Questions and Answers of Financial And Management Accounting

For the following list of quality activities, note whether it is best categorized as Prevention (P), Detection (D), Internal failure (IF), or External failure (EF). Each activity should be given only
Sam stone Industries makes false stone facings that are used in a variety of residential and commercial building projects. It recently installed a cost of quality reporting system. The following is
You are going to create a cost of quality report for Kinkaid Cabinets for the last five years using the data in the worksheet DB 9.1 Cost of Quality Data. You’ve been given a solution grid that is
Bright Lights, Inc., makes a variety of lamps. It is very important that the base of the lamp fits snugly to the body if the customer is going to be satisfied with the look of the lamp itself. While
What does the term kaizen mean and how is it applied in the continuous improvement setting? How does the continuous improvement setting differ from traditional management approaches?
For the following list of quality activities, please note whether it is best categorized as Prevention (P), Detection (D), Internal failure (IF), or External failure (EF). Each activity should only
Radnor Industries makes a variety of small one- to four-cup automatic coffeemakers that are used by hotels and in some residential settings for people who just need that quick jolt of caffeine to get
Thermaglass, Inc., makes a large number of products for use in the kitchen. The company advertises that its products can go from the freezer to the oven or the microwave and never crack. Over the
What is muda and what are some sources of it in organizations? How does muda impact the cost and quality of work done in an organization?
Scalar Enterprises wants to calculate how much productivity improvement it could get if it eliminates scrap from its production process. The company provides you with the following information and
Good Practices Engineering Company (GPEC) makes a wide range of machine tools that are used by other companies to manufacture products of its own. When a machine tool fails, it results in significant
What are the basic tenets of TQM and how do they impact work in organizations? Please be sure to note some of the points made by Deming and Juran. Can you think of some examples in your school of
Goldstar Company wants to calculate how much productivity improvement it could get if it eliminated scrap from its production process. It provides you with the following information and asks you to
Slipstream, Inc., makes slipcovers for furniture. If the slipcovers do not fit properly, customers are very upset. This is especially true if the slipcover is a bit too small, which can make getting
What are the four categories used in cost of quality reports? How do they differ from each other? Why do we care about separating costs into these categories?
Brown Industries currently uses normal capacity as its baseline in analyzing capacity utilization. It has asked you to compare its numbers to those it would get using theoretical capacity to
Ames Beverage makes several different types of sodas in cans for distribution throughout the Midwest. To get the products into the cans, it uses a very expensive ($25,000,000) high- speed filling
What is the Taguchi loss function? What is its primary concern? How do you think a company can use the Taguchi loss function to direct attention to its quality problems?
Always Ready Manufacturing currently uses normal capacity as its baseline in analyzing capacity utilization. It has asked you to compare its numbers to those it would get using theoretical capacity
Janet Winthrop, VP of manufacturing for Able Systems, Inc. (ASI), has been asked to develop a set of balanced performance metrics for the company’s just- in- time cell. Janet compiles a range of
What does the term Six Sigma mean in the quality literature? What role does quality function deployment play in Six Sigma settings? How does Six Sigma impact how a company approaches quality?
Just-in-Case, a manufacturer of party goods, often gets large orders requiring 10 to 15 line items of products for the order to be complete. Lately there have been a lot of complaints from customers
GoodTymes Beverages, Inc. (GTB), makes a variety of powdered drinks for the consumer market. GTB sells into the wholesale market, where high priority is placed on obtaining the right amount of
What is the Malcolm Baldrige Award? Define the key points used to assess an organization seeking to gain this award. What benefits do you think a company obtains by winning the Baldrige Award?
Make-it-on-time, a wholesaler that buys a large variety of items and then combines them into one shipment for customers, has lately been experiencing order fulfillment problems. Specifically, it has
What are the various types of capacity measurement used to define how much work a set of resources can do? How do they differ? What aspects of the production process does each measure emphasize and
What are some of the benefits of capacity cost management for controlling and understanding the process domain? Do these benefits justify the cost of maintaining a capacity related system?
In looking at the four dimensions of performance that make up the balanced scorecard in the process domain, how does delivery tie to the other measurements?
What are some of the different ways companies combine measurements to create incentives for goal congruence in a process setting? What are the benefits of each of these approaches?
For the following list of characteristics, place an “S” if it is most likely to be a small organization, “F ” if it appears to be a functional organization, and “D” if the descriptor most
Sheila Felgood is the owner of a small dog-grooming business, Felgood Clippers. She would like to increase her sales over the last three years’ actual results and is looking at a variety of
Prestige Auto’s president, Jack Noble, is doing some planning for the coming year. The auto dealership faces both fixed and variable costs. For new and used cars, the variable selling costs are
Paul Knotts, president of Photo Swift, a website that allows sharing of photos, wants to expand his business to make other uses of the pictures that are posted on the host website. He calls together
How does the stage of development of a company affect the way it creates and uses plans?
For the following list of characteristics, place an “S” if it is most likely to be a small organization, “F ” if it appears to be a functional organization, and “D” if the descriptor most
Hydrangea, Inc., is a maker of silk floral arrangements that are sold in high-end flower shops. The company is thinking about expanding after a year of record sales that really stretched existing
Having decided to use his most likely scenario as the plan for 20x7, Jack decides to develop cash forecasts. The opening balance sheet is presented below.OTHER INFORMATION:• The company pays its
Blue Sky Spas is a medium- sized franchisor of luxury spa facilities. It offers the full range of spa treatments, nail specialists, fitness specialists, swimming, aquatic exercise programs, and yoga
Why is it important that key managers agree on the organization’s missions and objectives before the planning process begins?
Blue Moon Taxi Service is a very busy local taxi service. Recently, a retirement village opened up in Blue Moon’s area, driving up volumes to the point where Blue Moon is having trouble responding
For each of the following set of measures, indicate whether it is financial (F ), customer- focused (C), internal processes (P), or innovation growth (I) in nature. Measure Турe Measure Туре
What are the three primary business archetypes, and how do they differ in terms of size and age?
Damp Less makes room dehumidifiers. It buys the electronic parts to make the dehumidifiers in kits, so it only purchases metal for the casings and the electronic kitted parts. Assembly is done in its
How do functional organizations differ from divisionally organized entities?
Ratchet Now makes a ratchet set that is compact for ease of use and storage. It predicts it will sell 100,000 units in Quarter 1,125,000 units in Quarter 2,140,000 units in Quarter 3, and 150,000
Harvest Beverages makes a full line of carbonated seltzer water in various flavors. Every can of seltzer is comprised of a can to put the liquid in, flavoring, and the carbonated water. The company
What does the term autonomy mean in reference to organizations?
Based on the production budget, Ratchet Now has a good idea of what it needs to manufacture. It now wants to develop its raw materials budget. It uses 1.5 pounds of steel for each ratchet set at a
Once Only produces various kinds of weed killers for commercial lawn applications. The company needs to watch its cash carefully in order to make sure that it can survive the busy summer months when
What is a “best-guess” revenue forecast and profit scenario?
Ratchet Now would also like to develop a labor budget. It takes 0.25 hours to make one set of ratchets. Labor costs the company $16 per hour. Using this information and the information from Exercise
What does the term “expected value” mean, and how do managers use it in scenario planning?
Things are looking good for Ratchet Now. Next, it wants to prepare its overhead budget. Variable overhead cost per ratchet set is $0.50, and the fixed overhead costs are estimated to be $25,000 per
What is a budget and why is one completed? How are pro forma statements used in the budgeting process?
Now that you have completed these tables, Ratchet Now is ready to do its ending inventory and cost of goods sold budget using the information you have developed in Exercises 5 through 8. Opening
Davros, Inc., makes tea kettles for kitchen and department store sales. Tony Davros, the president of the company, has decided it is time for him to begin budgeting as his business is growing by
What is scenario planning, and why do managers use it?
Clear Channels makes portable radios that can be used during storms. The radios do not require an outside source of power because the battery is charged with a crank. They are a highly prized item in
What is disaster planning, and why do managers use it?
What is an entity-level balanced scorecard, and how can managers use it to coordinate activities in a functional firm?
It takes two pounds of plastic and one receiving/charging unit to make each Clear Channels radio. The plastic costs $0.75 per pound (it is very high-quality ), and the receiving/charging unit costs
What is a planning gap?
What is pseudo-participation, and how does it differ from normal participation?
It takes 30 minutes (one half hour) to make one Clear Channels unit. Labor is paid $20 per hour as the work requires high technical skill. Using this information plus that developed in Exercise 10,
Clear Channels is really making progress! Now it wants to develop its overhead budget. Variable overhead per unit is $2.50. Fixed overhead is $150,000 per quarter. With this information plus that
What is the difference between slack and ratcheting effects? Who is in charge of each of these potentially problematic events?
With the data developed in Exercise 10 through 13, you now have all of the information needed to complete a finished goods budget and a cost of goods sold budget for Clear Channels. Opening finished
The term backflush costing is unique to JIT inventory management methods. What exactly does the term mean? How does backflush costing differ from other accounting approaches to product costing?
Doubtfire Press produces children’s books for national distribution through mainstream distributors such as Baker and Taylor. It has recently decided to implement activity-based analysis and ABB to
Betsy Homemaker makes and distributes a line of aprons for both commercial and residential use. The standard products consist of white full-length aprons used for restaurants and multipatterned bib
What is ABM? How does it differ from ABC? Which one is simpler to use? Why?
Dunn’s Manufacturing uses ABB. A recent study was done of the activities of the company ’s one purchasing manager who is paid $75,000 per year for her efforts. The following is the list of
Janice Dewey is the head of the accounts receivable department for a home nursing service called Helping Hands. The process can become quite complex as many of the payments the company receives come
Define and give an example of how a company can use ABB.
Shall well Diaper Service uses ABB. A recent study of the activities of the company ’s one call center representative who makes $45,000 a year for his efforts produced the following list of
Blue Ray is a local cable company that installs cable television, internet, and telephone systems for customers in a three-county area. Jack Ryder, the head of operations, has recently learned about
What is the primary focus of TOC? How does this focus shape how managers approach work?
Using the Shewhart charting methods described in Figure 2.4 in Chapter 2, analyze the performance of a check-clearing process. The standard time to clear a check is six seconds. The allowed variation
Johnny Roberts, owner of Bunson Marine, has his workforce keep time sheets so he knows where their time is going and also to help guide his billing. A recent graduate of the local MBA ex tension
What do the terms throughput, operating expense, and inventory mean under TOC? How do these definitions line up with traditional accounting terminology? How do they differ from traditional accounting
Using the Shewhart charting methods described in Figure 2.4 in Chapter 2, analyze the performance of the following invoice processing activity. The standard time to validate an invoice for payment is
Sally Wields has been asked to do an assessment of how the time of her scheduling department is being used and to assign costs to each. She has been asked to do an activity analysis for the
How would you describe JIT management methods? How do these relate to lean management?
For the following list of activities, find the APQC category that most closely matches the activity and put its number alongside the activity. Use a table like the one provided below. Activity
The term kanban has special meaning inside JIT management. Exactly what does this term mean? How do kanbans help manage a process?
For the following list of activities, find the APQC category that most closely matches the activity and put its number alongside the activity. Use a table like the one provided below. Activity
Can JIT or cellular approaches be used in service settings? Why or why not?
Looking at the material in the appendix, what are the primary differences you see between Process 5 (Produce and deliver for manufacturing-oriented organizations) and Process 6 (Produce and deliver
Happy Days Greeting Card Company recently completed a best in- class benchmarking activity for its accounts payable operations. It benchmarked against Johnson & Johnson, a leader in this
Blue Moon Limousine Service runs an hourly shuttle from the local airport to the waterfront district in downtown. Its drivers are expected to learn their route and then be able to meet the
What are the key features of lean accounting performance metrics? How do these features impact the value of the resulting measurements for decision making?
John Wells is vice president of manufacturing for White Goods, Inc., a maker of household appliances. John has been studying the performance of one of his order fulfillment departments for the small
Sitwell Services cleans offices. It runs several cleaning crews that are given standard times for cleaning certain spaces. Given the experience of the crew, these standards can allow for more or less
Give some examples of wasteful activities in a process flow that lean management might target for elimination.
Samuelson’s Car Repair is very focused on customer service. Over the last few years, it has developed a range of performance measurements it uses for various parts of the organization. These
Taylor’s Rental rents a variety of products to customers for home use. The following is the flow associated with one of the products offered by Taylor’s.REQUIRED:a. Add up all the time these
What are the six primary activity symbols used by the ASME charting approach? What do they mean? How are they used to detail the steps in a process?
Hi-Value Secretarial Services provides a broad range of secretarial support services, including temporary office workers, to businesses in the tristate area. In order to monitor the effectiveness of
Munson’s Machine Shop makes a variety of small metal parts on its machines. They are inventoried for later sale.REQUIRED:a. Categorize the activities above using the ASME categories.b. Add up all
What are the primary differences between functional and process-based organizations? How do these differences impact how the organization is managed?

Showing 700 - 800 of 1184