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business
cost accounting

Questions and Answers of Cost Accounting

Describe two benefits of improving quality.
How does conformance quality differ from design quality? Explain.
Name two items classified as prevention costs.
Distinguish between internal failure costs and external failure costs.
Describe three methods that companies use to identify quality problems.
Companies should focus on financial measures of quality because these are the only measures of quality that can be linked to bottom-line performance. Do you agree? Explain
Give two examples of non-financial measures of customer satisfaction relating to quality in a balanced scorecard.
Given two examples of non-financials measures of internal-business-process quality in a balanced scorecard?
Distinguish between customer-response time and manufacturing lead time.
There is no trade-off between customer-response time and on-time performance. Do you agree? Explain.
Give two reasons why delays occur.
Companies should always make and sell all products whose selling prices exceed variable costs. Assuming fixed costs are irrelevant, do you agree? Explain
Describe the three main measures used in the theory of constraints.
Describe the four key steps in managing bottleneck operations.
Describe three ways to improve the performance of a bottleneck operation.
What is a management control system?
Describe three criteria you would use to evaluate whether a management control system is effective?
What is the relationship among motivation, goal congruence, and effort?
Name three benefits and two costs of decentralization?
Organizations typically adopt a consistent decentralization or centralization philosophy across all their business functions. Do you agree? Explain.
Transfer pricing is confined to profit centers. Do you agree? Explain.
What are three methods for determining transfer prices?
What properties should transfer-pricing systems have?
All transfer-pricing methods give the same division operating income. Do you agree? Explain.
Under what conditions is market-based transfer price optimal?
What is one potential limitation of full-cost-based transfer prices?
Give two reasons why the dual-pricing system of transfer pricing is not widely used?
Cost and price information play no role in negotiated transfer prices. Do you agree? Explain.
Under the general guideline for transfer pricing, the minimum transfer price will vary depending on whether the supplying division has unused capacity or not. Do you agree? Explain.
How should managers consider income tax issues when choosing a transfer-pricing method?
Give examples of financial and nonfinancial performance measures that can be found in each of the four perspectives of the balanced scorecard.
What are the six steps in designing accounting-based performance measures?
What factors affecting ROI does the DuPont method of profitability analysis highlight?
RI is not identical to ROI, although both measures incorporate income and investment into their computations. Do you agree? Explain.
Describe EVA.
Give three definitions of investment used in practice when computing ROI.
Distinguish between measuring assets based on current cost and historical cost.
What special problems arise when evaluating performance in multinational companies?
Why is it important to distinguish between the performance of a manager and the performance of the organization subunit for which the manager is responsible? Give an example.
Describe moral hazard.
Managers should be rewarded only on the basis of their performance measures. They should be paid no salary. Do you agree? Explain.
Explain the role of benchmarking in evaluating managers.
Explain the incentive problems that can arise when employees must perform multiple tasks as part of their jobs?
Describe two disclosures required by the SEC with respect to executive compensation.
Describe the four levers of control.
Value chain and classification of costs computer company, Company Computer incurs the following costs:a. Electricity costs for the plant assembling the Presario computer line of productsb.
Value chain and classification of costs, pharmaceutical company Merck, a pharmaceutical company, incurs the following costs.a. Cost of redesigning blister packs to make drug containers more
Value chain and classification of costs, fast food restaurant Burger King, a hamburger fast food restaurant, incurs the following costs:a. Cost of oil for the deep fryer.b. Wages of the counter help
Value chain, supply chain, and key success factors. A survey on the ways organizations are changing their management accounting systems reported the following:a. Company A now prepares a value-chain
Planning and control decisions. Conner Company makes and sells brooms and mops. It takes the following actions, not necessarily in the order given below. For each action (a—e below,) state whether
Five-step decision-making process, manufacturing. Garnicki Foods makes frozen dinners that it sells through grocery stores. Typical products include turkey dinners, pot roast fried chicken, and meat
Five-step decision-making process, service firm. Brite Exteriors is a firm that provides house painting services. Robert Brite, the owner, is trying to find new ways to increase revenues. Mr Brite
Professional ethics and reporting division performance. Marcia Miller is division controller and Tom Maloney is division manager of the Ramses Shoe Company. Miller has line responsibility to Maloney,
Planning and control decisions, Internet company. WebNews.com offers its subscribers several services, such as an annotated TV guide and local-area information on weather, restaurants, and movie
Strategic decisions and management accounting. A series of independent situations in which a firm is about to make a strategic decision follow.Decisions:a. Roger Phones is about to decide whether to
Management accounting guidelines. For each of the following items, identify which of the management accounting guidelines applies: cost-benefit approach, behavioral and technical considerations, or
Role of controller, role of chief financial officer. George Perez is the controller at Allied Electronics, a manufacturer of devices for the computer industry. He is being considered for a promotion
Software-procurement decision, ethics. Jorge Michaels is the Chicago-based controller of Fiesta Foods, a rapidly growing manufacturer and marketer of Mexican food products. Michaels is currently
Professional ethics and end-of-year actions. Janet Taylor is the new division controller of the snack-foods division of Gourmet Foods. Gourmet Foods has reported a minimum 15% growth in annual
Professional ethics and earnings management. Harvest Day Corporation is a publishing company that produces trade magazines. The company’s stockholders are awaiting the announcement of Harvest
Global company, ethical challenges. In June 2009, the government of Vartan invited bids for the construction of a cellular telephone network. ZenTel, an experienced communications company, was eager
Computing and interpreting manufacturing unit costs. Minnesota Office Products (MOP) produces three different paper products at the plant. It currently uses the following three-part classification
Direct indirect fixed and variable casts, Ceramica Company manufactures three kinds of hand- painted ceramic figurines in a two-step process. The first step is automated; in the Baking Department a
Classification of casts, service sector Consumer Focus is a marketing research firm that organizes focus groups for consumer-product companies. Each focus group has eight individuals who are paid $50
Classification at costs, merchandising sector Home Entertainment Center (HEC) operates a large store in San Francisco. The store has both a video section and a music (compact disks and tapes)
Classification of costs, manufacturing sector, the Fremont, California, plant of New United Motor Manufacturing, Inc. (NUMMI), a joint venture of General Motors and Toyota, assembles two types of
Variable costs, fixed costs, total costs. Ana Compo is getting ready to open a small restaurant. She is on a tight budget and must choose between the following long-distance phone plans:Plan A: Pay 8
Variable costs and fixed costs Consolidated Minerals (CM) owns the rights to extract minerals from beach sands on Fraser Island. CM has costs in three areas:a. Payment to a mining subcontractor who
Variable costs, fixed costs, relevant range. Yumball Candies manufactures jaw-breaker candies in a fully automated process. The machine that produces candies was purchased recently and can make 4,000
Cost drivers and value chain. Prentice-Hall Publishing is developing a new book for international accounting. For the development and publication of this book, the company has undertaken the
Cost drivers and functions. The list of representative cost drivers in the right column of this table are randomized with respect to the list of functions in the left column. That is, they do not
Total costs and unit costs, A student association has hired a band and a caterer for a graduation party. The band will charge a fixed fee of $1,000 for an evening of music, and the caterer will
Total and unit cost decision making. Graham’s Glassworks makes glass flanges fur scientific use. Materials cost $1 per flange, and the glass blowers are paid a wage rate of $20 per hour. A glass
Inventoriable costs versus period costs. Each of the following cost items pertains to one of these companies: General Electric (a manufacturing-sector company), Safeway (a merchandising-sector
Flow of inventoriable Costs Hofstra Plastics? selected data for August 2008 is presented here (in millions): Calculate the following costs: 1. Direct materials inventory 8/31/2008 2. Fixed
Computing cost of goads purchased and cast of goods sold. The following data are for Marvin Department Store. The account balances (in thousands) are for 2008. Compute (1) the cost of goods
Cost of goods manufactured. Consider the following account balances (in thousands) for the Canseco Company: If you want to use Excel to solve this problem, go to the Excel lab at
Income statement and schedule of cost of goods manufactured. The Howell Corporation has the following account balances (in millions): Prepare an income statement and a supporting schedule of cost of
Interpretation of statements1. How would the answer to Problem 2-32 be modified if you were asked for a schedule of cost of goods manufactured and sold instead of a schedule of cost of goods
Income statement and schedule of cost of goods manufactured. The following items (in millions) pertain to Chan Corporation: Chan?s manufacturing costing system uses a three-part classification of
Terminology, interpretation of statements 1. Calculate total prime costs and total conversion costs.2. Compute total inventoriable costs and period costs.3. Design costs and R&D costs are
Labor cost overtime and idle time. Len Lippart is a line worker in the assembly department of Maxart Manufacturing. He normally earns $12 per hour, but gets time and a halt ($18 per hour) for
Fire Loss, computing inventory costs a distraught employee, Fang W. Arson, put a torch to a manufacturing plant on a blustery February 26. The resulting blaze destroyed the plant and its contents.
Comprehensive problem on unit costs, product costs Tampa Office Equipment manufactures and sells metal shelving. It began operations on January 1, 2009. Costs incurred for 2009 are as follows (V
Labor cost classification; ethics. Zix Manufacturing has recently opened a plant in Costa Melon in order to take advantage of certain tax benefits. In order to qualify for these tax benefits, the
Finding unknown amounts an auditor for the Internal Revenue Service is trying to reconstruct some partially destroyed records of two taxpayers. For each of the cases in the accompanying list, find
CVP Computations Fill in the blanks for each of the following independentcases.
CVP computations Patel Manufacturing sold 200,000 units of its product for $30 per unit In 2008. Variable cost per unit is $25 and total fixed costs are $800,000.1. Calculate la) contribution margin
CVP analysis, changing revenues and costs Sunshine Travel Agency specializes in flights between Toronto and Jamaica. It books passengers on Canadian Air. Sunshine’s fixed costs are $22,000 per
CVP exercises the Super Donut owns and operates six doughnut outlets in and around Kansas City. You are given the following corporate budget data for next year:Revenues $10,000,000Fixed costs $
CV exercises. The Doral Company manufactures and sells pens. Currently, 5,000,000 units are sold per year at$0.50 per unit. Fixed costs are $900,000 per year. Variable costs are $0.30 per unit.
CVP analysis, income taxes Diego Motors is a small car dealership. On average, it sells a car for $26,000, which it purchases from the manufacturer for $22,000 each month, Diego Motors pays $60,000
CVP analysis, income taxes The Rapid Meal has two restaurants that are open 24 hours a day. Fixed costs for the two restaurants together total $450,000 per year Service varies from a cup of coffee to
CVP analysis, sensitivity analysis Hoot Washington is the newly elected leader of the Republican Party. Media Publishers is negotiating to publish Hoot’s Manifesto, a new book that promises to be
CVP analysis, margin of safety Suppose Latin Corp.’s breakeven point is revenues of $1,500,000. Fixed costs are $600,000.1. Compute the contribution margin percentage.2. Compute the selling price
Operating leverage Color Rugs is holding a two-week carpet sale at Jerry’s Club, a local warehouse store. Color Rugs plans to sell carpets for $500 each. The company will purchase the carpets from
CVP analysis, international cost structure differences Knitwear, Inc., is considering three countries for the sole manufacturing site of its new sweater: Singapore, Thailand, or the United States.
Sales mix, new and upgrade customers. Zapo 1-2-3 is a top-selling electronic spreadsheet product. Zapo is about to release version 5.0. It divides its customers into two groups: new customers and
CVP analysis, multiple cost drivers Susan Wong is a distributor of brass picture frames. For 2008, she plans to purchase frames for $30 each and sell them for $45 each. Susan’s fixed costs are
CVP, Not for profit the Sunrise Group (SG) is an environmentally conscious organization that buys land with the objective of preserving the natural environment. SG receives private contributions and

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