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business
introduction to management accounting

Questions and Answers of Introduction To Management Accounting

Why are fixed costs also called capacity costs?
Discretionary fixed costs are part of a company’s periodic planning process and hence considered fixed only for the relevant period.” Do you agree? Explain.
What is activity analysis?
What is engineering analysis? Account analysis?
High-low method makes inefficient use of information.” Do you agree? Explain.
Airgo Inc. is an international airline company headquartered in New Delhi, India. The company was incurring losses for several quarters until the first quarter of 2021. During the first quarter of
Predict total cost based on the cost behavior and expected cost driver activity in each of the following cases: 1. Lease rental fees for hydraulic cranes in a construction company, €5,000 per
In March 2020, Pure Breath, an air purifier manufacturer based in the United Kingdom, produced 5,500 purifiers at a cost of £115,000. In April 2020, the company produced 3,500 purifiers at a cost of
Imperial Law College, a private university in Bangladesh, is preparing a planned income statement for the academic year ending on July 31, 2021. The course fees for the past two years ending July 31
Name four examples of cost objects.
Products are the main cost objects. Departments are seldom cost objects.” Do you agree? Explain.
Why do companies assign all production costs and only production costs to products for external reporting purposes?
Osaka Electronics, headquartered in Japan, produces consumer durables. It has two departments— component manufacturing and assembling. For the April–June quarter, 2020, the following costs were
Distinguish between “tracing of costs” and “cost allocation.”
Distinguish between costs and expenses.
Why is there a direct-materials inventory account but no direct-labor inventory account on a manufacturing company’s balance sheet?
What is benchmarking? What do companies use it for? How do they determine benchmarks?
Mobility Inc., headquartered in Singapore, produces netbooks. The company manufactured and sold 3000 netbooks during January 2020. Selected data for the month are given below (in Singaporean Dollar,
LivPure Water Purifiers had the following data (in million ¥, the official currency of Japan) for December 2021.There were no beginning or ending inventories. Compute the (1) Variable manufacturing
Smart Storage Company manufactures and sells external hard disk storage devices. The company had the following data (in thousands) for the year 2021. There were no beginning or ending inventories.
Zenith Inc. produces LaserJet printers. The company had the following data (in millions) for the third quarter of 2021.There were no beginning or ending inventories. Fill in the blanks.
Any future cost is relevant.” Do you agree? Explain.
What is the primary classification of costs under absorption costing?
Fixed costs are not relevant costs.” Do you agree? Explain.
List two factors that influence pricing decisions in practice.
What is target cost per unit?
What is value engineering?
Smith is a sports lover and often spends his weekends attending sports events. This week, he has two important events, a baseball match of his favorite team and a soccer match where the team he
Exclusive Fashions Inc. is a leading brand in the Canadian fashion industry. The company had the following data (in thousand C$, the official currency of Canada) for the year 2021. Assume there are
The Diamond Saga is a leading diamond jewelry company in South Africa. The company has the following data (in thousand ZAR, the official currency of South Africa) for the first quarter of
Travel Accessories Company manufactures and sells various travel accessories. The budget for the company for 2021 is as follows:The company typically uses a cost-plus pricing system. Direct materials
Benjamin Connor is the director of Acacia Business School, Ontario University. Apart from a fulltime MBA program on finance, Acacia Business School arranges short-term certificate courses of two
GenNext Home and Life Solutions Company produces and sells small smart home products. A recent study by the marketing division of the company has discovered a potential market for smart LED bulbs.
River Line Corp. makes a variety of small home utility machines. The market research team recently identified snowblowers as a potentially lucrative market. As a first entry into the market the
St. Teresa’s University is a well-known private university located in Kolkata, India. In addition to the regular courses, it also offers coaching classes for competitive examinations at a
Exclusive Candles is a mid-size company that sells ultrasonic aroma diffusers and humidifiers with LED lights. On October 1, 2020, part of the trial balance showed the following:The company pays for
Akihiko, a wholesaler in auto spare parts, was preparing his sales budget for the third quarter of 2020. Forecast sales are as follows (all values are in thousands of yen): Sales are 30% cash and
Smooth Write Ball Pens Company produces and sells a variety of ball pens. For the past few months, the product has been facing low demand, as a result of which the company is saddled with idle
Neon Motors is a dealer in motorcycles in Germany. It has an operating policy slightly different from the other dealers in the industry. Each month, Neon aims at a unit volume quota that approximates
Bright Colors Inc. produces and sells printer colors in 200 ml bottles for Deskjet Ink-tank printers. During 2020, the company produced and sold 130,000 bottles at an average price of $25 per bottle.
What are joint products? Name several examples of joint products.
It is critical in decision making to identify mis-specified costs.” Explain how costs can be mis-specified.
How is a continuous budget helpful for managers?
What factors influence the sales forecast?
What is the importance of participative budgeting?
Nearly every CFO has a horror story to tell about following bad advice generated from a financial planning model.” Do you agree?
Erika Dillinger is a dealer in computers. She has adopted the following policies regarding merchandise purchase and inventory. At the end of any month, the inventory should be €30,000 plus 80% of
Ruben Cooper is the owner and manager of a children’s toy shop, Wonder Toys. From the following data, Cooper wants to prepare a cash budget showing expected cash receipts and disbursements for the
Home Town Furnitures incurred losses for the past two quarters. In an immediate rescue measure, the CEO of the company issued instructions to every department to cut costs. Accordingly, the packaging
The field is less sharply defined. There is heavier use of economics, decision sciences, and behavioral sciences.” Identify the branch of accounting described in the quotation.
Three categories of requirements are imposed on accounting systems designed to meet the requirements of external users.” What are these categories?
Why is the Sarbanes-Oxley Act controversial?
What is the role of internal auditors in an accounting system?
Why is integrity so important to accountants?
Why are accountants concerned about product life cycles?
Discuss the role of accountants in postproduction value chain functions.
Distinguish between the duties of line managers and staff managers.
The role of management accountants is changing, especially in companies with a “flatter” organizational structure. What are some of the changes?
Describe the two parts of the qualifying examination for becoming a CMA.
What is lean manufacturing?
Adam Saunders was a successful marketing executive at Exclusive Furnitures. On the eve of the company’s foundation day, he was informed that he would be promoted to Assistant Factory Manager from
Successful companies across the world are often led by executives who do not belong to accounting field. Rather, they specialize in one or more functional areas such as engineering, marketing, or
In order to tap opportunities and at the same time minimize risks, successful companies around the world have diversified their product portfolio. Today, many companies have emerged as successful

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