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business
management and cost accounting

Questions and Answers of Management And Cost Accounting

Advanced‘In providing information to the product manager, the accountant must recognize that decision¬ making is essentially a process of choosing between competing alternatives, each with its own
Advanced A company supplying capital equipment to the engineering industry is part of a large group of diverse companies. It determines its tender prices by adding a standard profit margin as a
Advanced It has been stated that companies do not have profitable products, only profitable customers. Many companies have placed emphasis on the concept of Customer Account Profitability (CAP)
Advanced: Discussion of pricing strategies A producer of high quality executive motor cars has developed a new model which it knows to be very advanced both technically and in style by comparison
Intermediate: Computation of minimum selling price and optimum price from price- demand relationships In an attempt to win over key customers in the motor industry and to increase its market share,
Intermediate: Calculation of cost-plus selling price and an evaluation of pricing decisions A firm manufactures two products EXE and WYE in departments dedicated exclusively to them. There are also
Advanced: Cost-plus and relevant cost information for pricing decisions Josun pic manufactures cereal based foods, includ¬ ing various breakfast cereals under private brand labels. In March the
Advanced: Limiting factor resource allocation and comparison of marginal revenue to determine optimum output and price(a) A manufacturer has three products, A, B, and C. Currently sales, cost and
Advanced: Selection of optimal selling price based on demand and cost schedules Sniwe pic intend to launch a commemorative product for the 2004 Olympic games onto the UK market commencing 1 August
Advanced: Impact of a change in selling price on profits based on a given elasticity of demand You are the management accountant of a medium¬ sized company. You have been asked to provide budgetary
Advanced: Calculation of elasticity of demand, optimum output and selling price XYZ is the only manufacturer of a product called the X. The variable cost of producing an X is £1.50 at all levels of
Advanced: Recommendation of which market segment to enter and selling price to charge AB Ltd is a well-established company producing high quality, technically advanced, electronic equipment.In an
Advanced: Calculation of unit costs and optimum selling price French Ltd is about to commence operations utiliz¬ ing a simple production process to produce two products X and Y. It is the policy of
Advanced: Calculation of optimal output level adopting a limiting factor approach and the computation of optimum selling prices using differential calculus AB p.l.c. makes two products, Alpha and
Advanced: Calculation of optimum selling prices using differential calculus Alvis Taylor has budgeted that output and sales of his single product, flonal, will be 100 000 for the forthcoming year. At
Advanced: Calculation of cost-plus selling price and optimum selling price and their impact on profits Exejet Engineering Ltd manufactures a range of products for the aircraft industry including the
Advanced: Calculation of optimum quantity and prices for joint products using differential calculus plus a discussion of joint cost allocations Nuts pic produces alpha and beta in two stages. The
Advanced: Calculation of optimum selling prices using differential calculus Cassidy Computers pic sells one of its products, a plug-in card for personal computer systems, in both the UK and
calculate and explain the meaning of expected values;LO1
explain the role and limitation of standard deviation and coefficient of variation as a measure of risk;LO1
construct a decision tree when there is a range of alternatives and possible outcomes;LO1
calculate the value of perfect information;LO1
apply the maximin, maximax and regret criteria;LO1
explain the implications of portfolio analysis.LO1
Intermediate The traditional methods of cost allocation, cost apportionment and absorption into products are being challenged by some writers who claim that much information given to management is
Intermediate‘It is now fairly widely accepted that conventional cost accounting distorts management’s view of business through unrepresentative overhead alloca¬ tion and inappropriate product
Intermediate‘Attributing direct costs and absorbing overhead costs to the product/service through an activity- based costing approach will result in a better understanding of the true cost of the
Advanced The basic ideas justifying the use of Activity Based Costing (ABC) and Activity Based Budgeting (ABB) are well publicised, and the number of applications has increased. However, there are
Advanced Large service organisations, such as banks and hospitals, used to be noted for their lack of stan¬ dard costing systems, and their relatively unsophis¬ ticated budgeting and control
Intermediate: Comparison of traditional product costing with ABC Having attended a CIMA course on activity-based costing (ABC) you decide to experiment by apply¬ ing the principles of ABC to the
Intermediate: Calculation of ABC product costs and a discussion of the usefulness of ABC Trimake Limited makes three main products, using broadly the same production methods and equip¬ ment for
Intermediate: Preparation of conventional costing and ABC profit statements The following budgeted information relates to Brunti pic for the forthcoming period:Required:(a) Prepare and present profit
Advanced: Computation of ABC and traditional product costs plus a discussion of ABC Repak Ltd is a warehousing and distribution company which receives products from customers, stores the products and
Advanced: Comparison of ABC with traditional product costing(a) In the context of activity-based costing (ABC), it was stated in Management Account¬ ing-Evolution not Revolution by Bromwich and
Advanced: Comparison of traditional product costing with ABC Duo pic produces two products A and B. Each has two components specified as sequentially numbered parts i.e. product A (parts 1 and 2) and
Advanced: Profitability analysis using ABC as traditional cost allocation bases ABC pic, a group operating retail stores, is compil¬ ing its budget statements for the next year. In this exercise
Advanced: Unit cost computation based on traditional and ABC systems Excel Ltd make and sell two products, VG4U and VG2. Both products are manufactured through two consecutive processes-making and
Advanced: ABC product cost computation and discussion relating to ABC, JIT and TQM During the last 20 years, KL’s manufacturing operation has become increasingly automated with computer-controlled
define relevant and irrelevant costs and revenues;LO1
explain the importance of qualitative factors;LO1
explain why the book value of equipment is irrelevant when making equipment replacement decisions;LO1
describe the opportunity cost concept;LO1
understand the misconceptions relating to relevant costs and revenues.LO1
Intermediate Z Limited manufactures three products, the selling price and cost details of which are given below:In a period when direct materials are restricted in supply, the most and the least
Intermediate Your company regularly uses material X and currently has in stock 600 kg, for which it paid £1500 two weeks ago. It this were to be sold as raw material it could be sold today for
Intermediate Q pic makes two products-Quone and Qutwo - from the same raw material. The selling price and cost details of these products are as shown below: Quone Qutwo () () Selling price 20.00
Intermediate BB Limited makes three components: S, T and U. The following costs have been recorded:Which component(s), if any, should BB Limited consider buying in?(a) Buy in all three components.(b)
Intermediate M pic makes two products - Ml and M2 - budgeted details of which-are as follows:Budgeted production and sales for the year ended 31 December are:The fixed overhead shown above comprises
Intermediate A company is considering accepting a one-year contract which will require four skilled employ¬ ees. The four skilled employees could be recruited on a one-year contract at a cost of
Advanced‘I remember being told about the useful decision¬ making technique of limiting factor analysis (also known as “contribution per unit of the key factor”). If an organisation is prepared
Intermediate: Make or buy decision The management of Springer pic is considering next year’s production and purchase budgets.One of the components produced by the company, which is incorporated
Intermediate: Determining minimum short¬ term acceptable selling price Company A expects to have 2000 direct labour hours of manufacturing capacity (in normal time) available over the next two
Intermediate: Acceptance of a contract JB Limited is a small specialist manufacturer of electronic components and much of its output is used by the makers of aircraft for both civil and military
Intermediate: Decision on which of two mutually exclusive contracts to accept A company in the civil engineering industry with headquarters located 22 miles from London under¬ takes contracts
Intermediate: Preparation of a cost estimate involving the identification of relevant costs You are the management accountant of a publish¬ ing and printing company which has been asked to quote for
Intermediate: Calculation of minimum selling price You have received a request from EXE pic to provide a quotation for the manufacture of a specialized piece of equipment. This would be a one-off
Intermediate: Impact of a product abandonment decision and CVP analysis(a) Budgeted information for A Ltd for the following period, analysed by product, is shown below:General fixed costs, which are
Intermediate: Deleting a segment A company manufactures and sells a wide range of products. The products are manufactured in various locations and sold in a number of quite separate markets. The
Intermediate: Decision on whether to launch a new product A company is currently manufacturing at only 60% of full practical capacity, in each of its two produc¬ tion departments, due to a reduction
Intermediate: Contribution analysis and an outsourcing decision AZ Transport Group pic comprises three divisions - AZ Buses; AZ Taxis; and Maintenance.AZ Buses operates a fleet of eight vehicles on
Intermediate: Limiting factor analysis Triproduct Limited makes and sells three types of electronic security systems for which the following information is available.Standard cost and selling prices
Intermediate: Limiting key factors PDR pic manufactures four products using the same machinery. The following details relate to its products:There is a maximum of 2000 machine hours available per
Intermediate: Key/limiting factor decision-making BVX Limited manufactures three garden furniture products - chairs, benches and tables. The budgeted unit cost and resource requirements of each of
Intermediate: Allocation of scarce capacity EX Limited is an established supplier of precision parts to a major aircraft manufacturer. It has been offered the choice ofmaking either Part A or Part B
Intermediate: Allocation of scarce capacity and make or buy decision where scarce capacity exists PQR Limited is an engineering company engaged in the manufacture of components and finished products.
Intermediate: Limiting/key factors and a decision whether it is profitable to expand output by overtime B Ltd manufactures a range of products which are sold to a limited number of wholesale outlets.
Intermediate Price/output and key factor decisions You work as a trainee for a small management consultancy which has been asked to advise a company, Rane Limited, which manufactures and sells a
Intermediate: Limiting factor optimum production and the use of simultaneous equations where more than one scarce factor exists A company manufactures two products (X and Y) in one of its factories.
Advanced: Identification of limiting factors and allocation of scarce capacity where several production constraints exist Timbcon Ltd has two fully automated machine groups X and Y through which
Advanced: Allocation of scarce resources A processing company, EF, is extremely busy. It has increased its output and sales from 12 900 kg in quarter 1 to 17 300 kg in quarter 2 but, though demand is
Advanced: Key factor and make or buy decision A construction company has accepted a contract to lay underground pipework. The contract requires that 2500 m of 10" pipe and 2000 m of 18" pipe be laid
Advanced: Allocation of land to four different types of vegetables based on key factor principles A South American farms 960 hectares of land on which he grows squash, kale, lettuce and beans. Of the
Advanced: Optimal production programme, shadow prices and relevant costs for pricing decisions Rosehip has spare capacity in two of its manufac¬ turing departments - Department 4 and Depart¬ ment
Advanced: Decision relating to the timing of the conversion of a production process A company extracts exhaust gases from process ovens as part of the manufacturing process. The exhaust gas
Advanced: Relevant costs for a pricing decision Johnson trades as a chandler at the Savoy Marina. His profit in this business during the year to 30 June was £12 000. Johnson also undertakes occa¬
Advanced: Decision on whether a department should be closed Shortflower Ltd currently publish, print and distri¬ bute a range of catalogues and instruction manuals. The management have now decided
Advanced: Decision on whether to subcontract an appliance repair service or do own maintenance A company producing and selling a range of consumer durable appliances has its after-sales service work
explain the role of a cost accumulation system for generating relevant cost information for decision¬ making;LO1
describe the differences between activity-based and traditional costing systems;LO1
illustrate how traditional costing systems can provide misleading information for decision-making;LO1
explain each of the four stages involved in designing ABC systems;LO1
describe the ABC cost hierarchy;LO1
describe the ABC profitability analysis hierarchy;LO1
describe the ABC resource consumption model;LO1
justify the choice of practical capacity as the denominator level for estimating cost driver rates.LO1
explain the differences between an absorption costing and a variable costing system;LO1
prepare profit statements based on a variable costing and absorption costing system;LO1
explain the difference in profits between variable and absorption costing profit calculations;LO1
explain the arguments for and against variable and absorption costing;LO1
distinguish between relevant costing and variable and absorption costing;LO1
describe the various denominator levels that can be used with an absorption costing system;LO1
explain how the choice of a denominator level affects reported profits and inventory valuations.LO1
Intermediate Z Limited manufactures a single product, the budgeted selling price and variable cost details of which are as follows:Budgeted fixed overhead costs are £60000 per annum, charged at a
Intermediate A company made 17 500 units at a total cost of £16 each. Three-quarters of the costs were variable and one-quarter fixed. 15 000 units were sold at £25 each. There were no opening
Intermediate A firm had opening stocks and purchases totalling 12400 kg and closing stocks of 9600 kg. Profits using marginal costing were £76456 and using absorption costing were £61 056.What was
Intermediate Exe Limited makes a single product whose total cost per unit is budgeted to be £45. This includes fixed cost of £8 per unit based on a volume of 10000 units per period. In a period,
Intermediate In a period, opening stocks were 12 600 units and closing stocks 14 100 units. The profit based on marginal costing was £50400 and profit using absorption costing was £60150. The fixed
Intermediate In product costing the costs attributed to each unit of production may be calculated by using either(i) absorption costing, or(ii) marginal (or direct or variable) costing. Similarly, in
Intermediate Discuss the arguments for and against the inclusion of fixed overheads in stock valuation for the purpose of internal profit measurement.
Intermediate: Preparation of variable and absorption costing statements Solo Limited makes and sells a single product. The following data relate to periods 1 to 4.Required:(a) Prepare operating

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