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business
horngrens cost accounting a managerial emphasis

Questions and Answers of Horngrens Cost Accounting A Managerial Emphasis

Responsibility Accounting and Management Decisions.Three managers make all major decisions in your company about factors that affect expenses incurred by the company. Jay Marking handles all
The basis of cost-volume-profit relationships including break-even analysis and the concept of contribution margin.LO.1
The construction of break-even and profit-volume charts.LO.1
Calculation of break-even points in units and dollars, including the use of contribution margin per unit and as a percentage in the calculation.LO.1
The traditional vs. the contribution income statement.Relevant range, margin of safety and operating leverage vs.financial leverage.LO.1
Extension of break-even analysis to determine the volume needed to achieve a desired operating income percentage (before and after taxes) and return on stockholders’ equity.LO.1
Assist management in the development and evaluation of long-range plans.LO.1
Make possible a long-term projection of the cash and the working capital position.LO.1
Indicate resources required.LO.1
Evaluate financing requirements.LO.1
Indicate opportunities for the profitable investment of capital.LO.1
Provide management with the basis for making changes in organization structure and personnel to meet changing economic conditions.LO.1
Stockholders' equity or capital invested by stockholders.LO.1
Total assets or capital invested by all suppliers of capital (equity + debt).LO.1
Total assets less current liabilities or capital invested by long-term suppliers of capital (equity+long-term debt).1. The best and the average returns of all companies.LO.1
The best and the average returns of similar industries.LO.1
The company position in the industry.LO.1
The competitive value of patents or secret processes of the company.LO.1
The possibility of new businesses entering the field and becoming significant competitors.LO.1
Distinguish between budgets and forecasts.LO.1
How does budgeting provide a ready basis for making many day-to-day decisions?LO.1
When starting a budget program, why is it desirable to limit the amount of detail?LO.1
What is meant by the budget period? How long should it be?LO.1
What are the responsibilities of the budget committee? The chief budget officer?LO.1
What purpose(s) does a set of basic assumptions serve in budgeting?LO.1
Why is return on invested capital a more appropriate measure of management effectiveness than the percentage relationship between income and sales?LO.1
Why might the term return on investment be misleading when used as a synonym for return on invested capital?LO.1
Discuss the reasons for and problems involved in using the original cost of plant and equipment as part of the total invested capital?LO.1
How are return on invested capital, capital turnover, and percent profit on sales related?LO.1
With a capital turnover of 1.9 and a return on invested capital of 16 percent, what must be the net income as a percentage of sales?LO.1
With a return on invested capital of 14 percent and a percent profit on sales of 6 percent, what must be the capital turnover?LO.1
Is failure to meet a budget an indication of unsatisfactory performance?LO.1
Describe the budgetary process in detail.LO.1
Of what value is the distinction between costs which generate revenues and costs generated by revenues?LO.1
Budgetary Slack and Other Budget Concepts.In recent years, budgets have become widely accepted as a key element in the organization's financial system. Budgets of some type are used in most
The relationship between responsibility accounting and cost centers, work cells, departments and flow lines.LO.1
How to identify costs relevant for management decisions.LO.1
The product costs relevant for output and product mix decisions.LO.1
How bills of materials and product routings provide useful information to accountants.LO.1
The essential elements of effective cost tracking systems.LO.1
The impact of just-in-time manufacturing on accounting systems.LO.1
The impact of just-in-time manufacturing systems on the cost accounting system.LO.1
Requisition materials from materials area to department A.LO.1
Move materials from department A to work-in-process storage.LO.1
Move materials from work-in-process storage to department B.LO.1
Requisition added materials for department B.LO.1
Move materials from department B to work-in-process storage.LO.1
Move materials from work-in-process storage to department C.LO.1
Requisition added materials for department C.LO.1
Move finished units to finished goods inventory.LO.1
Explain the relationship between work cells and responsibility accounting.LO.1
How do managers use responsibility accounting to manage costs in work cells?LO.1
List three fields accountants will most likely use in a cost code for a factory that plans to track costs by cost center and by production line.LO.1
What is the distinguishing characteristic of a cost relevant to a decision a manager has to make? Give a specific example.LO.1
What is the relationship between incremental unit cost and variable unit cost?LO.1
What is a bill of materials, and what is a product routing? How does the accountant use them for developing product costs?LO.1
For what reason do accountants create cost tracking systems?LO.1
Name and describe the three documents typically involved in materials purchasing and materials management.LO.1
Describe the journal entries a company usually uses to record the receipt of materials, the movement of materials to work-in-process, and the movement of units from one department to another within
What is inventory carrying cost?LO.1
Name and describe two characteristics of a just in time manufacturing system.LO.1
How does JIT affect the cost accounting system?LO.1
List the journal entries required to move materials from materials storage for a traditional manufacturing system, and then list the journal entries required for the same materials movement under a
Relevant Costs for Decision Making.Jason Wilson who operates a t-shirt concession at a local fair is considering opening a store in a local shopping center. He can rent space in the shopping center
Relevant Cost Computation.You are the owner of a home with a two-car garage, and you are a bargain hunter who has made some excellent buys on automobiles. However, your home has a garage that will
Responsibility Code Design.Mason Lawn and Garden manufactures equipment for the nursery industry. They produce twenty different products among which are machines that mix soil and fill flower pots
Maintenance Cost Analysis.Cool Aire has been experiencing problems in the final assembly of its air conditioner operations. The conveyor that carries the compressors to final assembly periodically
The basic elements of job order cost and process cost systems.LO.1
How to use the reports generated by a job order cost system.LO.1
The journal entries required to track the flow of costs in a job order cost system.LO.1
The cost tracking and reporting used in project management systems.LO.1
The cost tracking procedures for process cost systems and the reports used in such systems.LO.1
The role of backflush accounting in process cost systems.LO.1
The importance of fixed cost layers to management decision making.LO.1
Charge direct materials, direct labor, and manufacturing overhead to the production lines as the costs occur during the period.LO.1
Remove costs from the line at the end of the period with a backflush entry.LO.1
Charge direct material, direct labor, and manufacturing overhead costs to departments.LO.1
Record movement of product parts from a department to work-in-process storage.LO.1
Record movement of parts from work-in-process storage to departments.LO.1
Record costs of parts moved from one department to another.LO.1
Record movement of finished units from work-in-process to finished goods.LO.1
How do job order and process cost systems differ?LO.1
What difference would an accountant expect to find between the account codes used by a pipeline construction company and those used by a chemical plant producing ethylene?LO.1
Why do managers collect cost data for individual jobs?LO.1
Explain how a manager can use cost information on past jobs to develop a price quote for a new job.LO.1
What is a critical path?LO.1
The manager of a construction project tells you he has plenty of slack in one of the tasks on his job. What does he mean?LO.1
How does cost tracking for project management differ from cost tracking for a job cost system like that used by Joslin Sign Company?LO.1
Describe the format and content of a project cost report the construction manager for a housing project receives weekly or monthly.LO.1
How do the cost reports for a department manager in a company using a job order cost system differ from those in a company using a process cost system?LO.1
Describe backflush accounting.LO.1
When do managers take fixed costs into account in their decisions?LO.1
Why is it important for managers to identify fixed cost layers in their company?LO.1
How to convert cost for a decision oriented cost system to the costs required for external reporting.LO.1
Basic entries in actual cost systems and their quantification under both job order and process costing.LO.1
Equivalent units and their critical role in process costing via both weighted average and FIFO cost.LO.1
Process costing under single and multiple processes.LO.1
Treatment of spoiled units under both job order and process costing.LO.1
Control over costs through the identification of variances between actual and standard costs.LO.1
Informative income statements that identify excess costs as wastes and cost savings as gains.LO.1

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