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business
management and cost accounting

Questions and Answers of Management And Cost Accounting

Advanced(i) Costs may be classified in a number of ways including classification by behaviour, by function, by expense type, by controllability and by relevance.(ii) Management accounting should
Intermediate: Cost classification For the relevant cost data in items (l)-{7), indicate which of the following is the best classification. (a) sunk cost (b) incremental cost (c) variable cost (d)
Intermediate: Cost classification A company manufactures and retails clothing. You are required to group the costs which are listed below and numbered (l)-(20) into the following classifications
Intermediate(a) ‘Discretionary costs are troublesome because managers usually find it difficult to separate and quantify the results of their use in the business, as compared with variable and
Intermediate: Cost behaviour(a) From the above data you are required:(i) to prepare a schedule to be presented to management showing for the mileages of 5000, 10 000, 15 000 and 30000 miles per
Intermediate: Analysis of costs by behaviour for decision-making The Northshire Hospital Trust operates two types of specialist X-ray scanning machines, XR1 and XR50. Details for the next period are
Intermediate: Product cost calculation From the information given below you are required to:(a) prepare a standard cost sheet for one unit and enter on the standard cost sheet the costs to show
Intermediate: Sunk and opportunity costs for decision-making Mrs Johnston has taken out a lease on a shop for a down payment of £5000. Additionally, the rent under the lease amounts to £5000 per
Intermediate: Relevant costs and cost behaviour(a) Distinguish between ‘opportunity cost’ and ‘out of pocket cost’ giving a numerical example of each using your own figures to support your
distinguish between cause- and-effect and arbitrary cost allocations;LO1
explain why different cost information is required for different purposes;LO1
describe how cost systems differ in terms of their level of sophistication;LO1
understand the factors influencing the choice of optimal cost system;LO1
explain why departmental overhead rates should be used in preference to a single blanket overhead rate;LO1
construct an overhead analysis sheet and calculate cost centre allocation rates;LO1
distinguish between traditional and activity-based costing systems;LO1
justify why budgeted overhead rates should be used in preference to actual overhead rates;LO1
calculate and explain the accounting treatment of the under/over recovery of overheads;LO1
. The SweetNSourCandy GmbH, a specialized candy producer and wholesaler, needs your help for the valuation of its lollipop inventory. The beginning inventory level and the purchases made during the
. The SweetNSourCandy GmbH purchased a new packaging machine at a cost of €120,000 to extend its production line. It is expected to have a residual value of €20,000 at the end of its useful
. You accidentally listen to a conversation of two junior cost accountants discussing the choice of depreciation method for a newly bought asset. Both accountants agree that the asset should be
Describe the three forms of responsibility centers that can be found in companies. How do they differ in their scope of autonomy?
Explain the following guiding principles for creating cost centers:a. Unambiguityb. Completenessc. Clear competenciesd. Homogeneitye. Controllabilityf. Cost–benefit
Explain the single-stage cost allocation method. What are the drawbacks when using it for allocating indirect cost?
How does the multiple-stage overhead cost allocation method differ from single-stage cost allocation? What are its advantages?
Describe the purpose of a cost allocation chart and distinguish between cost allocation charts for comparing multiple cost centers, and those for managing sub-unit cost.
Briefly recap the four general principles of cost allocation for allocating overhead costs.
What are the two mathematical formats that cost allocation rates can take? Give an example for each.
Explain why allocation rates in practice are typically based on budgeted costs rather than actual costs.
Explain the direct method of allocating support department costs. What are its main advantages and disadvantages?
Why might the step-down method be a better method of allocating support department costs? Can you think of any weaknesses?
What is the difference between the reciprocal and the iterative method for allocating support department costs?
How does product costing support management tasks? Name and explain some typical management decisions that require product costing information as input!
Why do companies use different product costing methods?Explain why there can never be one single product costing method that suits all company purposes.
Explain why process costing is most appropriate when a large quantity of identical units of output is produced?
What are the underlying assumptions of the single-stage process costing? How do these differ for multi-stage process costing?
Explain the rationale of the equivalence coefficient costing method. What is its main underlying assumption and how does it differ from process costing?
Under which circumstances would you prefer job order costing over process or equivalence coefficient costing?
Describe the general procedure followed in job order costing.
What is the main difference between simple job order costing and extended job order costing?
Why does cost allocation of indirect costs in the extended job order costing scheme not always reflect true cause-effect relationships? Try to find an example to support your answer.
Describe the procedure of the department-based job order costing method.
Explain why many companies in manufacturing industries use machine-hour based costing rather than department-based job order costing methods.
How are allocation rates in the machine-based costing method determined?
In which cases do firms apply the joint product costing method?Describe the two different types of joint product costing and explain for which cases the respective type is to be applied.
The private brewery König Otto Bräu manufactures a variety of Craft Ales that differ in their fermentation times, which are responsible for the beers’ characteristic flavors. The Bitter Ale needs
A company manufactures hand-made office chairs that differ in size and shape as well as equipment features. Use the simple job order costing method to allocate costs. The following information has
Use the additional data provided to allocate costs using the extended job order costing method. Indirect material costs 231,978.09 Indirect manufacturing costs 469,150.47 Indirect sales costs
What is absorption costing and why is it sometimes also referred to as “full cost accounting”?
Name some of the strengths of absorption costing systems.
What are the two main weaknesses associated with absorption costing?
What are the three major features of variable costing?
What is a contribution margin and how can it be used for decision making?
Explain the difference between single-step and multi-step variable costing.
What is the main advantage of a multi-step variable costing scheme in comparison to the single-step costing scheme?
Explain why product portfolio decisions using absorption and variable costing might show contradictory results.
Explain how product mix decisions differ under capacity restraints.
Why are outsourcing decisions in theory a win–win situation for both companies involved?
Explain the importance of opportunity costs when making outsourcing decisions.
What qualitative aspects must businesses consider when making outsourcing decisions?
Explain break-even analysis. How does it change when a target operating income is set?
What is sensitivity analysis and how does it differ from break-even analysis?
What are the strengths and weaknesses of variable costing?
Explain how both full costing and variable costing fulfill their purposes within an organization.
Due to supply shortages of carbon fiber that are needed to produce its sports cars, the management of a British car manufacturer has to make a decision which product to focus on under these special
A rich customer is interested in buying six cars of the premium model “C1 GTR” for use on his private racetrack. He sends an enquiry to the manufacturer in which he asks for a 15 per cent
The British car manufacturer is in the development stage of a new hybrid supercar, which will be offered as a limited edition.On the one hand, the marketing manager wants to keep numbers as low as
The management of the British car manufacturer decides to set a target for the new hybrid car at an operating income of€3,000,000. How many cars have to be sold to reach this target?
What are standard costs and how are these used for cost planning?
Describe static cost planning. What are the benefits and limitations of static plans?
What is flexible cost planning? What is its main advantage in comparison to static cost planning?
Compare the two variants of flexible cost plans.
What functions do standard costs fulfill in businesses?
Explain two possible reasons for a negative cost variance.
Not each and every small cost variance is analyzed in business practice. What conditions must be met so that cost variances will be analyzed?
Explain why variance overlaps constitute a significant problem in business practice.
Explain how the alternative method determines the influence of a particular input factor on total cost variance. What is the main limitation of this method?
Describe how the proportional method avoids the limitation of the alternative method.
Explain the rationale behind the cumulative approach for determining the influence of a particular input factor on total cost variance.
Explain why the differential-cumulative method for dealing with variance overlaps may be the best one from a theoretical perspective, but is not the most popular one in business practice.
WTFZ SE planned to manufacture 16,000 cutlery sets at a total cost of €80,000. Actual output, however, was only 12,000 sets at a total cost of €73,000.1. Using the static method, calculate the
Pen&Pencil uses flexible costing based on full-absorption cost. Use the provided data to establish a flexible cost plan.1. Calculate planned and allocated cost. Determine the output volume
The cleaning company “Lightning Property Clean” estimates a usage of 1,150 liters of detergents for the next period. At the same time, average purchase price for detergents are expected to be
You have been provided with the following sub-variances for the company's previous quarter:1. Calculate total quantity, price, and exchange rate subvariances using the alternative method and explain
Describe the various uses of information in a business organization.
Who are the primary users of information on a company's business activities? How do the information needs of internal and external users differ?
What is the difference between quantitative and qualitative business information? Give examples for each type of information and explain when it is most useful.
Describe the purpose of an accounting system in a business organization.
Explain why financial accounting is subject to regulation while management accounting is not.
What are the main reasons explaining the diversity of accounting practices across the world?
Why do financial accounting and management accounting systems differ between countries?
List the advantages and disadvantages of harmonizing management accounting practices.
Explain the nature of “controlling” according to the German understanding.
How does the job of a German controller differ in comparison to its US-American counterpart?
Describe how the “controller” supports management in achieving set goals.
Explain why ethical behavior is essential in accounting!
National Differences in Management Accounting – the case of performance measurement and performance reporting“Fast & Furious Inc.” is a manufacturer of sports equipment with corporate
Management Accounting across the World Fred Zinger and Klaus Beier are management accountants working for “Mega Corp.” – a multi-national company headquartered in Seattle, US. Fred is working
Give examples of how management uses unit costs for analysis.
Describe why the analysis of unit costs without consideration of other cost factors is not recommended. Which other cost factors should be taken into consideration?

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