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business
management accounting

Questions and Answers of Management Accounting

Classify each of the following costs as manufacturing or nonmanufacturing:a. direct laborb. sales commissionsc. depreciation on delivery trucksd. salary and bonus for the chief executive officere.
Classify the following costs as unitrelated, batch-related, product-sustaining, or business-sustaining activity costs:a. direct materialsb. setup labor wagesc. salaries of plant engineers responsible
Classify the following costs as unitrelated, batch-related, product-sustaining, or business-sustaining activity costs:a. packing labor wagesb. materials-handling labor wagesc. part administrators
Classify each of the following as a variable or fixed cost with respect to a unit of production:a. paper used in newspaper productionb. wages of production workersc. salary of the chief executive
Customer-related costs Nehls Company is concerned about its growing customer-related expenses. The company currently allocates customer fixed support costs on the basis of revenues at a rate of \(30
Cost classification and target profit Bart's Woodwork Company makes and sells wooden shelves. Bart's carpenters make the shelves in the company's rented building. Bart has a separate office at
Cost-benefit considerations in developing cost information JF Company is considering whether to undertake a new project but is unsure of the ultimate cost of the new project. The company estimates
Single drivers versus multiple drivers Eagan Electrical Instruments Company estimates manufacturing support as \(950 \%\) of direct labor costs. Eagan's controller, Jim Chang, is concerned that the
The Abby Corporation, a chain of department stores, estimates the standard workload at its retail outlets in terms of the time required for the activities of (1) hanging new inventory; (2) selling
Commitment of activity resources Crown Cable Company provides cable television service in the Richfield metropolitan area. The company hires only full-time service persons working 40 hours a week at
Loren's Lawn and Gardening performs various lawn and garden maintenance activities, including lawn mowing, tree and shrub pruning, fertilizing, and treating for pests. Unlike other lawn and garden
What are the three broad classes of organization decision making, and what information requirements are commonly associated with each class?
How does the role for management accounting systems change as the environment becomes more competitive?
What are the four generic elements of an organization's value proposition? Define or explain each element.
What is the relationship between an organization's value proposition and its management accounting system?
What, if any, are the differences between the management accounting information needed in manufacturing organizations and that needed in service organizations?
Why is management accounting information important in government and nonprofit organizations?
How can belief systems and boundary systems foster high ethical standards among employees?
Describe corporate governance and explain how it overlaps with management accounting.
You are employed as a senior manager in an insurance organization. One of your responsibilities is to randomly review claims for reimbursement that have been submitted by people who have traveled on
Chris and Pat are discussing labeling for product 121, one of their company's products that will be exported overseas to country C.Chris: In the United States, product 121 must be labeled as possibly
Read the article "What's Wevenue?" by Elizabeth MacDonald in the Wall Street Journal (January 6, 2000, p. Al). The article states that managers faced aggressive revenue targets and reports testimony
Identify articles in the business press or materials from Web pages that describe a recent occurrence of accounting-related improprieties.Requireda. Summarize the reported improprieties.b. Describe
Locate Johnson & Johnson's credo at www.jnj.com/our_company / our_credo / index.htm and explore the related links to address the following:Requireda. To which groups of people does Johnson & Johnson
A law firm is considering the dismissal of one of its junior lawyers. The law firm presently has enough space for more lawyers and a growing legal practice but considers this junior lawyer to be a
Mr. Wang intends to retire in 20 years at the age of 65. As yet he has not provided for retirement income and he wants to set up a periodic savings plan to do this.If he makes equal annual payments
You are thinking about borrowing \($100,000\) for 10 years at 12 percent. Annual interest payments are required at the end of each year and the principal (\($100,000)\) is to be repaid at the end of
A manufacturer of recordable DVDs is concerned about the quality of a recent production run. It ships a complete batch of DVDs to the same retailer to monitor quality. In a recent batch, a retailer
Spectra Company is examining its quality spending for the current year. It has summarized its spending as follows: prevention, \($150,000;\) appraisal, \($50,000;\) internal failure, \($100,000;\)
For the last five years, a firm has measured (in euros) the following quality costs by categories:a. Given these costs, is it likely that the company’s defective rate has gone up or down?
A company is considering additional final inspection costs of £1 per unit before delivery to customers. The additional inspection should reduce the defective rate from 3 percent to 1 percent. If a
A company has a throughput time of 32 days. It wants to reduce this time to eight days.To do so, it will need to change its layout at a cost of $150,000. It believes that its inventory level will
Solarcom uses a JIT production system to manufacture its solar-powered DVD players.Solarcom has adopted backflushing to streamline its accounting system. It accumulates all conversion costs for the
Avon manufactures and sells cosmetics primarily to women using a sales force consisting of part-time sales representatives offering the products through in-home sales parties. Sales representatives
In the US, historically there have been many banks, each with multiple branches. Since the 1990s, numerous bank mergers occurred and branch banks have been consolidated.Discuss the factors driving US
Wonderful Toy Company (WTC) is celebrating its hundredth anniversary this year. The company has been successful in designing and making educational toys for department stores and smaller specialty
The president of Kelly Windows is an avid believer in JIT. Kelly Windows manufactures bay windows. The president wants no inventory or work-in-process on the floor at the end of each day. Windows are
The president of Precision Machines wants to convert to TQM. The industrial machinery produced by Precision Machines is critical to customers. If defective machinery is sold to a client, the customer
James Industries is considering a shift to JIT. The president insists that reducing inventory can save considerable costs. The marketing manager is worried, however. She recognizes that the inventory
What tell-tale signs suggest that the management accounting process requires change?
An investment opportunity that costs $40,000 generates $20,000 in cash inflows each of the next four years.What is the payback period for the investment?
What is the net present value of cash inflows of €30,000 in one year, €40,000 in two years, and €80,000 in three years if the opportunity cost of capital is 8 percent?
A company buys a machine for £60,000 that is fully depreciated over three years using the straight-line method.What is the value of the depreciation tax shield if the tax rate is 40 percent?
What is the IRR for an investment of \($1,000\) that yields \($1,300\) in one year?
What is the IRR of an investment of \($1,000\) that yields cash flows of \($600\) in each of the first two years?
What is the value of a 10-year annuity in 10 years if the interest rate is 6 percent and each annuity payment is €100?
A mother wants to put sufficient money in the bank to cover university expenses for her daughter in 15 years. She estimates that in 15 years $100,000 will be necessary to pay for university. The bank
Your grandfather put $1,000 in the bank for you 48 years ago. The bank paid 6 percent interest compounded annually during this time period.How much is your grandfather’s deposit worth today?
A taxi driver must pay \($100\) per day for taxi rental, insurance, and licenses. The taxi driver charges \($0.50\) per kilometer. The gasoline and maintenance costs are \($0.15\) per mile. The taxi
Alpha manufactures a product that has a fixed cost of \($400,000\) and a variable cost of \($100\) per unit. The company has been making 10,000 units and selling them for \($200\) per unit. There is
Alpha makes a product with a fixed cost of \($400,000\) and a variable cost of \($100\) per unit. The sales price is \($200\) per unit.What is the break-even point for the product? How many units
What is the break-even price when a company expects to sell 5,000 units, the fixed costs are \($50,000,\) and the variable costs are \($30\) per unit?
Multiplex store sells televisions for \($2,000\) and home theater systems for \($5,000.\) The variable costs of televisions and home theater systems are \($1,200\) and \($3,000,\) respectively. The
A hair salon currently provides haircuts for women. It is considering the possibility of offering manicures as an additional service. The salon plans to charge £10 for a manicure with half the
Marine Company has \($600,000\) in fixed costs. A product that sells for \($50\) is a candidate for being dropped from the product mix. The variable cost of the product is \($40.\) The company
A lawn and garden store has two types of lawn tractors for sale. Tractor A sells for€5,000 and costs €3,000 to purchase. Tractor B sells for €4,000 and costs €1,500 to purchase. The fixed
Products A, B, and C have contribution margins per unit of $10, $8, and $6, respectively.Each product is processed by the same machine, which has a capacity of 100 hours per week. The processing
The Finlandia Paper Company presently sells large rolls of paper weighing 2,000 kilograms to wholesalers for €1,000 apiece. The wholesalers cut the paper into letterset paper and package the paper
You are considering starting a business selling inexpensive inline skates. You assume that you will charge a price of \($100\) per pair. You can purchase inline skates from a manufacturer in China
A candy shop sells three types of candy: chocolate-filled, cream-filled, and caramel filled. The candy shop manager is analyzing its product mix through the following product prices and costs:The
Due to sudden interest in its product, a local widget company is considering an expansion of its facilities. The company believes that it can sell widgets for \($0.18\) each.The tax rate for the
Annick Lemarchand is considering the wholesaling of a leather handbag from Kenya.She must travel to Kenya to check on quality and transportation. The trip will cost€3,000. The cost of the handbag
The Euro Stade sells tickets for €100 per person and has a capacity of 100,000 people.Each person buys on average €20 of food and miscellaneous souvenirs. The cost of providing the food,
A firm makes iPad cases that sell for \($50/unit\) and iPhone cases that sell for \($30.\) The variable cost of making an iPad case is \($40/unit\) and the variable cost of making an iPhone case is
You are considering the purchase of a hotel with 20 rooms. If you buy the hotel, the fixed costs are expected to be \($200,000\) per year. The variable costs of renting a room for one night include
Arrow Industries employs a standard cost system in which direct materials inventory is carried at standard cost. Arrow has established the following standards for the direct costs of one unit of
A company purchased 36,000 kilograms of plastic pellets for \($8,640.\) These pellets are used in injection molding machines to produce plastic parts. The pellets have a standard cost of \($0.25\)
Center Hospitalier is a large hospital system in the French department of Gironde that offers both hospitalization (in-patient) and clinic (out-patient) services. It has a centralized admissions
A webpage consultant estimates the following hours to create a webpage for a small European retail store:The actual hours and costs were as follows:Calculate the direct labor, labor rate, and labor
Muffin Mania Bakery has a standard quantity of 1 kilogram of flour for one batch of muffins. The standard price is \($0.50\) per kilogram. During the month, the bakery manager bought 3,000 kilograms
Microchip makes two types of microchips for mobile telephones, Supra and Magna.Microchip allocates overhead to these two products based on the number of direct labor hours. The direct labor hours per
A company makes two types of pasta sauce, Primavera and Bolognese. Overhead is based on kilograms of tomatoes in the sauce. The standards for the two types of sauce are as shown on the next page.The
Medical Instruments produces a variety of electronic medical devices. Medical Instruments uses a standard cost system and computes price variances at the time of purchase. One product, a digital
During November, Todco planned to produce 3,000 units of its single product, Teragram. The standard specifications for one unit of Teragram include 6 kilograms of material at \($0.30\) per kilogram.
An ice cream producer manufactures 10,000 liters of strawberry ice cream in a month.The standard number of hours of direct labor per 1,000 liters is 40 hours at a standard labor rate of \($10\) per
To manufacture its main product, a firm requires a standard of 10 direct labor hours per unit. The standard labor rate is \($20\) per hour. The product requires a standard of 25 kilograms of
At the beginning of the year, a university sets standards for processing 1,000 admissions applications with 10,000 direct labor hours. The application rate for overhead is £40 per standard direct
A company uses machine hours to apply both variable and fixed overhead. Budgeted variable overhead is \($100,000.\) Budgeted fixed overhead is \($200,000.\) The budgeted machine hours are 1,000.
The Scantron Company makes bar-code scanners for major supermarkets. The sales staff estimates that the company will sell 500 units next year for £10,000 each. The production manager estimates that
An insurance company has the following profitability analysis of its services: The fixed costs are distributed equally among the services and are not avoidable if one of the services is dropped.
The Medford Mug Company is an old-line maker of ceramic coffee mugs. It imprints company logos and other sayings on mugs for both commercial and wholesale markets. The firm has the capacity to
Smidt & Sons produces a single product and has the following operating data: The firm uses FIFO inventory costing, and there was no beginning inventory in 2013.a. Calculate net profit in each
The manager of the manufacturing unit of a company is responsible for the costs of the manufacturing unit. The president is in the process of deciding whether to evaluate the manufacturing manager
The president of Celestial Printing has decided to use the practical capacity of the firm’s printers to determine the application rates per machine hour for overhead. She believes that the cost of
The Green Packing Company has discovered an increasing demand for frozen boneless chicken breasts. The frozen chicken breasts can be thawed and cooked quickly. This product is becoming very popular
National Mixing is a division of National Chemicals, a large diversified chemical company. National Mixing (NM) provides mixing services for both outside customers and other National divisions. NM
A firm makes a product with variable manufacturing costs equal to \($3\) per unit and fixed manufacturing costs of \($10,000.\) The product cost is based on an average cost per unit. The company
A production department is allocated costs from the maintenance department based on the number of maintenance hours used. The maintenance costs are allocated at a rate of€20 per hour, which
Central administration allocates its costs of £1 million to the two operating divisions (A and B) of the company. These costs are not avoidable if one division is dropped. With an equal allocation
Computer Shack makes two types of laptop computers: slim-line and palm-size. Excess capacity exists for which no alternative use exists. Fixed overhead costs are allocated based on direct material
A company uses machine hours to allocate overhead. The company has the practical capacity to use 100,000 machine hours. The fixed overhead is expected to be $1 million and the expected usage of
A company makes a product that has a variable manufacturing cost of \($4\) per unit and fixed manufacturing costs of \($50,000.\) The product sells for \($10\) per unit.Using variable and absorption
A manufacturer of ergonomically designed computer keyboards has actual and estimated fixed costs of €1 million. Variable costs per unit are €18. The allocation base is the number of units
The cost of rental space is the major fixed cost at Mattress Mart, a discount mattress store in a warehouse mall. The annual rental cost (actual and expected) is $360,000. The store occupies 60,000
Refina divides petroleum into three types of fuel (A, B, and C) and tar. Tar is considered a by-product. The joint cost of processing 1,000 barrels is \($35,000.\) The joint products have the
The Talbott Company has received an order (324) for 100 electronic widgets. On January 20, the shop foreman requisitioned 100 units of part 503 at a cost of \($5\) per unit and 500 units of part 456
Mevellec Company uses a job-order cost system to track its production costs. The following activities have been performed for Job number 515:• Requisition of three units of part 34 at €40 per
The job-order cost sheet for 1,000 units of toy trucks is:Job number: 555 Date started: 04/13 Date completed: 06/18All of the materials for the job were purchased on April 10. The batch of 1,000 toy
The Tip Tap Company receives an order for 10,000 units of taps (a tool used to make threads in a block of steel). The taps require considerable machining on a blank (Part 14) to make. Blanks are
A computer manufacturer has the following account balances at the end of the year.These accounts contain €800,000 of allocated overhead. Actual overhead, however, is €1,000,000.a. What are the

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