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business
cost accounting

Questions and Answers of Cost Accounting

How has the globalization of firms affected the diversity of their employees? Why has increased diversity put an additional burden on accounting sys¬ tems? LO.1
Besides increasing globalization, what trends within the United States are causing firms to seek more diversified workforces? LO.1
What is an enterprise resource planning (ERP) system? How do ERP systems improve on prior generations of information systems? LO.1
New strategic alliances are formed every day. What are they, and why are they increasingly being used by businesses? LO.1
How does the implementation of open-book management require an organi¬ zation’s accountants to change their traditional practices? LO.1
Describe the three generic strategies for dealing with the environmental ef¬ fects of operations. Is one of the strategies always preferred to the others? Discuss. LO.1
(Technology acquisition) Acquisition of new technology is often a perilous event for firms. The successful acquisition and implementation of new sys¬ tems require much more than merely purchasing
(Business process reengineering) Process mapping and value analysis are tools often used in business process reengineering. As discussed in Chapter 5, a process map is a flowchart of the set of
Downsizing) In the past decade, the Japanese economy has fallen from its lofty levels of the 1980s. As a consequence, many Japanese companies have been forced to downsize. In most companies, one of
(Downsizing) During the late 1990s and the early 2000s, the financial press reported story after story regarding downsizing and layoffs. Often the stories involved companies that had multiple rounds
Diversity) The issue of whether diversity is positive or negative for an orga¬ nization has been hotly debated for many years. Some people argue that, because of its homogeneous workforce, Japan has
(Diversity and discrimination) Boeing Co. settled a lawsuit for $15 million brought by its own African-American workers claiming discrimination in pro¬ motions. On the heels of that decision, a
(Enterprise resource planning) With an ERP system, a company can develop a “storefront” on the Internet. Through its storefront connection with cus¬ tomers, the company can gather much
(Enterprise resource planning) ERP software programs allow tighter linkages within a supply chain than were possible with earlier generations of soft¬ ware. Consider the possibility of a tighter
(Enterprise resource planning) ERP software can facilitate the sharing of in¬ formation throughout the supply chain. For example, an Internet storefront can be used to interact downstream with the
(Strategic alliances) In their annual reports, companies provide brief descrip¬ tions of their most important contracts, including strategic alliances. Select a large publicly traded company and
(Strategic alliances) Assume you are employed by a technology company that is considering entering into a strategic alliance with a communications company to provide certain innovative services
)pen-book management) “Monopoly" by Parker Brothers has been a popular board game for many years. Assume that you have just been hired by a company in the steel industry. The company manufactures a
Open-book management) You have been hired as a consultant by a com¬ pany that manufactures plastic and resin toys. Company management is presently discussing ways to improve product quality.
(Environmental costs) Following are descriptions of environmental waste sit¬ uations. Identify the environmental strategy you would select to deal with each situation and discuss your logic.a. A
(Environmental costs) Galveston Products produces a variety of chemicals that are used in an array of commercial applications. One popular product, a chemical solvent, contains two very caustic
(Environmental cost management) Firms’ increasing awareness of their im¬ pacts on the environment has led to the establishment of companies that specialize in all aspects of managing the
(Accounting; downsizing; BPR) Most accounting professionals would agree that the accounting profession has developed effective tools for measuring and reporting events involving tangible assets. Most
(Downsizing) “Most experienced CEOs have seen command-and-control man¬ agement come and go. They’ve been through downsizing and rightsizing. Now they’re seeing most companies (their own
(Open-book management) Kathy Townsend, Technical Instruments Division manager of Bigelow Electronics, attended a 30-minute seminar on open-book management recently. As a result of the seminar, she
(Various) Karen Krackle, CEO of Kar Komponents, sat dejected in her chair after reviewing the 2006 first-quarter financial reports on one of the com¬ pany’s core products: a standard, five-speed
(Enterprise resource management) Borders and Amazon.com are competi¬ tors in vending books and other consumer items. The two are differentiated to an extent by their marketing strategies. Although
no mental cost management) Classic Plastics has experienced serious problems as a result of attempts to manage its impacts on the environment. To illustrate the problems, consider the following
(l-thics) “Employees expect that all parties will honor their explicit and im¬ plicit obligations. Distrust occurs when these obligations are not met or when the parties have different
(Strategic alliances) Strategic alliances and joint ventures are being used with increasing frequency to exploit market opportunities. Virtually all larger firms are involved in several to many
(Restructuring and outsourcing ! Automakers provide an interesting study in cost management strategies. General Motors often provides a contrast to other U.S. manufacturers. For example,
(Environmental management) John Vickers was reprimanded by the home office for recommending a pollution abatement project because the project did not meet the standard financial criterion of a 10
(Environmental management) The chapter discusses three approaches to managing environmental costs. Some strategies deal with hazardous waste only after it has been produced.a. Does a firm have any
WHAT IS QUALITY, AND FROM WHOSE VIEWPOINT SHOULD IT BE EVALUATED? LO.1
WHAT IS BENCHMARKING, AND WHY DO COMPANIES ENGAGE IN IT? LO.1
WHY IS TOTAL QUALITY MANAGEMENT A SIGNIFICANT MANAGEMENT PHILOSOPHY, AND WHAT CONDITIONS ARE NECESSARY TO YIELD ITS BENEFITS? LO.1
WHAT TYPES OF QUALITY COSTS EXIST, AND HOW ARE THOSE COSTS RELATED? LO.1
HOW IS COST OF QUALITY MEASURED? LO.1
HOW CAN THE BALANCED SCORECARD AND COST MANAGEMENT SYSTEM BE USED TO PROVIDE INFORMATION ON QUALITY IN AN ORGANIZATION? LO.1
HOW CAN QUALITY BE INSTILLED AS PART OF AN ORGANIZATION'S CULTURE? LO.1
(APPENDIX) WHAT INTERNATIONAL QUALITY STANDARDS EXIST? LO.1
Quality• is the sum of all characteristics of a product or service that influence its ability to meet the needs of the person acquiring that product or service.• is defined as conformity with
Benchmarking• refers to investigating, comparing, and evaluat¬ ing a company’s products, processes, and/or ser¬ vices against those of competitors or companies believed to be “best in
Total quality management• is a significant management philosophy because it involves all organizational employees and places the customer at the center of focus.• is defined as seeking continuous
The types of quality costs include the costs of• compliance (or assurance), which are incurred to reduce or eliminate the current costs of quality failure and to continuously improve in the future.
The cost of quality is measured as the sum of the• total cost of prevention,• total cost of appraisal, and• total cost of failure, which reflects the>■ cost of profits lost by selling units
Information on the quality of an organization’s prod¬ ucts and services can be obtained from the• balanced scorecard through the computation of 3^ manufacturing cycle efficiency.3s- time to
Quality can be instilled as part of an organization’s culture by• having committed and consistent top manage¬ ment leadership.• developing an esprit de coips among all em¬ ployees so that
What is meant by the term qualityP In defining quality, from what two con¬ sumer perspectives can a definition be formulated? Why are both important? LO.1
In conducting activity analyses, the presence of certain activities indicates low production process quality. List five of these activities. LO.1
Compare and contrast the eight characteristics that compose overall quality from the customer's perspective with the three additional characteristics that compose service quality from the
Describe three types of benchmarking. Use the Internet to find a company that has engaged in benchmarking. Describe the type of benchmarking used and the benefits and costs of the company's
What is TQM? What are the four important tenets of TQM, and why are they important? What is the Malcolm Baldrige National Quality Award? What are the categories of entrants? What are the award
In the production-sales cycle, what are the four time phases in which quality costs are incurred? How are these costs interrelated through the phases? LO.1
How can Pareto analysis help focus managerial efforts on reducing the costs of quality-related problems? LO.1
How does strategic cost management link information to corporate strategies? LO.1
What are the four stages or levels on the quality continuum? Where is TQM located on the continuum? LO.1
(Appendix) Why might a common set of global quality standards be needed or desirable? LO.1
(Appendix) What is a quality audit? LO.1
(Appendix) Compare and contrast the EFQM Excellence Model with the Mal¬ colm Baldrige National Quality Award criteria. LO.1
(Essay: quality' defined) Use the Internet to find four definitions of quality.a. Compare and contrast each of the four definitions with specific empha¬ sis on whether the definition includes
(True/False) Mark each of the following statements as true or false and ex¬ plain why the false statements are incorrect.a. The total quality cost is the sum of prevention cost plus failure cost.b.
(Essay; statistical process control) Find the Web page for Western Digital Corporation in Santa Clara, California. What products does this company make? How does the company use statistical process
(Control chart) Clinton Pizza recently hired several college students to work part-time making pizzas. Robert Clinton, the owner, has the policy to put 36 slices of pepperoni on a pizza, but (given
(Quality characteristics) Choose one product and one service with which you are well acquainted. Indicate how the product and service each meets (or does not meet) the eight overall quality
(Definition of quality; quality characteristics) In a three-person team, role- play the following individuals who are visiting a car dealership in your com¬ munity: (1) a 19-year-old college
(Clost of quality) Dorothy’s Sandal Works has gathered the following data on its quality costs for 2006 and 2007:a. Compute the percentage change in the two quality cost categories from 2006 to
(Cost of quality) Electronia Components ’ accounting system reflected the fol-lowing costs related to quality for 2006 and 2007:a. Which of these are costs of compliance, and which are costs of
(Essay; benefits of quality Sometimes a company, in its efforts to reduce costs, might also reduce quality.a. What kinds of costs could an organization reduce that would almost au¬ tomatically lower
Clost of quality) Edwin Engines wants to determine its cost of quality. The company has gathered the following information from records pertaining to August 2006:Compute the following:a. Lost profits
(Cost of quality) Chelsea Sunglasses Company has gathered the following in¬ formation pertaining to quality costs of the production of heavy-duty sun¬ glasses for skiing for June 2006:Using these
(Essay; cost and benefit of quality) Hillary College has a variety of internal and external customers. Use a team of three or four individuals to answer the following.a. Who are three internal and
(Essay; cost of quality) By building quality into a process rather than making quality inspections at the end of the process, certain job functions (such as that of quality control inspector) can be
(Cost of quality) Quick Computers is evaluating its quality control costs for 2006 and preparing plans and budgets for 2007. The 2006 quality costs in¬ curred in the CPU Division follow:Prepare a
(( Control of quality costs: team activity) The following summary numbers have been taken from a quality cost report of British Furniture Company for 2006. The firm manufactures a variety of English
(Quality information system; team activity) Your company is interested in de¬ veloping information about quality but has a traditional accounting system that does not provide such information
(Supplier quality) Assume that Honda Motor Co., Ltd. paid for a full-page advertisement in The Wall StreetJournal. The ad did not tout Honda prod¬ ucts, nor was it in reference to year-end earnings
Differences from benchmarks) For a benchmark, assume that the average firm incurs quality costs in the following proportions:With a partner, explain why the following industries might be inclined to
(Essay; balanced scorecard) Find The Benchmarking Exchange on the In¬ ternet. What are five business processes that are currently the focus of its members? Why do you think benchmarking processes
(Essay; quality) Pharmeceutical companies Pfizer and Schering-Plough had quality problems at their prescription drug manufacturing plants. [See Scott Hensley, “Pfizer Is Warned by FDA to Fix
(Essay; quality and strategy) Three possible goals for a business are to (1) maximize profits, (2) maximize shareholder wealth, and (3) satisfy customer wants and needs. If goals (1) or (2) are
(Essay; external failure cost) Many companies’ products have had flaws;some of these companies have been more forthcoming than others in pub¬ licly acknowledging such flaws.a. Do you think
(Baldrige Award) Go to the Web site for the Malcolm Baldrige National Quality Award and find the answers to the following questions.a. When and why were the health and education categories
(Baldrige Award) Go to the Web site for the Malcolm Baldrige National Quality Award. On this site, you will find a questionnaire entitled “Are We Making Progress?”a. Download the questionnaire
Pareto analysis) Rodham Computers identified the following failure costs during 2006: LO.1 COST OF FAILURE BY TYPE Model CPU Internal Drive External Drive All Other Total Dollars Laptop Desktop $
(Pareto analysis) Cool-It Refrigerators has identified the following war¬ ranty costs during 2006 according to the type of product failure as follows: LO.1 Model Electrical Motor Structural
(Cost of quality) Howell Electronics manufactures hand-held palm pilots for the discriminating business person. The firm produced 3,000 palm pilots dur¬ ing its first year of operations. At
lost of quality) E. Hugh-Phones makes portable telephones and produced 20,000 of them during 2006, its first year of operations. It sold all it pro¬ duced that first year except 500 phones that had
Cost of quality) Golf courses are demanding in their quest for high-quality carts because of the critical need for lawn maintenance. Smooth Bill manu¬ factures golf carts and is a recognized leader
Cost of quality ) Smooth Sailing is very aware that its scuba diving tanks must be of high quality to maintain its reputation of excellence and safety. The company has retained you as a consultant
(Essay: balanced scorecard) Assume that you are in charge of University Physicians Social Service Agency, which provides counseling services to low- income families. The agency’s costs have been
(Essay; balanced scorecard) In mid-2004, a study of German accident data in¬ dicated that vehicles made by Porsche AG broke down twice as often dur¬ ing 2003 as cars made by Mazda. The top European
(Appendix: ISO) Many companies are becoming ISO certified because of customer requests and because of the need to compete in the global mar¬ ketplace.a. Why do you think customers are insisting that
(Appendix; EFQM Award) Go to the EFQM Web site and find the case stud¬ ies archive. Choose one of the companies listed for the past two years. Pre¬ pare a synopsis of the company, and gather
WHY DO MOST CAPITAL BUDGETING METHODS FOCUS ON CASH FLOWS?LO.1
HOW IS PAYBACK PERIOD COMPUTED, AND WHAT DOES IT MEASURE? LO.1
HOW ARE THE NET PRESENT VALUE AND PROFITABILITY INDEX OF A PROJECT MEASURED? LO.1
HOW IS THE INTERNAL RATE OF RETURN ON A PROJECT COMPUTED? WHAT DOES IT MEASURE? LO.1
HOW DO TAXATION AND DEPRECIATION METHODS AFFECT CASH FLOWS? LO.1
WHAT ARE THE UNDERLYING ASSUMPTIONS AND LIMITATIONS OF EACH CAPITAL PROJECT EVALUATION METHOD? LO.1

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