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business
management accounting

Questions and Answers of Management Accounting

identify the uses of budgeting and construct various budgets, including the cash budget, from relevant data; and AppendixLO1
Do you think that the continuing popularity of traditional budgeting is the result of habit and an unwillingness to try a different approach?AppendixLO1
In Real World°6.10, John Timpson states that his business does not involve itself with budgeting. He goes on to say that each branch’s performance is compared with that of the previous year.Are
What is a discretionary budget? Try to think of at least three expenses (not already mentioned in the chapter) that might form part of a discretionary budget. What problems do discretionary budgets
In Real World°6.5, we saw that, in practice, budgets may prove to be inaccurate by a significant amount. What problems may flow from producing highly inaccurate budgets?AppendixLO1
Prolog Ltd is a small wholesaler of high-specification personal computers. It has in recent months been selling 50 machines a month at a price of £2,000 each. These machines cost£1,600 each. A new
You have overheard the following statements:(a) ‘A budget is a forecast of what is expected to happen in a business during the next year.’(b) ‘Monthly budgets must be prepared with a column for
Linpet Ltd is to be incorporated on 1 June. The opening statement of financial position of the business will then be as follows:£Assets Cash at bank 60,000 Share capital£1 ordinary shares 60,000
Lewisham Ltd manufactures one product line – the Zenith. Plans over the next few months are as follows:1 Sales demand Units July 180,000 August 240,000 September 200,000 October 180,000 Each Zenith
Newtake Records Ltd owns a small chain of shops selling rare classical and jazz recordings.At the beginning of June, the business had an overdraft of £35,000 and the bank had asked for this to be
discuss the issues that should be taken into account when designing an effective system of budgetary control; and AppendixLO1
discuss the behavioural issues surrounding using budgets and variances to monitor performance.AppendixLO1
Real Worlds 6.5 (p. 212) and 7.1 (p. 244) both suggest that the figures appearing in budgets seem not actually to occur.Is this feature a problem in trying to control the various aspects of the
A business operates a comprehensive system of budgetary control, through variances. It also has an active policy on making continuous (kaizen) improvement in all of its activities.What problem does
Jill manages a team of six junior managers, who each manage a section consisting of between five and seven employees. The business operates a system of budgetary control through variances. Variance
Why are flexible budgets considered to be more useful than fixed ones in the context of budgetary control?AppendixLO1
You have recently overheard the following remarks:(a) ‘When calculating variances, we ignore differences of volume of output, between original budget and actual, by flexing the budget. If there
Pilot Ltd makes a standard product, which is budgeted to sell at £5.00 a unit. It is made by taking a budgeted 0.5 kg of material, budgeted to cost £3.00 a kilogram, and having it worked on by hand
Bradley-Allen Ltd makes one standard product. Its budgeted operating statement for May is as follows:£ £Sales (volume and revenue): 800 units 64,000 Direct materials: Type A (12,000)Type B
Mowbray Ltd makes and sells one product, the standard costs of which are as follows:£Direct materials (3 kg at £2.50/kg) (7.50)Direct labour (7½ minutes at £18.00/hr) (2.25)Fixed overheads
Brive plc has the following standards for its only product:Selling price: £110/unit Direct labour: 12 hour at £21.00/hour Direct material: 3 kg at £14.00/kg Fixed overheads: £27.00/unit, based
Varne Chemprocessors is a business that specialises in plastics. It uses a standard costing system to monitor and report its purchases and usage of materials. During the most recent month, accounting
identify and evaluate the four main investment appraisal methods found in practice;AppendixLO1
discuss the popularity and use of the four main investment appraisal methods in practice; and AppendixLO1
Real World8.6 gives examples of the rates of return that are targeted by a number of well-known businesses. It goes on to look at average returns that have been earned by UK businesses over past
The payback period method has been criticised for not taking the time value of money into account.Could this limitation be overcome? If so, would this method then be preferable to the NPV
In the chapter it was mentioned that investment projects tend to involve additional amounts of working capital. It was also mentioned that at the end of such projects there is an inflow of funds as
The directors of Mylo Ltd are currently considering two mutually exclusive investment projects.Both projects are concerned with the purchase of new plant. The following data are available for each
Arkwright Mills plc is considering expanding its production of a new yarn, code name X15.The plant is expected to cost £1 million and have a life of five years and a nil residual value.It will be
Dirk plc has recently created a new male fragrance ‘Sirocco’ at a total development cost of£0.4 million. The business is now considering producing the fragrance, which will require an immediate
Newton Electronics Ltd has incurred expenditure of £5 million over the past three years researching and developing a miniature hearing aid. The hearing aid is now fully developed.The directors are
C. George (Controls) Ltd manufactures a thermostat that can be used in a range of kitchen appliances. The manufacturing process is, at present, semi-automated. The equipment used cost £540,000 and
The accountant of your business has recently been taken ill through overwork. In his absence his assistant has prepared some calculations of the profitability of a project, which are to be discussed
One of the most successful products of Dallan plc, over recent years, is an electric motor known commercially as the ‘Powermite’. This motor is believed by management to have only a limited
explain the nature of risk and the importance of considering risk when making decisions;AppendixLO1
identify and evaluate the most popular approaches to risk assessment found in practice;AppendixLO1
explain how the outcomes from assessing risk can be used; and AppendixLO1
discuss the popularity and use of the various approaches to risk assessment found in practice.AppendixLO1
Your business has just assessed an investment in a factory and machinery to manufacture a new product that will extend the business’s range. The NPV of the project shows a clear positive NPV using
Someone who is known to be honest and reliable has made an offer. A reliable third person will spin a coin, which is known to be a fair one. If the coin lands heads up you will receive£100. If it
Is there reason to believe that objective probabilities are more reliable than subjective ones?AppendixLO1
In what way are ‘expected’ values misnamed?AppendixLO1
The management of Parklife Ltd, a small business, has just undertaken the appraisal of a major investment in a new production facility. As an independent consultant on business, the management has
Easton Ltd needs to purchase a machine to manufacture a new product. The choice lies between two machines (A and B). Each machine has an estimated life of three years with no expected scrap
In Exercise 9.2, assume that the 2,000 level is the ‘best estimate’ of annual demand. Also assume that only Machine A is available.Required:(a) Should the business acquire Machine A on the basis
Plaything plc has just developed a new mechanical toy, the Nipper. The development costs totalled £300,000. To assess the commercial viability of the Nipper, a market survey has been undertaken at a
Kernow Cleaning Services Ltd provides street-cleaning services for local councils in the far south west of England. The work is currently labour-intensive and few machines are used.However, the
Computer Tuition Ltd (CT) specialises in providing courses for computer users, often tailoring its courses to meet the specific needs of particular clients. CT’s primary financial objective is to
Hi Fido plc manufactures high-fidelity sound reproduction equipment for the household market. It has recently spent £500,000 developing a new loudspeaker, called the Tracker.A decision now needs to
Tufty plc produces a small range of industrial pumps using automated methods. The business is now considering production of a new model of pump, starting on 1 January 20X3.The business wishes to
discuss the nature of strategic management accounting and describe itsrole in providing information about competitors and customers;AppendixLO1
discuss the role of non-financial measures of performance in management accounting and describe how the balanced scorecard attempts to integrate both financial and non-financial measures;AppendixLO1
explain the term ‘shareholder value’ and describe the role of EVA® in measuring and delivering shareholder value; and AppendixLO1
explain the theoretical underpinning of pricing decisions and discuss thepractical issues involved in determining an appropriate selling price for the output of a business.AppendixLO1
Both A Ltd and B Ltd buy 1,000 units of a business’s service each year, paying the same price per unit. Suggest possible reasons why the business may regard A Ltd as a more desirable customer than
What potential problems should managers look out for when introducing a balanced scorecard approach to managing the business?AppendixLO1
How does knowledge of the elasticity of demand affect pricing decisions?AppendixLO1
It has been argued that many businesses are overcapitalised. If this is true, what may be the reasons for businesses having too much capital and how can EVA® help avoid this problem?AppendixLO1
Research evidence suggests that, in practice, a cost-plus approach influences many pricing decisions.Required:What is meant by cost-plus pricing and what are the problems of using this
Woodner Ltd provides a standard service. It is able to provide a maximum of 100 units of this service each week. Experience shows that at a price of £100, no units of the service would be sold. For
Sharma plc makes one standard product for which it charges the same basic price of £20 a unit, though discounts are allowed to certain customers. The business is in the process of carrying out a
Virgo plc is considering introducing a system of EVA® and wants its managers to focus on the longer term rather than simply focus on the year-to-year EVA® results. The business is seeking your
You have overheard the following statements:(a) ‘To maximise profit you need to sell your output at the highest price.’(b) ‘Elasticity of demand deals with the extent to which costs increase as
Sillycon Ltd is a business engaged in the development of new products in the electronics industry. Subtotals on the spreadsheet of planned overheads reveal:Electronics department Testing department
Pisces plc produced the following statement of financial position (balance sheet) and income statement at the end of the third year of trading:Statement of financial position as at the end of the
The GB Company manufactures a variety of electric motors. The business is currently operating at about 70 per cent of capacity and is earning a satisfactory return on investment.International
Refer to your answer to P3-6.Data from P3-6Richard Ellis, the director of cost operations of Ontario Micro Devices, wishes to develop an accurate cost function to explain and predict support costs in
Collaborative Learning Assignment: Variable and Absorption Costing Form groups of four persons each. Each person should select one of the following four roles (if groups have between four and eight
How will the area be used by the professional staff and participants?
What kinds of health, fitness, recreational, and other activities are planned to be held in the space?
How will participants enter and exit the space?
Is there a need for spectator seating?
Is there a need for a large entrance door for receiving equipment?
How much storage is needed in the area?
Is there a need for overhead doors?
Is there to be a custodial space in the area?
What type of flooring is most appropriate for activities planned and ease of maintenance and operations?
Should the running area be ground level or elevated?
How high should the ceiling be?
Are dividers needed when multiple activities are scheduled for the space?
Will there be spectator space?
What programs will be offered (i.e., circuit training, free weights, cardiorespi-ratory)?
What is the size of the total membership or the membership registered to use the strength training area?
What is the approximate peak demand for the area?
What are the equipment preferences (i.e., a mixture of free weights and machines, free weights only, machines only)?
Is there a high demand for separate or coed areas?
What type of flooring would be most appropriate?
Has the equipment been chosen? If yes, who is the vendor and what are the specific dimensions of the equipment and what is the proposed layout?
How many participants will the locker room serve?
What size of lockers will be used?
What specific amenities will be provided... sauna, whirlpool, steam room, massage, toiletries, etc.?
Where will the locker room be placed in relation to activity areas?
What will the budget be for the locker room?
What will be your first steps?
How will you appoint a planning team?
Once the team is appointed, what will be the planning strategy?
How will the team prioritize spaces?
How will the team gather the state-of-the-art information?
What steps will be taken in selecting an architect?
How will the team determine whether or not a consultant is needed?

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