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business
horngrens cost accounting a managerial emphasis

Questions and Answers of Horngrens Cost Accounting A Managerial Emphasis

High-low analysis, scatter chart analysis and regression analysis as applied to separating costs into fixed and variable components.LO.1
The statistical properties of regression analysis such as the standard error, the variance, correlation, and their use in determining which is the best rearession and how good the best regression
Company accountants estimated the total direct labor hours the company would use for the year at 100,000 hours.LO.1
The company estimated total manufacturing overhead for the coming year at $500,000.LO.1
Accountants divided the total manufacturing overhead of $500,000 by the estimated labor hours for the year of 100,000 to derive an overhead rate of $5 per labor hour.LO.1
Conversion of Decision Making Cost to Cost for External Reporting—Miultiple Products.Smith Candies manufactures two types of candies in its plant in Charleston. Information on these two products is
The development of standard costs including their purpose, benefits and the difference between physical standards and dollar standards.LO.1
The difference between attainable and perfection standards.LO.1
The determination of standards for direct material, direct labor, variable manufacturing overhead and fixed manufacturing overhead.LO.1
The selection of an activity level for determining manufacturing overhead rates for inventory valuation for external reports.LO.1
The use of normal volume vs. physical capacity and expected activity as the basis for determining manufacturing overhead rates for external reporting.LO.1
Building standard costs for products.LO.1
Using activity based costing to develop product costs.LO.1
Describe the three schools of thought on the relation between quality and costs.LO.1
What specific kinds of costs does the level of quality affect?LO.1
If a company doubles its quality level what will this likely do to sales and costs?LO.1
Summarize the major arguments about the relationship between cost and quality.LO.1
How can an increase in quality cause costs to decrease? Give some examples.LO.1
If the defect rate for a company that produces lawn mowers goes up, what will this do to personnel costs, work-in-process inventory, and operating costs?LO.1
Explain the quality measurements C, and C,.LO.1
Why do companies measure defects in parts per million instead of in percentage terms?LO.1
How do product design decisions affect the quality of manufactured products?LO.1
Name and describe the four categories of quality cost.LO.1
When acompany increases its expenditures on prevention costs, what happens to the levels of other quality costs?LO.1
Describe a case of poor quality you encountered in the past. For the organization where you encountered the poor quality experience, estimate the change in its monthly profit if it could deliver
Cost of Quality Reporting.Frank Riney was reviewing the following list of expenses and wondering where he could use quality improvements to cut costs and bring his profits back into line with his
Computing the Cost of Poor Quality.A company produces 2,000,000 units of a product each year, and you have been asked by the president of the company to look into the costs affected by the quality of
Cost Impact of Quality Improvements.Quality impacts the production costs of manufacturing in many ways besides driving up inventory carrying costs. For example, one company estimates that it costs $5
Product Design and Quality Costs.Use the information from problem 10-15 to answer this question.a. Assume the company normally requires eighteen months to develop anew product with an error rate of
Quality Costs and Customer Satisfaction.Wanton Corporation produces a product that it sells directly to consumers. Company executives have been reading about quality and all the wonderful things it
Computation of C, and C,,, Measures.Your company produces chemicals for use by dry cleaners, and it ships the chemicals in barrels with a specified weight of 500 pounds. Marketing and manufacturing
Inventory Level and Quality Level.A consulting firm developed the following schedule depicting the relationships between product quality and various resources used within manufacturing operations.
Customer Service Costs; Elimination of a Department.Durabond, Inc., believes in taking care of customer complaints quickly and efficiently, so it has created both a Customer Service facility and a
Statistical Process Control Charts.Operators at a plant that produces hydraulic pumps collected the following data on seal groove depth. Use these data to plot Average and Range charts. The company
The basic or fundamental concepts of manufacturing cost control and responsibility reporting. LO.1
The problem of dual responsibility for costs and two possible solutions to the difficulties involved. LO.1
A complete approach to the control of manufacturing costs including lines of defense and bases of control plus the role of dollar(financial) and physical (non-financial) responsibility reports. LO.1
Related aspects of manufacturing cost control such as preventive cost control, motivation, feedback, total enterprise performance, cost reduction, and the individual firm's decision regarding its
The supervisor's own cost performance in terms of costs he or she is responsible for.LO.1
Thecosts which the company must incur in order to support the supervisor's activities even though the supervisor is not responsible for such costs.LO.1
The costs involve dual responsibility.LO.1
Each of the responsible individuals or groups must be put in a position where they realize that their responsibility is recognized and its extent of fulfillment will be measured.LO.1
It is difficult to add up to a total figure for cost performance when some measures are physical and others monetary.LO.1
Physical measures do not illustrate the impact on net income of variations from standard.LO.1
The measures of cost performance are homogeneous; that is, all are expressed in terms of dollars rather than partly in dollars and partly in physical terms. This facilitates the summation of total
Dollars reveal directly the impact on net income of variations from standard, but physical consumption measures do not.LO.1
Distinguish among cost control, cost reduction, and continuous improvement.LO.1
Discuss: "Efficient organization and operation requires both cost control and cost reduction."LO.1
What is the role of accounting and accounting reports in the process of cost control?LO.1
Why is it essential to include responsibility accounting and areas of responsibility within the framework of cost control?LO.1
Define and distinguish among:Controllable costs Noncontrollable costs Costs controllable by me (or us)Costs controllable by others Fixed costs Aomoop Variable costs LO.1
At what levels of the organization might fixed costs and costs controllable by others be synonymous?LO.1
Discuss: "The conflict between costs required for income measurement and costs required for control is one of the most difficult accounting conflicts to resolve unless one concentrates their
What useful purpose can be served by including costs controllable by others in a responsibility accounting report?LO.1
How might the cost of responsibility accounting reports affect the extent to whicha formal responsibility accounting system might be instituted?LO.1
How might one solve the following problems concerning responsibility for costs:a. The need for reports covering the performance of each of three workers who operate a machine as a crew rather than as
Is there any necessary relationship between lines of defense and bases of control?LO.1
Discuss: "Since we can rely on the observation of workers and supervisors to detect deviations from standards, there is no need to prepare a whole series of formalized accounting reports. Long before
What question should be asked upon the receipt of a responsibility accounting report?LO.1
Define preventive cost control.LO.1
Relate the steps in the control cycle to the phases of cost control.LO.1
Discuss: "Without motivation on the part of workers, middle management control activities and upper level management control activities are bound to be frustrated."LO.1
Discuss: "Controlling costs is just one phase of the total process of controlling performance."LO.1
Is it possible for an individual firm to avoid a decision on the type of cost control system to implement in its organization?LO.1
How might cost variations be eliminated before they occur?LO.1
Discuss how one might draw a distinction between physical and dollar reports in terms of reports more related to control as such vs. reports related to reviewing the results of control.LO.1
Discuss how one might draw a distinction between detail and summary reports in terms of reports more related to control as such vs. reports related to reviewing the results of control.LO.1
Define and distinguish between a fixed or static budget and a flexible budget. What type would you recommend, and why?LO.1
How is the distinction between operating and accounting controls related to preventive control, observation, physical and dollar reports?LO.1
What are the accounting bases of controlling manufacturing overhead costs, and what is the position of each within the framework of cost control?LO.1
On the Essence of Cost Control.The question in the mind of management when it reviews the accounting reports appropriate for cost control is: "What are the causes of these variations and what has
On the Essence of Cost Control.The essence of cost control is an accounting report of variations between actual and standard. These reports may be prepared in physical terms or in terms of dollars.
On the Essence of Cost Control. :Cost control activities can eliminate only the continuation of out-of-line performance.This is true since no one can alter or undo what has already occurred. With
Cost Reports and Motivation.Required:Discuss the following comment: "I am well aware of the fact that my supervisors are not in a position to influence those costs. However, | am still going to
How contribution data helps managers make resource allocations LO.1
How to evaluate the contributions products make to company profits LO.1
Which costs are relevant for decisions to drop products LO.1
Compensation plans for salespersons that drive good behavior LO.1
The complexities of evaluating product profitability LO.1
Differences in profits under average and marginal costing for products LO.1
The relationship among subsidiary ledgers, general ledgers, and computer databases.LO.1
The classification systems companies use to capture information about costs and revenues.LO.1
The definition of manufacturing costs and inventories relevant to management accounting.LO.1
The principles of account code creation.LO.1
The relationship between responsibility accounting and account codes.LO.1
How do subsidiary ledgers and the general ledger relate to the structure of a computerized accounting system?LO.1
What are the common elements in the definition of direct materials and direct labor?LO.1
Give two examples of raw materials for an automobile assembly plant.LO.1
How does manufacturing overhead differ from direct materials?LO.1
Explain the difference between work-in-process and finished goods.LO.1
Describe segment accounting, and explain why it is important for large companies.LO.1
Explain the difference between product segments and organization, or responsibility, segments.LO.1
List the code fields a company with business operations around the globe might use to track costs and revenues.LO.1
Give an illustration of the codes for each of the four fields to record the expense for sales personnel in London who sell motor graders. Use the first example in the Basic Code Structure section of
What are the advantages of a group code over a block code?LO.1
How do managers use product code identifiers to collect information important for management decisions?LO.1
Explain how the accounting system tracks individual expenses so the accounting system can report to managers the expenses and revenues for which they are responsible.LO.1
Explain the relationship between the organization chart and the responsibility reports generated by the accounting system.LO.1
Explain the process accountants use to summarize the data captured by account codes.What kind of information does the accountant include in a materials code?LO.1
Responsibility Accounting for a Sales Territory.Melanie Rosenzweig manages the Eastern Sales Territory for the Salamander Corporation. She has fifteen salesmen working for her, and she has a small

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