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horngrens cost accounting a managerial emphasis

Questions and Answers of Horngrens Cost Accounting A Managerial Emphasis

Describe how cost accounting supports manage¬ment accounting and financial accounting
Understand how management accountants affect strategic decisions
Describe the set of business functions in the value chain
Identify the dimensions of performance that cus¬tomers are expecting of companies
Distinguish between the planning and control deci¬sions of managers
Distinguish among the problem-solving, scorekeep¬ing, and attention-directing roles of management accountants
Describe three guidelines management accountants follow in supporting managers
Understand how management accounting fits into an organization's structure
Understand what professional ethics mean to management accountants
What are the three roles management accountants perform?
As used in accounting, what do “SMAC” and “CMA” stand for?
Name the four areas in which standards of ethical conduct exist for management accountants in Canada. What organization sets forth these standards?
Value chain and customer relationship management. A recent annual report of Ford Motor Company included the following comments:“Delivering great value to our customers. That’s our passion . .
Value chain and classification of costs, pharmaceutical company. QLT Inc., a Canadian biopharmaceutical company, incurs the following costs:a. Cost ofredesigning blister packs to make drug containers
Value chain and classification of costs, computer company. Apple Computer incurs the following costs:Electricity costs for the plant assembling the Alacintosh computer line of products Transportation
Problem solving, scorekeeping, and attention directing. For each of the following activi¬ties, identify the major function (problem solving, scorekeeping, and attention directing) the accountant is
Problem solving, scorekeeping, and attention directing. Each of the following activities are functions accountants perform.a. Interpreting differences between actual results and budgeted amounts on a
Problem solving, scorekeeping, and attention directing. The International Sports Management Group (ISMG) manages and promotes sporting events and sporting person¬alities. Its managers are currently
Professional ethics and reporting divisional performance. Marcia Miller is division con¬troller and Tom Maloney is division manager of the Sports Shoe Company. Miller has line responsibility to
Planning and control decisions. Indigo is a book retailing company. The majority of its sales are made at its own stores. These stores are often located in shopping malls or in the downtown central
Planning and control, feedback. In April 2007, Naomi Campbell, editor of The Daily Sporting News (DSN), decides to reduce the price per newspaper from $0.84 to $0.60, starting May 1, 2007. Actual
Planning and control decisions: Internet company. WebNews.com offers its subscribers several services, such as an annotated TV guide and local-area information on weather, restaurants, and movie
Problem solving, scorekeeping, attention directing, and feedback, Internet company(continuation of 1-26). Consider the five decisions made in Problem 1-26.1. For each of the five decisions (a-e),
Responsibility for analysis of performance. Karen Phillipson is the new corporate controller of a multinational company that has just overhauled its organizational structure. The company is now
The chieffinancial officer and the controller.Juan Rodriguez used to be the controller of Alliance Electronics and has just been promoted to the position of chief financial officer(CFO) of the
Software procurement decision, ethics. Jorge Michaels is the Winnipeg-based controller of Mexa Foods, a rapidly growing manufacturer and marketer of Mexican food products.Michaels is currently
Professional ethics and end-of-year games. Janet Taylor is the new division controller of the snack foods division of National Foods. National Foods has reported a minimum 15% growth in annual
Responding to allegations of fraud. You are the controller of Broad Street Finance (BSF).BSF is an investment banking company that has recently encountered severe financial diffi¬culties and has had
Global company, ethical challenges with bribery. Shell Oil Company operates in many parts of the globe. These operations include oil exploration, production, transportation, refining, and marketing.
Global company, ethical challenges with bribery. In June, the government of Safistan invited bids for construction of two hydroelectric plants. Norris Energy Company obtained the necessary
Describe the general accounting procedures for nor¬mal and abnormal spoilage
Account for spoilage in process costing using the weighted-average method
Account for spoilage in process costing using the first-in, first-out (FIFO) method
Account for spoilage in process costing using the standard costs method
Standard costing method, spoilage. Refer to the information in Exercise 18-16. Stippose Superchip determines standard costs of $246 per (equivalent) unit for direct materials and$96 per (equivalent)
Spoilage and job costing. (L. Bamber) Bamber Kitchens produces a variety of items in accordance with special job orders from hospitals, plant cafeterias, and university dormito¬ries. .An order for
Normal and abnormal spoilage in units. The following data, in physical units, describe a grinding process forJanuary:Work in process, beginning 22,800 Started during current period 180,000 To account
Weighted-average method, spoilage. Anderson Plastics makes plastic rear lamps for cars using an injection moulding process. Spoiled units are detected upon inspection at the end of the process and
FIFO method. Refer to the information in Exercise 18-21.Required Do Exercise 18-21 using the FIFO method.
Standard-costing method. Refer to the information in Exercise 18-21. Suppose Anderson determines standard costs of $9.84 per (equivalent) unit for direct materials and $12.24 per(equivalent) unit for
Weighted-average method, assigning costs (continuation of 18-24).Required For the data in Exercise 18-24, summarize total costs to account for, and assign these costs to units completed (and
FIFO method, spoilage, equivalent units and unit costs. Refer to the information in Exercise 18-24. Suppose Grey Manufacturing Company uses the FIFO method of process costing instead of the
FIFO method, assigning costs (continuation of 18-26).Required For the data in Exercise 18-24, use the FIFO method to summarize total costs to account for, and assign these costs to units completed
Reworked units, costs of rework. White Goods assembles washing machines at its Cambridge plant. In February 2007, 60 tumbler units that cost $52.80 each from a new sup¬plier were defective and had
Scrap, job order costing. The Mendoza Company has an extensive job-costing facility that uses a variety ofmetals. Consider each requirement independently.Required 1. Job 372 uses a particular metal
Weighted-average method, spoilage. Wang Manufacturing Company uses the weighted-'average method of process costing. All direct materials are added at the beginning of the process, and conversion
FIFO method, spoilage. Refer to the information in 18-30.Required o Exercise 18-30 using the FIFO method. Note that you first need to calculate the equivaent units of work done in the current period
Standard-costing method, spoilage. Refer to the information in Exercise 18-30. Suppose Wang determines standard costs of $9.60 per equivalent unit for direct materials and $12.00 per equivalent unit
Weighted-average method, spoilage. The Alston Company operates under a weightedaverage method of process costing. It has two departments, Cleaning and Milling. For both departments, conversion costs
FIFO method, spoilage. Refer to the information in Problem 18-33.Required Do Problem 18-33 using the FIFO method of process costing. (Problem 18-36 explores addi¬tional facets of this problem.)
Weighted-average method, Milling Department (continuation of 18-33). Refer to the information in Problem 18-33.Required Summarize total costs to account for, and assign these costs to units completed
FIFO method, Milling Department (continuation of 18-34). Refer to the information in Problem 18-33.Required Use the FIFO method to summarize total costs to account for, and assign these costs to
Job cost spoilage and scrap. (F. Mayne) Canadian Metal Fabricators, Ltd., has a large job, No. 2734, that calls for producing various ore bins, chutes, and metal boxes for enlarging a copper
Job costing, rework. The Bristol Corporation manufactures two brands of motors, $M-5 and RW-8. The costs of manufacturing each SM-5 motor, excluding rework costs, are direct materials, $360; direct
Job costing, scrap. The Wong Corporation makes two different types ofhubcaps for cars—mod¬els HM3 and JB4. Circular pieces of metal are stamped out of steel sheets (leaving the edges as scrap),
Physical units, inspection at various stages of completion. (Chapter Appendix) Normal/spoilage is 8% of the good units passing inspection in a forging process. In March, a total of J 10,000 units
jWeighted-average, inspection at 80% completion. (A. Atkinson) (Chapter Appendix) SPOILAGE, REWORK, Ottawa Manufacturing produces a plastic toy in a two-stage manufacturing operation.The company uses
Job costing, spoilage ethics. (CMA, adapted) The Richport Company manufactures products that often require specification changes or modifications to meet its customers’ needs. Still, Richport has
FIFO method, spoilage, working backward. The Cooking Department of Spicer Inc. uses a process-costing system. Direct materials are added at the beginning of the cooking process.Conversion costs are
Analyze the effect of income taxes on capital cash flows and compute the after-tax net present values of projects
Explain the after-tax effect on cash of tradeins and disposals of assets
Distinguish between the real rate of return and the nominal rate of return
Describe two internally consistent ways to account for inflation in capital budgeting
Describe alternative approaches used to recognize the degree of risk in capital budgeting projects
Explain the excess present value index and its usefulness in capital budgeting
Explain why the internal rate-of-return and the net present value decision rules may rank projects differently
What are the two internally consistent approaches to incorporating inflation into DCF analysis?
“The excess present value index or profitability index is a useful guide when allocating limited funds among projects.” Do you agree? Explain.
“The net present value method and the internal rate-of-return method always rank different projects identically.” Do you agree? Explain.EXERCISES
New equipment purchase. Presentation Graphics prepares slides and other aids for individ¬uals making presentations. It estimates it can save $42,000 a year in cash operating costs for the next five
Multiple choice. (CPA, adapted) The Apex Company is evaluating a capital budgeting pro¬posal for the current year. The relevant data are as follows:Present Value of an Annuity Year of $1 in Arrears
Automated materials-handling capital project, income taxes, sensitivity analysis.Ontime Distributors operates a large distribution network for health-related products. It capital BUDGETING:is
Total project versus differential approach, income taxes. A manufacturer of automobile parts acquired a special-purpose shaping machine for automatically producing a particular part. The machine has
Selling plant, income taxes. (CMA, adapted) Waterford Specialties Corporation, a clothing manufacturer, has a plant that will become idle on December 31, 2006. John Landry, corpo¬rate controller,
Project risk, required rate ofreturn. Esso Petroleum is considering two investment projects.The first project, viewed as a high-risk investment, is drilling equipment for oil exploration activities.
Income taxes, inflation. James Delusio, plant manager of Peoria Metal Works, is consider¬ing an investment in special tools of $240,000 on December 31, 2007. The tools have an esti¬mated useful
Inflation and not-for-profit institution, no tax aspects. Eastern University is considering the purchase of a photocopying machine for $4,200 on December 31, 2007. It has a useful life of five years,
Excess present value index. The Bristol Company is a design engineering firm that special¬izes in designing different types of application-specific chips for the semiconductor industry. It is
Comparison of projects with unequal lives. The manager of the Robin Hood Company is considering two investment projects that are mutually exclusive. The after¬tax required rate of return of this
Replacement of a machine, income taxes, sensitivity. (CMA, adapted) The WRL Company operates a snack food centre at the Hartsfield Airport. On January 2, 2005, WRL purchased a special cookie-cutting
Capital budgeting, make versus buy, income taxes, relevant costs. (CMA, adapted) The Jonfran Company manufactures three different models of paper shredders. Each has a waste container. Jonfran
Capital budgeting, inventory changes. (M. Wolfson, J. Harris, adapted) Total Fitness is a small company that makes products for physical fitness. The company is considering whether to add a new line
Capital budgeting, inflation, taxation. (J. Fellingham, adapted) Sapna Patel is manager of the customer service division of an electrical appliance store. $apna is considering buying a repairing
Mining, income taxes, inflation, sensitivity analysis. (CMA, adapted) VanDyk Enterprises has been operating a large gold mine for many years. The company wants to acquire equip¬ment that will allow
Robotics capital project, inflation, income taxes. Rustbelt, Inc., purchases second-hand pipeline equipment and “rehabilitates” it for resale. Rustbelt has experienced many indus¬trial accidents
Ranking projects. (Adapted from NAA Research Report No. 35, pp. 83-85) Assume that six projects, A to F in the table that follows, have been submitted for inclusion in the coming year’s budget for
Ranking of capital budgeting projects, alternative selection methods, capital rationing.(CMA, adapted) Brendan Rogers, division president of Wildwood Manufacturing, is prepar¬ing the 2008 capital
Ethics, discounted cash flow analysis. Jaikumar Griffey, manager of the Household Products Division of the Dudley Company, is trying to decide whether to launch a new model of food blender, BF97.
Introduction of new product, income taxes. (W. Bruns) In December 2007, R.E. Torgler was trying to decide whether to add a new line of injection moulded plastic products to those already manufactured
Equipment replacement, income taxes, unequal project lives, ethics. (CMA, adapted)Instant Dinners, Inc. (IDI) makes microwaveable frozen foods. The company is considering purchasing an automated
Explain four cost categories in a cost of quality program
Apply three methods that companies use to identify quality problems
Describe customer response time, and explain the reasons for and the cost of lines and delays
“Companies should always make and sell all products whose selling prices exceed variable costs.” Do you agree? Explain.
Describe three ways to improve the performance of a bottleneck operation.EXERCISES
Costs of quality. (CMA, adapted) Bergen Inc. produces telephone equipment at its London plant. In recent years, the company’s market share has been eroded by stiff competition from Asian and
Costs of quality analysis, nonfinancial quality measures. The Hartono Corporation manufactures and sells industrial grinders. The following table presents financial information pertaining to quality
Costs ofquality analysis, nonfinancial quality measures. Ontario Industries manufactures two types of refrigerators, Olivia and $olta. Information on each refrigerator is as follows:Olivia Solta
Nonfinancial measures of quality and time. (CMA, adapted) Eastern Switching Co. (ESC)produces telecommunications equipment. Charles Laurant, ESC’s president, believes that product quality is the
Quality improvement, relevant costs, and relevant revenues. The Photon Corporation manufactures and sells 20,000 copiers each year. The variable and fixed costs of reworking and repairing copiers are

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