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business
financial accounting theory

Questions and Answers of Financial Accounting Theory

In Chapter 9 the idea of ‘personal social responsibility’ was discussed and it was noted that some commentators have argued for personal social responsibility—or, as it has also been called,
Cooper and Sherer (1984) argue that ‘accounting researchers should be explicit about the normative elements of any framework adopted by them. All research is normative in the sense that it contains
What does Scott (2007, p. 23) mean when he says:The point of critique is to make visible those blind spots in order to open a system of change … To open the possibility of thinking (and so acting)
Explain the importance in critical accounting theory of assumptions regarding the distribution of power in society. How do these assumptions differ from those adopted in other theoretical
CPA Australia (2005) made a submission to the Australian Government inquiry into corporate social responsibility in which it stated (p. 6):While there is strong public (88%) and shareholder (86%)
Why might critical theorists be opposed to academic research that attempts to assist corporations to put a cost on their social and environmental impacts?
Cooper (2002, p. 452) provides a quote from Callinicos (1999, p. 309), which states:In the self contained university world, intellectual life is specialized and professionalized: academics, even
Evaluate the following quote from the Business Council of Australia (2005) from a ‘critical’ perspective:Given the difficulty defining corporate social responsibility (CSR), as well as the fact
Baker (2011, p. 209) states:By the end of the 1980s, there was a distinct separation in the accounting research disciplines, not only into sub-disciplines in the United States, but also into
How do the needs of employees for financial information compare with those of investors?
What are the advantages and disadvantages of direct reporting to employees?
What elements make up the minimum acceptable settlement?
What are the problems in estimating ability to pay?
What are the advantages and disadvantages of collective bargaining?
‘There is as yet no generally accepted concept of the social responsibility of business enterprises.’ Discuss.
What areas in which corporate social objectives may be found were identified by Zadek et al.?
Examine recent trends in corporate social reporting in the UK.
What are the implications for accounting of the increasing concern with green issues?
Explain what is meant by ‘organizing’ as a management function.
What is the significance of an ‘organizational structure’?
What is meant by ‘control’?
Why is communication viewed as of critical importance in the management process?
Discuss motivation in a management context.
Discuss the role played by information in management decision making.
Explain the different levels of management activity, and comment on their relative importance.
State the three purposes for which costs are collected.
Describe the three elements of product costs.
What is the significance for product costing of the difference between manufacturing and non-manufacturing costs?
What is meant by the term ‘full product cost’?
What problems are involved in determining factory overhead costs per unit?
What methods are commonly used for recovering overhead costs?
What are the advantages of departmental rates, as against plant-wide overhead rates?
Describe four major types of product costing systems.
What is activity-based costing? How does it differ from traditional product costing approaches?
Describe four general steps in using ABC.
What is a cost driver and how is it used? Give some examples of cost drivers.
What characteristics of a company would generally indicate that ABC might improve product costing?
What is JIT manufacturing? In which ways does JIT manufacturing differ from traditional manufacturing?
How does JIT affect accounting systems?
Explain what is meant by CVP analysis.
Describe how CVP analysis is used in profit planning.
What is the significance of the break-even point?
Describe various ways in which the break-even point may be calculated.
What is a profit-volume chart?
List a number of possible ways in which short-term profitability may be improved.
What difficulties are implied in using CVP analysis for short-term decision making?
What do you understand by marginal costing?
Explain the treatment of overhead costs under absorption costing and marginal costing.
Discuss the different profit results that are obtained using absorption costing and marginal costing under the following circumstances:(a) where sales fluctuate but production remains constant;(b)
Computer Limited was formed three years ago to produce a single product, the ‘Mini’. The directors are receiving the financial results of the first three years presented by the company
The Sherwood Co Ltd is a single-product manufacturing company, which uses a marginal costing system for internal management purposes. The year-end external reports are converted to absorption costs.
Review briefly some of the business objectives involved in pricing policies.
Discuss briefly the objective of pricing policy in classical economic theory.
Explain the nature of cost-based pricing policies.
What do you understand by ‘full-cost’ pricing?
What kind of accounting information do you consider to be relevant to making full-cost pricing decisions?
Comment on the statement that ‘since prices are determined by supply and demand factors, accounting data is irrelevant in determining a firm’s pricing policy’.
Explain what is implied by:(a) conversion-cost pricing;(b) return-on-investment pricing.
What do you understand by ‘marginal cost’ pricing? In what circumstances do you consider this method of pricing useful to pricing decisions?
Explain the objectives of target pricing.
Consider the view that long-term factors are more significant than short-term ones in determining pricing policies.
Define the nature of relevant costs.
State what you understand by the following terms:(a) future costs,(b) sunk costs,(c) differential costs.
Give examples of future, sunk and differential costs, and state the conditions required for such costs to be relevant costs.
Define the contribution margin.
What do you understand by ‘opportunity costs’? Are opportunity costs also relevant costs?
Name four major classes of special decisions, and review the impact of these decisions on the enterprise in the short and the long term.
Explain how opportunity costs may be relevant costs in the four major classes of spe- cial decisions referred to in (6) above.
Define a limiting factor, and give four examples of limiting factors.
Explain how the contribution margin may be applied to decision making in the face of a limiting factor.
What do you understand by linear programming? Explain the usefulness of this method in decision making.
What do you understand by capital investment decisions? State briefly the reason for their importance.
Give four examples of capital investment decisions.
Explain briefly the type of information used in making capital investment decisions.
State the three major factors affecting capital investment decisions.
What are the advantages and disadvantages associated with the payback period?
Do you consider the accounting rate of return method to be more useful than the payback period in evaluating capital investment?
Explain briefly the discounted cash flow method, and discuss its advantages and disadvantages when applied to investment appraisal.
Compare and contrast present value and internal rate of return methods.
What is the significance of the cost of capital in investment appraisal?
Suggest possible ways in which inflation may be taken into account in making capital investment decisions.
Outline the series of steps that are implied in orderly budgeting.
Discuss the importance of the sales forecast.
State the various methods used for forecasting sales.
Examine the relationship between the sales budget and the production budget.
Comment on the significance of the cash budget.
Describe (a) zero-based budgeting; (b) feed-forward control; and (c) flexible budgeting.
How does an activity-based budgeting system differ from a traditional system?
State what you understand by ‘control’.
Examine the nature of the control process.
What is the difference between an ‘expense centre’ and a ‘cost centre’?
Discuss the significance of the distinction between ‘controllable’ and ‘non- controllable’ costs.
What is meant by a profit centre? Give some examples of organizational segments that would be able to function as profit centres.
State what criteria are relevant for evaluating transfer pricing policies.
Review three main methods used for establishing transfer prices.
What is meant by an ‘investment centre’? Identify types of organizational segments that would be able to function as investment centres.
‘ROCE is a comprehensive measure of performance, but its limitations should be understood.’ Discuss this statement.
Distinguish standard costs and budgeted costs.
State some applications of standard costing.
Examine the problems of setting cost standards.

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