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horngrens cost accounting a managerial emphasis

Questions and Answers of Horngrens Cost Accounting A Managerial Emphasis

“Standard costing is O.K. for big companies that can afford such an elaborate system. But our company relies on an ‘actual’ system because it saves clerical costs.”” Comment. lop4
How does management decide when a variance is large enough to warrant investigation? lop4
List five purposes of standard costs. lop4
Who should ordinarily be responsible for the extra costs arising from rush sales orders? Why? lop4
Define learning curve. Name four of its uses. lop4
Who is responsible for developing standards? lop4
Why do budgeted variances arise? lop4
When will budgets differ from standards? When will they be the same? lop4
Inefficiency and Product Costing (CPA) Discuss the following quotation from the standpoint of:1. The places in the accounting procedure at which wastes may be most readily recognized, measured, and
Material Variances Assume that a table manufacturer uses plastic tops. Plastic is purchased in large sizes, cut down as needed, and then glued to the tables.A given-sized table will require a
General Journal Entries for Materials Consider the following data compiled by the manufacturer of 1,000 television tables:Standard price per square foot $.65 Actual price per square foot $.62
Journal Entries for Direct Labor The AB Company had a standard rate (price)of $8.00 per direct-labor hour. Actual‘hours in July were 20,526 at an actual price of $7.90 per hour. The standard
Choosing Labor Standards (CMA) The Alton Company is going to expand its punch-press department. It is about to purchase three new punch presses from Equipment Manufacturers, Inc. Equipment
Comparison of General-Ledger Entries for Direct Materials and Direct Labor The Sweeney Co. has the following data for the month of March, when 1,100 fin- ished units were produced:Direct materials
Journal Entries for Standard Costs Here is a summary of certain Hong Kong data for a job shop that uses standard costs for direct materials and direct labor.PURCHASE STANDARD PRICE MATERIALS
Elementary Variance Analysis and Graph Consider the following data regarding the manufacture of 20,000 units (pairs) of boots:STANDARDS Direct materials Two pounds of input at $4 per pound, or $8 per
Flexibility in Budgets Refer to Problem 7-24. Suppose that the original budget was for 24,000 units of output. The general manager is gleeful about the following report:ACTUAL ORIGINAL COSTS BUDGET
Journal Entries and T-Accounts_ Prepare journal entries and T-accounts for all transactions in the Problem 7-24, including part 3. Summarize how these? lop4
journal entries differ from the normal costing entries as described in Chapter 4.Analysis of Variances (SIA, adapted) The Alpha Co. Ltd. produces toys for national distribution. The management has
Analysis of Variances (CPA, adapted) Ross Shirts, Inc., manufactures short- and long-sleeve men’s shirts for large stores. Ross produces a single-quality shirt in lots to each customer’s order
Combined or Joint Price-Efficiency Variances and Incentives The MTT Company had a long history of using bonuses that were specifically tied to performance. Minimal inventories of any kind were kept.
Analysis of Labor The City of San Francisco has a maintenance shop where all kinds of truck repairs are performed. Through the years, various labor standards have been developed to judge performance.
Budgets and Expected Variances The Werelius Manufacturing Company uses standard costs and budgets for planning and controlling current production of its two products, F and G. Schedules for the year
Learning Curve and Cost Estimation The Smyth Company, a subcontractor for the aircraft and missile industry, has been asked to bid on a prospective contract for 900 units of a precision missile part.
Learning Curve, Cost Predictions, and Pricing The Boeheed Corporation is a large, multidivision company with annual sales in excess of one billion dollars.One of Boeheed’s divisions, the Spriggs
“Net income divided by sales is the most important single measure of business success.” Do you agree? Why? lop1
List four possible bases for computing the cost of invested capital. lop1
“The stockholder’s-equity base js the best investment base for appraising operating management.” Do you agree? Why? lop1
“The use of undepreciated cost of fixed assets as part of the investment base compensates for the impact of the changing price level on historical cost.”Do you agree? Why? lop1
Under what circumstances does the gross-asset base make most sense? lop1
Proponents of net book value as an investment base usually cite two major reasons for their position. What are these reasons? lop1
How should interest expense and nonrecurring expenses be considered in computing incomes that are related to investment bases?23-8“In recent years there has been a tendency toward corporate
What income concept is likely to be most realistic for measuring performance of various corporate segments? lop1
“The rate-of-return tool is so hampered by limitations that we might as well forget it.” Do you agree? Why? lop1
What measures besides rate of return are commonly used to judge managerial performance? lop1
“Too much stress on rate of return can hurt the corporation.”’ How? lop1
Government Contracts and Profit Margins Spokesmen for many companies that are heavily involved in government-contract work often complain that defense work is not very profitable. They cite
Analysis of Return on Capital; Comparison of Three Companies (Adapted from N.A.A. Research Report No. 35, pp. 34-35)1. Rate of return on capital is often expressed as follows:What advantages can you
After filling in the blanks, comment on the relative performance of these companies as thoroughly as the data permit.Pricing, Rate of Return, and Measuring Efficiency A large automobile company
Using Gross or Net Book Value of Fixed Assets Assume that a particular plant acquires $400,000 of fixed assets with a useful life of four years and no residual value. Straight-line depreciation will
The General Electric Approach {Adapted from David Solomons, Dzzsional Performance: Measurement and Control (New York: Financial Executives Research Foundation, Inc., 1965)] Consider the
Various Measures of Profitability When the Coronet Company formed three divisions a year ago, the president told the division managers that a bonus would be paid to the most profitable division.
Discounted Cash Flow and Evaluation of Performance John Castleman, the general manager of a division of a huge, highly diversified company, recently attended an executive training program. He learned
Conflict of Accrual and DCF Models 1. The Marples Company, a small job shop, has landed a three-year exclusive contract for 10,000 proprietary widgets per year at $2.50 each. Total variable costs,
Soviet Approach to Return on Investment ‘The Soviet System is a management control and evaluation system (bonus system) that is used in much of the Soviet economy. It is used to evaluate managers
You have been hired on the controller’s staff of a large motel chain that owns many motels. Your first assignment is to help the controller and executive vice-president decide whether to continue
What Investment Bases Should Be Used? ‘The president of a giant corporation has attended miscellaneous management education programs during the past few years. He has a persistent desire to keep
Multiple Goals and Profitability Solve Problem 6-26, which could logically have been placed here. lop1
Divisional Profitability and Performance Solve Problem 6-27, which could logically have been placed here. lop1
Responsibility and Control of Costs Solve Problem 6-28, which could logically have been placed here. lop1
Allocation of Computer Costs Solve Problem 15-24, which could logically have been placed here. lop1
Evaluation of Control System Solve Problem 6-29, which could logically have been placed here. lop1
Design of Management Control System; Review of Chapters 22 and 23 Western Pants, Inc., is one of America’s oldest clothing firms. Founded in the midnineteenth century, the firm weathered lean years
Design of Management Control System; Review of Chapters 22 and 23 (Copyright © 1964 by the President and Fellows of Harvard College. Reproduced by permission.)Empire Glass Company was a diversified
Define decision making. L01
“Determining the problem is the key to successful decision making.” Comment. L01
A fire has destroyed a factory. As the company manager, list as many alternative actions as you can formulate. L01
“Taking no action must always be listed among alternative courses of action.”Discuss. lo1
“The management consultant is happy when he finds that his client has wholeheartedly accepted a beautiful decision program that is the consultant’s brainchild and the product of weeks of
“The wisdom of a decision can never really be measured until the future becomes the past.” What are the merits and weaknesses of a postdecision audit? L01
Distinguish among risk, certainty, and uncertainty. L01
Define expected value. L01
What steps should be taken in computing expected value? L01
Many businessmen refuse to accept marginal business at cut prices under any circumstances. They say that acceptance of such orders will hurt the industry price structure and thus boomerang to the
What is the major benefit of using subjective probabilities in forecasting? L01
What is wézlity value? L01
Assessment of Subjective Probabilities Both Sears, Roebuck and Montgomery Ward faced the same general economic conditions in the decade after World War II. Ward’s policy was to keep a relatively
Size of Inventory Once a day, a retailer stocks bunches of fresh-cut flowers, each of which costs 40¢ and sells for $1. The retailer never cuts his price; leftovers are given to a nearby church. He
Selection of Production Plan (Adapted from Malcom Pye, “Reasons, Probabilities, and Accounting Principles,” Accounting Review, Vol. XX XV, No. 3, pp. 440-41.) Assume that the XYZ Company
Buying Equipment The board of directors is faced with a decision on buying special equipment for a new product. The wisdom of the decision is ultimately dependent on total sales volume. Labor and
Expected Value, Standard Deviation, and Risk Suppose the Van Horne Company is planning to invest in a common stock for one year. An investigation of the expected dividends and expected market price
“Accounting for payroll embraces plenty of big problems.” Name three. lop5
“The need for accuracy in payroll accounting is paramount.” Explain. lop5
“The government has at least two major influences on payroll accounting.”What are they? lop5
Name the major taxes associated with payrolls. lop5
“Management has two major planning and control problems regarding spoilage.” What are the two problems? lop5
‘Normal spoilage is planned spoilage.” Discuss. lop5
“Costs of abnormal spoilage are lost costs.” Explain. lop5
“In accounting for spoiled goods, we are dealing with cost application and reallocation rather than cost incurrence.” Explain. lop5
“Total input includes the abnormal as well as the normal spoilage and is therefore irrational as a basis for computing normal spoilage.” Do you agree?Why? lop5
Explain the operation of a Spoilage Random Fluctuations account. lop5
“The practical treatments of spoilage in job-order costing can be criticized on conceptual grounds.” What is the major criticism? lop5
Describe the general accounting for scrap where no inventory value is assigned to scrap. lop5
How is scrap usually accounted for under standard costing? lop5
Two Ways of Accounting for Spoilage (CPA) In manufacturing activities, a portion of the units placed in process is sometimes spoiled and becomes practically worthless. Discuss two ways in which the
Weighted Average and Spoilage The Alston Company operates under a process-cost system. It has two departments, Cleaning and Milling. For both departments, conversion costs are applied in proportion
Weighted Average (SIA) The Easygoing Company produced a single product in a continuous process in one department.During the month of November the company started 5,300 units and completed 3,600 good
Multiple Choice; Weighted-Average Method; Spoilage ‘The data that follow are to be used in answering questions 1-9, inclusive. Support your answers with a statement of production costs.The
Weighted Average (SIA) The following information pertains to the operation of a processing department:MATERIALS CONVERSION Current costs $38,600 $421,300 Beginning inventory 1,000 Units Complete 40%
Weighted Average and Spoilage (SIA) The Ground Company manufactures a product MOP on a continuous-process basis through one department. The product MOP requires the following parts:1 Subassembly
Different Ways of Accounting for Spoilage (CPA) ‘The D. Hayes Cramer Company manufactures product C, whose cost per unit is $1 of materials,$2 of labor, and $3 of overhead costs. During the month
Weighted Average, Two Departments (CPA, adapted) The Mantis Manufacturing Company manufactures a single product that passes through two departments: extruding and finishing-packing. The product is
Standard Process Costing; Spoilage (S. Laimon) The Sharbill Company uses standard process costing in accounting for its cost of production. Only one product is manufactured, with standard costs per
Redo Problem 19-11, using FIFO. lop5
First-in, First-out Process Costing; Multiple Choice The Meara Company uses a process-cost system (first-in, first-out) in costing its sole product. Materials for the product are added at the
Process Costs; Spoilage; FIFO and Weighted Average (CPA) The King Process Company manufactures one product, processing it through two processes—No. | and No. 2.For each unit of Process No. 1
FIFO, Spoiled and Lost Units (D. Grinnell). The Murphy Manufacturing Company manufactures a single product that is processed in five departments.The following cost data are available for Dept. 3 for
Weighted Average Repeat requirement | of the preceding problem consistent with the weighted-average method for treating product costs and consistent with the company’s treatment of spoilage and
George Ripon worked for three employers during a year. His gross earnings were $1,000, $7,800, and $25,000—a total of $33,800.a. How much of the earnings should each employer regard as subject to
“The Federal Unemployment Insurance Tax rate is 0.5%.” Do you agree? Why? lop5

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