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business
management and cost accounting

Questions and Answers of Management And Cost Accounting

Advanced(a) Discuss the use of the following as aids to each of planning and control:(i) rolling budgets(ii) flexible budgets(iii) planning and operational variances.(9 marks)(b) Discuss the extent
Advanced A local government authority is organized so that some operating departments (e.g. building, trans¬ port, printing, catering) supply services to several functional departments (e.g.
Advanced A major feature of the world economy is the high proportion of employment in service industries, and the development of large service organisations such as banks, insurance companies, and
Advanced One of the major practical difficulties of applying a financial reporting and control system based on flexible budgeting to a service or overhead depart¬ ment is in identifying and
Advanced(a) Budgetary controls have been likened to a system of thermostatic control.(i) In what respects is the analogy inappro¬ priate? (10 marks)(ii) What are the matters raised in (a) (i) above
Advanced One common approach to organisational control theory is to look at the model of a cybernetic system. This is often illustrated by a diagram of a thermostat mechanism.You are required:(a) to
Advanced‘Textbooks on accounting often describe manage¬ ment information and financial control systems as if they work in exactly the same way as machine control systems. Many accountants appear
Advanced(a) In the context of budgeting, provide defini¬ tions for four of the following terms:aspiration level; budgetary slack; feedback;zero-base budgeting;responsibility accounting. (8 marks)(b)
Advanced In the context of budgeting, describe the meaning of and write notes on four of the following terms: Feedback control;Feedforward control;Budgetary slack;Aspiration level;Control
Advanced You are required, within the context of budgetary control, to:(a) explain the specific roles of planning, motiva¬ tion and evaluation; (7 marks)(b) describe how these roles may conflict
Advanced(a) Explain the ways in which the attitudes and behaviour of managers in a company are liable to pose more threat to the success of its budgetary control system than are minor technical
Advanced What are the behavioural aspects which should be borne in mind by those who are designing and operating standard costing and budgetary control systems? (20 marks)CIMA Cost Accounting 2
Advanced One purpose of management accounting is to influence managers’ behaviour so that their result¬ ing actions will yield a maximum benefit to the employing organization. In the context of
Advanced In his study of ‘The Impact of Budgets on People’, published in 1952, C. Argyris reported inter alia the following comment by a financial controller on the practice of participation in
Advanced Several assumptions are commonly made by accountants when preparing or interpreting budget¬ ary information.You are required to explain why each of the following five assumptions might be
Advanced The level of efficiency assumed in the setting of standards has important motivational implications - Discuss. (8 marks)ACCA Level 2 Management Accounting
Advanced In discussing the standard setting process for use within budgetary control and/or standard costing systems, the following has been written: ‘The level of standards appears to play a role
Advanced You are required to:(i) discuss the factors that are likely to cause managers to submit budget estimates of sales and costs that do not represent their best estimates or expectations of what
Advanced‘Budgeting is too often looked upon from a purely mechanistic viewpoint. The human factors in budgeting are more important than the accounting techniques. The success of a budgetary system
Advanced‘The major reason for introducing budgetary control and standard costing systems is to influence human behaviour and to motivate the managers to achieve the goals of the organization.
Advanced‘The final impact which any accounting system has on managerial and employee behaviour is depen¬ dent not only upon its design and technical char¬ acteristics but also in the precise
Advanced‘Motivation is the over-riding consideration that should influence management in formulating and using performance measures, and in designing management control systems.’Discuss this
Advanced(a) Discuss the behavioural arguments for and against involving those members of manage¬ ment who are responsible for the implementa¬ tion of the budget in the annual budget setting
Advanced The typical budgetary control system in practice does not encourage goal congruence, contains budgetary slack, ignores the aspiration levels of participants and attempts to control
Advanced(a) An extensive literature on the behavioural aspects of budgeting discusses the propensity of managers to create budgetary slack.You are required to explain three ways in which managers may
Advanced An article in Management Accounting concluded that there will always be some budgetary padding in any organisation.Requirements:(a) As Management Accountant, write a report to your Finance
Intermediate: Criticism and redrafting of a performance report(a)The following report has been prepared, relat¬ ing to one product for March. This has been sent to the appropriate product manager as
Intermediate: Preparation of flexible budgets based on an analysis of past cost behaviour and an adjustment for inflation TJ Limited is in an industry sector which is recovering from the recent
Intermediate: Preparation of flexible budgets and an explanation of variances You have been provided with the following operat¬ ing statement, which represents an attempt to compare the actual
Intermediate: Preparation of a flexible budget performance report The Viking Smelting Company established a divi¬ sion, called the reclamation division, two years ago, to extract silver from
Intermediate: Sales forecasting removing seasonal variations, flexible budgets and budget preparation You work as the assistant to the management accountant for Henry Limited, a medium-sized
Intermediate: Preparation of flexible budgets Data Rivermede Ltd makes a single product called the Fasta. Last year, Steven Jones, the managing direc¬ tor of Rivermede Ltd, attended a course on
Intermediate: Responsibility centre performance reports Data Jim Smith has recently been appointed as the Head Teacher of Mayfield School in Midshire. The age of the pupils ranges from 11 years to 18
Advanced: Design of a management control system Maxcafe Ltd sold its own brand of coffee through¬ out the UK. Sales policies, purchasing and the direction of the company was handled from head office
Advanced: Recommendations for improvements to a performance report and a review of the management control system Your firm has been consulted by the managing director of Inzone pic, which owns a
Advanced: Comments on an existing performance measurement and bonus system and recommendations for improvement 1. You are the group management accountant of a large divisionalised group.There has
Advanced: Budget use and performance reporting A new private hospital of 100 beds was opened to receive patients on 2 January though many senior staff members including the supervisor of the laundry
Advanced: Impact of aggregating budget estimates and budget bias Devonshire Dairies pic sells a range of dairy products on a national basis through a direct sales force organized into four
Advanced: Aspiration levels Individual performance measurement is likely to be related to the aspiration level of the individual and the timing and level of the target set.Discuss the above statement
Advanced: Advantages and disadvantages of participation and comments on a new performance measurement and evaluation system Incorporated Finance pic is a finance company having one hundred branch
Advanced: Preparation of project statements for different demand levels and calculations of expected profit Seeprint Limited is negotiating an initial one year contract with an important customer for
Advanced: Calculation of expected value and the presentation of a probability distribution The Dunburgh Bus Company operated during the year ended 31 May 2000 with the following results:(i) Average
Advanced: CVP analysis and uncertainty(a) The accountant of Laburnum Ltd is preparing documents for a forthcoming meeting of the budget committee. Currently, variable cost is 40% of selling price and
Advanced: Pricing decision and the calculation of expected profit and margin of safety E Ltd manufactures a hedge-trimming device which has been sold at £16 per unit for a number of years. The
Advanced: Machine hire decision based on uncertain demand and calculation of maximum price to pay for perfect information Siteraze Ltd is a company which engages in site clearance and site
Advanced: Output decision based on expected values A ticket agent has an arrangement with a concert hall that holds pop concerts on 60 nights a year whereby he receives discounts as follows per
Advanced: Contracting hotel accommodation based on uncertain demand Crabbe, the owner of the Ocean Hotel, is concerned about the hotel’s finances and has asked your advice. He gives you the
Advanced: Pricing decisions under conditions of uncertainty(a) Allegro Finishes Ltd is about to launch an improved version of its major product - a pocket size chess computer - onto the market. Sales
Advanced: Expected value comparison of low and high price alternatives The research and development department of Shale White has produced specifications for two new products for consideration by the
Advanced: Pricing and purchase contract decisions based on uncertain demand and calculation of maximum price to pay for perfect information Z Ltd is considering various product pricing and material
Advanced: Pricing decision based on competitor’s response In the market for one of its products, MD and its two major competitors (CN and KL) together account for 95% of total sales.The quality of
Advanced: Selling price decision based on expected values and value of additional information Warren Ltd is to produce a new product in a short¬ term venture which will utilize some obsolete
Advanced: Expected values, maximin criterion and value of perfect informationRecyc pic is a company which reprocesses factory waste in order to extract good quality aluminium. Information concerning
Advanced: Decision tree, expected value and maximin criterion(a) The Alternative Sustenance Company is considering introducing a new franchised product, Wholefood Waffles.Existing ovens now used for
Advanced: Hire of machine based on uncertain demand and value of perfect information The Ruddle Co. Ltd had planned to install and, with effect from next April, commence operating sophisticated
Advanced: Calculation of expected value of perfect and imperfect information Butterfield Ltd manufactures a single brand of dog- food called ‘Lots O’ Grissle’ (LOG). Sales have stabilized for
Advanced: Expected net present value and decision whether to abandon a project after one yearA company is considering a project involving the outlay of £300 000 which it estimates will generate cash
explain the opportunity cost of an investment;LO1
distinguish between compounding and discounting;LO1
explain the concept of net present value (NPV) and internal rate of return(IRR);LO1
calculate NPV, IRR, payback period and accounting rate of return;LO1
justify the superiority of NPV over the IRR;LO1
explain the limitations of payback and the accounting rate of return methods;LO1
describe the effect of performance measurement on capital investment decisions.LO1
Intermediate: IRR calculation A machine with a purchase price of £14000 is estimated to eliminate manual operations costing £4000 per year. The machine will last five years and have no residual
Intermediate: Payback, accounting rate of return and NPV calculations plus a discussion of qualitative factors The following information relates to three possible capital expenditure projects.
Discussion of alternative investment appraisal techniques and the calculation of payback and NPV for two mutually exclusive projects(a) Explain why Net Present Value is considered technically
Intermediate An investment project has the following expected cash flows over its economic life of three years:Required:(i) Calculate the net present value (NPV) of the project at discount rates of
Intermediate: Calculation of payback, NPV and ARR for mutually exclusive projects Your company is considering investing in its own transport fleet. The present position is that carriage is contracted
Intermediate: NPV and payback calculations You are employed as the assistant accountant in your company and you are currently working on an appraisal of a project to purchase a new machine. The
Intermediate: Present value of purchasing or renting machinery The Portsmere Hospital operates its own laundry. Last year the laundry processed 120 000 kilograms of washing and this year the total is
Intermediate: Calculation of break-even point involving PV calculations CD is an aviation company engaged in providing transport services to tour operators and industrial customers. CD’s cost of
Intermediate: Calculation of NPVs of two projects In the manufacture of a company’s range of products, the processes give rise to two main types of waste material.Type A is the outcome of the
Advanced: Comparison of NPV and IRR Using the discounted cash flow yield (internal rate of return) for evaluating investment opportunities has the basic weakness that it does not give atten¬ tion to
Advanced: Accounting Rate of Return Armcliff Ltd is a division of Shevin pic which requires each of its divisions to achieve a rate of return on capital employed of at least 10% p.a. For this
Advanced: NPV calculation and identification of incremental cash flows LKL pic is a manufacturer of sports equipment and is proposing to start project VZ, a new product line. This project would be
Advanced: Comparison of NPV and IRR and relationship between profits and NPV Khan Ltd is an importer of novelty products. The directors are considering whether to introduce a new product, expected to
Advanced: Calculation of NPV and IRR, a discussion of the inconsistency in ranking and a calculation of the cost of capital at which the ranking changes A company is considering which of two mutually
Advanced: Calculation of NPV and additional cash flows which will result in a zero NPV Losrock Housing Association is considering the implementation of a refurbishment programme on one of its housing
Advanced: Evaluation of a proposed investment of computer integrated manufacturing equipment and a discussion of NPV and ARR Abert, the production manager of Blom pic, a manufacturer of precision
Advanced: Calculation of minimum selling price of a machine based on PV of future cash flows FG Ltd has two machines used on a contract for a large customer, LC Ltd. Each machine can produce the same
Advanced: Replacement decision and the conflict between decision-making and performance evaluation models Paragon Products pic has a factory which manu¬ factures a wide range of plastic household
Advanced: Calculation of target sales required to meet the objectives specified by the Management Board of a theatre A theatre with some surplus accommodation proposes to extend its catering
evaluate mutually exclusive projects with unequal lives;LO1
explain capital rationing and select the optimum combination of investments when capital is rationed for a single period;LO1
calculate the incremental taxation payments arising from a proposed investment;LO1
describe the two approaches for adjusting for inflation when appraising capital projects;LO1
explain how risk-adjusted discount rates are calculated;LO1
explain the uses and limitations of traditional risk measures;LO1
describe the procedures for reviewing and controlling capital investments.LO1
describe how the optimum output and selling price is determined using economic theory;LO1
calculate the optimum selling price using simple calculus;LO1
explain the relevant cost information that should be presented in price setting firms for both short-term and long-term decisions;LO1
describe product and customer profitability analysis and the information that should be included for managing the product and customer mix;LO1
explain the role that target costing plays in the pricing decision;LO1
describe the different cost- plus pricing methods for deriving selling prices;LO1
explain the limitations of cost-plus pricing;LO1
justify why cost-plus pricing is widely used;LO1
Advanced Discuss the extent to which cost data is useful in the determination of pricing policy. Explain the advantages and disadvantages of presenting cost data for possible utilization in pricing
Advanced At one of its regular monthly meetings the board of Giant Steps Ltd was discussing its pricing and output policies. Giant Steps Ltd is a multi-product firm, operating in several distinct but

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