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business
cost accounting

Questions and Answers of Cost Accounting

Why does the sales value at split off method use the sales value of the total production in the accounting period and not just the revenues from the products sold?
Describe a situation in which the sales value at split off method cannot be used but the NRV method can be used for join-cost allocation.
Distinguish between the sales value at split off method and the NRV method.
Give two limitations of the physical-measure method of joint-cost allocation.
Why is the constant gross-margin percentage NRV method sometimes called a joint-cost-allocation and a profit-allocation method?
Managers must decide whether a product should be sold at split off or processed further. The sales value at split off method of joint-cost allocation is the best method for generating the information
Describe two major methods to account for byproducts.
Why might managers seeking a monthly bonus on attaining a target operating income prefer the sales method of accounting for byproducts rather than the production method?
How might a company simplify its use of the NRV method when final selling prices can vary sizably in an accounting period and management frequently changes the point at which it sells individual
Managers should consider only additional revenues and separable costs when making decision about selling at split off or processing further. Do you agree? Explain.
What two assumptions are frequently made when estimating a cost function?
Describe three alternative linear cost functions.
What is the difference between a linear and a non-linear cost function? Give an example of each type of cost function.
High correlation between two variables means that one is the cause and the other is the effect. Do you agree? Explain.
Name four approaches to estimating a cost function.
Describe the conference method for estimating a cost function. What are two advantages of this method?
Describe the account analysis method for estimating a cost function?
List the six steps in estimating a cost function on the basis of an analysis of a past cost relationship which step is typically the most difficult for the cost analyst?
When using the high-low method, should you base the high and low observations on the dependent variable or on the cost driver?
Describe three criteria for evaluating cost functions and choosing cost drivers.
Define learning curve outline two models that can be used when incorporating learning into the estimation of cost functions.
Discuss four frequently encountered problems when collecting cost data on variables included in a cost function.
What are the four key assumptions examined in specification analysis in the case of simple regression?
All the independent variables in a cost function estimated with regression analysis are cost drivers. Do you agree? Explain.
Multicollinearity exists when the dependent variable and the independent variable are highly correlated. Do you agree? Explain.
What are the three major influences on pricing decisions?
Relevant costs for pricing decisions are full costs of the product. Do you agree? Explain?
Give two examples of pricing decision with a short-run focus?
How is activity-based costing useful for pricing decisions?
Describe two alternative approaches to long-run pricing decisions?
What is a target cost per unit?
Describe value engineering and its role in target costing
Give two examples of a value-added cost and two examples of a non-value-added cost.
It is not important for a company to distinguish between cost incurrence and locked-in costs. Do you agree? Explain?
What is cost-plus pricing?
Describe three alternative cost-plus pricing methods.
Give two examples in which the difference in the cost of two products or services is much smaller than the difference in their prices?
What is life cycle budgeting?
What are three benefits of using a product life-cycle reporting format?
Define predatory pricing, dumping, and collusive pricing.
What are the four elements of the budging cycle?
Define master of budget?
Strategy plans and budgets are unrelated to one another do you agree? Explain.
Budgeted performance is a better criterion than past performance for judging managers do you agrees? Explain.
Production managers and marketing managers are like oil and water. They just don’t mix, how can a budget assist in reducing battles between these two areas?
Budgets meet the cost-benefit test. They force managers to act differently. Do you agree? Explain.
Define rolling budget give an example.
Outline the steps in preparing an operating budget.
The sales forecast is the cornerstone for budgeting. Why?
How can sensitivity analysis be used to increases the benefits of budgeting?
Define kaizen budgeting?
Describe how non-output-based cost drivers can be incorporated into budgeting.
Explain how the choice of the type of responsibility center cost, revenue, profit, or investment affects behavior.
What are some additional considerations that arise when budgeting in multinational companies?
Cash budgets must be prepared before the operating income budget. Do you agree? Explain
What is the relationship between management by exception and variance analysis?
What are two possible sources of information a company might use to compute the budgeted amount in variance analysis?
Distinguish between a favorable variance and an unfavorable variance?
What is the key difference between a static budget and a flexible budget?
Why might managers find a flexible-budget analysis more information than a static-budget analysis?
Describe the steps in developing a flexible budget.
List four reasons for using standard costs.
How might a manager gain insight into the causes of a flexible-budget variance for direct materials?
List three causes of a favorable direct materials price variance?
Describe three reasons for an unfavorable direct manufacturing labor efficiency variance?
How does variance analysis help in continuous improvement?
Why might an analyst examining variances in the production area look beyond that business function for explanations of those variances?
Comment on the following statement made by a plant manager. Meeting with my plant accountant are frustrating. All he wants to do is pin the balance on someone for the many variances he reports.
How can variances be used to analyze costs in individual activity areas?
Benchmarking against other companies enables a company to identify the lowest-cost producer. This amount should become the performance measure for next year. Do you agree?
Benchmarking against other companies enables a company to identify the lowest-cost producer. This amount should become the performance measure for next year. Do you agree?
How do managers plan for variable overhead costs?
How does the planning of fixed overhead costs differ from the planning of variable overhead costs?
How does standard costing differ from actual costing?
What are the steps in developing a budgeted variable overhead cost-allocation rate?
What are the factors that affect the spending variance for variable manufacturing overhead?
Assume variable manufacturing overhead is allocated using machine-hours. Give three possible reasons for a favorable variable overhead efficiency variance?
Describe the difference between a direct materials efficiency variance and a variable manufacturing overhead efficiency variance?
What are the steps in developing a budgeted fixed overhead rate?
Why is the flexible-budget variance the same amount as the spending variance for fixed manufacturing overhead?
Explain how the analysis of fixed manufacturing overhead costs differs for(a) Planning and control on the one hand and(b) Inventory costing for financial reporting on the other hand.
Provide one caveat that will affect whether a production-volume variance is a good measure of the economic cost of unused capacity.
The production-volume variance should always be written off to Cost of Goods Sold. Do you agree? Explain.
What are the variances in a 4-variance analysis?
Overhead variances should be viewed as interdependent rather than independent. Give an example.
Describe how flexible-budget variance analysis can be used in the control of costs of activity areas?
Define strategy?
Describe the five key forces to consider when analyzing an industry.
Describe two generic strategies.
What is a customer preference map and why is it useful?
What is reengineering?
What are four key perspectives in the balanced scorecard?
What is a strategy map?
Describe three features of a good balanced scorecard.
What are three important pitfalls of avoid when implementing a balanced scorecard?
Describe three key components in doing a strategic analysis of operating income.
Why might an analyst incorporate the industry-market-size factor and the interrelationships among the growth, price-recovery, and productivity components into a strategic analysis of operating income?
How does an engineered cost differ from a discretionary cost?
What is downsizing?
What is a partial-productivity measure?
We are already measuring total factor productivity. Measuring partial productivities would be of no value do you agree? Comment briefly

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