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business
cost accounting

Questions and Answers of Cost Accounting

What types of quality costs will a company have and how are those costs related?LO1
Why has the Malcolm Baldrige National Quality Award become so widely sought?LO1
Why should a firm be concerned with international quality standards?LO1
How can managers instill quality as part of the organizational culture?LO1
Why are high-quality products and services so important in today’s global busi- ness environment?LO1
What is meant by the term quality? In defining quality, from what two perspec¬ tives may a definition be formulated? Why are both important?LO1
What variables can management manipulate to improve production process quality? How will these changes improve product quality?LO1
How can statistical process control techniques be used to evaluate the quality of a production process?LO1
“If a company has a high-quality manufacturing process, customers will naturally view the output of that process as high quality.” Explain why this statement is true or false.LO1
List and explain the eight characteristics of product quality from the perspective of the customer.LO1
List and explain the five characteristics of service quality from the perspective of the customer.LO1
How does benchmarking allow a company to evaluate the quality of its processes?LO1
Describe the eight steps in benchmarking that may be used to improve a specific production process.LO1
What is TQM? Wbat are the three important tenets of TQM and why are they important?LO1
When consumers compare alternative products and services, one of the char¬ acteristics of each alternative that is evaluated is customer service. What are some of the important elements of customer
What are the two types of costs that comprise the total quality cost of a firm? What are the two subtypes within each type? Given the trade-offs between the two main types of quality costs, is
What are the sources of information for product quality costs within a firm (both financial and nonfinancial)?LO1
In the production-sales cycle, what are the four time phases in which quality costs are incurred? blow are these costs interrelated through the phases?LO1
blow can Pareto analysis help focus managerial efforts in reducing the costs of quality-related problems?LO1
Describe some additional accounts that can be added to financial records to attempt to better capture the costs of quality in the accounting records. Provide some examples of costs contained in the
What is the Malcolm Baldrige National Quality Award? What are the categories of entrants? What are the award categories?LO1
Why do countries establish quality standards? Why is it desirable to have a common set of global quality standards?LO1
What role is served by the International Organization for Standardization?LO1
Why are quality innovations more difficult to implement in governmental and not-for-profit organizations than in profit-oriented firms?LO1
(Tenninology) Match the following lettered terms on the left with the appropriate numbered description on the right.LO1 a. Value b. Quality control c. Statistical process control Quality audit d. e.
(True/false) Mark each of the following statements as true or false and explain why the false statements are incorrect.a. The total quality cost is the sum of prevention cost plus failure cost.b.
(Control chart) Zammilo Pizza’s has recently hired several college students to work part-time making pizzas. Bud Zammilo, the owner, has a policy of putting 36 slices of pepperoni on a pizza, but
(Cost of quality) Johnson Technology Company has gathered the following data on its quality costs for 1996 and 1997:a. Compute the percentage change in the two quality cost categories from 1996 to
(Cost of quality) Hanibal Machine Tools Inc.’s accounting system reflected the following costs related to quality for 1997 and 1998:a. Which of these are costs of compliance and which are costs of
(Cost of quality) The Benson Company wants to determine its cost of quality. The company has gathered the following information from records pertaining to June 1997:LO1 Defective units Units reworked
(Cost of quality) Rugged Backpack Company has gathered the following infor-mation pertaining to quality costs of production for April 1998.LO1 Total defective units Number of units reworked Number of
(Quality characteristics) Prepare a five-by-eight matrix of the five characteristics of service quality (horizontal axis) and the eight characteristics of product quality (vertical axis). Place a
(Definition of quality; quality characteristics) In a team of three, role-play the fol¬ lowing individuals who are visiting a car dealership in your community: (1) a 19-year-old college student, (2)
(Quality information system; team activity) Your company is interested in devel¬ oping information about quality, but has a traditional accounting system that does not provide such information
(Cost of quality) Kleinfeld Aquariums is evaluating its quality control costs for 1997 and preparing plans and budgets for 1998. The 1997 quality costs incurred in the Large Tank Division
(Control of quality costs; team activity) The following summary numbers have been taken from a quality cost report of Alabama Millworks Inc. for 1997. The firm manufactures a variety of cast-iron
(Supplier quality) Assume that Toyota paid for a full-page advertisement in the Wall Street Journal. The ad did not tout Toyota products nor was it in reference to year-end earnings or a new stock
(Pareto analysis) Tops Computer Company has identified the following failure costs during 1997:a. Rearrange the above rows in descending order of magnitude based on the total dollars column and
(Cost of quality) Lampposts-R-Us, Ltd. manufactures hardwood lampposts for the discriminating homeowner. The firm produced 3,000 lampposts during its first year of operations. At year end, there
(Cost of quality) Golf courses are demanding in their quest for high-quality carts because of the critical need for lawn maintenance. Ride-in-Style manufactures golf carts and is a recognized leader
Use a variety of resources to gather seven definitions of quality.a. Compare and contrast each of these definitions, with specific emphasis on whether the definition is conformity- or
Institutions of higher education have a variety of internal and external customers.Use a team of three or four individuals to answer the following.a. List three internal and two external customers of
By building quality into the process, rather than making quality inspections at the end of the process, certain job functions (such as many quality control in¬ spectors) can be eliminated.
Assume that you are in charge of a social service agency that provides counseling services to welfare families. The agency’s costs have been increasing with no corresponding increase in funding. In
Even though revenues to cities in the United States have been rising in the early 1990s, many cities found that they were having great difficulty paying their bills.But state and local governments
Sometimes a company, in its efforts to reduce costs, might also reduce quality.a. What kinds of costs could be reduced in an organization that would almost automatically lower product/service
A Big Three task force has delivered what suppliers across the nation have been waiting for—a single, harmonized quality standard. The single standard, called QS 9000, replaces multiple standards
Increasing numbers of U.S. businesses have been seeking to comply with the ISO 9000 standards simply because of real or perceived market forces. Some of the most commonly given reasons for seeking
Find the web site for the University of Illinois (Chicago) Medical Center. Read about the quality initiatives in place at the medical center. What are the major tools the medical center is using to
Find the web page for Collins Printed Circuits of Rockwell Avionics. What products are made by this company? How does the company use statistical pro¬ cess controls to control the quality of output?
Find The Benchmarking Exchange on the Internet. What are the top five busi¬ ness processes that are currently the focus of benchmarking by members of The Benchmarking Exchange? How has the ranking
Technological change Financial professionals are at the forefront in adopt¬ ing new technologies, many of which are at the core of business strategies. Discuss how the increasing reliance of
Business process reengineerim Business process reengineering (BPR) can be an effective tool to achieve breakthroughs in quality improvement and cost management. Total quality management (TQM.) is
WHAT ROLES DO PERFORMANCE MEASURES SERVE IN ORGANIZATIONS? LO.1
WHAT GUIDELINES OR CRITERIA APPLY TO THE DESIGN OF PERFORMANCE MEASURES? LO.1
WHAT ARE THE COMMON SHORT-TERM FINANCIAL PERFORMANCE MEASURES, AND HOW ARE THEY CALCULATED AND USED? LO.1
WHY SHOULD COMPANY MANAGEMENT FOCUS ON LONG-RUN PERFORMANCE? LO.1
WHAT FACTORS SHOULD MANAGERS CONSIDER WHEN SELECTING NONFINANCIAL PERFORMANCE MEASURES? LO.1
WHY IS IT NECESSARY TO USE MULTIPLE MEASURES OF PERFORMANCE? LO.1
HOW CAN A BALANCED SCORECARD BE USED TO MEASURE PERFORMANCE? LO.1
WHAT DIFFICULTIES ARE ENCOUNTERED IN TRYING TO MEASURE PERFORMANCE FOR MULTINATIONAL FIRMS? LO.1
WHAT IS COMPENSATION STRATEGY, AND WHAT FACTORS MUST BE CONSIDERED IN DESIGNING THE COMPENSATION PLAN? LO.1
A mission statement is important to an organization because it• expresses the organization’s purpose.• identifies how the organization intends to meet its customers’ needs through its
Performance measures in organizations serve to• assess organizational performance.• relate organizational goals and missions to man¬ agerial performance.• foster growth of subordinate
The design of performance measures should be guided by• assessing progress toward organizational mission, goals, and objectives.• allowing the people being evaluated to partici¬ pate in the
Common short-term financial performance measures include• divisional profits or segment margin, which is>■ calculated as segment sales minus (direct variable expenses and avoidable fixed
Company management should focus on long-run per¬ formance because such a perspective reflects• usage of leading, rather than lagging, indicators.• technical and competitive trends.• a more
When selecting nonfinancial performance measures, managers should consider that • people are more comfortable with quantitative rather than qualitative measures.• the measures need to be clearly
Multiple measures of performance should be used because an organization's success depends on a va¬ riety of factors, each of which should be reviewed for progression toward the organization’s
A balanced scorecard can be used to measure per¬ formance by providing a set of measurements that reflect the organization’s mission and strategy from a• financial perspective.• customer
Measuring performance for multinational firms often creates difficulties because of differing• labor and tax laws.• employee work ethics.• market and political stability.• inflation,
Compensation strategy• addresses the role compensation should play in an organization.• forms the underlying structure for the compen¬ sation plan, including consideration of employees’
What are the benefits of an organizational mission and values statement? How are organizational missions and strategies related to performance measures? LO.1
What benefits can be gained by allowing a manager to participate in devel¬ oping the performance measures that will be used to assess that manager’s performance? LO.1
How can cash flow be used as a performance measure? In what ways is cash flow a relatively stronger or weaker performance measure than accrual measures such as segment income? LO.1
In designing a performance measurement system, why should managerial re¬ wards be linked to the performance measures? Why would an effective com¬ pensation strategy treat top managers, middle
What is the balanced scorecard? What perspectives are considered in select¬ ing performance measures for the balanced scorecard? LO.1
Why is the trend in U.S. business away from automatic pay increases and toward increased use of incentive compensation plans? LO.1
If worker performance measures used in a pay-for-performance plan are not highly correlated with corporate goals, what is the likely result for the orga¬ nization? For the workers? LO.1
How does the time perspective of a performance-based plan affect the selec¬ tion of performance measures? LO.1
How can feedback, both positive and negative, be used to improve manage¬ rial performance? How is feedback used in a performance-based reward system? LO.1
Many pay structures involve compensation that is both cash and stock based. Why do firms want employees to be holders of the firm’s common stock? Why are additional performance measurement and
What are some of the important equity issues in designing reward structures? Why is the achievement of equity in the reward structure important? LO.1
(ROl) Data for the three autonomous divisions of Leopold Corporation for fiscal year 2006 follow: LO.1 Division 1 Segment income Asset investment $ 750,000 5,000,000 Division 2 $ 250,000 1,000,000
(ROI) For the most recent fiscal year, the Withers Division of Lang Corpora¬ tion generated an asset turnover ratio of 4 and a profit margin (as measured by the segment margin) ratio of 8 percent on
(ROI) The following 2006 information is available for Crandall Industries: av¬ erage assets invested, $7,200,000; revenues, $26,400,000; and expenses, $24,600,000.a. Calculate return on
(RI) Weston Corp. has established a 10 percent target ROI for 2006 for its Jamestown Division. The following data have been gathered for the divi¬ sion’s operations for 2006: average total assets,
RI) Parkson Ltd. operates its two divisions as investment centers. Informa¬ tion about these divisions is shown below.a. What is the residual income of each division if the “charge” on invested
ROI, RI) Corporate headquarters set a 14 percent target rate of return for the division located in Sacramento. For 2006, the Sacramento division gener¬ ated $39,000,000 of revenue on average assets
(EVA) Arguello Inc.’s cost of capital is 11 percent. In 2006, one of the firm’s divisions generated an EVA of $3,270,000. The fair market value of the capi¬ tal investment in that division was
EVA) EVA is used by top management at Denver Technologies to measure and evaluate the performance of segment managers. The company’s cost of capital is 13 percent. In 2006, its Schnepel subsidiary
(Selecting performance measures) Jorja Property Management provides man¬ agement services for commercial real estate development projects. The firm recently started a new division to market video
(Performance measurement manipulation) Following is a list of transactions that affected one division within a multiple-division company. Indicate, for the current fiscal year, whether each
(Time perspective) Choose a company that has either gone out of business or is currently in poor financial condition. Use the Web to research that company’s history. Prepare a report on your
(Throughput) A-Bit-Nutty, a macadamia nut cannery, is analyzing its throughput for September. The following statistics are obtained for the month:a. Calculate the manufacturing cycle efficiency.b.
(Throughput) Kishiyama Corp. wants to compute its throughput for August 2006. The following production data are available:a. Determine the manufacturing cycle efficiency.b. Determine the process
(Throughput ) Management at Hanks Corp. has decided to begin using throughput as a divisional performance measure. The Eleanor Division is a job shop that makes carefully crafted furniture to
(Pay plan and suboptimization) Pierre Wilke is a division manager of English Manufacturing Inc. He is in the process of evaluating a $2,000,000 invest¬ ment. The following net annual increases,
(Variable pay and incentives) In recent years, salaries for chief financial offi¬ cers (CFOs) of large U.S. corporations averaged only about 20 percent of the total compensation package; the other
(Divisional profit) The Executive Consulting Division (ECD) of Global Finan¬ cial Services is evaluated by corporate management based on a comparison of budgeted and actual pre-tax income. For 2007,

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