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management and cost accounting
Questions and Answers of
Management And Cost Accounting
What is an "activity base" in cost estimation? Give three examples of activity bases.
What steps are necessary before reliable cost estimates can be obtained?
Discuss the advantages and disadvantages of the account classification method in cost estimation.
Discuss the high-low method for determining cost behavior patterns.
What basic assumptions are made with the high-low method in analyzing cost behavior patterns?
What is regression analysis? Give the general form of a regression line.
What is the major difference between simple regression and multiple regression analysis?
What is the coefficient of correlation?
Discuss three cost accounting objectives.
What are the three major components of manufacturing costs?
Distinguish between direct materials and indirect materials; between direct labor and indirect labor.
Define prime costs and conversion costs.
Distinguish between variable factory overhead and fixed factory overhead.
What are direct costs? What are indirect costs?
What are controllable costs? What are uncontrollable costs? Why is it important to distinguish controllable costs and uncontrollable costs?
Is a fixed cost an incremental cost? Give an example in which a fixed cost is an incremental cost.
What are sunk costs?
What are opportunity costs?
Describe the flow of costs in a manufacturing company.
What is the major difference between the balance sheets of manufacturing firms and of merchandising firms?
What is the major difference between the income statements of manufacturing firms and of merchandising firms?
Bob Bonds works on the assembly line in the Chicago Company. During the past week, he worked a total of 46 hours including 4 hours of idle time. His hourly wage rate is \(\$ 8\).Required:(1)
Mr. Hilton has been operating a bookstore as a single proprietorship. Recently he has received an offer of \(\$ 20,000\) for the net assets of the bookstore business. He is considering whether to
An engineering study has developed the following cost data for the production of product A:(1) If the current production level is 1,500 units, what is the incremental cost of producing an additional
The Benson Company has collected the following production cost data:{Required:}What would be the incremental production costs for an additional 10 units after the Benson Company has produced 8
Mat Company's cost of goods sold for the month ended March \(31,20 X X\), was \(\$ 345,000\). Ending work-in-process inventory was \(90 \%\) of beginning work-in-process inventory. Factory overhead
Gay's Auto Repair Shop had the following inventory balances during July 2006:During the month of July the company purchased \(\$ 50,000\) of direct materials and incurred \(\$ 13,000\) of direct
Why should a Certified Public Accountant (CPA) know the principles and methods of cost accounting?
What is meant by “an intelligent consumer of accounting information’?
What external objectives does cost accounting serve? What internal objectives?
Accounting principles for external reporting are incorporated in Generally Accepted Accounting Principles (GAAP). What are the accounting principles for internal reporting called?
Name some accounting practices which are used for external reporting that may not be appropriate for internal reporting.
Classify each of the following positions in an organization as either a line or a staff position:a. Presidentb. Controllerc. Production managerd. Budgetary accountante. Sales managerf. Corporate
What distinguishes operating management from middle management?
Describe the major duties of the controller.
Who typically reports to the controller? To whom does the controller report?
Management accounting is considered a profession. What distinguishes a profession from a vocation?
Why is the term "management accountant" a more appropriate title for an accountant in industry than the term "cost accountant"?
What knowledge should a management accountant have to effectively serve as an advisor to management?
Why should a management accountant consider becoming a CMA?
Refer to the information in Exercise 21.18 in answering the following requirements; there is no connection between the situations.Required1 An outside contractor offers to do the finishing operation
Refer to the information in Exercise 21.18 in answering the following requirements; there is no connection between the situations.Required1 Salamanca produces 2000 defective units at the machining
Mannklein AG is a major manufacturer of metal-cutting machines. It has plants in Frankfurt and Stuttgart. The managers of these two plants have different manufacturing philosophies. Liisa Kurunmäki,
Østerbro AS cans peaches for sale to food distributors. All costs are classified as either manufacturing or marketing. Østerbro prepares monthly budgets. The March 2022 budgeted absorption-costing
Refer to Exercise 18.19.Required1 Suppose the manager of Division A has the option of(a) cutting the external price to €195 with the certainty that sales will rise to 1000 units, or(b) maintaining
Cloud computing is a term used to describe the delivery of information systems without, for example, the purchase of physical hardware or even software in some instances. What this means for an
Apple Inc. is well known for developing innovative products like the iPhone, iPad and iPod. Such devices are manufactured with complex electronic components and incur substantial design and
In the first quarter of the year 2015/2016, City Steel’s total revenues decreased by 35 per cent compared with the previous year. Adverse economic conditions caused the Group’s products to
In an article in Strategic Finance, Garry Cokins states that many companies’ managerial accounting systems are not able to report customer profitability information to support analysis for how to
.Until recently, Xu Ji Electric Co Ltd was a typical stateowned Chinese enterprise manufacturing electrical products such as relays. From an accounting point of view, this implied a manual
.Raab, Shoemaker and Mayer (2007) developed a workable ABC model for a restaurant operation in the USA that enabled previously undistributed indirect operating expenses to be traced to individual
The remuneration system that is applied in healthcare organizations in several countries (e.g. Australia, the USA, Switzerland, Spain and Italy) enables ABC profitability analysis to be applied in
Public sector organizations increasingly must account for their performance and provide quality services at lower costs. To accomplish this many local authorities and public sector organizations have
The CGMA website offers management accountants a collection of tools and resources which are useful to identify, assess and respond to various types of risk faced by an organization.For example, it
According to Gillian Lees, a blogger on www.cimaglobal .com, the typical risk assessment model for a management accountant reads like this: identify risks, assess their impact and probability, and
A 2011 guidance paper commissioned by the Institute of Risk Management gives some useful detail on what risk appetite is and how to manage it – either in a corporate governance sense or to inform
All businesses have to continually engage in capital investment to improve and maintain processes, equipment and facilities. Governments also invest in infrastructure projects like roads, rail and
The Africa Research Bulletin reported the results of a prefeasibility study by Ironveld plc stating that the grades for pig iron and ferro vanadium were better than expected at its project on the
Increasingly, householders and small businesses are considering renewable power generation systems to decrease their costs. Most of the UK, Ireland and Scandinavia are suited to generating energy
The globe is facing an increase in water demand resulting in the need for additional agricultural land and irrigation water. Elyamany and El-Nashar (2013) provided an illustration of a financial
Writing in The Australian Financial Review Jack Mintz states that for investment decisions, taxes matter, and Australia’s company tax rate (30 per cent) is too high in international terms to be
An article published in The Irish Times by Olive Keogh cites the following comments by Patrick Gibbons, professor of strategic management at the UCD Michael Smurfit Graduate Business School: The one
According to Industrial Info Resources, a leading provider of industrial intelligence data, the sustained high prices for oil and natural gas that existed at the time prompted an increasing interest
Revisions to China’s budget law, passed on 31 August 2014, represent a significant reform, providing a framework for significantly greater transparency and accountability for local government says
Big data is a term that describes the large volume of raw data, both structured and unstructured, that inundates a business on a daily basis. It includes information such as email messages, social
Although the apex of ZBB’s popularity in the late 1970s is long past, there has been renewed interest in ZBB in today’s environment of fiscal constraint, says Shayne Kavanagh in an article
The British government has pledged to spend 0.7 per cent of national aid resulting in £12 billion being allocated to the Department for International Development’s (DfID’s) aid budget despite
Government crime-fighting targets are a shambles and should be scrapped, claims Chief Superintendent, Ian Johnston. Mr Johnston was speaking ahead of the Police Superintendents’ Association’s
Because of the previous lack of effective control of expenditure by the Han Dan Company, a system of responsibility accounting and standard costing was introduced. The basic principles underlying the
In a BBC documentary called Power to the People, Michael Portillo visited a ‘You Decide’ session organized by the local council in Tower Hamlets, London. At this session, local people decide what
Almost all beer contains four basic ingredients – a grain (typically barley), water, hops and yeast. While the process of brewing can be complex and some ingredients varied, the basic process is
Bushmills Irish Whiskey, a world-renowned brand of Diageo plc, is distilled in County Antrim in Northern Ireland. The Old Bushmills distillery has been in operation since 1608 and currently markets
The term TetraPak® is one which is familiar to most consumers – it is the name you will see on the card cartons in which milk, juice and other liquid products are frequently packaged. The Tetra
South Africa is one of the top gold producers in the world, holding about 6000 metric tons of reserves in mines as of 2015. Most mining operations have waste and by-products, some of which are
Each year, the paper and pulp industry produces millions of tonnes of sludge in the production of paper. This sludge is typically disposed of in landfill sites or incinerated. Both disposal methods
According to a recent survey undertaken by CIMA, variable (or marginal) costing is used by almost 40 per cent of firms. Management accountants from a wide range of sectors, including manufacturing
Finnish paper company M-real produced paper and packaging products, the demand for which is highly influenced by the demand for end consumer products. Global demand decreased due to the global
The Airbus A380 was the world’s first doubledecker aircraft. It can accommodate from 555 to 853 passengers depending on the class configuration. Long haul airlines such as Singapore Airlines were
The break-even price of crude oil includes production costs, exploring or finding costs, oil well development costs, transportation costs, and selling and general administration expenses. A survey
According to the International Air and Transport Association (IATA) conference airlines were expected to make around £3.18 profit from each passenger in 2014. Although carriers were expecting net
Operating leverage can tell investors a lot about a company’s risk profile, and although high operating leverage can often benefit companies, firms with high operating leverage are also vulnerable
Most developed economies have well-developed road and highway networks. From time to time new highways are built to relieve congested cities, but by and large most developed countries are not
According to an article authored by Yayla-Küllü et al., multi-product firms account for 91 per cent of the output in US manufacturing and they often make short- to medium-term adjustments in their
The economic recession has resulted in original equipment manufacturers (OEMs) seeking to drive down costs by re-examining their manufacturing strategy, with many companies increasing their level of
Asda is staging a major push south opening 11 new stores in the greater London region over the next few months with plans for a further 150 by 2018.Two of the new stores will be a trial of a new
Garrett Automative Ltd (GAL) is a UK subsidiary of a American parent company that manufactures turbochargers for the automative industry. GAL decided to begin its profit improvement programme by
Management accounting combines accounting, finance and management with the leading edge techniques needed to drive successful businesses.Chartered management accountants:● Advise managers about the
The internet of things (IoT) refers to an ever-growing network of physical objects which are connected to the internet. This includes household devices and many business and industrial applications.
Medical devices are normally associated with use by hospitals and medical practices. Some devices are used by normal consumers and, according to an article on the Medical Device and Diagnostic
As one of the pioneers in the low cost airline market, easyJet’s business model includes some core values:● Safety – Our number one value, sitting at the core of everything we do.● Pioneering
Allan Stratton is a cost management consultant with over 35 years of experience, who shares the benefit of his experience providing tools and resources via the internet. In one of his articles he
Many low-cost carriers such as easyJet and Ryanair regularly offer flights to customers at low prices. They continue to do this even during depressed economic times. Both continued to make good
An article written by Ben Chu published in The Independent newspaper in 2016 demonstrated why the classical economic view of humans as rational decision-makers is often very wide of the mark. When
According to Andrew Coyne, the author of an article published in the National Post (Canada), the \($14\) billion in public funds handed out to General Motors and Chrysler by the governments of Canada
A distinguishing feature of today’s digital technology is that it is characterized by zero (or near-zero) marginal costs. Once you’ve made the investment needed to create a digital good, it costs
A questionnaire survey based on the responses of 272 practising UK management accountants who were members of the Chartered Institute of Management Accountants (CIMA) revealed that approximately 81
Allan Stratton is a cost management consultant with over 35 years of experience who shares the benefit of his experience providing tools and resources via the internet. In one of his articles he
Two Australian firms, one with three divisions (HC1, HC2 and HC3), and the second with two divisions (FT1 and FT2) were studied. HC1 and FT1 had the simplest costing systems with all of the overheads
Bubble tea cafés are becoming increasingly popular across Malaysia and in recent years, many new chains have been formed, opening cafés in mainly urban locations.Leading bubble tea firms provide
It was decided in the first quarter of fiscal 2016 that Commercial Metals Company Ltd would change the accounting method it used to value its inventories. This change would be for its Americas Mills,
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