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management accounting
Questions and Answers of
Management Accounting
Balanced Scorecard and key performance indicators Respond to the following statement: "Our organization has key performance indicators that measure financial and nonfinancial performance, including
Discuss whether the Balanced Scorecard approach is a performance measurement system, a management system, or both.
Explain how organizations might use the Balanced Scorecard to link strategy to the budgeting process.
Develop a Balanced Scorecard that the dean or director of your school may use to evaluate the school's operations. Be specific and indicate the purpose of each Balanced Scorecard measure.
BC Company attempted to build a Balanced Scorecard by fitting the company's objectives and financial and nonfinancial performance measures into the four Balanced Scorecard perspectives. Explain why
ED Company's chief executive officer (CEO) wanted his company to develop a Balanced Scorecard. He gave considerable thought to who should lead the development, and he selected the head of the
Explain how an activity-based costing model can be linked to a Balanced Scorecard approach.
Suppose an organization has not implemented either activity-based costing or a Balanced Scorecard but believes both would be valuable for the organization. However, management is currently willing to
What are the four requirements of ethical conduct by which certified management accountants have to abide?
What are the five steps involved in keeping an organization in control?
What are the three stages of the research development and engineering cycle?
What is the postsale service and disposal cycle?
Why is the evaluation of short-term pricing and product mix decisions different from the evaluation of long-term pricing and product mix decisions?
What distinguishes a commodity-type business from other businesses?
What two considerations complicate shortterm product mix decisions?
What firms are likely to behave as pricetaker firms?
What firms are likely to behave as price-setter firms?
Should a firm consider facility-sustaining costs in making a short-run pricing decision? Give two examples to illustrate your answer.
Describe three situations in which economics justifies using full costs for pricing decisions.
How do price markups over costs relate to the strength of demand, the elasticity of demand, and the intensity of competition?
Why do short-run prices fluctuate over time?
What strategic reasons may influence the level of markups?
What options should firms consider when long-run market prices are below full costs?
Why is full-cost information useful for longrun product mix decisions?
Patient mix, ethics Willow Way Nursing Home, attempting to improve its profit, adopted a policy of welcoming only residents who are covered by private insurance or by Medicare or who have sufficient
Export order Delta Screens Corporation is currently operating at \(60 \%\) of capacity in producing 6,000 screens annually. Delta recently received an offer from a company in Germany to purchase
Pricing with elastic demand Sunny Valley Orchards is reevaluating the pricing of its fresh-squeezed orange juice in half-gallon containers. Variable costs per half-gallon container of fresh-squeezed
Pricing and impact on demand Columbia Bicycle Company manufactures and sells 12 different models of bicycles. Columbia is contemplating a 5% price cut across the board for all 12 models. It expects
Pricing using standard hours A major automaker collected detailed data on labor hours used by skilled technicians at its auto dealer service departments for different automobile repair jobs. The
Dropping a product Sanders Company recently developed an activitybased costing system and discovered that one of its products, SM5, does not cover the costs traced to it by the new cost system.
Dropping a segment George's Grill analyzes profitability of three segments: restaurant, bar, and billiards. Revenues and direct costs (variable plus fixed costs) for each segment are as
Carver Company has a demand function given by this equation:where \(P=\) price and \(Q=\) quantity produced and sold. Carver Company's cost function is given by this equation:Determine the optimal
Activity-based costing and markup pricing Based on last year's activity, the Moose Jaw Manufacturing Company estimates the following manufacturing support costs for this year for its plant in Moose
Capacity and product mix decision Barney Toy Company manufactures large and small stuffed animals. It has a long-term contract with a large chain of discount stores to sell 3,000 large and 6,000
Product mix and special order decisions Holmes Manufacturing Company produces three models of aquastatic controls: A17, B23, and XLT-all of which use the same basic component. The basic components
Special order decision Kirby Company manufactures leather briefcases sold to wholesalers for \(\$ 37.95\). The plant capacity for manufacturing this product is 750,000 units annually, but normal
Special order pricing, product mix decisions (Adapted from CMA, May 1989) Purex Company produces and sells a single product called Kleen. Annual production capacity is 100,000 machine hours. It takes
Product mix and special order decisions Orion Outdoors Company produces a standard model and a high-quality deluxe model of lightweight tents. Orion's workforce is organized into production teams
Colway Company estimates the relation between the demand for its products and the price it sets, in terms of this equation where:\[\begin{aligned}& Q=\text { the quantity demanded } \\&
Product mix decisions (Adapted from CMA, December 1991) Bakker Industries sells three products (products 611,613 , and 615 ) that it manufactures in a factory consisting of four departments
Product mix decision (Adapted from CMA, June 1990) Sportway, Inc., is a wholesale distributor supplying a wide range of moderately priced sporting equipment to large chain stores. About \(60 \%\) of
Process or sell decision The Troy Company manufactures electronic subcomponents that can be sold at the end of process \(\mathrm{A}\) or can be processed further in process B and sold as special
Are sunk costs relevant? Explain.
Are direct materials and direct labor costs always relevant? Explain with examples.
When are product-sustaining support costs and facility-sustaining (business-sustaining) support costs relevant? Give examples of each case.
Why can't we directly compare cash flows at different points in time?
Give two examples of costs and decision contexts in which the costs are not relevant for a short-term context but are relevant for a long-term context.
Why are facility-sustaining (business sustaining) support costs often not relevant for make-or-buy decisions? Give an example when facility-sustaining support costs are relevant for a make-or-buy
"Design an accounting system that routinely reports only relevant costs," advised a management consultant. Is this good advice? Explain.
Relevant and sunk costs Ideal Company's plant manager is considering buying a new grinding machine to replace an old grinding machine or overhauling the old one to ensure compliance with the plant's
Make-or-buy, relevant costs The assembly division of Cassandra Resolution, Inc., is bidding on an order of 1,000 TV sets. The division is anxious to get this order because it has a substantial amount
JIT manufacturing and cost savings Bogden Company introduced JIT manufacturing last year and has prepared the following data to assess the benefits from the change:Inventory financing costs are \(15
Relevant costs Carmen's Catering provides lunches and dinners for various groups or organizations. A new customer has approached Carmen's Catering to provide dinner for a special event featuring a
Relevant costs and revenues; marketing channels Diamond Bicycle Company manufactures and sells bicycles nationwide through marketing channels ranging from sporting goods stores to specialty bicycle
Facilities layout, identifying value-added activities Consider Exhibit 5-19, which summarizes the activities at the former Bethlehem Steel Corporation's Sparrows Point plant. The blast furnaces make
What is the source of the information to estimate the cost of materials?
What is the source of the information to estimate the direct labor cost?
How are support cost driver rates determined?
What is the markup rate? On what factors does it depend?
What are cost pools? How is the appropriate number of cost pools selected?
Use of a peanut butter-spreading approach of a single cost driver rate when there are multiple cost drivers leads to distortions in job costs. Do you agree with this statement? Explain.
What is the managerial use of tracking actual costs of individual jobs?
What are the two stages of cost allocations in conventional product costing systems?
Why do conventional product costing systems allocate service department costs first to the production departments before assigning them to individual jobs?
What are the different situations for which direct, sequential, and reciprocal allocation methods are designed?
Why are conventional two-stage cost allocation systems likely to systematically distort product costs?
What are two factors that contribute to cost distortions resulting from the use of conventional, two-stage cost allocation systems?
Job costs and bids, comparing actual and estimated costs Uyeno Electronic Company manufactures a variety of electronic components. In May 2006, the company received an invitation from Takayama, Inc.,
Why do different types of cost information need to be reported to support different managerial purposes and decisions?
How is it possible to distinguish direct costs from indirect costs?
Are variable costs always direct costs?
How are costs in a manufacturing firm classified for external reporting?
Describe the difference between costs and expenses.
What are the two principal categories into which manufacturing costs are classified?
Why do traditional cost accounting systems tend to analyze manufacturing costs in greater detail than they do other functional categories of costs?
What are two broad purposes for which costs are used inside an organization?
Explain why you agree or disagree with the following statement: "An organization should have the most accurate and complete cost system possible."
What is the distinction between short-run costs and long-run costs?
How has the composition of manufacturing costs changed in recent years? How has this change affected the design of cost accounting systems?
What are the five categories of production activities? Explain the differences among them.
Why have customer-related costs attracted increasing attention in recent years?
Classify each of the following costs as manufacturing or nonmanufacturing:a. direct laborb. sales commissionsc. depreciation on delivery trucksd. salary and bonus for the chief executive officere.
Classify the following costs as unitrelated, batch-related, product-sustaining, or business-sustaining activity costs:a. direct materialsb. setup labor wagesc. salaries of plant engineers responsible
Classify the following costs as unitrelated, batch-related, product-sustaining, or business-sustaining activity costs:a. packing labor wagesb. materials-handling labor wagesc. part administrators
Classify each of the following as a variable or fixed cost with respect to a unit of production:a. paper used in newspaper productionb. wages of production workersc. salary of the chief executive
Customer-related costs Nehls Company is concerned about its growing customer-related expenses. The company currently allocates customer fixed support costs on the basis of revenues at a rate of \(30
Cost classification and target profit Bart's Woodwork Company makes and sells wooden shelves. Bart's carpenters make the shelves in the company's rented building. Bart has a separate office at
Cost-benefit considerations in developing cost information JF Company is considering whether to undertake a new project but is unsure of the ultimate cost of the new project. The company estimates
Single drivers versus multiple drivers Eagan Electrical Instruments Company estimates manufacturing support as \(950 \%\) of direct labor costs. Eagan's controller, Jim Chang, is concerned that the
The Abby Corporation, a chain of department stores, estimates the standard workload at its retail outlets in terms of the time required for the activities of (1) hanging new inventory; (2) selling
Commitment of activity resources Crown Cable Company provides cable television service in the Richfield metropolitan area. The company hires only full-time service persons working 40 hours a week at
Loren's Lawn and Gardening performs various lawn and garden maintenance activities, including lawn mowing, tree and shrub pruning, fertilizing, and treating for pests. Unlike other lawn and garden
What are the three broad classes of organization decision making, and what information requirements are commonly associated with each class?
How does the role for management accounting systems change as the environment becomes more competitive?
What are the four generic elements of an organization's value proposition? Define or explain each element.
What is the relationship between an organization's value proposition and its management accounting system?
What, if any, are the differences between the management accounting information needed in manufacturing organizations and that needed in service organizations?
Why is management accounting information important in government and nonprofit organizations?
How can belief systems and boundary systems foster high ethical standards among employees?
Describe corporate governance and explain how it overlaps with management accounting.
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