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ACC 556 WEEK 8 DISCUSSION
"Budgeting" Please respond to the following:
• Analyze the major pros and cons of preparing company budgets. Determine at least two (2)
critical budget items that you believe are essential in managing a company. Provide a rationale for
your response.
• Analyze the most common responsibility reporting systems. From your analysis, argue at
least one (1) pro and one (1) con of using responsibility reporting systems
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ACC 556 WEEK 8 HOMEWORK CHAPTER 21
• Question 1
A benefit of budgeting is that it provides definite objectives for evaluating performance.
• Question 2
Effective budgeting requires clearly defined lines of authority and responsibility.

2. • Question 3
Financial budgets must be completed before the operating budgets can be prepared.
• Question 4
The budgeted income statement indicates the expected profitability of operations for the next year.
• Question 5
The budget itself and the administration of the budget are entirely accounting responsibilities.
• Question 6
Why are budgets useful in the planning process?
• Question 7
Which of the following statements about budget acceptance in an organization is true?
• Question 8
The budget committee would not normally include the
• Question 9
Which of the following is not an operating budget?
• Question 10
The production budget shows expected unit sales are 100,000. The required production units are
104,000. What are the beginning and desired ending finished goods units, respectively?
Beginning Units Ending Units
• Question 11
A company budgeted unit sales of 204,000 units for January, 2013 and 240,000 units for February
2013. The company has a policy of having an inventory of units on hand at the end of each month
equal to 30% of next month's budgeted unit sales. If there were 61,200 units of inventory on hand on
December 31, 2012, how many units should be produced in January, 2013 in order for the company
to meet its goals?
• Question 12
The following information is taken from the production budget for the first quarter:

3. Beginning inventory in units 1,200
Sales budgeted for the quarter 456,000
Production capacity in units 472,000
How many finished goods units should be produced during the quarter if the company desires 3,200
units available to start the next quarter?
• Question 13
A company determined that the budgeted cost of producing a product is $30 per unit. On June 1,
there were 80,000 units on hand, the sales department budgeted sales of 300,000 units in June, and
the company desires to have 120,000 units on hand on June 30. The budgeted cost of goods
manufactured for June would be
• Question 14
The single most important output in preparing financial budgets is the
• Question 15
What is the proper preparation sequencing of the following budgets?
1 - Budgeted Balance Sheet
2 - Sales Budget
3 - Selling and Administrative Budget
4 - Budgeted Income Statement
• Question 16
The formula for determining budgeted merchandise purchases is budgeted
• Question 17
Orange Co. is a manufacturer and Pineapple Company is a merchandiser. What is the difference in
the budgets the two entities will prepare?
• Question 18
The primary benefits of budgeting include all of the following except it
.• Question 19
The budget that is often considered to be the most important financial budget is the

4. • Question 20
Match the items below by entering the appropriate code letter in the space provided.
o
Question Selected Match
Management's plans expressed in financial terms for a specified future time period. I.
Budget
Budgets that indicate the cash resources needed for expected operations and planned capital
expenditures. J.
Financial budgets
A group responsible for coordinating the preparation of the budget. A.
Budget committee
A set of interrelated budgets that constitute a plan of action for a specified time period. D.
Master budget
The projection of potential sales for the industry and the company's expected share of such sales.
H.
Sales forecast
A projection of production requirements to meet expected sales. G.
Production budget
A projection of anticipated cash flows. B.
Cash budget
A selection of strategies to achieve long-term goals. F.
Long-range planning
An estimate of the quantity and cost of direct materials to be purchased. E.
Direct materials budget
An estimate of expected sales for the budget period. C.
Sales budget
O

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21-Question-1-A-bene-33928
ACC 556 WEEK 8 HOMEWORK CHAPTER 22
• Question 1
Budget reports comparing actual results with planned objectives should be prepared only once a
year.
• Question 2
A static budget is changed only when actual activity is different from the level of activity expected.
• Question 3
Management by exception means that management will investigate areas where actual results differ
from planned results if the items are material and controllable.
• Question 4
Budget reports provide the feedback needed by management to see whether actual operations are
on course.
• Question 5
The manager of an investment center can improve ROI by reducing average operating assets.
• Question 6
What is budgetary control?
• Question 7
A static budget is appropriate in evaluating a manager's performance if
• Question 8
What is the primary difference between a static budget and a flexible budget?
• Question 9

6. If a company plans to sell 48,000 units of product but sells 60,000, the most appropriate comparison
of the cost data associated with the sales will be by a budget based on
• Question 10
Nikoto Steel Co. budgeted manufacturing costs for 50,000 tons of steel are:
Fixed manufacturing costs $50,000 per month
Variable manufacturing costs $12.00 per ton of steel
Nikoto produced 40,000 tons of steel during March. How much is the flexible budget for total
manufacturing costs for March?
• Question 11
At 18,000 direct labor hours, the flexible budget for indirect materials is $36,000. If $37,400 are
incurred at 18,400 direct labor hours, the flexible budget report should show the following difference
for indirect materials:
• Question 12
Top management can control
• Question 13
A manager of a cost center is evaluated mainly on
• Question 14
Given below is an excerpt from a management performance report:
Budget Actual Difference
Contribution margin $600,000 $580,000 $20,000 U
Controllable fixed costs $200,000 $220,000 $20,000 U
The manager's overall performance

7. • Question 15
Bogey Co. recorded operating data for its Cheap division for the year. Bogey requires its return to be
10%.
Sales $ 1,400,000
Controllable margin 160,000
Total average assets 4,000,000
Fixed costs 100,000
What is the ROI for the year?
• Question 16
A measure frequently used to evaluate the performance of the manager of an investment center is
• Question 17
What is the goal of residual income?
• Question 18
Which of the following would not be considered an aspect of budgetary control?
• Question 19
All of the following statements are correct about management by exception except it
• Question 20
Match the items below by entering the appropriate code letter in the space provided.
o
Question Selected Match
The use of budgets to control operations. H.
Budgetary control
A projection of budget data at one level of activity. A.
Static budget
A projection of budget data for various levels of activity. E.

8. Flexible budget
A part of management accounting that involves accumulating and reporting revenues and costs on
the basis of the individual manager who has the authority to make the day-to-day decisions about
the items. F.
Responsibility accounting
Costs that a manager has the authority to incur within a given period of time. G.
Controllable costs
The review of budget reports by top management directed entirely or primarily to differences
between actual results and planned objectives. K.
Management by exception
The preparation of reports for each level of responsibility shown in the company's organization chart.
C.
Responsibility reporting system
A measure of the profitability of an investment center computed by dividing controllable margin (in
dollars) by average operating assets. J.
Return on Investment
A responsibility center that incurs costs and also generates revenues.I.
Profit center
A responsibility center that incurs costs, generates revenues, and has control over the investment
funds available for use.B.
Investment center
Costs which are incurred for the benefit of more than one profit center. D.
Indirect fixed costs
Costs that relate specifically to a responsibility center and are incurred for the sole benefit of the
center. L.
Direct fixed costs
o
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9. ACC 556 WEEK 9 DISCUSSION
"Cash Flows" Please respond to the following:
• Outline a strategy for companies to spend excess cash and maximize the value of that
spend. Provide a rationale for your response.
• From the e-Activity, compare and contrast the selected company’s statement of cash flows to
its income statement. Suggest at least two (2) items from each statement that investors should
analyze when deciding whether or not to purchase the company’s stock. Justify your response.
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ACC 556 WEEK 9 HOMEWORK CHAPTER 9
• Question 1
The statement of cash flows is a required statement that must be prepared along with an income
statement, balance sheet, and retained earnings statement.
• Question 2
The activity from the balance sheet to be presented in the financing activities section of the
statement of cash flows is based on an analysis of stockholders’ equity only.
• Question 3
The acquisition of a building by issuing bonds would be considered an investing and financing
activity that did not affect cash.

10. • Question 4
The cash debt coverage ratio indicates a company’s ability to repay its liabilities from cash
generated from operations.
• Question 5
The current cash debt coverage ratio is considered a better representative of liquidity than the
current ratio because it involves the entire year rather than a balance at one point in time.
• Question 6
The statement of cash flows
• Question 7
Generally, the most important category on the statement of cash flows is cash flows from
• Question 8
Assume that the Quinn Corporation uses the indirect method to depict cash flows. Indicate where, if
at all, interest paid on note would be classified on the statement of cash flows.
• Question 9
Which of the following transactions does not affect cash during a period?
• Question 10
Zoum Corporation had the following transactions during 2014:
1 - Issued $125,000 of par value common stock for cash.
2 - Recorded and paid wages expense of $60,000.
3 - Acquired land by issuing common stock of par value $50,000.
4 - Declared and paid a cash dividend of $10,000.

11. 5 - Sold a long-term investment (cost $3,000) for cash of $3,000.
6 - Recorded cash sales of $400,000.
7 - Bought inventory for cash of $160,000.
8 - Acquired an investment in Zynga stock for cash of $21,000.
9 - Converted bonds payable to common stock in the amount of $500,000.
10 - Repaid a 6 year note payable in the amount of $220,000.
What is the net cash provided by financing activities?
• Question 11
In order to determine net cash provided by operating activities, a company must convert net income
from an accrual basis to a cash basis under
• Question 12
The information to prepare the statement of cash flows comes from all of the following sources
except
• Question 13
Peninsula Company reported net income of $260,000 for the year. During the year, accounts
receivable increased by $21,000, accounts payable decreased by $9,000 and depreciation expense
of $45,000 was recorded. Net cash provided by operating activities for the year is
• Question 14
In calculating cash flows from operating activities using the indirect method, a loss on the sale of
equipment will appear as a(n)
• Question 15
The net income reported on the income statement for the current year was $440,000. Depreciation
was $62,000. Accounts receivable and inventories decreased by $20,000 and $32,000, respectively.
Prepaid expenses and accounts payable increased, respectively, by $2,000 and $16,000. How much
cash was provided by operating activities?

12. • Question 16
The statement of cash flows will not provide insight into
• Question 17
Laser Performance Inc. has the following information available (amount in thousands).
Net Income $30,000
Average Total Liabilities 80,000
Average Current Liabilities 36,000
Cash Provided by Operations 48,000
Cash Sales 130,000
Capital Expenditures 22,000
Dividends Paid 6,000
What is the current cash debt coverage?
• Question 18
Authentic Exposure Company had the following transactions that took place during the year:
I. Paid amount owing to suppliers $2,750.
II. Purchased new equipment for $5,000 by signing a long-term note payable.
III. Purchased a patent and paid $15,000 cash for the asset.
How what is the total effect of these transactions on Free Cash Flow, Current Cash Debt Coverage,
and Cash Debt Coverage respectively?
Free Current Cash Debt Cash Debt
Cash Flow Coverage Coverage

13. • Question 19
All of the following statements are true regarding cash flow presentations except
• Question 20
For each of the following items, indicate by using the appropriate code letter, how the item should be
reported in the statement of cash flows, using the indirect method.
o
Question Selected Match
Decrease in accounts payable during a period C.
Deducted from net income
Declaration and payment of a cash dividend. A.
Cash outflow—financing activity
Loss on disposal of land. D.
Added to net income
Decrease in accounts receivable during a period. D.
Added to net income
Redemption of bonds for cash.A.
Cash outflow—financing activity
Proceeds from sale of equipment at book value. E.
Cash inflow—financing activity
Issuance of common stock for cash. E.
Cash inflow—financing activity
Purchase of a building for cash. F.
Cash outflow—investing activity
Acquisition of land in exchange for common stock. G.

14. Significant noncash investing and financing activity
Increase in inventory during a period. C.
Deducted from net income
o
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ACC 556 WEEK 10 DISCUSSION
"Extraordinary Items and Ratio Analysis" Please respond to the following:
• Choose at least two (2) items or events that you would consider to be extraordinary to a
company. Propose the manner in which you would disclose these items or events to investors.
Justify your response.
• Determine the two (2) financial ratios that you believe to be the most important indicators of
financial health for a company. Predict two (2) positive or two (2) negative financial outcomes should
the chosen ratios change dramatically from one year to another. Provide a rationale for your
response.
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