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horngrens cost accounting a managerial emphasis

Questions and Answers of Horngrens Cost Accounting A Managerial Emphasis

The analysis of sales variances including sales price and sales volume variances and the separation of the sales volume variance into sales quantity and sales mix variances.LO.1
The calculation of sales variances via alternatives such as sales revenue per unit, profit contribution per unit and profit contribution percentages.LO.1
A behavioral twist on the sales mix variance resulting from concentrating on actual rather than budgeted contribution margins.LO.1
Differences in variance calculations resulting from using absorption costing rather than direct costing and where production and sales volume are different.LO.1
Budget variance analysis and the control process.LO.1
Identify the splitoff point(s) in a joint cost situation
Why does the sales value at splitoff method use the sales value of the total production in the accounting period and not just the sales value ofthe products sold?
Distinguish between the sales value at splitoffmethod and the estimated NRV method.
Why is the constant gross margin percentage NRV method sometimes called a “joint cost and a profit allocation” method?
“Managers should consider only additional revenues and separable costs when making deci¬sions about selling now or processing further.” Do you agree? Why?
Why might managers with a monthly bonus payment based on attaining a target operating income prefer a byproduct accounting method that recognizes byproducts at the time ofsale rather than
Price products using the target-costing approach to pricing
Apply the concepts of cost incurrence and locked-in costs
Price products using the cost-plus approach to pricing
Understand how life cycle product budgeting and costing assist in pricing decisions
Understand the effects of competition laws on pricing
What is cost-plus pricing?
Define predatory pricing, dumping, and collusive pricing.EXERCISES
Relevant-cost approach to pricing decisions, special order. The following financial data apply to the videotape production plant of the Dill Company for October 2007:Budgeted Manufacturing Costs per
Relevant-cost approach to short-run pricing decisions. The Tectronics Company is an electronics business with eight product lines. Income data for one of the products (XT-107)for the month just ended
Short-run pricing, capacity constraints. Boutique Chemicals makes a specialized chemical product, Bolzene, from a specially imported material, Pyrone. To make 1 kilogram ofBolzene requires 1.5
Value-added, non-value-added costs. The Marino Repair $hop repairs and services machine tools. A summary ofits costs (by activity) for 2007 is as follows:a. Materials and labour for servicing machine
Target operating income, value-added costs, service company. Carasco Associates is a small structural-design firm that prepares architectural drawings that focus on structural safety for various
Target prices, target costs, activity-based costing systems. Snappy Tiles is a small dis¬tributor of marble tiles. Snappy identifies its three major activities and cost pools as ordering, receiving
Cost-plus target return on investment pricing. John Beck is the managing partner of a partnership that has just finished building a 60-room motel. Beck anticipates that he will rent these rooms for
Cost-plus and target pricing. ($. $ridhar, adapted) Waterford, Inc., manufactures and sells 15,000 units of a raft RF17 in 2007. The full cost per unit is $240. Waterford earns a 20%return on an
Target costs, effect of product-design changes on product costs. Medical Instruments manufactures many products. To compute manufacturing costs, it uses an accounting system with one direct-cost
Considerations other than cost in pricing. Examples of prices charged by Bell Canada for long-distance telephone calls within Canada at different times ofthe day and week are as follows:Peak period
Life cycle product costing, product emphasis. Decision Support Systems (DSS) is examin¬ing the profitability and pricing policies of its software division. The DSS software division develops
Pricing of hotel rooms on weekends. Kamal Diamond is the owner of the Galaxy chain of four-star prestige hotels. These hotels are in Chicago, London, Los Angeles, Montreal, New York, Seattle, Tokyo,
Relevant-cost approach to pricing decisions. Stardom, Inc., cans peaches for sale to food dis¬tributors. All costs are classified as either manufacturing or marketing. Stardom prepares monthly
Product costs, activity-based costing systems. Executive Power (EP) manufactures and sells computers and computer peripherals to several nationwide retail chains. Johan Farnham is the manager of the
Target cost, activity-based costing systems (continuation of 12-29). Assume all the infor¬mation in Problem 12-29. Famham has just received some bad news. A foreign competitor has introduced
Cost-plus pricing. (CMA, adapted) Hall Company specializes in packaging bulk dmgs. Wyant Memorial Hospital has asked Hall to bid on the packaging of one million doses ofmedication at full cost plus a
Cost-plus and market-based pricing. Construction Temps, a large labour contractor, sup¬plies contract labour to building construction companies. For 2007, Construction Temps has budgeted to supply
'Cost-plus and market-based pricing. (CMA, adapted) Best Test Laboratories evaluates the reaction of materials to extreme increases in temperature. Much of the company’s early W—--growth was
Life cycle product costing, activity-based costing. Destin Products makes digital watches.Destin is preparing a product life cycle budget for a new watch, MX3. Development on the new watch with
Ethics and pricing. Baker, Inc., manufactures ball bearings. Baker is preparing to submit a bid for a new ball bearings order. Greg Lazarus, controller of the Bearings Division of Baker, Inc., has
Airline pricing, considerations other than cost in pricing. Air North is about to introduce a daily round-trip flight from Toronto to Vancouver. Air North offers only one class of seats—Comfort
Target prices, target costs, value engineering, cost incurrence, locked-in cost, activity-based costing. Cutler Electronics makes a radiocassette player, CE100, which has 80 components. Cutler sells
Target prices, target costs, value engineering. Avery, Inc., manufactures two component parts for the television industry:Tvez. Annual production and sales of 50,000 units at a selling price of
Distinguish between measuring assets based on present value, current cost, and historical cost.
Explain the incentive problems that can arise when employees have to perform multiple tasks as part oftheir jobs.
List four components of executive compensation plans.EXERCISES
Analysis of return on invested assets, comparison of three divisions. Quality Products, Inc., is a soft drink and food products company. It has three divisions: soft drinks, snack foods, and family
Identify investment projects affecting different func¬tions in the value chain and reduce conflict between project approval and performance evaluation measures.
What is the essence ofthe discounted cash flow method?
“The trouble with discounted cash flow techniques is that they ignore amortization costs.”Do you agree? Explain.
Bill Watts, president ofWestern Publications, accepts a capital-budgeting project advo¬cated by Division X. Thus is the division in which the president spent his first 10 years capital BUDGETING AND
Describe a management control system and its three key properties
Describe the benefits and costs of decentralization
Recognize why a transfer price based on full cost plus a markup may lead to suboptimal decisions
Recognize income tax considerations in multinational transfer pricing
Describe the benefits of financial and nonfinancial measures of quality
Apply three main measurements in the theory of constraints
Explain four steps in managing bottlenecks
Give two examples of nonfinancial measures of customer satisfaction.
Give two examples of nonfinancial measures ofinternal performance.
Describe the four key steps in managing bottleneck resources.
Theory ofconstraints, throughput contribution, quality. Refer to the information in Exercise 19-24, in answering the following requirements; there is no connection between the situations.Required 1.
“There are two danger points that management usually wants to avoid in controlling inventories.” Explain. lop5
What is the purpose of management accounting?LO.1
Define management accounting.LO.1
Is management accounting the same as cost accounting? Discuss.LO.1
What differences exist between financial accounting and management accounting? Is management accounting separate and distinct from financial accounting?LO.1
Explain how the size of an organization relates to the extent of applications of management accounting.LO.1
Define responsibility accounting. What is accomplished by using the responsibility approach?LO.1
Why is planning considered implicit in the concept of control?LO.1
Distinguish between planning, decision-making, and choosing between alternative courses of action.LO.1
Discuss confidentiality, objectivity, and independence as presented by the Standards of Ethical Conduct for Management Accountants. Contrast with the standards for CPAs.LO.1
Competence and proficiency in accounting are the prime qualifications of a management accountant. Discuss.LO.1
What courses of action should a management accountant consider to resolve ethical conflict?LO.1
Describe and contrast activity-based cost management with traditional costing.LO.1
What is the objective of theory of constraints?LO.1
Define the constraining factor of a manufacturing organization.LO.1
Why is it difficult to implement new concepts such as ABCM and TOC?LO.1
What concepts are more applicable for short-term decisions, long-term decisions?LO.1
What are the advantages and difficulties of outsourcing?LO.1
Why have organizations shifted their emphasis to cash?LO.1
Are the procedures in handling cost sheets stated in the chapter adequate for the contemporary management accountant?LO.1
Explain what is meant by a “decision-making” emphasis for management accountants.LO.1
Why has the U.S. economy experienced enormous growth in the service sector?LO.1
Are management accounting concepts applicable to service organizations? Explain.LO.1
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

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