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business
management and cost accounting

Questions and Answers of Management And Cost Accounting

Intermediate: Preparation of variable costing and absorption costing profit statements and an explanation of the differences in profits The following data have been extracted from the budgets and
Intermediate: Preparation of variable and absorption costing systems and CVP analysis(a) PQ Limited makes and sells a single product, X, and has budgeted the following figures for a one-year
Intermediate: Preparation of variable and absorption costing statements as a reconciliation of the profits The following budgeted profit statement has been prepared using absorption costing
Intermediate: Preparation of variable and absorption costing profit statements and comments in support of a variable costing system A manufacturer of glass bottles has been affected by competition
Intermediate: Under/over-recovery of fixed overheads and preparation and reconciliation of absorption and variable costing profit statements(a) Discuss the arguments put forward for the use of
Intermediate: Equivalent production and preparation of variable and absorption costing profit statements A new subsidiary of a group of companies was established for the manufacture and sale of
Intermediate: Preparation of variable and absorption costing profit statements for FIFO and AVECO methods The following information relates to product J, for quarter 3, which has just
Intermediate: Calculation of overhead absorption rates and an explanation of the differences in profits A company manufactures a single product with the following variable costs per unitThe selling
Advanced: Explanation of absorption costing changes in profits and preparation of variable costing profit statements The Miozip Company operates an absorption cost¬ ing system which incorporates a
Advanced: Explanation of absorption costing changes in profits and preparation of variable costing profit statements Mahler Products has two manufacturing depart¬ ments each producing a single
Advanced: Preparation and comments on variable and absorption costing profit statements Synchrodot Ltd manufactures two standard products, product 1 selling at £15 and product 2 selling at £18. A
Advanced: Explanation of difference between absorption and variable costing profit statements The accountant of Minerva Ltd, a small company manufacturing only one product, wishes to decide how to
describe the differences between the accountant’s and the economist’s model of cost-volume-profit analysis;LO1
justify the use of linear cost and revenue functions in the accountant’s model;LO1
apply the mathematical approach to answer questions similar to those listed in Example 8.1;LO1
construct break-even, contribution and profit- volume graphs;LO1
identify and explain the assumptions on which cost- volume-profit analysis is based;LO1
calculate break-even points for multi-product situations.LO1
Intermediate A company manufactures and sells two products, X and Y. Forecast data for a year are:Annual fixed costs are estimated at £273 000.What is the break-even point in sales revenue with the
Intermediate H Limited manufactures and sells two products, J and K. Annual sales are expected to be in the ratio of J: 1, K: 3. Total annual sales are planned to be £420 000. Product J has a
Intermediate The following details relate to product R:LO1 Level of activity (units) 1000 (/unit) 2000 (/unit) Direct materials 4.00 4.00 Direct labour 3.00 3.00 Production overhead 3.50 2.50 Selling
Intermediate Z pic currently sells products Aye, Bee and Cee in equal quantities and at the same selling price per unit. The contribution to sales ratio for product Aye is 40%; for product Bee it is
Intermediate E pic operates a marginal costing system. For the forthcoming year, variable costs are budgeted to be 60% of sales value and fixed costs are budgeted to be 10% of sales value.If E pic
Intermediate A Limited has fixed costs of £60 000 per annum. It manufactures a single product which it sells for £20 per unit. Its contribution to sales ratio is 40%.A Limited’s breakeven point
Intermediate The following data relate to the overhead expendi¬ ture of a contract cleaners at two activity levels:What is the estimate of the overheads if 16200 square metres are to be cleaned?A
Intermediate Z pic makes a single product which it sells for £ 16 per unit. Fixed costs are £76 800 per month and the product has a contribution to sales ratio of 40%.In a period when actual sales
Intermediate Shown below is a typical cost-volume-profit chart:Required:(a) Explain to a colleague who is not an accoun¬tant the reasons for the change in result on this cost-volume-profit chart
Intermediate The graphs shown below show cost-volume-profit relationships as they are typically represented in (i) management accounting and (ii) economic theory. In each graph TR = total revenue, TC
Intermediate‘A break-even chart must be interpreted in the light of the limitations of its underlying assump¬ tions ... ’ (From Cost Accounting: A Managerial Emphasis,Required:(a) Discuss the
Advanced The accountant’s approach to cost-volume-profit analysis has been criticized in that, among other matters, it does not deal with the following:(a) situations where sales volume differs
Intermediate: Break-even, contribution and profit-volume graph(a) From the following information you are required to construct:(i) a break-even chart, showing the break¬ even point and the margin of
Intermediate: Separation of fixed and variable costs and construction of a break-even graph A building company constructs a standard unit which sells for £30000. The company’s costs can be readily
Intermediate: Separation of fixed and variable costs and construction of a break-even chart Z pic operates a single retail outlet selling direct to the public. Profit statements for August and
Intermediate: Profit-volume graph and changes in sales mix A company produces and sells two products with the following costs:Required:(a) Calculate the break-even sales revenue per period, based on
Intermediate: Multi-product profit- volume graph JK Limited has prepared a budget for the next twelve months when it intends to make and sell four products, details of which are shown below:Budgeted
Intermediate: Break-even chart with increases in fixed costs(a) Identify and discuss briefly five assumptions underlying cost-volume-profit analysis.(10 marks)(b) A local authority, whose area
Intermediate: Break-even chart with an increase in fixed costs and incorporating expected values A manufacturer is considering a new product which could be produced in one of two qualities - Standard
Intermediate: Analysis of costs into fixed and variable elements and break-even point calculation(a) ‘The analysis of total cost into its behavioural elements is essential for effective cost and
Intermediate: Non-graphical CVP analyses A retailer with a chain of stores is planning product promotions for a future period. The following information relates to a product which is being considered
Intermediate: Non-graphical CVP analysis and calculation of margin of safety Z Ltd manufactures and sells three products with the following selling prices and variable costs:The company is
Intermediate: Non-graphical CVP analysis and the acceptance of a special order Video Technology Pic was established in 1987 to assemble video cassette recorders (VCRs). There is now increased
Intermediate: Changes in sales mix XYZ Ltd produces two products and the following budget applies for 2001:You are required to calculate the break-even points for each product and the company as a
Intermediate: Calculation of break-even points based on different product mix assumptions PE Limited produces and sells two products, P and E. Budgets prepared for the next six months give the
Intermediate: Calculation of break-even points based on different sales mix assumptions and a product abandonment decision M Ltd manufactures three products which have the following revenue and costs
Intermediate: Calculation of sales by individual products to achieve a target contribution A company manufactures and sells three products which currently have the following annual trading
Intermediate: Decision-making and non- graphical CVP analysis York pic was formed three years ago by a group of research scientists to market a new medicine that they had invented. The technology
Intermediate: Calculation of break-even points and limiting factor decision-making You are employed as an accounting technician by Smith, Williams and Jones, a small firm of accoun¬ tants and
Intermediate: Marginal costing and absorption costing profit computations and calculation of break-even point for a given sales mix A company has two products with the following unit costs for a
Intermediate: Analysis of change in profit arising from changes in volume and production methods plus sales revenue required to achieve a desired profit A company has the following summary perfor¬
Intermediate: Decision-making and non- graphical CVP analysis Foster]ohn Press Ltd is considering launching a new monthly magazine at a selling price of £1 per copy. Sales of the magazine are
Intermediate: Decision-making and non-graphical CVP analysis Mr Belle has recently developed a new improved video cassette and shown below is a summary of a report by a firm of management consultants
Advanced: Decision-making and CVP analysis Bruno Ltd is considering proposals for design changes in one of a range of soft toys. The proposals are as follows:(a) Eliminate some of the decorative
Advanced: CVP analysis based on capacity usage in a leisure centre A local government authority owns and operates a leisure centre with numerous sporting facilities, residential accommodation, a
Advanced: CVP analysis and decision¬ making based on number of holidays to be sold by a hotel A hotel budget for the forthcoming year shows the following room occupancy:Revenue for the year is
Advanced: CVP analysis and decision¬ making including a graphical presentation In the last quarter it is estimated that YNQ will have produced and sold 20 000 units of their main product by the end
Advanced: CVP analysis and changes in product mix Dingbat Ltd is considering renting additional factory space to make two products, Thingone and Thingtwo. You are the company’s management
Intermediate A company uses a predetermined overhead recov¬ ery rate based on machine hours. Budgeted factory overhead for a year amounted to £720000, but actual factory overhead incurred was £738
Intermediate A company absorbs overheads on machine hours which were budgeted at 11 250 with overheads of £258 750. Actual results were 10980 hours with overheads of £254 692.Overheads were:A
Intermediate The following data are to be used for sub-questions (i) and (ii) below: Budgeted labour hours 8500 Budgeted overheads 148 750 Actual labour hours 7928 146 200 Actual overheads (i) Based
Intermediate A firm makes special assemblies to customers’ orders and uses job costing. The data for a period are:(i) What overhead should be added to job number CC20 for the period?A £24 600 B
Intermediate A company absorbs overheads on machine hours. In a period, actual machine hours were 17285, actual overheads were £496 500 and there was under-absorption of £12 520.What was the
Intermediate(a) Explain why predetermined overhead absorp¬ tion rates are preferred to overhead absorption rates calculated from factual information after the end of a financial period.(b) The
Intermediate Critically consider the purpose of calculating production overhead absorption rates.
Intermediate(a) Specify and explain the factors to be consid¬ ered in determining whether to utilize a single factory-wide recovery rate for all production overheads or a separate rate for each cost
Intermediate: Overhead analysis, calculation of overhead rate and overhead charged to a unit of output A company makes a range of products with total budgeted manufacturing overheads of £973 560
Intermediate: Overhead analysis sheet and calculation of overhead absorption rates PTS Limited is a manufacturing company which uses three production departments to make its product. It has the
Intermediate: Overhead analysis, calculation of overhead rates and a product cost Knowing that you are studying for the CIMA qualification, a friend who manages a small busi¬ ness has sought your
Intermediate: Overhead analysis and calculation of product costs A furniture-making business manufactures quality furniture to customers’ orders. It has three produc¬ tion departments and two
Intermediate: Overhead analysis sheet and calculation of overhead rates Dunstan Ltd manufactures tents and sleeping bags in three separate production departments. The principal manufacturing
Intermediate: Calculation of overhead rates and a product cost DC Limited is an engineering company which uses job costing to attribute costs to individual products and services provided to its
Intermediate: Job cost calculation A printing and publishing company has been asked to provide an estimate for the production of 100000 catalogues, of 64 pages (32 sheets of paper) each, for a
Intermediate: Computation of three different overhead absorption rates and a cost- plus selling price A manufacturing company has prepared the following budgeted information for the forthcom¬ ing
Intermediate: Various overhead absorption rates and under/over-recovery The following data relate to a manufacturing department for a period:Job ZX was one of the jobs worked on during the period.
Intermediate: Calculation of overhead absorption rates and under/over-recovery of overheads BEC Limited operates an absorption costing system. Its budget for the year ended 31 December shows that it
Intermediate: Analysis of under/over¬ recovery of overheads and a discussion of blanket versus department overheads(a) One of the factories in the XYZ Group of companies absorbs fixed production
Intermediate: Various overhead absorption rates AC Limited is a small company which undertakes a variety of jobs for its customers.An enquiry has been received, and the produc¬ tion department has
Intermediate: Calculation of under/over recovery of overheads A company produces several products which pass through the two production departments in its factory. These two departments are concerned
Intermediate: Calculation of fixed and variable overhead rates, normal activity level and under/over recovery of overheads(a) C Ltd is a manufacturing company. In one of the production departments in
Intermediate: Under- and over-absorption of overheads and calculation of budgeted expenditure and activity A large firm of solicitors uses a job costing system to identify costs with individual
Intermediate: Reapportionment of service department overheads and a calculation of under/over-recovery of overheads An organization has budgeted for the following production overheads for its
Intermediate: Reapportionment of service department costs and a product cost calculation Shown below is an extract from next year’s budget for a company manufacturing three different products in
Intermediate: Reapportionment of service department costs JR Co. Ltd’s budgeted overheads for the forth¬ coming period applicable to its production departments, are as follows:Required:Apportion
Advanced: Reapportionment of service department costs and comments on apportionment and absorption calculation The Isis Engineering Company operates a job order costing system which includes the use
Advanced: Comparison of methods of reapportioning service department costs Puerile Plastics Ltd consists of six departments: persomiel and administration, maintenance, stores, moulding, extrusion and
Advanced: Reapportionment of service department costs and a discussion of how fully allocated costs can be useful Megalith Manufacturing divides its plant into two main production departments,
Intermediate: Explanation of a product cost calculation In order to identify the costs incurred in carrying out a range of work to customer specification in its factory, a company has a job costing
Advanced: Product cost calculation and costs for decision-making Kaminsky Ltd manufactures belts and braces. The firm is organized into five departments. These are belt-making, braces-making, and
describe the materials recording procedure;LO1
distinguish between an integrated and interlocking accounting system;LO1
describe backflush costing;LO1
explain the distinguishing features of contract costing;LO1
prepare contract accounts and calculate attributable profit.LO1
Intermediate At the end of a period, in an integrated cost and financial accounting system, the accounting entries for £ 18 000 overheads under-absorbed would be A Debit work-in- Credit overhead
Intermediate The profits shown in the financial accounts was £158 500 but the cost accounts showed a different figure. The following stock valuations were used: Stock Cost valuations accounts
Intermediate*A construction company has the following data concerning one of its contracts:The profit (to the nearest £1000) to be attributed to the contract is Contract price Value certified Cash
Intermediate: Stores Pricing Z Ltd had the following transactions in one of its raw materials during AprilYou are required to:(a) write up the stores ledger card using (i) FIFO and (ii) LIFO methods
Intermediate: Stores pricing and preparation of the stores control account A company operates an historic batch costing system, which is not integrated with the financial accounts, and uses the
Intermediate: Integrated cost accounting NB Limited operates an integrated accounting system. At the beginning of October, the following balances appeared in the trial balance:Plant and equipment is
Intermediate: Integrated cost accounting XY Limited commenced trading on 1 February with fully paid issued share capital of £500000, Fixed Assets of £275 000 and Cash at Bank of £225 000. By the
Intermediate: Interlocking accounts AZ Limited has separate cost and financial accounting systems interlocked by control accounts in the two ledgers. From the cost accounts, the following information

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