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horngrens cost accounting a managerial emphasis

Questions and Answers of Horngrens Cost Accounting A Managerial Emphasis

Those which do not have an established market and which are used as substitutes for other materials.LO.1
Those not readily marketable or usable as substitutes for other materials.LO.1
Distinguish between by-products and joint products.LO.1
What is the basic issue in by-product and joint product costing, and how does its solution relate to "why" of cost allocation?LO.1
What are the general principles of valuation for by-products?LO.1
A by-product with an established market can also be used as a substitute material by the company producing it. When should it be sold, and when should it be used as a substitute material?LO.1
When a by-product has an established market, what items should be deducted from the market price to arrive at the by-product valuation?LO.1
When a by-product with no established market is used as a substitute material, how is its value determined?LO.1
A certain by-product is sold infrequently and at very low prices. When and how should a value be determined for the by-product and credited to the prime product? When answering this question first
Can there be a difference in the gross margin percentages of individual joint products resulting from allocation of joint costs on the basis of physical quantities? Sales values?LO.1
How might one allocate joint costs when there is no sales value for one or more joint products at the point of separation of joint products?LO.1
How might one be able to avoid the allocation of costs to joint products when valuing joint products? Would this method be less arbitrary than cost allocation? Discuss.LO.1
Distinguish between joint costs and common costs, and discuss the reasons underlying why or why not common costs should be allocated to specific segments of a firm.LO.1
How can it be that an individual element of cost can be common and traceable at one and the same time?LO.1
A Theory Question.a. Explain the basic difference in the method of accounting for joint products and byproducts.b. State the conditions under which an item should be treated as a by-product rather
Joint Costs and Decision Making.State College Dairy can process 100 gallons of raw milk to yield any one of the following combinations of products:a. 60 gallons of skim milk, 20 gallons of 2% milk,
Joint Costs and Decision Making.The Fido Dog Food Company can use 100 pounds of basic materials to produce any of the following combinations of dog feeds:a. 20 lbs. of Adult, 10 lbs. of Hi-Pro, and
Joint Costs and a Decision on Processing Further.The manager of the Parrot Division questions whether product EL-OA should be processed further.Presently every batch of EL-O results in 3,750 units of
Joint Products and Inventory Valuation.Required:Calculate costs per pound of each product produced under each of the following conditions.Use the sales value method.a. Sweet Tooth Chocolate Company
The objective of divisional performance measurement and decentralization.LO.1
The distinction between responsibility reporting and information reporting plus the relationship of this distinction to controllable, traceable, and allocated items of cost and invested capital.LO.1
The application of rate of return and residual income to divisional reporting.LO.1
Controllable revenue and the manufacturing function which gives rise to the need for transfer pricing in divisional reporting.LO.1
Available transfer prices when producing units to sell to external buyers.LO.1
Available transfer prices when producing units to not sell to external buyers.LO.1
Understanding how the opportunity to purchase from external sellers influences transfer pricing.LO.1
A "market forces" framework for resolving goal congruence issues relative to intercompany transfer pricing.LO.1
Useful alternatives to transfer pricing when management decides that the difficulties and problems inherent in setting transfer prices are not worth the effort.LO.1
What is the fundamental objective of, and the requisite for the separation of costs into fixed and variable components?LO.1
Do you agree that profit planning and budgeting cannot be done without the analysis of cost behavior. If so why?LO.1
Describe the equation to predict total costs and indicate the dependent element (variable).LO.1
Discuss the appropriate measure of activity (volume) and the notion of a common denominator relative to analyzing cost behavior?LO.1
What are three categories into which costs can be classified for purposes of analyzing cost behavior?LO.1
List and describe the elements in the equation for a straight line.LO.1
List and briefly explain three mathematical or statistical methods available to separate mixed costs into fixed and variable components.LO.1
Explain the high-low method to separating mixed costs.LO.1
The high-low method is said to deal only with extreme values. What approach might be taken to adjust for extreme values in the data?LO.1
What is the main problem or conceptual flaw with the scattergraph approach to separating mixed costs?LO.1
The simple regression equation is Y = a + bx. Explain each element in the equation.LO.1
What are the main statistical properties of regression analysis?It is stated that regression analysis overcomes the limitations of both the high-low and scattergraph analysis, Explain why.LO.1
To analyze cost behavior is not an easy task. List some precautions that should be taken when doing so.LO.1
How can the strength of the relationship between variables be measured?LO.1
Regression Terminology.Explain the following as they relate to linear regression and correlation analysis: (also show equation where appropriate).Required:The method of least squares.The slope of the
Using the High-Low Method.Consider the following information on the monthly repair cost for a delivery truck.Monthly Miles Repair Traveled Costs 3,000 $ 1,350 6,000 1,500 8,000 3,050 5,000 2,100
Using the Scattergraph Method.Consider the following information on the monthly inspection cost for a production process.Hours Inspection Worked Cost January 20,000 $41,000 February 28,000 55,000
Basic methods for evaluating capital budgeting decisions, LO.1
Decision criteria under cash flow accounting, such as net present valve, internal rate of return on investment, payback and the profitability index.LO.1
The impact working capital, salvage value and accelerated depreciation on cash flow analyses LO.1
Cost of capital and the minimum required rate of return.LO.1
Project riskiness and "what if?" or sensitivity analysis.LO.1
Two specific capital budgeting decisions, equipment replacement and investing vs. financing decisions.LO.1
Define the "capital budgeting decision."LO.1
Why is depreciation deducted under the accrual accounting method of evaluating capital expenditures and not under the cash flow accounting method?LO.1
Define the net present value. Define the internal rate of return. How are they related?LO.1
What is meant by the payback period?LO.1
How would required investments in working capital affect capital expenditure decisions under the discounted cash flow method?LO.1
What impact does the salvage value of equipment purchased have on the capital expenditure decision?LO.1
The three terms: cost of capital, minimum required rate of return and hurdle rate, are used interchangeably. However, they have different meanings. Define each term.LO.1
Why is difficult to determine the cost of capital rate?LO.1
All capital projects have an element of risk. Define risk and discuss how risk should and can be considered in the capital budgeting decision.LO.1
The investment decision and the financing decision should be considered separately: (1)explain what is meant by the financing decision, and (2) why must they be considered separately?LO.1
Equipment Replacement.Lucky's Limo Service is considering the purchase of a new stretch limo which will cost$42,500 and have an estimated salvage value of $5,000 at the end of its estimated useful
Equipment Replacement.Assume Lucky's Limo Service (use the data in Problem 15-19 above) can get $7,500 cash for the old limo, which has a book value of $2,500. Assume the old limo has a zero cash
Capital Budgeting Installment Purchase.City Charities Inc. must acquire a computer. The computer can be purchased outright at acost of $130,000 or on installment at $40,000 per annum for five years.
The basic issue in by-product and joint product accounting and the solution to the basic issue.LO.1
Decision making relative to joint and by-products as related to products fixed in kind and proportion, products not fixed in kind or proportion, and products processed after separation.LO.1
Allocation of joint product costs to by-products and joint products as they relate to measuring and motivating performance plus inventory valuation for financial reporting.LO.1
By-product valuation when by-products have established market prices or are used as substitute materials or are treated as scrap.LO.1
Joint product cost allocation based on physical quantities and sales valves.LO.1
Joint product cost allocation when there is processing after separation.LO.1
The distinction between joint costs and common costs.LO.1
Physical quantity of various direct materials used per physical quantity of output generated by various production departments and plants.LO.1
Physical quantity of various categories of direct labor used per physical quantity of output generated by various production departments and plants.LO.1
Spoilage (quality) reports by various products in various production departments and plants.LO.1
Physical and dollar quantity of various products sold by various sales personnel in various sales territories.LO.1
Purchases of materials at prices more than a designated percentage off standard with information on who approved such purchases.LO.1
Sales of products at prices and other terms more than a designated percentage off budget with information on who approved such sales.LO.1
Indirect labor hours and/or costs per physical quantity of output generated by various production departments and plants.LO.1
Indirect materials quantities and/or costs per physical quantity of output generated by various production departments and plants.LO.1
Energy costs and/or quantities per physical quantity of output generated by various production departments and plants.LO.1
Head counts of personnel in various service and administrative departments related to appropriate measures of activity.LO.1
Sales and marketing costs by salespeople and territory related to sales activities and results by salespeople and territory.LO.1
Data on product mixes being sold as well as inventory levels.LO.1
Data on cash, receivables and payables.LO.1
Various summations of daily and weekly reports.LO.1
Define the term master budget.LO.1
Generally speaking, the flexible budget method is accepted as a better approach for comparison to actual results, yet the comparison to the fixed or master budget is also important. Discuss.LO.1
Most variance analysis is involved with financial differences. Why are non-financial data also important?LO.1
Contrast the sequential approach to variance analysis using the various levels of analysis with responsibility accounting.LO.1
The sales efficiency variance can be further divided into price and volume variances.Briefly define both.LO.1
The volume variance can be further divided into quantity and mix variances. Briefly define both.LO.1
Describe the situation when an unfavorable sales efficiency variance could possibly be caused by the production department.LO.1
Discuss the behavioral implications of using actual profit contribution rather than budgeted profit contribution when calculating sales quantity and mix variances.LO.1
"There should be few, if any, surprises with regard to off-standard or off-budget performance at the end of a month, quarter or year." How can management avoid surprises?LO.1
List the various daily and weekly reports that the management accountant could produce to alert management of possible problems.LO.1
The level 0 analysis of the CPA Company's net income is as follows:Master budget income ... $ 1,356,860 Actual net income ...... 1,196,390 WaltanCe tieven co ae $ _160,470U List the information
The need for analyzing cost behavior.LO.1
The relationship between analyzing cost behavior and cost prediction or forecasting.LO.1
The relationship between analyzing cost behavior and an appropriate measure of activity (i.e., output or standard input).LO.1
Methods for analyzing cost behavior (i.e., separating costs into fixed and variable components).LO.1

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