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business
management accounting

Questions and Answers of Management Accounting

As an expert in planning, you have been asked by the vice president for student affairs of your university to prepare a strategic plan for managing the university's athletic program over the next ten
Fantasize that you have been appointed President of the Dallas Cowboys. Explain how you would avoid the biggest pitfalls to successful planning.
As the successful head coach of a nationally recognized university basketball program, explain what your objectives will be for the upcoming season. Of what benefit are these objectives to you and
What kind of planning should you do before you decide to go ahead on this project in this city?
What additional environmental search should you carry out?
What objectives should you set up?
Can you ever make a decision like this on the basis of planning premises and studies alone?
Explain the typical pattern of cost commitment and cost incurrence during the three stages of a product's life cycle;
Describe the target costing approach to cost management;
Describe tear-down analysis, value engineering and functional analysis;
Distinguish between target costing and kaizen costing;
Describe activity-based cost management;
Explain the purpose of a cost of quality report;
Describe how value chain analysis can be used to increase customer satisfaction and manage costs more effectively;
Explain the role of benchmarking within the cost management framework;
Outline the main features of a just-in-time philosophy.
Calton Ltd make and sell a single product. The existing product unit specifications follows: are asCalton Ltd require to fulfil orders for 5000 product units per period. There are no stocks of
The implementation of budgeting in a world class manufacturing environment may be affected by the impact of (i) a total quality ethos (ii) a just-in-time philosophy and (iii) an activity based focus.
New techniques are often described as contributing to cost reduction, but when cost reduction is necessary it is not obvious that such new approaches are used in preference to more estab- lished
Kaplan ('Relevance Regained', Management Accounting, September 1988) states the view that the 'time-honoured traditions of cost accounting' are 'irrelevant, misleading and wrong'. Variance analysis,
'ABC is still at a relatively early stage of its development and its implications for process control may in the final analysis be more im- portant than its product costing implications. It is a good
A company is proposing the introduction of an activity-based costing (ABC) system as a basis for much of its management accounting information. (a) Briefly describe how ABC is different from a
'Japanese companies that have used just-in-time (JIT) for five or more years are reporting close to a 30% increase in labour productivity, a 60% reduc- tion in inventories, a 90% reduction in quality
Within a diversified group, one division, which operates many similar branches in a service indus- try, has used internal benchmarking and regards it as very useful. Group central management is now
Feedback control theory and product quality measurement (a) In control theory, a 'feedback control' mechanism is one which supplies information to determine whether corrective action should be taken
Describe the different elements of strategic management accounting;
Describe the balanced scorecard;
Explain each of the four perspectives of the balanced scorecard;
Provide illustrations of performance measures for each of the four perspectives;
Describe the distinguishing features of performance measurement in service organizations.
Management accounting practice has traditionally focused on techniques to assist organisational decision-making and cost control. In concentrating on the internal environment, the management
The introduction of improved quality into products has been a strategy applied by many organisations to obtain competitive advantage. Some organisa- tions believe it is necessary to improve levels of
Research on Performance Measurement in Service Businesses, reported in Management Accounting, found that 'performance measurement often focuses on easily quantifiable aspects such as cost and
Performance measurement in non-profit organizations (a) The absence of the profit measure in Not for Profit (NFP) organisations causes problems for the measurement of their efficiency and
Thomas Sheridan, writing in Management Accounting in February 1989, pointed out that Japanese companies have a different approach to cost information with 'the emphasis - based on physical measures',
The 'Balanced Scorecard' approach aims to pro- vide information to management to assist strategic policy formulation and achievement. It emphasises the need to provide the user with a set of informa-
Design and discussion of key performance indicators for DIY outlets and regional companies Duit plc has recently acquired Ucando Ltd which is a regional builders' merchants/DIY company with three
Distinguish between functional and divisionalized organizational structures;
Explain the factors that should be considered in designing financial performance measures for evaluating divisional managers;
Explain why it is preferable to distinguish between managerial and economic performance;
Explain the meaning of return on investment, residual income and economic value added;
Compute economic value added;
Illustrate how performance measures may conflict with the net present value decision model;
Justify the use of a risk- adjusted discount rate for determining the divisional cost of capital;
Explain why it is important to include additional non- financial measures when evaluating divisional performance.
Explain the meaning of standard hours produced;
Define basic, ideal and currently attainable standards;
Calculate labour, material, overhead and sales margin variances and reconcile actual profit with budgeted profit;
Identify the causes of labour, material, overhead and sales margin variances;
Construct a departmental performance report.
Distinguish between feedback and feed-forward controls;
Explain the potential harmful side-effects of the different types of controls;
Define the four different types of responsibility centres;
Explain the different elements of management accounting control systems;
Describe the controllability principle and the methods of implementing it;
Describe the different types of financial performance targets and the effects of their level of difficulty on motivation and performance;
Describe the influence of participation in the budgeting process;
Distinguish between the three different styles of evaluating performance and identify the circumstances when a particular style is most appropriate.
Explain how budgeting fits into the overall framework of decision-making, planning and control;
Describe the six different purposes of budgets;
Describe the various stages in the budget process;
Prepare functional and master budgets;
Describe the limitations of incremental budgeting;
Describe activity-based budgeting;
Describe zero-base budgeting.
Explain the concept of net present value (NPV) and internal rate of return (IRR);
Calculate NPV, IRR, payback period and accounting rate of return;
Justify the superiority of NPV over the IRR;
Calculate the incremental taxation payments arising from a proposed investment.
calculate and explain the meaning of expected values;
Explain the role and limitation of standard deviation and coefficient of variation as a measure of risk;
Construct a decision tree when there is a range of alternatives and possible outcomes;
Calculate the value of perfect information; apply the maximin, maximax and regret criteria;
Explain the implications of portfolio analysis.
Describe how the optimum output and selling price is determined using economic theory;
Explain the relevant cost information that should be presented in price setting firms for both short-term and long-term decisions;
Describe product and customer profitability analysis and the information that should be included for managing the product and customer mix;
Explain the role that target costing plays in the pricing decision;
Describe the different cost- plus pricing methods for deriving selling prices;
Explain the limitations of cost-plus pricing;
Justify why cost-plus pricing is widely used;
Describe the different pricing policies.
Explain the role of a cost accumulation system for generating relevant cost information for decision- making;
Describe the differences between activity-based and traditional costing systems;
Illustrate how traditional costing systems can provide misleading information for decision-making;
Compute product costs using an activity-based costing system;
Explain each of the four stages involved in designing ABC systems;
Describe the ABC resource consumption model.
Distinguish between cause- and-effect and arbitrary cost allocations;
Define relevant and irrelevant costs and revenues;
Explain the importance of qualitative factors;
Distinguish between the relevant and irrelevant costs and revenues for the five decision-making problems described;
Explain why the book value of equipment is irrelevant when making equipment replacement decisions;
Describe the opportunity cost concept.
Describe the differences between the accountant's and the economist's model of cost-volume-profit analysis;
Justify the use of linear cost and revenue functions in the accountant's model;
Apply the mathematical approach to answer questions similar to those listed in Example 3.1;
Construct break-even, contribution and profit- volume graphs;
Calculate break-even points for multi-product situations;
Identify and explain the assumptions on which cost- volume-profit analysis is based.

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