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business
cost accounting

Questions and Answers of Cost Accounting

Federal, state, and local governments should practice cost control by means of responsibility , accounting. Discuss. LO9
Transfer Entries. The distribution of a company’s actual factory overhead for the past year is given as fol¬ lows. Budgeted factory overhead for the four producing departments (including
Entries with Overhead Subsidiary LedgBr. The general ledger of Protech Company contains a factory over¬ head control account supported by a subsidiary ledger showing details by departments. The
. Rate Calculation—Plantwide versus Departmental Direct Method. East Tennessee Company uses the direct method in allocating service department costs to producing departments. Costs of Department SI
Rate Calculation—Plantwide versus Departmental Step Method. Dell Company allocates some service department costs to other service departments. However, after a department’s costs have been
Departmental Distribution of Estimated Overhead—Direct Method; Rate Calculation, wiltonen Company’s factory contains two producing departments, Cutting and Assembly, ahd two service departments,
Departmental Distribution of Estimated Overhead—Step Method; Rate Calculation. The Nettleville Mixing Company has two producing departments, Mixing and Finishing, and two service departments,
Departmental Distribution of Estimated Overhead—Step Method; Rate Calculation. The Nickey Company uses the step method in allocating the costs of its two service departments, SI and S2, to its two
Departmental Distribution of Estimated Overhead—Step Method; Rate Calculation; Job Order Costing. Tenzell Company has two producing departments. Machining and Assembly, and wo service departments.
Departmental Distribution of Estimated Overhead—Simultaneous Method. The estimated departmental factory overhead for producing departments S and T and the estimated costs of service departments E.
Departmental Distribution of Actual Overhead—Step Method. The Minzell Mining Corporation has produc¬ ing departments A and B. and service departments C. D. E. and F. Costs are distributed from F
Departmental Distribution of Actual Overhead—Step Method. Todd Company has two producing depart¬ ments, A and B, and four service departments, C, D. E. and F. Costs are distributed from Department
Departmental Distribution of Actual Overhead—Simultaneous Method. Potter Company has decided to distribute the costs of service departments by the simultaneous method. The producing departments are
Multiple Overhead Rates. Smith Tool Shop has a diverse product line, with some jobs requiring much labor and little machine use and others requiring the opposite mix. Because no single base for a
Multiple Overhead Rates. Noel’s Bulk Fabricators (NBF) produces a varied product line in a highly auto¬ mated facility without the use of direct labor. A large number of bulky materials are used,
Departmental Distribution of Estimated Overhead; Direct Method and Rate Calculation; Parts of Step and Simultaneous Methods. Great Manufacturing has two producing departments, Grinding and Smoothing,
Revision Of Departmental Overhead Rates. Files Inc. manufactures metal office cabinets. The company’s sin¬ gle manufacturing plant consists of the Cutting, Assembly, and Finishing Departments.
Departmental Distribution of Estimated Overhead—Step Method; Rate Calculation. The president of Orange Products Company has been critical of the product costing methods by which factory overhead is
Departmental Distribution of Estimated Overhead—Direct versus Simultaneous Method; Rate Calculation.Packers Corporation is developing departmental overhead rates based on direct labor hours for its
Departmental Distribution of Actual Overhead—Direct, Step and Simultaneous Methods. Mooneys Company operates with two producing departments, PI and P2, and two service departments, SI and S2.
Departmental Distribution of Actual Overhead—Simultaneous Method. The controller of Planter Corporation instructs the cost supervisor to use an algebraic procedure for allocating service department
Cost Center Rates. The Cost Department of Gainesville Company applies factory overhead to jobs and products on the basis of predetermined cost center overhead rates. In each of the two producing
Multiple Overhead Rates. Machine Tools Inc. (MTI) has a diverse product line. Some jobs require much labor and little machine use, and others require the opposite mix. Because no single base for a
Departmental Overhead Rates and Bases. Rose Bach has recently been hired as controller of Empco Inc., a sheet-metal manufacturer. Empco has been in the sheet-metal business for many years and is
Departmental Factory Overhead Rates. The Cheetah Company produces custom-made stuffed toy animals and competes in a highly competitive market¬ place. The company’s selling prices are calculated as
Types of Factory Overhead Rates. Summerville Inc. engages the services of a CPA firm for the installation of a job order cost system. Preliminary investigation of manufacturing operations discloses
Assigning Costs to Activity Centers in a Data Processing Department. Fitzgerald Associates recently reorganized its computer and data processing activi¬ ties. In the past, small computer units were
Overhead Analysis. Lakeviews Company uses predetermined departmental overhead rates. The rate for the Fabricating Department is $4 per direct labor hour. Direct labor employees are paid $10.50 per
Factory Overhead Rate Bases. Aqua Furnishings Company, a manufacturer of custom designed restaurant and kitchen furniture, uses job order costing. Actual fac¬ tory overhead costs incurred during
Define profit planning. LO3
Distinguish between long-range and short-range planning. LO3
List the advantages and disadvantages of profit planning. LO3
List the fundamental principles of budget development and implementation. LO3
Point out employee motivational hazards in the budgeting process and list budget system requirements to avoid such hazards. LO3
Prepare a complete operating budget, including budget schedules for sales, produc¬ tion, commercial expenses, income statement, and balance sheet. LO3
Profit planning includes a complete financial and operational plan for all phases and facets of the business. Discuss. LO3
Distinguish between a budget and a forecast. LO3
Distinguish capital expenditures from revenue expenditures and state the role of the capital expenditure budget in the company’s iong- and short-range plans. LO5
Name some purposes of a research and development program. LO5
List common sources of cash receipts and cash disbursements. LO5
Prepare a cash budget. LO5
State reasons why budgeting is important in nonmanufacturing and not-for-profit organizations. LO5
Define zero-base budgeting and contrast it with traditional budgeting. LO5
Prepare a PERT network and determine the critical path of a planned project. LO5
What is meant by a capital expenditure? How does it differ from a revenue expenditure? LO5
Name some purposes of and some reasons for a research and development program. LO5
Companies should establish budgetary procedures to provide control and accounting systems for research and development expenditures. What are such procedures specifically designed to achieve? LO5
Managers consider a cash budget an extremely useful management tool. Why? LO5
Discuss the need for planning and budgeting (a) in nonmanufacturing businesses and (b) in not-for-profit organizations. LO5
What is the objective of the control concept generally referred to as PPBS? LO5
Describe zero-base budgeting, and explain how zero-base budgeting differs from traditional budgeting. LO5
What strengths and weaknesses might be associ¬ ated with zero-base budgeting? (CICA adapted) LO5
What governing criterion has been suggested for determining whether to include prospective information in external financial statements? LO5
Discuss the conditions that determine when PERT is appropriate. LO5
Explain the computation of slack in the PERT network. LO5
State the relationship between PERT and PERT/cost systems. LO5
What does computer support offer to PERT and PERT/cost users? LO5
Discuss how PERT/costs could be used in plan¬ ning the audit of a state government’s highway construction and maintenance operation. LO5
Contrast the probabilistic budget and the tradi¬ tional budget in terms of information provided to management. LO5
Define standard cost and explain how standards are used. LO2
Explain how standards are set. LO2
Compute the standard cost of actual or equivalent units produced. LO2
Compute standard cost variances for materials, labor, and factory overhead. LO2
Define standard cost variances and state how their causes can be determined. LO2
Explain how tolerance limits are set and used for variance control. LO2
List problems that can result from overemphasizing variance reports for cost control and employee evaluation. LO2
Define standard costs. LO2
What are some uses of standard costs? LO2
Explain how standards relate to job order and process cost accumulation. LO2
Discuss the selection criteria for operational activities for which standards are to be set. LO2
Identify two uses of standards for which normal or currently attainable standards are preferable to the¬ oretical or ideal standards. LO2
Discuss the behavioral issues to be considered when the level of performance to be incorpo¬ rated into a standard cost is selected. LO2
What is indicated by a factory overhead variable efficiency variance? LO2
What is indicated by a factory overhead spend¬ ing variance? LO2
What is indicated by a factory overhead volume variance? LO2
In a standard cost system, the computation of variances is a first step. What steps should follow? LO2
(a) Describe the features of tolerance limits. LO2(b) Discuss potential benefits of tolerance limits to an organization.(c) Identify and discuss potential behavioral problems that can occur when
Prepare general journal entries to record the elements of cost at standard, along with the standard cost variances. LO6
Prepare general journal entries to account for completed products in a standard cost system. LO6
Prepare the general journal entry to dispose of the standard cost variances in the accounting records. LO6
Some firms incorporate standard costs into their accounts; others maintain them only for statistical comparisons. Discuss these different uses of standard costs. LO6
Compare the use of actual cost to standard cost for inventory costing. LO6
Differences between actual costs and standard costs can be recorded in variance accounts. What considerations might determine the number of variance accounts? LO6
Name several advantages of using standard costs for finished goods and cost of goods sold. LO6
The determination of periodic income depends greatly on the cost assigned to materials, work in process, and finished goods inventories. What cqnsiderations determine whether inventories are costed
Distinguish between direct costing and absorption costing. LO7
Compute income on a direct costing basis and reconcile it with absorption costing income. LO7
List uses of direct costing. LO7
List the arguments for and against direct costing. LO7
State the position of the accounting profession, the IRS, and the SEC on the nonac¬ ceptability of direct costing for external reporting purposes. LO7
Compute the level of sales in dollars and units of product required to break even or to achieve a targeted level of profit. LO7
Prepare a break-even chart. LO7
Define and compute the margin of safety and the margin of safety ratio. LO7
Differentiate between direct costs and direct costing. LO7
Distinguish between product and period costs and relate this distinction to direct costing. LO7
Describe the difference between direct costing and absorption costing. LO7
What is the theoretical justification for exclud¬ ing fixed manufacturing costs from inventories in direct costing? LO7
What is the rationale for using the direct cost¬ ing method for internal reporting? LO7
List the arguments against the use of direct costing. LO7
What is the break-even point? LO7

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