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horngrens cost accounting a managerial emphasis

Questions and Answers of Horngrens Cost Accounting A Managerial Emphasis

=+corporate management accountant estimates a 10% annual earnings growth rate for Superior Foods this year. One month before the 30 June financial year-end of the current year, Sommers estimates that
=+1-29 KK Professional ethics and end-of-financial-year actions OBJECTIVE 9 Marie Sommers is the new division management accountant of the snack foods division of Superior Foods. Superior Foods has
=+3 Would you recommend that Prakash & Sons develop its own code of ethics to handle situations such as this? What are the pros and cons of having such a written code?
=+2 Should Prakash & Sons allow executives to attend user meetings while negotiating with other vendors about a purchase decision?Explain. If yes, what conditions on attending should apply?
=+1 Do you think Marks faces an ethical problem in regard to her forthcoming visit to the Pinnacle users’ group meeting? Refer to the CIMA Code of Ethics for Professional Accountants. Explain.
=+Prior to leaving, Marks receives a visit from the chief executive of Prakash & Sons. Marks shows him an anonymous letter sent to her. It argues that Pinnacle is receiving unfair favourable
=+company’s six manufacturing plants and its many marketing personnel. Four major, competing products are being considered by Marks.Pinnacle is an aggressive software developer. It views Prakash &
=+1-28 KK Software procurement decision, ethics OBJECTIVE 9 Jocinta Marks is the Melbourne-based management accountant of Prakash & Sons, a rapidly growing manufacturer and marketer of Indian food
=+2 Based on this table and your understanding of the two roles, what types of training or experiences will Saunders find most useful for the CFO position?
=+1 In this table, indicate which executive is primarily responsible for each activity.Activity Management accountant CFO Managing accounts payable Communicating with investors Strategic review of
=+1-27 K Role of management accountant, role of chief financial officer OBJECTIVE 8 Martin Saunders is the management accountant at Future Ltd, a manufacturer of devices for the computer industry. He
=+9 introducing a profit-sharing plan for employees
=+8 recording research costs as an expense for financial reporting purposes (as required by Australian Accounting Standards) but capitalising and expensing them over a longer period for management
=+7 installing a participatory budgeting system in which managers set their own performance targets, instead of top management imposing performance targets on managers
=+6 selecting the more costly computer system after considering two systems
=+5 giving each salesperson the compensation option of choosing either a low salary and a high-percentage sales commission or a high salary and a low-percentage sales commission
=+4 considering the desirability of hiring one more salesperson
=+3 including costs of all the value chain functions before deciding to launch a new product, but including only its manufacturing costs in determining its inventory valuation
=+2 deciding to give bonuses for superior performance to the employees in an Indian subsidiary and extra holiday time to the employees in a New Zealand subsidiary
=+1 analysing whether to keep the billing function within an organisation or outsource it
=+1-26 K Management accounting guidelines OBJECTIVE 7 For each of the following items, identify which of the management accounting guidelines applies: cost–benefit approach, behavioural and
=+2 For each decision, discuss what information the management accountant can provide about the source of competitive advantage for these firms.
=+1 For each decision, state whether the company is following a low price or a differentiated product strategy.
=+b Prestige Computers is trying to decide whether to produce and sell a new home computer software package that includes the ability to interface with a sewing machine and a vacuum cleaner. There is
=+a Eeriephones is about to decide whether to launch production and sale of a mobile phone with standard features.
=+1-25 K Strategic decisions and management accounting OBJECTIVE 3 A series of independent situations in which a firm is about to make a strategic decision follow.Decisions
=+2 Give two examples of other planning decisions and two examples of other control decisions that may be made at Intheknow.com.au.
=+Required 1 Classify each of the decisions (a–e) as a planning or a control decision.
=+c July 2014: Offered email service to subscribers and upgraded other online services.d October 2014: Dismissed the director of marketing after significant slowdown in subscribers and subscription
=+a June 2014: Raised subscription fee to $24.95 per month from July 2014 onwards. The budgeted number of subscribers for this monthly fee is shown in the following table.b June 2014: Informed
=+1-24 K Planning and control decisions, internet company OBJECTIVE 6 Intheknow.com.au offers its subscribers several services, such as an annotated television guide and local area information on
=+2 What should Scott do if Andrews gives her a direct order to book the sales?
=+1 Describe Scott’s ethical responsibilities.
=+around 4 July. Andrews says to Scott: ‘The key event is getting the sales order, not shipping the shoes. You should support me, not obstruct my reaching division goals.’Required
=+1-23 K Professional ethics and reporting division performance OBJECTIVE 9 Heather Scott is division management accountant and Martin Andrews is division manager of the Walk Smart Shoe Company.
=+e Dewhirst compares the expected cost of buying sprayers to the expected cost of hiring more workers who paint by hand, and estimates profits from both alternatives.f The project scheduling manager
=+b Dewhirst discusses with his employees the possibility of growing revenues of the firm.c One of Dewhirst’s project managers suggests that using paint sprayers instead of hand painting will
=+1-22 K Five-step decision-making process, service firm OBJECTIVE 6 Dewhirst Painters is a firm that provides house painting services. Harry Dewhirst, the owner, is trying to find new ways to
=+e Costs for making vegetarian options are budgeted.f Best Meals decides to make the vegetarian options.g The purchasing manager calls a supplier to check the prices of ingredients for the
=+c Best Meals’ managers discuss the possibility of introducing a new product.d Best Meals’ managers compare actual costs of making vegetarian options with their budgeted costs.
=+a Best Meals performs a taste test at the local shopping centre to see if consumers like the taste of its proposed new vegetarian options.b Best Meals’ sales managers estimate they will sell more
=+1-21 K Five-step decision-making process, manufacturing OBJECTIVE 6 Best Meals makes frozen dinners that it sells through grocery stores. Typical products include roast turkey, beef stroganoff,
=+d LH estimates the costs it will incur to sell 500 additional room-nights in the off-season next year.e LH compares the sales of room-nights in the first off-season of offering reduced rates with
=+b LH calculates its share of the accommodation market after introducing its off-season special offers.c LH asks its marketing and management accounting teams to conduct a feasibility study of
=+1-20 K Planning and control decisions OBJECTIVES 4, 5 Leisure Hotels (LH) is a hotel chain in Australia that provides superior accommodation. It takes the following actions, not necessarily in the
=+in addition to its own manufacturing costs.d Company D now contracts with its suppliers to deliver frequently small quantities of materials directly to the production floor.e Company E now reports
=+b Company B now presents in a single report all costs related to achieving high-quality levels in its products.c Company C now presents in its performance reports estimates of the manufacturing
=+1-19 K Value chain, supply chain and key success factors OBJECTIVE 4 A survey on the ways organisations are changing their management accounting systems reported the following:a Company A now
=+1-18 K Value chain and classification of costs, fast food restaurant OBJECTIVE 4 Dominos Pizzas incur the following costs:a cost of gas for the pizza oven b wages of the sales assistant who takes
=+h cost of Toll courier service to deliver drugs to hospitals.Required Classify each of the cost items (a–h) as one of the business functions of the value chain shown in Figure 1-1 (p. 9).
=+e payment to actors for a television infomercial promoting a new hair-growth product for balding men f labour costs of workers in the packaging area of a production facility g bonus paid to a
=+a cost of redesigning blister packs to make drug containers more tamperproof b cost of videos sent to doctors to promote sales of a new drug c cost of a toll-free telephone line used for customer
=+1-17 K Value chain and classification of costs, pharmaceutical company OBJECTIVE 4 Pfizer, a pharmaceutical company, incurs the following costs:
=+h cost of cables purchased from an outside supplier to be used with Compaq printers.Required Classify each of the cost items (a–h) into one of the business functions of the value chain shown in
=+g payment to television network for running Compaq advertisements
=+f purchase of competitors’ products for testing against potential Compaq products
=+e cost of Compaq employees’ visit to a major customer to demonstrate Compaq’s ability to interconnect with other computers
=+d salaries of computer scientists working on the next generation of minicomputers
=+c payment to David Kelley Designs for design of the Armada Notebook
=+b transportation costs for shipping the Presario line of products to a retail chain
=+a electricity costs for the plant assembling the Presario computer line of products
=+1-16 K Value chain and classification of costs, computer company OBJECTIVE 4 Compaq Computer incurs the following costs:
=+1-15 If a management accountant is faced with an ethical conflict, what steps should he or she take if established written policies provide insufficient guidance on how to handle it?
=+1-14 Name the five areas in which there are standards of ethical conduct for management accountants in Australia. Which organisation sets these standards?
=+1-13 What is the professional occupation of members of CPA Australia, ICAA and CIMA?
=+1-12 As a new management accountant, reply to this comment by a plant manager: ‘No bean counter knows enough about my responsibilities to be of any use to me. As I see it, our accountants may be
=+1-11 ‘Knowledge of technical issues such as computer technology is a necessary but not a sufficient condition to becoming a successful management accountant.’ Do you agree? Explain your answer.
=+1-10 Describe the three guidelines that help management accountants provide the most value to managers.
=+1-9 Distinguish planning decisions from control decisions.
=+1-8 Describe the five-step decision-making process.
=+1-7 How can management accountants help improve quality and also ensure that products are delivered on time?
=+1-6 ‘Management accounting deals only with costs.’ Do you agree? Explain your answer.
=+1-5 Explain the term ‘supply chain’ and its importance to cost management.
=+1-4 Describe the business functions in the value chain.
=+1-3 How can a management accountant help to formulate a strategy?
=+1-2 ‘Management accounting should not fit the straitjacket of financial accounting.’ Explain your answer and give an example.
=+1-1 How does management accounting differ from financial accounting?
=+9 What are the ethical responsibilities of management accountants?
=+In most organisations, the management accountant, who carries out the management accounting function, reports to the chief financial officer, who is a key member of the top management team.
=+Three guidelines that help management accountants increase their value to managers are: (a) employ a cost–benefit approach; (b) recognise behavioural as well as technical considerations; and (c)
=+7 What guidelines do management accountants use?
=+Managers implement strategy by making decisions using a five-step decisionmaking process: (a) identify the problem and uncertainties; (b) obtain information; (c) make predictions about the future;
=+Companies add value through R&D; design of products, services or processes;production; marketing; distribution; and customer service. Customers want companies to deliver performance through cost
=+It assists the management accountant to identify the costs and benefits of each business function in the chain to assess the value it adds.
=+Management accountants contribute to strategic decisions by providing information about the sources of competitive advantage.
=+3 How do management accountants support strategic decisions?
=+Three examples are: (a) by identifying relevant costs and benefits; (b) by using activity-based costing; and (c) by carrying out a cost–benefit analysis of sustainability initiatives.
=+Cost accounting measures, analyses and reports financial and non-financial information relating to the cost of acquiring or using resources in an organisation. Cost accounting provides information
=+Classify each cost item (a–h) as one of the business functions in the value chain in Figure 1-1 (p. 9).
=+h cost of hand-held computers used by Pepperidge Farm delivery staff serving major supermarket accounts.Required
=+g cost of gloves used by line operators on the Swanson Fiesta breakfast food production line
=+f cost of a toll-free telephone line used for customer inquiries about using Campbell’s soup products
=+e payment to Safeway for redeeming coupons on Campbell’s food products
=+d salaries of food technologists researching the feasibility of a Prego pizza sauce that has minimal calories
=+c payment to Backer, Spielvogel, Bates, the advertising agency, for advertising work on the Healthy Request line of soup products
=+b materials purchased for redesigning Pepperidge Farm biscuit containers to make biscuits stay fresh longer
=+a purchase of tomatoes by a canning plant for Campbell’s tomato soup products
=+Where does the management accounting function fit into an organisation’s structure?
=+How do managers implement strategy?
=+How do companies add value, and what are the dimensions of performance that customers expect of companies?

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