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management and cost accounting

Questions and Answers of Management And Cost Accounting

Advanced : Regression analysis and confidence intervals CB p.l.c. produces a wide range of electronic components including its best selling item, the Laser Switch. The company is preparing the
Advanced: Calculation of co-efficient of determination A management accountant is analysing data relating to retail sales on behalf of marketing colleagues. The marketing staff believe that the most
Advanced : Regression analys is and an analysis of costs where un it variable cost Is no t con stant (See note on page 663)Babel ltd produces a single product. The company's directors want to explore
Advanced: Estimates of sales volume and revenues using regress ion analys is and calculation of opt imum price using differential calculus (See note on page 663)The Crispy Biscuij Company (CBC) has
Advanced : Learning curve and the calculation of NPV RS p.l.c. manufactures domestic food mixers. It is investigating whether or not to accept a three-year contract to make a new model for sale
Advanced : Estimat ion of costs and incremental hours using the learning curve(a) Z p.l.c. experiences difficulty in its budgeting process because it finds it necessary to quantify the leam1ng effect
Advanced: Calculation of cost-plus selling price and incremental cost using the learning curve A company has to quote for a special order to be made in its two departments, A and S. Details are as
Intermediate: Fixed and flexible budgets and preparation of sales budget based on principal/limiting budget factors(a) Define the term 'principal budget factor'. Say why the principal budget factor
Advanced: Estimation of costs using a learning curve A company is asked to quote for a contract taking account of an 80% learning curve which is normal for its industry.There are three variations to
Intermediate : Preparation of functional and flex ible budgets(a) A company manufactures three products: chairs, tables and benches . From the following information you are to produce :(i) a
Advanced: Calculation of learning rate and contract completion using the learning curve Maxmarine pic builds boats. Earlier this year the company accepted an order for 15 specialized 'Crest' boats at
Intermediate: Preparati on of a flex ible budget(a) Explain what is meant by the terms 'fixed budget' and'flexible budget' and state the main objective of preparing flexible budgets . (5 marks)(b)
Advanced: Comparison of alternative strategies using the learning curve and a minimax regret table(a) The Far Flung Toy Company Ltd manufactures plastic toys.A new toy has been created with an
Advanced : Preparation of a flexible budget Gray Ltd will commence operations at the beg1nning of the year and the budgets for activity and costs for the firs t three quarters of operation are shown
Advanced : Construction of sales performance measures A company sells a large number of products that are accessories for a certain class of machine For the UK it has nine salesmen, each of whom is
Intermediate: Preparation of a flexible budget(a) Exe pic manufactures one standard product and in common with other companies in the industry is suffering from the current depress ion in the market.
Intermediate : Preparation of a flexible budget A manufacturing company has the following budgeted costs for one month which are based on a normal capacity level of 40 000 hours.A departmental
Advan ced : Planning and operat ing variances The management team of Thorpe Ltd feel that standard costing and variance analysis have little to offer 1n the reporting of some of the activities of
Advanced: Design of a management control system Maxcafe Ltd sold its own brand of coffee throughout the UK. Sales policies, purchasing and the direction of the company was handled from head office in
Advanced: Recommendations for improvements to a performance report and a review of the management control system Your firm has been consulted by the managmg director of lnzone pic, which owns a chain
Advanced : Relevant cost approach to variance analysis Blue ltd manufactures a single product, the standards of which are as follows:"Total overhead costs are allocated on the basis of budgeted
Advanced: Design and discussion of key performance indicators for DIY outlets and regional companies Duit pic has recently acquired Ucando Ltd which is a regional builders' merchants/DIY company with
19.24 Advanced : Performance reports for sales and product managers Zits Ltd makes two models for rotary lawn mowers, the Quicut and the Powacut. The company has a sales director and reporting to
Advanced: Investigation of variances From past experience a company operating a standard cost system has accumulated the following information in relation to variances in its monthly management
Advanced: Investigation of variances The Brio Biscuit Company has a weekly cost variance reporting system for each of its production lines. An adverse raw materials cost variance is reported when the
explain the role of management accounting in the management process.
Advanced : Learning curves In some kinds of specialized manufacturing operations, involving for example difficult or even unique design or production problems. it is suggested that production costs
(a) Comment on factors likely to affect the accuracy of the analysis of costs into fixed and variable components.(8 marks)(b) Explain how the analysis of costs into fixed and variable components is
(a) Briefly discuss the problems that occur in constructing cost estimation equations for estimating costs at different output levels. (7 marks)(b) Describe four different cost estimation methods and
You have been asked about the application of the learning curve as a management accounting technique.You are required to :(a) define the learning curve ;(b) explain the theory of learning curves ;(c)
• describe three situations where the management accountant can incorporate the learning curve effect.
• explain the six steps required to estimate cost functions from past data;
• explain the requirements which should be observed when using statistical regression analysis;
• describe multiple regression analysis and indicate the circumstances when this method should be used;
• discuss the strengths and weaknesses of engineering methods, inspection of accounts and high-low methods of estimating costs
(a) In economics, variable costs are often described as curvilinear whereas within cost accounting it is uaualto assume variable costs have a linear function.You are required to sketch two separate
(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 other fixed
A company manufactures and retails clothing. You are required to group the costs which are listed below and numbered. (1)-(20) into the following classifications (each cost is intended to belong to
For the relevant cost data in items (1 )-(7), indicate which of the following is the best classification.(a) sunk cost (f) semi-fixed cost(b) incremental cost (g) controllable cost(c) variable cost
The diverse uses of routinely recorded cost data give rise to a fundamentaJ danger: information prepared for one purpose can be grossly misleading in another context' (from Management Accounting: A
Intermediate(a) Describe the role of the cost accountant in a manufacturing organization.(b) Explain whether you agree with each of the following statements:(ij 'All direct costs are variable.'(ii)
Cost classifications used in costing include:(i) Period costs (ii) Product costs (iii) Variable costs (iv) Opportunity costs Required:Explain each of these classifications, with examples of the types
• explain why product costs are inappropriate for cost control.
• justify why in the short term some costs and revenues are not relevant for decision-making;
• describe the three purposes for which cost information is required;
• explain the meaning of each of the key terms listed at the end of this chapter;
• describe the objectives of a sound transfer pricing system;
• explain the two methods of transfer pricing that have been advocated to resolve the conflicts between decision-making, performance measurement and autonomy objectives;
• discuss the arguments for and against the use of negotiated transfer prices;
You should attempt to answer this question yourself before looking up the suggested answer, which appears on pages 867-868. If any part of your answer is incorrect, check back carefully to make sure
It has been argued that full cost is an inappropriate basis for setting transfer pnces Outline the objections which can be levied at this basis.
(a) Outline and discuss the main objectives of a transfer pricing system. (5 marks)(b) Consider the advantages and disadvantages of.(i) market price-based transfer prices; and(ii) cost-based transfer
(a) Transfers between processes in a manufacturing company can be made at (i) cost or (ii) sales value at the point of transfer.Discuss how each of the above methods might be compatible with the
Exel Division is part of the Supeer Group. It produces a basic fabric which is then converted in other divisions within the group. The fabric is also produced in other divisions within the Supeer
Advanced: Make or buy decision and intercompany trading Companies RP, RR, RS and RT are members of a group. RP wishes to buy an electronic control system for its factory and, in accordance with group
A group has two companies -K ltd, which is operating at just above 50% capacity, and L Ltd, which is operating at full capacity (7000 production hours).L Ltd produces two products, X andY, using the
Advanced: Limitations of cost-plus transfer prices and setting of optimal transfer price when unit variable cost is constant and there is no Intermediate market Enormous Engineering (EE) pic is a
Advanced : Calculating an opti mum price when there Is no intermed iate mark et and unit variable cost is not constant A group of highly integrated divisions wishes to be advised as to how 11 should
Advanced: Computation of three different transfer prices and the extent to which each price encourages goal congruence English Allied Traders pic has a wide range of manufacturing activities,
Advanced: Computation of divisional profits using market based transfer prices and a discussion of market based transfer prices where market imperfections exist L ltd and M Ltd are subsidiaries of
Advanced: Setting an optimal transfer price when there Is an Intermediate imperfect market(a) Memphis pic is a multi-division firm operating in a wide range of activities. One of its divisions,
Advanced: Optimal output and transfer price where the market for the intermediate product is imperfect Engcorp and Flotilla are UK divisions of Griffin pic, a multinational company. Both divisions
Advanced : Calculating optimum transfer prices and profits using differential ca lculus Megacorp pic is a divisionalized enterprise. Among its divisions are Chern and Drink . Both of these diVIsions
Advanced : Scarce capacity and the use of shadow prices Black and Brown are two divisions in a group of companies and both require intermediate products Alpha and Beta which are available from
Advanced : Linear programm ing and trans fer pri cing plus the practical prob lems of implementing a market price based system . . .Megacorp pic is a large multi-divisional company operating pnma~1ly
• Discuss the potential developments of management accounting in the 1990s.
• Explain the major criticisms of current management accounting practices;
• Discuss the implications arising from a perceived gap between theory and practice;
• Explain the possible reasons for the gulf between theory and practice;
• Distinguish between the behavioural and economic perspectives of management accounting
• Describe past developments in management accounting;
Advanced: Calculation and comparison of ROI and residual income using straight line and annuity methods of depreciation The CP division of R p.l.c. had budgeted a net profit before tax of£3 million
Advanced: Discussion relating to historical and current cost asset valuations for performance evaluation A group of companies has hitherto used historical costing in the performance evaluation of its
Advanced: Performance reporting and a discussion of Key measurement Issues for a divlsionallzed company A recently incorporated power company, set up after the privatisation of the electricity and
Advanced: Appropriate performance measures for different goals The executive directors and the seven divisional managers of Kant Ltd spent a long weekend at a country house debating the company's
(a) Explain the meaning of each of the undernoted measures which may be used for divisional performance measurement and investment decision-making Discuss the advantages and problems assooated with
Residual Income and Return on Investment are commonly used measures of performance. However. they are frequently criticised for placing too great an emphasis on the achievement of short-term results,
A recently formed group of companies is proposing to use a single return on capital employed (ROCE) rate as an index of the performance of its operating companies which differ considerably from one
Profit, return on investment and residual income are all imperfect measures for the purpose of evaluating the performance of a divisional manager and may indeed have some dysfunctional effects, and
'In the control of divisional operations within a large company, conflicts often arise between the aims of the organization as a whole and the aspirations of the indMdual divisions.'What forms may
Critically discuss the methods of evaluating the performance of managers of divisionalized companies. What factors should be considered in designing control systems for evaluating divisional profit
'The most suitable income figure for use in appraising the performance of divisional management, and also for use by divisional executives in guiding their decisions, is controllable residual
Divisionalization is a common form of organizational arrangement but there is some diversity of opmion as to the best measure of divisional performance Discuss this topic and describe and compare the
A long-established , highly centralized company has grown to the extent that its chief executive, despite having a good supporting team. is finding difficulty in keeping up with the many decisions of
From an accounting perspective an organizational unit of an accounting entity may be a cost centre or a profit centre or an investment centre. Explain these categories , describe the strengths and
(a) 'Because of the possibility of goal incongruence , an optimal plan can only be achieved if divisional budgets are constructed by a central planning department. but this means that divisional
• explain why it is important to include ad-1itional non-financial measures in divisional performance reports.
• distinguish between return on investment and residual income
• explain the factors that should be considered in designing performance measures for evaluating divisional managers
• describe how linear programming can be used in decision-making, planning and control
• explain the meaning of the entries in each column of the final tableau
Advanced : Calculation of stockholding costs , costs of stockouts when demand Is uncertain and a discussion of JIT Ra1nbow Ltd is a manufacturer which uses alkahest in many of its products. At
Intermed iate: Calculation of EOQ and a make or buy deci sion A company is cons1dering the possibility of purchasing from a supplier a component it now makes. The supplier will provide the components
Intermediate: Quantity discounts A company uses 50000 units of material per annum to service a steady demand for its products. Order costs are £100 per order and holding costs are £0.40 per
XYl Ltd produces a product wh1ch has a constant monthly demand of 4000 units. The product requires a component which XYZ Ltd purchases from a supplier at £10 per unit. The component requires a
A large local government authority places orders for various stationery items at quarterly intervals.In respect of an item of stock coded A32, data are:annual usage quantity 5000 boxes minimum order
(a) Write short notes to explain each of the following in the context of materials control:(i) Continuous stocktaking.(ii) Perpetual inventory system.(iii) ABC inventory analysis. (9 marks)(b) State
2 The annual demand for an nem of raw material is 4000 units and the purchase price is expected to be £90 per unit. The incremental cost of processing an order is £135 and the cost of storage is
A company is reviewing its stock policy, and has the following alternatives available for the evaluation of stock number 12789:(i) Purchase stock twice monthly, 100 units.(ii) Purchase monthly, 200
A company purchases a raw material from an outside supplier at a cost of £7 per unit. The total annual demand for this product is 9000 units. The holding cost is £4 per unit and the ordering cost

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