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management and cost accounting 11th
Questions and Answers of
Management And Cost Accounting 11th
A hospital’s records show that the cost of carrying out health checks in the last five accounting periods has been as follows:Using the high–low method and ignoring inflation, the estimated cost
Intermediate: Cost estimation using the linear regression formula. The management accountant at Josephine Ltd is trying to predict the quarterly total maintenance cost for a group of similar
Albatross Plc, the Australian subsidiary of a British packaging company, is preparing its budget for the year to 30 June 2013. In respect of fuel oil consumption, it is desired to estimate an
The budget for the production cost of a new product was based on the following assumptions:(i) Time for the 1st batch of output = 10 hours(ii) Learning rate = 80 per cent(iii) Learning will cease
The following details show the direct labour requirements for the first six batches of a new product that were manufactured last month:The Management Accountant reported the following variances:The
Big Cheese Chairs (BCC) manufactures and sells executive leather chairs. They are considering a new design of massaging chair to launch into the competitive market in which they operate.They have
According to the Techleader blog on South Africa’s Mail and Guardian website, e-books are about to do to the publishing sector what iTunes did to the music industry. According to the blog post,
It seems a perennial problem in recent years; grit supplies run dangerously low in winter months in the United Kingdom and other European countries.Cathy Newman’s blog on the Channel 4 news website
Japanese management and manufacturing techniques focus on principles like close supplier relationships, just-in-time deliveries and zero defects. Many western companies have implemented such
In recent years, two global companies have had to deal with some quite large costs as a result of quality control failures. First, take the example of Toyota cars in the US. In late 2009 and early
What are ordering costs? Provide some examples.
What are the assumptions underlying the economic order quantity?
Define lead time.
Explain what is meant by the re-order point.
What are stockout costs? Provide some examples.
XY, a company that manufactures a range of timber products, is considering changing to a just-in-time (JIT) production system.Currently XY employs staff who are contracted to work and be paid for a
Brass Ltd produces two products, the Masso and the Russo. Budgeted data relating to these products on a unit basis for August are as follows:Each unit of product incurs costs of machining and
Higgins Co (HC) manufactures and sells pool cues and snooker cues. The cues both use the same type of good quality wood (ash) which can be difficult to source in sufficient quantity. The supply of
LM produces two products from different quantities of the same resources using a just-in-time (JIT) production system. The selling price and resource requirements of each of these two products are as
The Alphab Group has five divisions A, B, C, D and E.Group management wish to increase overall group production capacity per year by up to 30 000 hours. Part of the strategy will be to require that
(a) The Argonaut Company makes three products, Xylos, Yo-yos and Zicons. These are assembled from two components, Agrons and Bovons, which can be produced internally at a variable cost of £5 and £8
The Kaolene Co. Ltd has six different products all made from fabricated steel. Each product passes through a combination of five production operations: cutting, forming, drilling, welding and
(a) Spiro Division is part of a vertically integrated group of divisions allocated in one country. All divisions sell externally and also transfer goods to other divisions within the group.Spiro
A CIMA 2009 report on the UK agriculture industry reports how farmers in general do not prioritize cost management. This may be partly due to EU subsidies, which distracts farmers from a
In 1996 Insteel Industries decided to implement ABC at the Andrews, South Carolina plant. The ABC team analyzed operations and identified 12 business processes involving a total of 146 activities.
The Boeing 737 jet is the world’s most popular and reliable commercial airliner. The company has manufactured over 6000 jets in the 737 family. The latest model, the 737-900ER, was launched in 2005
In recent years, two global companies have had to deal with some quite large costs as a result of quality control failures. First, take the example of Toyota cars in the US. In late 2009 and early
Most businesses are concerned with their effect on the environment. Many businesses portray themselves as being friendly to the environment or carbon neutral. Lever Brothers, for example, developed a
The following presents extracts from a case study on the use of an ABC cost model by a large UK retail firm (Sainsbury’s) and a group of suppliers for supporting their supply chain management
What are committed (locked-in) costs?
Distinguish between value added and non-value added activities.
Distinguish between a pull and push manufacturing system.
CAL manufactures and sells solar panels for garden lights. Components are bought in and assembled into metal frames that are machine manufactured by CAL. There are a number of alternative suppliers
Burdoy plc has a dedicated set of production facilities for component X. A just-in-time system is in place such that no stock of materials; work-in-progress or finished goods are held.At the
X Ltd manufactures and distributes three types of car (the C1, C2 and C3).Each type of car has its own production line. The company is worried by extremely difficult market conditions and forecasts
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
HT manufactures and sells consumer goods. The market in which it operates is highly competitive and HT is constantly designing new products in order to maintain its market share. The life cycle of
You are financial controller of a medium-sized engineering business. This business was family-owned and managed for many years but has recently been acquired by a large group to become its
The term corporate social responsibility (CSR) emerged in the 1990s. Today, this term has largely been supplanted by the term sustainability. The sustainability of a business refers of course to its
The term ‘balanced scorecard’ may have been popularized by Kaplan and Norton, but their four perspectives on performance are not the only ones used by organizations in practice. For example,
Provide a definition of strategic management accounting.
Describe the three major strands of strategic management accounting that can be identified from the literature.
How do different competitive strategies influence the emphasis that is given to particular management accounting techniques?
Identify and describe the core objectives of the customer perspective.
What is manufacturing cycle efficiency?
ZY is an airline operator. It is implementing a balanced scorecard to measure the success of its strategy to expand its operations. It has identified two perspectives and two associated objectives.
BS Ltd provides consultancy services to small and medium sized businesses. Three types of consultants are employed offering administrative, data processing and marketing advice respectively. The
The owners of The Eatwell Restaurant have diversified business interests and operate in a wide range of commercial areas. Since buying the restaurant in 2007 they have carefully recorded the data
The Royal Laurel Hospital (RLH) and The King Hardy Hospital (KHH) are government funded institutions which are managed by the Glasburgh Trust. The following information is available for the year
The ‘Care For Dogs Company’ (CFD) is a very profitable organization which was established in 1998. CFD offers accommodation, care and supervision for pet dogs owned by inhabitants of Barkland.CFD
The Global Hotel Group (GHG) operates hotels in most of the developed countries throughout the world. The directors of GHG are committed to a policy of achieving ‘growth’ in terms of geographical
The ‘balanced scorecard’ approach aims to provide information to management to assist strategic policy formulation and achievement. It emphasizes the need to provide the user with a set of
A CIMA research report from2011 provides some detail on the use of the learning curve in practice. According to the research, 5 per cent of respondent companies used the technique. On amore positive
The OECD principles on international transfer pricing include a key principle termed the ‘arm’s-length principle’. This principle requires multinational firms engaging in transfer pricing to
Global search engine provider Google managed to keep its effective tax rate overseas at a low 2.4 per cent in 2009. The company had a transfer pricing arrangement approved by the US Internal Revenue
X plc, a manufacturing company, has two divisions: Division A and Division B. Division A produces one type of product, ProdX, which it transfers to Division B and also sells externally. Division B
Division A transfers 100 000 units of a component to Division B each year.The market price of the component is £25.Division A’s variable cost is £15 per unit.Division A’s fixed costs are £500
Manuco Ltd has been offered supplies of special ingredient Z at a transfer price of £15 per kg by Helpco Ltd which is part of the same group of companies. Helpco Ltd processes and sells special
The Alpha group comprises two companies, X Limited and Y Limited both of which are resident in a country where company profits are subject to taxation at 30 per cent.X LimitedX Limited has two
You are the management accountant of the SSA Group which manufactures an innovative range of products to provide support for injuries to various joints in the body. The group has adopted a divisional
Memphis plc is a multi-division firm operating in a wide range of activities. One of its divisions, Division A, produces a semi-finished product Alpha, which can be sold in an outside market. It can
AB Ltd has two Divisions – A and B. Division A manufactures a product called the aye and Division B manufactures a product called the bee. Each bee uses a single aye as a component. A is the only
What are planning variances? Why are they separately identified?
The following data are to be used to answer questions (a) and (b) below.SW plc manufactures a product known as the TRD100 by mixing two materials. The standard material cost per unit of the TRD100 is
Company P sells 3 products – R, S and T. Sales information for April was as follows:The expected size of the market for April was 2500 units. The actual market size was 2650 units.The market share
Crumbly Cakes make cakes, which are sold directly to the public.The new production manager (a celebrity chef) has argued that the business should use only organic ingredients in its cake
BRK Co operates an absorption costing system and sells three products, B, R and K which are substitutes for each other. The following standard selling price and cost data relate to these three
Germany global company Siemens AG had a turnover of almost €76 billion in 2010, recording a profit after taxes of €4 billion, according to its annual report. The company operates globally, with
From on the previous Real World View, you know that Siemens operates in many countries and has quite a diverse product offering. With such complex and broad operations, there are many factors which
According to Joseph Stiglitz in his book Freefall, ‘bankers (for the most part) are not born any greedier than other people’ . He mentions the flaws in compensation and bonus systems in banks,
Distinguish between profit centres and investment centres.
Division L has reported a net profit after tax of £8.6m for the year ended 30 April 2012. Included in the costs used to calculate this profit are the following items:•interest payable of
Southe Plc has two divisions, A and B, whose respective performances are under review.Division A is currently earning a profit of £35 000 and has net assets of £150 000.Division B currently earns a
Linamix is the chemicals division of a large industrial corporation. George Elton, the divisional general manager, is about to purchase new plant in order to manufacture a new product. He can buy
The Health and Fitness Group (HFG), which is privately owned, operates three centres in the country of Mayland. Each centre offers dietary plans and fitness programmes to clients under the
The most recent published results for V plc are shown below:An analyst working for a stockbroker has taken these published results, made the adjustments shown below, and has reported his conclusion
(a) Explain the meaning of each of the undernoted measures which may be used for divisional performance measurement and investment decision-making. Discuss the advantages and problems associated with
A large organization, with a well-developed cost centre system, is considering the introduction of profit centres and / or investment centres throughout the organization, where appropriate. As
J plc’s business is organized into divisions. For operating purposes, each division is regarded as an investment centre, with divisional managers enjoying substantial autonomy in their selection of
Rare earth metals like yttrium, terbium, neodymium and samarium are used in many high-tech industries.Fibre optics, iPads, solar panels, car engines and wind turbines all use some of the rare metals.
In 1987, Johnson and Kaplan, published a text titled Relevance Lost: The Rise and Fall of Management Accounting. In this text, they criticized traditional management accounting techniques as being
Many countries have mechanisms in place whereby wage rates and/or wage increases are agreed at a national level. Some countries have a social partnership system, whereby government, employers and
Montclair produces 1500 different products, including Forest Green Carnival. Its standard cost of \($2900\) per tonne is derived from:•unionwage rates for labour costs (‘pattern bargaining’
KHL manufactures a single product and operates a budgetary control system that reports performance using variances on a monthly basis. The company has an agreement with a local suppler and calls off
The following data have been collected for the month of April by a company which operates a standard absorption costing system:Opening and closing work in progress figures were identical, so can be
All budgets depend on the sales budget. Do you agree?Explain.
H has a budgeted production for the next budget year of 12 000 units spread evenly over the year. It expects the same production level to continue for the next two years. Each unit uses 4 kg of
X Plc manufactures specialist insulating products that are used in both residential and commercial buildings. One of the products, Product W, is made using two different raw materials and two types
Thorne Co. values, advertises and sells residential property on behalf of its customers. The company has been in business for only a short time and is preparing a cash budget for the first four
You are the management accountant of a group of companies and your managing director has asked you to explore the possibilities of introducing a zero-based budgeting system experimentally in one of
Various attempts have been made in the public sector to achieve a more stable, long-term planning base in contrast to the traditional short-term annual budgeting approach, with its emphasis on
DW, a transport company, operates three depots.Each depot has a manager who reports directly to the Operations Director.For many years the depot managers have been asked by the Operations Director to
Outline:(a) the objectives of budgetary planning and control systems;(b) the organization required for the preparation of a master budget.
The chief executive of your organization has recently seen a reference to zero-based budgeting. He has asked for more details of the technique.You are required to prepare a report for him
Prepare brief notes about zero-based budgeting covering the following topics:(a) what zero-based budgeting means;(b) how zero-based budgeting would operate;(c) what problems might be met in
Explain the specific roles of planning, motivation and evaluation in a system of budgetary control.
Maintaining manufacturing and process equipment is always a delicate balance between preventative maintenance and repairing faults after they occur.Spare parts and maintenance staff pay is a
SAP is the global leader in the provision of enterprise resource planning (ERP) systems. While SAP is designed to process many business transactions, it also acts as a key source of information for
Your firm has been consulted by the managing director of Inzone plc, which owns a chain of retail stores. Each store has departments selling furniture, tableware and kitchenware.Departmental managers
The Rubber Group (TRG) manufactures and sells a number ol rubberbased products. Its strategic focus is channelled through profit centres which sell products transferred from production divisions that
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