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management and cost accounting
Questions and Answers of
Management And Cost Accounting
Refer to the information in Exercise 21.18 in answering the following requirements; there is no connection between the situations.Required1 An outside contractor offers to do the finishing operation
Refer to the information in Exercise 21.18 in answering the following requirements; there is no connection between the situations.Required1 Salamanca produces 2000 defective units at the machining
Mannklein AG is a major manufacturer of metal-cutting machines. It has plants in Frankfurt and Stuttgart. The managers of these two plants have different manufacturing philosophies. Liisa Kurunmäki,
Østerbro AS cans peaches for sale to food distributors. All costs are classified as either manufacturing or marketing. Østerbro prepares monthly budgets. The March 2022 budgeted absorption-costing
Refer to Exercise 18.19.Required1 Suppose the manager of Division A has the option of(a) cutting the external price to €195 with the certainty that sales will rise to 1000 units, or(b) maintaining
Cloud computing is a term used to describe the delivery of information systems without, for example, the purchase of physical hardware or even software in some instances. What this means for an
Apple Inc. is well known for developing innovative products like the iPhone, iPad and iPod. Such devices are manufactured with complex electronic components and incur substantial design and
In the first quarter of the year 2015/2016, City Steel’s total revenues decreased by 35 per cent compared with the previous year. Adverse economic conditions caused the Group’s products to
In an article in Strategic Finance, Garry Cokins states that many companies’ managerial accounting systems are not able to report customer profitability information to support analysis for how to
.Until recently, Xu Ji Electric Co Ltd was a typical stateowned Chinese enterprise manufacturing electrical products such as relays. From an accounting point of view, this implied a manual
.Raab, Shoemaker and Mayer (2007) developed a workable ABC model for a restaurant operation in the USA that enabled previously undistributed indirect operating expenses to be traced to individual
The remuneration system that is applied in healthcare organizations in several countries (e.g. Australia, the USA, Switzerland, Spain and Italy) enables ABC profitability analysis to be applied in
Public sector organizations increasingly must account for their performance and provide quality services at lower costs. To accomplish this many local authorities and public sector organizations have
The CGMA website offers management accountants a collection of tools and resources which are useful to identify, assess and respond to various types of risk faced by an organization.For example, it
According to Gillian Lees, a blogger on www.cimaglobal .com, the typical risk assessment model for a management accountant reads like this: identify risks, assess their impact and probability, and
A 2011 guidance paper commissioned by the Institute of Risk Management gives some useful detail on what risk appetite is and how to manage it – either in a corporate governance sense or to inform
All businesses have to continually engage in capital investment to improve and maintain processes, equipment and facilities. Governments also invest in infrastructure projects like roads, rail and
The Africa Research Bulletin reported the results of a prefeasibility study by Ironveld plc stating that the grades for pig iron and ferro vanadium were better than expected at its project on the
Increasingly, householders and small businesses are considering renewable power generation systems to decrease their costs. Most of the UK, Ireland and Scandinavia are suited to generating energy
The globe is facing an increase in water demand resulting in the need for additional agricultural land and irrigation water. Elyamany and El-Nashar (2013) provided an illustration of a financial
Writing in The Australian Financial Review Jack Mintz states that for investment decisions, taxes matter, and Australia’s company tax rate (30 per cent) is too high in international terms to be
An article published in The Irish Times by Olive Keogh cites the following comments by Patrick Gibbons, professor of strategic management at the UCD Michael Smurfit Graduate Business School: The one
According to Industrial Info Resources, a leading provider of industrial intelligence data, the sustained high prices for oil and natural gas that existed at the time prompted an increasing interest
Revisions to China’s budget law, passed on 31 August 2014, represent a significant reform, providing a framework for significantly greater transparency and accountability for local government says
Big data is a term that describes the large volume of raw data, both structured and unstructured, that inundates a business on a daily basis. It includes information such as email messages, social
Although the apex of ZBB’s popularity in the late 1970s is long past, there has been renewed interest in ZBB in today’s environment of fiscal constraint, says Shayne Kavanagh in an article
The British government has pledged to spend 0.7 per cent of national aid resulting in £12 billion being allocated to the Department for International Development’s (DfID’s) aid budget despite
Government crime-fighting targets are a shambles and should be scrapped, claims Chief Superintendent, Ian Johnston. Mr Johnston was speaking ahead of the Police Superintendents’ Association’s
Because of the previous lack of effective control of expenditure by the Han Dan Company, a system of responsibility accounting and standard costing was introduced. The basic principles underlying the
In a BBC documentary called Power to the People, Michael Portillo visited a ‘You Decide’ session organized by the local council in Tower Hamlets, London. At this session, local people decide what
Almost all beer contains four basic ingredients – a grain (typically barley), water, hops and yeast. While the process of brewing can be complex and some ingredients varied, the basic process is
Bushmills Irish Whiskey, a world-renowned brand of Diageo plc, is distilled in County Antrim in Northern Ireland. The Old Bushmills distillery has been in operation since 1608 and currently markets
The term TetraPak® is one which is familiar to most consumers – it is the name you will see on the card cartons in which milk, juice and other liquid products are frequently packaged. The Tetra
South Africa is one of the top gold producers in the world, holding about 6000 metric tons of reserves in mines as of 2015. Most mining operations have waste and by-products, some of which are
Each year, the paper and pulp industry produces millions of tonnes of sludge in the production of paper. This sludge is typically disposed of in landfill sites or incinerated. Both disposal methods
According to a recent survey undertaken by CIMA, variable (or marginal) costing is used by almost 40 per cent of firms. Management accountants from a wide range of sectors, including manufacturing
Finnish paper company M-real produced paper and packaging products, the demand for which is highly influenced by the demand for end consumer products. Global demand decreased due to the global
The Airbus A380 was the world’s first doubledecker aircraft. It can accommodate from 555 to 853 passengers depending on the class configuration. Long haul airlines such as Singapore Airlines were
The break-even price of crude oil includes production costs, exploring or finding costs, oil well development costs, transportation costs, and selling and general administration expenses. A survey
According to the International Air and Transport Association (IATA) conference airlines were expected to make around £3.18 profit from each passenger in 2014. Although carriers were expecting net
Operating leverage can tell investors a lot about a company’s risk profile, and although high operating leverage can often benefit companies, firms with high operating leverage are also vulnerable
Most developed economies have well-developed road and highway networks. From time to time new highways are built to relieve congested cities, but by and large most developed countries are not
According to an article authored by Yayla-Küllü et al., multi-product firms account for 91 per cent of the output in US manufacturing and they often make short- to medium-term adjustments in their
The economic recession has resulted in original equipment manufacturers (OEMs) seeking to drive down costs by re-examining their manufacturing strategy, with many companies increasing their level of
Asda is staging a major push south opening 11 new stores in the greater London region over the next few months with plans for a further 150 by 2018.Two of the new stores will be a trial of a new
Garrett Automative Ltd (GAL) is a UK subsidiary of a American parent company that manufactures turbochargers for the automative industry. GAL decided to begin its profit improvement programme by
Management accounting combines accounting, finance and management with the leading edge techniques needed to drive successful businesses.Chartered management accountants:● Advise managers about the
The internet of things (IoT) refers to an ever-growing network of physical objects which are connected to the internet. This includes household devices and many business and industrial applications.
Medical devices are normally associated with use by hospitals and medical practices. Some devices are used by normal consumers and, according to an article on the Medical Device and Diagnostic
As one of the pioneers in the low cost airline market, easyJet’s business model includes some core values:● Safety – Our number one value, sitting at the core of everything we do.● Pioneering
Allan Stratton is a cost management consultant with over 35 years of experience, who shares the benefit of his experience providing tools and resources via the internet. In one of his articles he
Many low-cost carriers such as easyJet and Ryanair regularly offer flights to customers at low prices. They continue to do this even during depressed economic times. Both continued to make good
An article written by Ben Chu published in The Independent newspaper in 2016 demonstrated why the classical economic view of humans as rational decision-makers is often very wide of the mark. When
According to Andrew Coyne, the author of an article published in the National Post (Canada), the \($14\) billion in public funds handed out to General Motors and Chrysler by the governments of Canada
A distinguishing feature of today’s digital technology is that it is characterized by zero (or near-zero) marginal costs. Once you’ve made the investment needed to create a digital good, it costs
A questionnaire survey based on the responses of 272 practising UK management accountants who were members of the Chartered Institute of Management Accountants (CIMA) revealed that approximately 81
Allan Stratton is a cost management consultant with over 35 years of experience who shares the benefit of his experience providing tools and resources via the internet. In one of his articles he
Two Australian firms, one with three divisions (HC1, HC2 and HC3), and the second with two divisions (FT1 and FT2) were studied. HC1 and FT1 had the simplest costing systems with all of the overheads
Bubble tea cafés are becoming increasingly popular across Malaysia and in recent years, many new chains have been formed, opening cafés in mainly urban locations.Leading bubble tea firms provide
It was decided in the first quarter of fiscal 2016 that Commercial Metals Company Ltd would change the accounting method it used to value its inventories. This change would be for its Americas Mills,
Capturing labour costs accurately includes capturing time worked on customer orders, jobs or projects. In some cases, this is a reasonably easy task – such as in a supervised factory setting. In
According to the Plex website, in their Enterprise Resource Planning Systems cost accounting software modules you can:● Set up a flexible, detailed cost structure for each operation and for each
Salvador SA assembles motorcycles and uses long-run (defined as 3–5 years) average demand to set the budgeted production level and costs for pricing. Prices are then adjusted only for large changes
Thor-Equip AS specialises in the manufacture of medical equipment, a field that has become increasingly competitive. Approximately two years ago, Knut Solbær, president of Thor-Equip, decided to
Mikkeli Oy has three operating divisions. The managers of these divisions are evaluated on their divisional operating profit, a figure that includes an allocation of corporate overhead proportional
User Friendly Computer is one of the largest personal computer companies in the world. The board of directors was recently (March 2023) informed that User Friendly’s president, Felix Lechat, was
Faulkenheim GmbH is a manufacturer of tool and die machinery. Faulkenheim is a vertically integrated company that is organised into two divisions. The Frankfurt Steel Division manufactures alloy
Define strategy.
Give examples of non-financial measures of customer satisfaction.
La Quinta Ltd manufactures corrugated cardboard boxes. It competes and plans to grow by producing high-quality boxes at a low cost that are delivered to customers in a timely manner. There are many
Meredith Ltd makes a special-purpose machine D4H used in the textile industry. Meredith has designed the D4H machine for 2022 to be distinct from its competitors. It has been generally regarded as a
Snyder & Partners is a small information systems consulting firm that specialises in helping companies implement sales management software. The market for Snyder’s products is very
Caltex GmbH refines petrol and sells it through its own Caltex petrol stations.On the basis of market research, Caltex determines that 60% of the overall petrol market consists of ‘serviceoriented
Lee SA manufactures various types of colour laser printer in a highly automated facility with high fixed costs. The market for laser printers is competitive. The various colour laser printers on the
Alcazarquivir Lda manufactures and sells industrial grinders. The following table presents financial information pertaining to quality in 2021 and 2022 (in €000):Required1 Classify the cost items
Anna-Greta Lantto, the assistant controller of Kiruna AB had recently prepared the following quality report comparing 2022 and 2021 quality performances.Just two days after preparing the report, Lars
Assume the same facts as in Exercise 21.11. Now assume that there is only one trigger point, the completion of good finished units of product, which are debited to Finished Goods Control at standard
Kari-Klær AS buys and sells fabrics to a wide range of industrial and consumer users. One of the products it carries is denim cloth, used in the manufacture of jeans and carrying bags. The supplier
Range-Tout SARL builds and distributes industrial storage racks using a just-in-time system and maintaining minimal stocks. Range-Tout’s earnings increased sharply in 2021 and earnings-based
Gardini Chocolates makes custom-labelled, high-quality, specialty candy bars for special events and advertising purposes. The company employs several chocolatiers who were trained in Germany. The
Comtex Company provides cable and internet services in the Greater Boston area. There are many competitors that provide similar services. Comtex believes that the key to financial success is to offer
WrightAir is a no-frills airline that services the Midwest. Its mission is to be the only short-haul, low-fare, high-frequency, point-to-point carrier in the Midwest. However, there are several large
Describe the distinctive characteristic of weighted-average computations in assigning costs to units completed and closing work in progress.
Europe Electronics SNC manufactures microchips in large quantities. Each microchip undergoes assembly and testing. The total assembly costs during January 2022 were:Required 1 Assume there was no
Refer to requirement 2 of Exercise4.11.Required Prepare summary journal entries for the use of direct materials and conversion costs. Also prepare a journal entry to transfer out the cost of goods
Consider the following data for the satellite Assembly Division of Aéro-France:Exercise4.11Europe Electronics SNC manufactures microchips in large quantities. Each microchip undergoes assembly and
Le Roi du Plastique Sarl has two processes – extrusion and thermo-assembly. Consider the June 2022 data for physical units in the thermo-assembly process of Le Roi du Plastique: opening work in
Telemark-Kjemi AS manufactures an industrial solvent in two departments – mixing and cooking.This question focuses on the Cooking Department. During June 2022, 90 tonnes of solvent were completed
Refer to the information in Exercise4.17. Suppose Telemark-Kjemi determines standard costs of NKr 1050 per (equivalent) tonne of transferred-in costs, NOK 390 per (equivalent) tonne of direct
Required Do Exercise4.20 using the FIFO method of process costing. Explain any difference between the cost of work completed and transferred out and cost of closing work in progress in the Assembly
Sligo Toys Ltd manufactures one type of wooden toy figure. It buys wood as its direct material for the Forming Department of its Ballinode plant. The toys are transferred to the Finishing Department,
Required Do Exercise4.22 (1) using FIFO and four decimal places for unit costs. Explain any difference between the cost of work completed and transferred out and cost of closing work in progress in
Sligo Toys Ltd manufactures wooden toy figures at its Ballinode plant. It has two departments –the Forming Department and the Finishing Department. Consider now the Finishing Department, which
1. Using the FIFO process-costing method, do the requirements of Exercise4.24. The transferred in costs from the Forming Department for the April opening work in progress are €17 520. During April,
Germinal et Associés provides tax advice to multinational firms. Germinal charges clients for (a) direct professional time (at an hourly rate) and (b) support services (at 30% of the direct
Azu-Cena Ltda is a manufacturer of motorcycles. Production and cost data for 2022 are as follows: Units produced Direct manufacturing labour-hours per unit Machine-hours per unit 500 cc model 1000 cc
Jyvaskyla Oy is a retail chain of supermarkets. For many years, it has used gross margin (selling price minus cost of goods sold) to guide it in deciding on which products to emphasise or
Brian McGarrigle went to Les Arcs for his annual winter vacation. Unfortunately, he suffered a broken ankle while skiing and had to spend two days at the Hôpital de Grasse. McGarrigle’s insurance
Alxenor SA has a power plant designed and built to serve its three factories. Data for 2022 are as follows:Actual fixed costs of the power plant were €1 million in 2022; actual variable costs, €2
Rolf, Ilse and Ulrich are members of the Frankfurt Fire Brigade. They share an apartment that has a lounge with the latest wide-screen TV. Ulrich owns the apartment, its furniture and the wide-screen
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