Question & Answer

There are 21 correct answers in the following multiple choice questions (some questions have multiple answers that are correct). To attain a perfect score on the quiz, all correct answers must be given. Each correct answer is worth 1 point. Each omitted answer or wrong answer reduces the score by 1 point, and each additional answer beyond the correct number of answers reduces the score by 1 point. Percentage on the quiz is based on the total number of correct answers. 38.1 The three components of an automated system are which of the following: (a) actuators, (b) communication system, (c) control system, (d) feedback loop, (e) humans, (f) power, (g) program of instructions, and (h) sensors? 38.2 The three basic types of automated systems used in manufacturing are fixed automation, programmable automation, and flexible automation. Flexible automation is an extension of programmable automation in which there is virtually no lost production time for setup changes or reprogramming: (a) true or (b) false. 38.3 The input/output relationship of a sensor is called which one of the following: (a) analog, (b) converter, (c) sensitivity, or (d) transfer function? 38.4 A stepper motor is which one of the following types of devices: (a) actuator, (b) interface device, (c) pulse counter, or (d) sensor? 38.5 A contact input interface is a device that reads analog data into the computer from an external source: (a) true of (b) false? 38.6 A programmable logic controller (PLC) normally replaces which one of the following in control applications: (a) computer numerical control, (b) distributed process control, (c) humans, (d) industrial robots, or (e) relay control panel? 38.7 The standard coordinate system for numerical control machine tools is based on which one of the following: (a) Cartesian coordinates, (b) cylindrical coordinates, or (c) polar coordinates? 38.8 Identify which of the following applications are point-to-point and not continuous path operations (three correct answers): (a) arc welding, (b) drilling, (c) hole punching in sheet metal, (d) milling, (e) spot welding, and (f) turning? 38.9 The ability of a positioning system to return to a previously defined location is measured by which one of the following terms: (a) accuracy, (b) control resolution, or (c) repeatability? 38.10 The APT command GORGT is which of the following (two best answers): (a) continuous path command, (b) geometry statement involving a volume of revolution about a central axis, (c) name of the humanoid in the latest Star Wars movie, (d) point-to-point command, and (e) tool path command in which the tool must go right in the next move? 38.11 The arm-and-body of a robot manipulator generally performs which one of the following functions in an application: (a) holds the end effector, (b) orients the end effector within the work volume, or (c) positions the wrist within the work volume? 38.12 A SCARA robot is normally associated with which one of the following applications: (a) arc welding, (b) assembly, (c) inspection, (d) machine loading and unloading, or (e) resistance welding? 38.13 In robotics, spray-painting applications are classified as which of the following: (a) continuous path operation or (b) point-to-point operation? 38.14 Which of the following are characteristics of work situations that tend to promote the substitution of a robot in place of a human worker (three best answers): (a) frequent job changeovers, (b) hazardous work environment, (c) repetitive work cycle, (d) multiple work shifts, and (e) task requires mobility?

1.       : If you were asked to design a training program to help managers become better communicators of vision, mission, and values, what would you include in the program?

Markell’s basis in the Markit Partnership is $58,000. In a proportionate liquidating distribution, Markell receives the following assets: Tax BasisFMV Cash $8,000 $8,000 Land A 20,000 45,000 Land B 20,000 25,000 a. How much gain or loss will Markell recognize on the distribution? What is the character of any recognized gain or loss? b. What is Markell’s basis in the distributed assets?

Why are some deductions called “abovetheline” deductions and others called “belowtheline” deductions?What is the “line”?

: Describe how diversity initiatives such as sponsor relationships, employee resource groups, and coaching programs help create an inclusive climate that values diversity.

1.      Which component of the AMPS model addresses the question of the best way for management accountants to communicate their analyses with decision-makers? a.       Ask the question b.      Master the data c.       Perform the analysis d.      Share the story 2.      (LO 1.5) Which of the following is considered discretionary information for a company’s accountants to provide? a.       The break-even level of a new product b.      The annual report submitted to shareholders detailing financial performance c.       The federal tax return d.      Sales information as part of the sales tax return 3.      (LO 1.1) Which of the following value chain activities is considered to be a primary activity? a.       Procurement b.      Inbound logistics c.       Human resources management d.      Information technology 4.      (LO 1.2) What requires context to create information? a.       Knowledge b.      Data c.       Facts d.      Data stores 5.      (LO 1.4) The analysis of variances (e.g., actual performance is different from budgeted performance) is most often associated with which type of analytics? a.       Descriptive analytics b.      Diagnostic analytics c.       Predictive analytics d.      Prescriptive analytics 6.      (LO 1.4) Summary statistics are most often associated with which type of analytics? a.       Descriptive analytics b.      Diagnostic analytics c.       Predictive analytics d.      Prescriptive analytics 7.      (LO 1.4) Time series analysis is most often associated with which type of analytics? a.       Descriptive analytics b.      Diagnostic analytics c.       Predictive analytics d.      Prescriptive analytics 8.       (LO 1.6) Which of the following is not one of the four overarching ethical principles mentioned in the 2017 IMA Statement of Ethical Professional Practice? a.       Competence b.      Honesty c.       Confidentiality d.      Credibility 9.      (LO 1.3) Which questions aim to more clearly understand why net income is decreasing when revenues are increasing? a.       What happened? What is happening? b.      Why did it happen? What are the root causes of past results? c.       Will it happen in the future? What is the probability something will happen? Is it forecastable? d.      What should we do based on what we expect will happen? How do we optimize our performance based on potential constraints? 10.  (LO 1.3) What type of visualization is used to track overtime labor on a continuous, real-time basis? a.       Dashboard with static display b.      Dashboard with dynamic display c.       Conditional formatting d.      Bar chart for the past 10 months 11.  (LO 1.3) Which management accounting question will require predictive analytics? a.       Why did labor expenses increase over the past year as compared to prior years? b.      Should the company rent or lease its headquarters office building? c.       Can we forecast future sales for this company? d.      Why did our cost structure (fixed and variable costs) change over the past year? 12.  (LO 1.3) Which management accounting question will require prescriptive analytics? a.       Why did the company perform worse this year than last year? b.      Should the company manufacture its product, or should it outsource the production of its products to an outside contractor? c.       Can we forecast future sales, earnings, and cash flows for this company? d.      What was the total revenue last quarter? 13.   (LO 1.2) A ________ is a person who analyzes accounting-related data to help an organization make effective business decisions. a.       management accountant b.      financial accountant c.       data scientist d.      computer programmer 14.  (LO 1.2) A ________ is a person employed to acquire, maintain, curate, access, manipulate, and statistically test data to address business questions. a.       management accountant b.      financial accountant c.       data scientist d.      computer programmer 15.  (LO 1.2) If a manager is a decision-maker, and a data scientist is a developer, then what best describes a management accountant? a.       An interpreter b.      An expert at investments c.       An intermediary d.      A broker 16.  (LO 1.5) Which of the following is mandatory information that a company’s accountants is required to maintain? a.       The cost drivers used to allocate overhead b.      The calculation of the difference between actual and budgeted performance c.       The product price that should be charged to maximize profits d.      The amount of dividends paid to shareholders 17.  (LO 1.5) Which entity sponsors the certification of management accountants as a CMA? a.       Institute of Management Accountants b.      Institute of Certified Public Accountants c.       American Institute of Management Accountants d.      Association of Certified Management Accountants 18.   (LO 1.5) Which of the following applies to management accounting? a.       There are required audits of management accounting information. b.      Management accounting works to minimize the cost of compliance with regulatory entities. c.       A source of management accounting data comes from a cost accounting system. d.      Common output is the income statement. 19.  (LO 1.3) Performing a regression falls into which of the following components of the AMPS model? a.       Ask the question b.      Master the data c.       Perform the analysis d.      Share the story 20.  (LO 1.3) Which data visualization is used to evaluate trends of values over time? a.       Bar Chart b.      Pie Chart c.       Scatterplot   d.      Line Graph

1. Assume that there is a growing demand for computer programmers. As a result more people train to become programmers. Does this represent a rightward shift in the supply curve of programmers, or merely the supply curve becoming more elastic in the long run, or both? Explain. 2. Which is likely to be more elastic, the supply of coal miners or the supply of shop assistants? Explain.

dentify three ways taxpayers can pay their income taxes to the government.

A SMAW operation is accomplished in a work cell using a fitter and a welder. The fitter takes 5.5 min to place the unwelded components into the welding fixture at the beginning of the work cycle, and 2.5 min to unload the completed weldment at the end of the cycle. The total length of the several weld seams to be made is 2000 mm, and the travel speed used by the welder averages 400 mm/min. Every 750 mm of weld length, the welding stick must be changed, which takes 0.8 min. While the fitter is working, the welder is idle (resting); and while the welder is working, the fitter is idle. (a) Determine the average arc time in this welding cycle. (b) How much improvement in arc time would result if the welder used FCAW (manually operated), given that the spool of flux-cored weld wire must be changed every five weldments, and it takes the welder 5.0 min to accomplish the change? (c) What are the production rates for these two cases (weldments completed per hour)?

Why do banks invest in securities even though loans typically generate a higher return? Explain how a bank decides the appropriate percentage of funds that should be allocated to each type of asset. (LO3)

Presented below is the current liabilities section and related note of Mohican Company.   Instructions Answer the following questions. (a) What is the difference between the cash basis and the accrual basis of accounting for warranty costs? (b) Under what circumstance, if any, would it be appropriate for Mohican Company to recognize deferred revenue on warranty contracts? (c) If Mohican Company recognized deferred revenue on warranty contracts, how would it recognize this revenue in subsequent periods?

Wade Corp. has 150,000 shares of common stock outstanding. In 2014, the company reports income from continuing operations before income tax of $1,210,000. Additional transactions not considered in the $1,210,000 are as follows. 1. In 2014, Wade Corp. sold equipment for $40,000. The machine had originally cost $80,000 and had accumulated depreciation of $30,000. The gain or loss is considered ordinary. 2. The company discontinued operations of one of its subsidiaries during the current year at a loss of $190,000 before taxes. Assume that this transaction meets the criteria for discontinued operations. The loss from operations of the discontinued subsidiary was $90,000 before taxes; the loss from disposal of the subsidiary was $100,000 before taxes. 3. An internal audit discovered that amortization of intangible assets was understated by $35,000 (net of tax) in a prior period. The amount was charged against retained earnings. 4. The company had a gain of $125,000 on the condemnation of much of its property. The gain is taxed at a total effective rate of 40%. Assume that the transaction meets the requirements of an extraordinary item. Instructions Analyze the above information and prepare an income statement for the year 2014, starting with income from continuing operations before income tax. Compute earnings per share as it should be shown on the face of the income statement. (Assume a total effective tax rate of 38% on all items, unless otherwise indicated.)

Do all shareholders receive the same tax treatment in a complete liquidation of a corporation? Explain.

1.15     Uncertainties, degree of uncertainty Community Children’s Hospital can invest in one of two different projects. The first project is to purchase and operate a hotel that is located two blocks from the hospital. The CEO of the hospital has no experience operating a hotel, but the hospital does provide rooms for in-patients, and so she is familiar with cleaning requirements and managing housekeeping staff. However, the hospital does little advertising and does not have a large public relations staff. In addition, the hospital and hotel are located in a part of town that is deteriorating. The other investment opportunity is to replace the heart monitors in the neonatal intensive care unit (critical care for newborns and infants). The new monitors would provide a range of functions, including monitoring the body temperature and blood pressure of infants, as well as monitoring heart functions. Each monitor can be used for up to four infants with information about each infant forwarded to one computer that is monitored by a special technician. The current monitors are bedside monitors that need to be read every 10 minutes by nursing staff.   Required (a)          Prepare a list of uncertainties that the CEO faces if she buys the hotel. (b)          Prepare a list of uncertainties the CEO faces if she replaces the heart monitors. (c)           Which scenario appears to have a greater degree of uncertainty? Why?

Direct and indirect costs; fixed, variable, and mixed costs Your sister turned her hobby into a small business called Glazed Over. She is a potter and manufactures and sells bowls that can be used for decoration or for birdbaths. She has one employee who works 40 hours a week no matter how many bowls are made. She has asked your advice in developing a cost function for the bowls so that she can estimate costs for the next period.   Required The following list of costs comes from your sister’s general ledger. Assume the cost object is an individual unit (i.e. bowl). Categorise each cost as direct or indirect (D or I), and as fixed, variable or mixed (F, V or M). (a) Employee wages (b) Clay used to make bowls (c) Depreciation on the kilns (d) Glaze (the finish painted on the bowls) (e) Brushes for the glaze (f) Electricity (g) Business licence (h) Advertising (i) Pottery studio maintenance (cost of weekly cleaning service) (j) Packing materials for the bowls

Janice Traylor is single. She has an 18-year-old son named Marty. Marty is Janice’s only child. Marty has lived with Janice his entire life. However, Marty recently joined the Marines and was sent on a special assignment to Australia. During the current year, Marty spent nine months in Australia. Marty was extremely homesick while in Australia because he had never lived away from home. However, Marty knew this assignment was only temporary, and he couldn’t wait to come home and find his room just the way he left it. Janice has always filed as head of household, and Marty has always been considered a qualifying child (and he continues to meet all the tests with the possible exception of the residence test due to his stay in Australia). However, this year Janice is unsure whether she qualifies as head of household due to Marty’s nine-month absence during the year. Janice has come to you for advice on whether she qualifies for head of household filing status. How would you advise her?

Emily and Tony are recently married college students.Can Emily qualify as her parents’ dependent? Explain.

Discuss the accounting treatment or disclosure that should be accorded a declared but unpaid cash dividend, an accumulated but undeclared dividend on cumulative preferred stock, and a stock dividend distributable.

The voltage in an EBW operation is 45 kV. The beam current is 60 milliamp. The electron beam is focused on a circular area that is 0.25 mm in diameter. The heat transfer factor is 0.87. Calculate the average power density in the area in watt/mm2

The trial balance of Bellemy Fashion Center contained the following accounts at November 30, the end of the company’s fiscal year.   Adjustment data: 1. Supplies on hand totaled $1,500. 2. Depreciation is $15,000 on the equipment. 3. Interest of $11,000 is accrued on notes payable at November 30. Other data: 1. Salaries expense is 70% selling and 30% administrative. 2. Rent expense and utilities expenses are 80% selling and 20% administrative. 3. $30,000 of notes payable are due for payment next year. 4. Maintenance and repairs expense is 100% administrative. Instructions (a) Journalize the adjusting entries. (b) Prepare an adjusted trial balance. (c) Prepare a multiple-step income statement and retained earnings statement for the year and a classified balance sheet as of November 30, 2014. (d) Journalize the closing entries. (e) Prepare a post-closing trial balance.

Balanced scorecard measures for financial perspective Following is financial information for last period about Curry House, a regional company with a number of fast-food stores:                                                                 Required Describe and calculate several measures that could be used for the financial perspective.

Complete Table 13.3 up to 9 cars per minute, assuming that the journey time increases to 24 minutes for the eighth car and 35 minutes for the ninth car.

Dillon rented his personal residence at Lake Tahoe for 14 days while he was vacationing in Ireland. He resided in the home for the remainder of the year. Rental income from the property was $6,500. Expenses associated with use of the home for the entire year were as follows:

1.    What is the difference between a benefit corporation and a B Corporation?

What are the parameters of a machining operation that are included within the scope of cutting conditions?