Cornerstones of Cost Management (Cornerstones Series)
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN: 9781305970663
Author: Don R. Hansen, Maryanne M. Mowen
Publisher: Cengage Learning
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Chapter 1, Problem 1E

Classify each of the following actions as either being associated with the financial accounting information system (FS) or the cost management information system (CMS):

  1. a. Determining the total compensation of the CEO of a public company
  2. b. Issuing a quarterly earnings report
  3. c. Determining the unit product cost using TDABC
  4. d. Calculating the number of units that must be sold to break even
  5. e. Preparing a required report for the SEC
  6. f. Preparing a sales budget
  7. g. Using cost and revenue information to decide whether to keep, or drop, a product line
  8. h. Preparing an annual statement of financial position that conforms to generally accepted accounting principles (GAAP)
  9. i. Using cost and revenue information to decide whether to invest in a new production system or not
  10. j. Reducing costs by improving the overall quality of a product
  11. k. Using a debt-equity ratio and liquidity ratios from a balance sheet to assess the likelihood of bankruptcy
  12. l. Using a public company’s financial statements to decide whether or not to buy its stock
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The following data were selected from the records of Fluwars Company for the year ended December 31, current year:   Balances at January 1, current year:     Accounts receivable (various customers) $ 111,500 Allowance for doubtful accounts   11,200     The company sold merchandise for cash and on open account with credit terms 1/10, n/30, without a right of return.   The following transactions occurred during the current year: Sold merchandise for cash, $252,000. Sold merchandise to Abbey Corp; invoice amount, $36,000. Sold merchandise to Brown Company; invoice amount, $47,600. Abbey paid the invoice in (b) within the discount period. Sold merchandise to Cavendish Inc.; invoice amount, $50,000. Collected $113,100 cash from customers for credit sales made during the year, all within the discount periods. Brown paid its account in full within the discount period. Sold merchandise to Decca Corporation; invoice amount, $42,400. Cavendish paid its account in full after the…
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