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business
horngrens cost accounting a managerial emphasis
Questions and Answers of
Horngrens Cost Accounting A Managerial Emphasis
Multiple Goals and Profitability?! The following are the multiple goals of the General Electric Company:1. Profitability 5. Personnel development. Market position 6. Employee attitudes. Productivity
Divisional Responsibility and Performance (CMA) George Johnson was hired on July 1, 19_9, as Assistant General Manager of the Botel Division of Staple, Inc. It was understood that he would be
Responsibility Accounting and Control of Costs ‘The Sharp Company develops, manufactures, and markets several product lines of low-cost consumer goods.Top management of the company is attempting to
Evaluation of Control System Laser Products Inc. is a manufacturer of lasers, laser systems, and related optical products. While its annual sales of $10 mil- lion and its 300 employees classify it as
Human Resources Accounting ‘The body of the chapter referred to experimentation with human-resource accounting. Exhibit 6-4 is an excerpt from the Barry Corporation’s annual report for 1973. The
Why do techniques for overhead control differ from techniques for control of direct materials and direct labor? lop4
When can’t the terms budgeted performance and standard performance be used interchangeably? lop4
What two basic questions must be asked in approaching the control of overhead? lop4
Define semivariable cost. lop4
“For practical purposes, curvilinear variable costs almost always may be treated as if they had straight-line behavior.” Why? lop8
What factors must management consider in the year-to-year planning of fixed costs? lop8
“There are different types of fixed costs.” Explain.What factors must management consider in the year-to-year planning of lop8
“The idea of comparing performance at one activity level with a plan that was developed at some other activity level must be pertinent in judging the effectiveness of planning and control.”
Why is the title “flexible budget” a misnomer? lop8
“If only one budget base is to be used for appraising performance, standard direct-labor hours is a better base than actual direct-labor hours.” Do you agree? Why? lop8
List four criteria for selecting a volume base. lop8
List six factors besides volume that cause costs to vary. lop8
The Burling Company had the following performance report for the month ended June 30, 19_1:MASTER BUDGET (STATIC) FORMULA ACTUAL BUDGET VARIANCE PER UNIT Variable costs:Direct material $ 21,350 $
Fundamentals of Flexible Budgets ‘The Carey Company produces one uniform product. The assembly department encounters wide fluctuations in activity levels from month to month. However, the following
Spending and Efficiency Variances Refer to Problem 8-14. Suppose that it actually took 19,000 hours of input to obtain the 17,600 units of output achieved. The standard direct-labor allowance is one
Fundamentals of Flexible Budgets Joan Eastman, the manager of a medical testing laboratory, has been under pressure from the director of the large clinic, Dr. Elvira Coleman, to get more productivity
Price and Spending Variances The GH Company used a flexible budget and standard costs. In March the company produced 7,000 units of its finished product. Assume that 15,000 actual hours were used at
Direct Labor and Variable Overhead Variances (SIA, adapted) The Schock Manufacturing Company uses a standard cost system. The standards are set before January 1, each year and remain unchanged until
Prepare a Production statement for the month of January, showing:(a) actual costs,(b) budgeted production costs on a flexible-budget basis,(c) budget variances.. Prepare detailed variance analyses
Flexible Budget, Selection of Appropriate Activity Base, and Analysis of VariableOverhead Variances The Selkirk Company has produced 10,000 units of product. The standard direct-labor hours allowed
Standard Costs and Responsibility (GMA) ‘The Carberg Corporation manufactures and sells a single product. The cost system used by the company is a standard-cost system. The standard cost per unit
Control of Discretionary Costs The manager of a Singapore warehouse for a mail-order firm is concerned with the control of his fixed costs. He has recently applied work-measurement techniques and an
Work Measurement The Hayward Company has installed a work-measure- ment program for its billing operations. A standard billing cost of $.50 per bill has been used, based on hourly labor rates of
Ford Motor Company’s Flexible-Budget Control over Clerical Costs Through Work Measurement This case illustrates a method by which flexible-budget controls have been adapted to a nonmanufacturing
Guaranteed Minimum Wages and Cost Behavior Patterns (Prepared by the author and adapted for use in a CPA examination) The Lavin Company had a contract with a labor union that guaranteed a minimum
Division of Mixed Costs Into Variable and Fixed Components ‘The controller of the [iri Co. wants you to approximate the fundamental variable- and fixedcost behavior of an account called Maintenance
Nonlinear Cost Behavior The MNO Company has assumed that its total manufacturing overhead cost is most heavily affected by only one variable, direct-labor hours. The company used a linear
Work Measurement Some management consultants have developed standards for the clerical work force in a large local hospital. Some estimates of overhead behavior also were developed. The standard
Nonlinear Costs See the preceding problem. Suppose that cost studies had developed the following approximation for relating overhead to labor hours (L):Total Overhead = $68,000 + $.40Z + $30\/L If
Reformulating a Performance Report The Touche Manufacturing Company produces and sells instruments for the aircraft industry. Material and labor standards and overhead budgets have been developed for
What two major purposes of cost accounting were stressed in this chapter? lp1
Distinguish between manufacturing and merchandising. lp1
What are the three major elements in the cost of a manufactured product? lp1
Define the following: direct materials, direct labor, indirect materials, indirect labor, factory overhead, prime cost, conversion cost. lp1
Give at least four terms that may be substituted for the term factory overhead. lp1
Distinguish among direct labor, indirect labor, overtime premium, and idle time. lp1
What is the major difference between the balance sheets of manufacturers and merchandisers? lp1
Distinguish between unexpired costs and expired costs. How are manufacturing costs classified in relation to the problem of income measurement? lp1
“For purposes of income determination, insurance, depreciation, and wages should always be treated alike.” Comment. lp1
Why is the term manufacturing expenses a misnomer? lp1
“Cost of goods sold is an expense.” Do you agree? Explain. lp1
Why is the unit-cost concept helpful in accounting? lp1
Define: variable cost, fixed cost, relevant range. lp1
Give three examples of variable factory overhead. lp1
Distinguish between costing for inventory valuation and other purposes. lp1
Give three examples of fixed factory overhead. lp1
‘Fixed costs are really variable. The more you produce, the less they become.”Do you agree? Explain. lp1
“An action once taken cannot be changed by subsequent events.” What implications does this have for the cost accountant? lp1
Why is overtime premium usually considered an indirect cost rather than direct? lp1
Periodic or Perpetual Inventory Methods (SIA) The terms periodic and perpetual inventories are referred to frequently in presenting the accounting procedures that are followed by businesses in
Unit Manufacturing Cost (SIA, adapted) The Toronto Manufacturing Company incurred the following costs for the month of May:Materials used:Direct materials $6,600 Indirect materials 1,200 Payroll
Straightforward Manufacturing Statement ‘The following data pertain to the XY Company (in millions):INVENTORIES 12eS hes 12/31/_4 Direct materials $9 $ 7 Work in process 4 3 Finished goods 10 13
Statement of Cost of Goods Manufactured The Mondale Corporation has the following accounts (in millions of dollars):Selling and administrative expenses $100 Work in process, December 31, 19_1 10
Interpretation of Statements Refer to the preceding problem.. How would the answer to the preceding problem be modified if you were asked for a schedule of cost of goods manufactured and sold instead
Statement of Cost of Goods Manufactured The following items pertain to Sorter Corporation (in dollars):FOR YEAR 19_2 Work in process, Dec. 31, 19-2 2,000 , Selling and administrative Finished goods,
Finding Unknown Balances For each of the cases in the list below, find the unknowns designated by letters.CASE 1 CASE 2 CASE 3 CASE 4 Finished-goods inventory, 1/1 $ 5,000 $ 4,000 $ 7,800 Sac Direct
Fire Loss; Computing Inventory Costs A distraught employee, Fang W. Arson, put a torch to a factory on a blustery February 26. The resulting blaze completely destroyed the plant and its contents.
Different Cost Classifications for Different Purposes A machining department 2-3 ot has a number of cost accounts. Some accounts selected at random are repro-‘ duced below. ;Use two columns to
Suppose that the printing department works on various jobs. All costs of the jobs are eventually allocated to the users, whether the consumers be the property-tax department, the city hospital, the
Comprehensive Problem on Unit Costs, Product Costs, Variable and Fixed Costs, and Budgeted Income Statement The Fancher Company makes a single product. Costs are as follows (V stands for variable; F,
Budgeted Income Statement This problem is more difficult than previous ones. Refer to the preceding problem. Management has asked that you prepare a budgeted income statement for 19_2, assuming that
Why is it more accurate to describe the subject matter of this chapter as costvolume-profit relationships rather than as breakeven analysis? lop1
Why is it often more desirable to plot fixed costs above the variable costs on a breakeven chart? lop1
What are the principal differences between the accountant’s and the econo mist’s breakeven charts? lop1
Define: contribution margin, variable-cost ratio, contribution-margin ratio. lop1
“This breakeven approach is great stuff. All you need to do is worry about variable costs. The fixed costs will take care of themselves.” Discuss. lop1
A lithographic company follows a policy of high pricing each month until it reaches its monthly breakeven point. After this point is reached, the company tends to quote low prices on jobs for the
Relationships in Chapter Illustration Refer to the initial toy-rocket example in the chapter.. Suppose the unit purchase cost of rockets rises from 50¢ to 60¢, but the sales price is unchanged.
Governmental Price Controls Governments periodically exert controls over maximum allowable selling prices. The MN Motorbike Company had achieved the following average operating figures for each of
Exercises in Cost-Volume-Profit Relationships The Fresh Buy Grocers CorporaoO. 56.012— So ine)tion owns and operates twelve supermarkets in and around Chicago. You are given the following corporate
Basic Cost-Volume-Profit Analysis The Look Rite Company operates a chain of rented stores and departments within larger stores. The chain features a variety of “packs” of men’s shirts, ties,
Extension of 3.10 Refer to part 4 of Problem 3.10.Compute the point of indifference between a fixed-salary plan and a commission plan. That is, calculate the volume level in units where the profit
Sensitivity, Prediction Errors, and Inflation Refer to Problem 3-10. As president of Look Rite, you are concerned that inflation may squeeze your profits. Specifically, you feel committed to the
Cost of Prediction Errors Reconsider the toy-rocket illustration in the section on “Cost of Prediction Errors.” Suppose the manager does not have the privilege of returning any unsold rockets.
Why do the controller and his staff have to understand the company organization structure? lop2
As a new controller, answer this comment by a factory superintendent: “As I see it, our accountants may be needed to keep records for stockholders and Uncle Sam—but I don’t want them sticking
“The way these modern controllers put themselves on a pedestal, you may as well give them the title of President and be done with it. Look at the first three points in their functions of
Define decision making. lop2
Define planning. Distinguish it from control. lop2
“Planning is really much more vital than control.” Do you agree? Why? lop2
“We need to record replacement costs because they are more accurate approximations of economic reality.” How would an advocate of cost-benefit analysis react to this statement? lop2
“The controller is both a line and a staff executive.” Do you agree? Why? lop2
“The modern concept of controllership maintains that the controller does control in a special sense.” Explain. lop2
What are some common causes of friction between line and staff executives? lop2
How is cost accounting related to the concept of controllership? lop2
Distinguish among line, staff, and functional authorities. lop2
Role of the Accountant in the Organization: Line and Staff Functions 1. Of the following, who have line authority over a cost-record clerk: budgetary accountant; head of accounting for current
Scorekeeping, Attention Directing, and Problem Solving For each of the follow- ing, identify the function the accountant is performing: i.e., scorekeeping, attention directing, or problem solving.
Draw an Organization Chart Draw an organization chart for a company that has the following positions:x Ed 2 SIP Vice-president, controller and treasurer Foundry superintendent Chief designer Head of
Responsibility for Analysis of Performance John Phillipson is the new controller of a huge company that has just overhauled its organization structure.The company is now decentralized. Each division
Accountant's Role in Planning and Control Dick Victor has been president of Sampson Company, a multidivision textile company, for ten months. The company has an industry reputation as being
Organization of Accounting Department: Centralization or Decentralization’ The following quotation is from an address made by an officer of the Ford Motor Company:We can all, I think, take pride in
Scorekeeping, Attention Directing, and Problem Solving Internal (management) accounting tends to emphasize the attention-directing and problemsolving functions of accounting. However, there are many
Preview of Coming Attractions David Colhane, an able electrical engineer, was informed that he was going to be promoted to assistant factory manager.David was elated but uneasy. In particular, his
Evolution of Accounting Systems You recently opened a bicycle repair shop, using the family garage as your place of business._ You are self-employed. You buy parts for cash and render service for
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