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business
management and cost accounting

Questions and Answers of Management And Cost Accounting

Describe the impact of an increase in output on the unit cost of variable, step-variable, and fixed cost. Why do these cost types show a different unit cost pattern?
Volume of output is by far not the only possible cost driver.Identify possible cost drivers for the following business situations:Translation services for sales material Travelling with the corporate
Describe the two ways in which information about future cost can be collected and processed by a company.
Explain the meaning of the term ‘sunk cost’. Why should sunk costs not be relevant for decision making?
Explain the difference between fixed costs and committed costs.
Explain the difference between marginal cost and differential cost.
WorkComfort is a small-sized company that specializes in the production of premium office products. Last month it produced 128 office chairs at the following costs:Foam material: 150 kg @ €1/kg
At the beginning of the year, the computer games retailer PlayUnlimited bought large stocks of a recently published game.On December 31, the store manager recognizes that these did not sell well and
Identify which of the following cost concepts are relevant in the following situations: (a) fixed costs, (b) committed fixed costs,(c) marginal costs, (d) differential costs, (e) opportunity costs,
In order to minimize travel times of the chief executive, the company has decided to buy a new corporate aircraft. The purchase contract, with a value of €20,000,000, is signed on May 7. A
Connect the graphs to the situation described. The vertical axes of the graphs represent total costs incurred, and the horizontal axes represent levels of cost driver activity during a particular
Predict total costs for the following events:1. Cost for security personnel for a soccer match, €200 for each 100 fans; the stadium is sold out at a capacity of 20,275 seats.2. Cost of
What is a cost function? Describe its determinants.
What are cost drivers and how can they be assessed?Explain the different approaches.
Describe the four typical cost function shapes. Give an example for each relationship between cost driver and cost elements.
Distinguish between learning curve and technological progress ratio.
Describe and explain the concept of cost elasticity.
“The economic outlook for the next few years doesn't look great. We should definitely avoid increasing salaries or we might experience a ‘ratchet effect’.” Explain this quote.
What is meant by Gutenberg's idea of limitational input factors?
Explain why cost accountants should not solely rely on heuristics or the conference method for estimating cost. What other qualitative methods can you recommend?
What are the benefits of statistical methods for estimating cost behavior?
What are the benefits and drawbacks of using the high-low method for estimating cost behavior?
Distinguish between the high-low method and regression analysis for estimating cost behavior. What are the advantages and disadvantages in favor of the regression analysis?
Explain and describe the engineering method for measuring cost behavior. How does it differ from statistical methods?
Pen&Pencil's production line of ballpoint pens shows thefollowing cost and activity data. Use the high-low method tomeasure its cost behavior. What are Pen&Pencil's fixed andvariable costs?
Which questions must be clarified when defining a cost accounting system?
Distinguish between the minimum and an advanced set-up of cost accounting systems.
What are the three questions that the minimum set-up of any cost accounting system is concerned with?
What is the underlying logic of the cause-and-effect principle for allocating cost? What are its strengths and limitations?
Explain the proportionality principle of cost allocation.What are its assumptions?
Explain the average principle for allocating cost. Can you think of any strengths and weaknesses?
Explain the ability-to-bear principle. Why is this method of cost allocation often criticized?
What is the difference between a retrospective and a prospective cost accounting system? Why should both systems be combined with each other?
Despite the fact that cost accounting is not formally regulated, it often choses the same accounting periods as financial accounting does. What are the reasons for this alignment?
Explain why cost accounting alters the analysis cycles of financial accounting and why often additional, shorter, periods are implemented?
Describe how information systems support the general accounting cycle in all process steps.
IndoorFun, a provider of indoor sports fields, asks for youradvice on the allocation of electricity cost. Prepare the calculations using different cost allocation methods and giveadvice on which
What are the two main categorization schemes that cost type accounting uses for differentiating cost items?
Explain why most firms follow similar cost categorization schemes.
Describe the various types of prices that cost type accounting can use to evaluate consumed resources.
Explain the following cost accounting approaches for recording consumed resource amounts:1. Immediate consumption fiction 2. Inventory-taking 3. Inverse calculation 4. Material requisition cards
Explain why labor cost to the company must not be confused with net payments to employees.
What is meant by third party costs? Explain why these might need to be treated differently in cost accounting than in financial accounting.
What are imputed costs? Differentiate between adjusted costs and additional costs.
Describe the following three methods for the calculation of imputed depreciation. Explain under which circumstances it is best to use the respective method.1. Straight-line method 2. Accelerated
Explain why cost accounting should be concerned with the true cost of capital.
What is WACC, and why is it important for cost accounting?
What are the two approaches for estimating imputed management salaries?
Describe the residual-income measure?
What factors affecting ROI does the DuPont method highlight? lop5
‘Residual income is not identical to ROI although both measures incorporate profit and investment into their computations. Do you agree? Explain. lop5
Describe Economic Value Added. lop5
Give three definitions of investment used in practice when computing ROL. lop5
Distinguish between measuring assets based on present value, current cost and historical cost. lop5
Why is it important to distinguish between the performance of a manager and the performance of the organisation subunit for which the manager is responsible? Give examples. lop5
Describe moral hazard. lop5
‘Managers should be rewarded only on the basis of their performance measures. They should be paid no salary’ Do you agree? Explain. lop5
Explain the management accountant’s role in helping organisations design stronger incentive systems for their employees. lop5
Explain the role of benchmarking in evaluating managers. lop5
Explain four cost categories in a cost of quality programme ?
Provide examples of nonfinancial quality measures of customer satisfaction and internal performance?
Understand why companies use both financial and nonfinancial measures of quality?
Define the three main measurements in the theory of constraints?
Describe four steps in managing bottlenecks?
Identify the relevant costs and benefits of quality improvements?
Describe some of the benefits of improving quality. lop5
How does conformance quality differ from quality of design? Explain. 525
Distinguish between internal failure costs and external failure costs. lop54
‘Companies should focus on financial measures of quality because these are the only measures of quality that can be linked to bottom-line performance. Do you agree? Explain. lop55
_ Distinguish between customer-response time and manufacturing lead time. lop55
‘There is no trade-off between customer-response time and on-time performance. Do you agree? Explain. lop58
Give two reasons why waiting lines and delays occur. hut65
‘Companies should always make and sell all products whose selling prices exceed variable costs’ Do you agree? Explain. hu58
Describe the three main measures used in the theory of constraints. ht4
Name two items classified as prevention costs. lop5
Describe a just-in-time JIT)production system?
Identify the major features of a JIT production system?
Describe journal entries for backflush-costing systems?
Explain the economic order quantity (EOQ) decision model and how it balances ordering costs and carrying costs?
Explain the reorder point and safety stocks?
Discuss why EOQ models are rarely sensitive to minor variations in cost predictions?
Compare EOQ and JIT purchasing models?
Determine the relevant benefits and relevant costs in JIT purchasing?
Identify relevant benefits and relevant costs in JIT production?
Describe measures for evaluating JIT production performance?
Discuss strategy as an emerging cost management issue of interest to management accountants?
Distinguish a demand-pull from a push-through system. hu5
List five major features of JIT production systems. ki4
Describe how JIT systems affect product costing. hy3
Companies adopting backflush costing often meet three conditions.Describe these three conditions. gty6
Outline how three different versions of backflush costing can differ. hu5
What assumptions are made when using the simplest version of the economic order quantity (EOQ) decision model? by4
Give examples of costs included in annual carrying costs of stock when using the EOQ decision model. ki85
‘Holding safety stocks needlessly ties up capital in stock’? Comment on this statement. hy7
Name two cost factors that can explain why an organisation finds it costeffective to make smaller and more frequent purchase orders. jiu85
‘Accountants have placed stocks on the wrong side of the balance sheet.They are a liability, not an asset’ Comment on this statement by a plant manager. huy87
Describe a management control system?
Describe the benefits and costs of decentralisation?
Identify three general methods for determining transfer prices?
Understand how a transferpricing method can affect the operating profit of individual subunits?

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