its 2011 financial statements, of which $12,000 will not be taxable until 2012. Smith's enacted tax rate is 30% for 2011, and 25% for 2012. What amount should Scott report in its 2011 balance sheet for deferred income tax liability? Show calcula

Incorporate the Internal Service Fund

The city of Brookville maintains its books to prepare fund accounting statements. It prepares worksheet adjustments in order to prepare government-wide statements. As such, Brookville's internal service fund--a print shop fund--is included in the proprietary funds statements. Required: Prepare necessary adjustments in orde

Not-for-Profit Accounting

Southern State University has chosen to report as a public university, reporting as a special-purpose entity engaged only in business-type activities. Deferred revenues were reported as of July 1, 2004, in the amount of $5,500,000. Record the following transactions related to revenue recognition for the year ending June 30, 2005

Pearce Company, Morrison Sanitation, absorption step-down

Problem 1 The Pearce Company had the following actual data for 2008: Units of finished goods Opening inventory - Production 14,000 Sales 12,500 Ending inventory 1,500 The basic production data at standard unit costs for the two years were: Direct materials $25 Direct labor 17 Variable factory overhead 3 St

Absorption Method: Calculating Bonuses and Subjects

Basic Budget Units in beginning inventory 0 Units produced 400,000 Units sold 400,000 Units in ending inventory 0 Variable costs per unit: Direct materials $57.20 Direct labor 15.00 Variable manufacturing overhead 5.00 Variable selling and administrative 10.00 Total variabl

Income Tax

Jack has taxable income of $65,000. He is a single tax filer, and his federal income tax rates on the first $8,350 is 10 percent; it is 15 percent on income from $8,350 to $33,950 and 25 percent on income from $33,950 up to $82,250. What is Jack's federal income tax liability; what is his marginal rate and why would he care? Fin

Activity Based Costing versus traditional overhead allocation method

Activity-based costing versus traditional overhead allocation methods. Galvest Industries manufactures and sells custom made windows. Its job costing system was designed using and activity-based costing approach. Direct materials and direct labor costs are accumulated separately, along with information concerning three manufa

Product Costing - Manufacturing Overhead

Product Costing - Manufacturing Overhead-Over/Under applied LampArt Co. makes specialty table lamps. Manufacturing overhead is applied to production on a direct labor hours basis. During November, the first month of the company's fiscal year, $173,250 of manufacturing overhead was applied to work in process inventory using th

Pension Accounting Smith Construction Johnson Corporation Bargain Industries

Question 1: Smith Construction has a noncontributory, defined benefit pension plan. At December 31, 2011, Smith received the following information: (see data attached) The expected long-term rate of return on plan assets was 10%. There were no AOCI balances related to pensions on January 1, 2011. At the end of 2011,