Business Application Problems Week 1 - 7 - Grantham

BUSINESS Application Problems week 1 - 7 -

Grantham

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Application Problems 1

1.(a) “Managerial Accounting is a field of accounting that provides economic information for all interested parties.” Do you agree? Explain.

(b) Joe Delong believes that managerial accounting serves only manufacturing firms. Is Joe correct? Explain.

2.Distinguish between managerial and financial accounting as to (a) primary users of reports, (b) types and frequency of reports, and (c) purpose of reports.

3.How do the content of reports and the verification of reports differ between managerial and financial accounting?

4.In what ways can the budgeting process create incentives for unethical behavior?

5.Linda Olsen is studying for the next accounting midterm examination. Summarize for Linda what she should know about management functions.

BE1-2

The Sarbanes-Oxley Act (SOX) has important implications for the financialcommunity. Explain two implications of SOX.

BE1-3

Listed below are the three functions of the management of an organization.

1. Planning 2. Directing 3. Controlling

Identify which of the following statements best describes each of the above functions.

BE1-4

Determine whether each of the following costs should be classified as direct materials (DM), direct labor (DL), or manufacturing overhead (MO).

(a)Frames and tires used in manufacturing bicycles.

(b) Wages paid to production workers.

(c) Insurance on factory equipment and machinery.

(d) Depreciation on factory equipment.

BE1-5

Indicate whether each of the following costs of an automobile manufacturer would be classified as direct materials, direct labor, or manufacturing overhead.

(a) Windshield.

(b) Engine.

(c) Wages of...