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business
management and cost accounting

Questions and Answers of Management And Cost Accounting

• explain just-in-time purchasing and list the benefits arising from adopting JIT concepts.
• describe the ABC classification method;
A new private hospital of 1 00 beds was opened to receive patients on 2 January 1984 though many semor staff members including the supervisor of the laundry department had been in situ for some time
Advanced: Impact of aggregating budget estimates and budget bias Devonshire Dairies pic sells a range of dairy products on a national basis through a direct sales force organized into four
Kaplan ('Relevance Regained', Management Accounting, September 1988) states the view that the 'time-honoured traditions of cost accounting' are 'irrelevant, misleading and wrong'. Variance analysis,
Thomas Sheridan, writing in Management Accounting in February 1989, pointed out that Japanese companies have a different approach to cost information with 'the emphasis - based on physical measures',
(a) Overtime premiums and shift allowances can be traced to specific batches, jobs or products aJ'lld should be considered to be direct labour rather than indirect labour.You are required to discuss
• discuss the proposed modifications for overcoming the criticisms relating to operational control and performance measurement in a just-in-time and advanced manufacturing environment.
• list the criticisms of conventional management accounting information for operational control and performance measurement in a just-in-time and advanced manufacturing environment;
• explain the implications of the alternative production management strategies and advanced manufacturing technologies for deriving product costs for decision-making;
• explain the implications of the different manufacturing systems and production management strategies for the design of a system for recording product costs for inventory valuations;
• discuss the factors influencing the choice of a particular production management strategy;
• describe the different manufacturing systems and production management strategies
The typical budgetary control system in practice does not encourage goal congruence, contains budgetary slack, ignores the aspiration levels of participants and attempts to control operations by
(a) Discuss the behavioural arguments for and against involving those members of management who are responsible for the implementation of the budget in the annual budget setting process. (10
'The final impact which any accounting system has on managerial and employee behaviour is dependent not only upon its design and technical characteristics but also in the precise manner in which the
You are required to: (i) discuss the factors that are likely to cause managers to submit budget estimates of sales and costs that do not represent their best estimates or expectations of what will
In discussing the standard setting process for use within budgetary control and/or standard costing systems, the following has been written: 'The level of standards appears to play a role in
The level of efficiency assumed in the setting of standards has important motivational implications- Discuss
Several assumptions are commonly made by accountants when preparing or interpreting budgetary information.You are required to explain why each of the following five assumptions might be made by
In his study of 'The Impact of Budgets on People', published in 1952, C. Argyris reported inter alia the following comment by a financial controller on the practice of participation in the setting of
One purpose of management accounting is to influence managers'behaviour so that their resulting actions will yield a maximum benefit to the employing organization. In the context of this objective,
What are the behavioural aspects which should be borne in mind by those who are designing and operating standard costing and budgetary control systems?
(a) Explain the ways in which the attitudes and behaviour of managers in a company are liable to pose more threat to the success of its budgetary control system than are minor technical inadequacies
You are required, within the context of budgetary control, to:(a) explain the specific roles of planning, motivaton and evaluation (b) describe how these roles may conflict with each other;(7
In the context of budgeting, describe the meaning of and write notes on four of the following terms:Feedback control;Feedforward control;Budgetary slack;Aspiration level;Control limits;Noise.
• describe the contingency approach to management accounting
• explain budget bias and indicate the steps which can be taken to reduce budget bias;
• describe the influence of participation in the budget process;
• distinguish between the three different styles of evaluating performance and suggest which style is most appropriate;
• explain the limitations of accounting information fo r performance evaluation;
• differentiate between the planning and motivational aspects of budgeting;
• explain the relationship between budget targets, aspiration levels and actual performance;
Advanced: Cash budget financial model The chief accountant of Gannet Ltd is interested in developing rudimentary financial models of aspects of the company's activities.Among those ideas under
Intermediate: Direct labour budget and labour cost accounting A company, which manufactures a range of consumer products, is preparing the direct labour budget for one of its factories. Three
Advanced: Preparation of a cash budget and a decision whether to close a department and sub contract The Rosrock Housing Association has two types of housing estate in the Rosburgh area (A and B).The
Dyer Ltd manufactures a variety of products using a standardized process which takes one month to complete. Each production batch is started at the beginning of a month and is transferred to finished
Intermediate: Preparat ion of cash budgets G.T Umside pic, a company which manufactures pressed steel fitments , commenced trading on 1 December 1981. Summarized below is the profit statement and
Intermediate: Preparation of cash budgets A redundant manager who received compensation of £80 000 decides to commence business on 4 January 1988, manufacturing a product for which he knows there is
Intermediate: Preparation of functional budgets BX Ltd manufactures two products, Plain and Fancy, using one basic raw material and one grade of labour. Shown below are the actual operating results
Intermediate: Preparation of functional budgets Kerryblue Ltd is a company manufacturing two products using one type of material and one grade of labour. Shown below is an extract from the company's
Intermediate : Calculation of sales to achieve target profit and prepa ration of functional budgets There is a continuing demand for three sub-assemblies- A. B. and C - made and sold by MW limited
Intermediate: Preparation of functional budgets ABC Limited manufactures three products from three basic raw materials in three departments. The company operates a budgetary control system and values
You are required, from the data gtven below, to prepare next year's budgets for:(a) production:(b) purchases:(c) production cost.Standard cost data are as follows:Production overhead is absorbed on a
You should attempt to answer this question yourself before looking up the suggested answer, which appears on pages 856-7. If any part of your answer is incorrect, check back carefully to make sure
The Enterprise Company manufactures two products, known as alpha and sigma. Alpha is produced in department 1 and sigma in department 2. The following information is available for 19X1.Standard
• distinguish between incremental and zero-base budgeting;
Advanced: Sensitivity analysis and a discussion of how to measure benefits which are difficult to quantify The followtng data have been collected as part of a feasibility study covering the
Advanced : Adjusting cash flows for inflation and the calculation of NPV and ROI The general manager of the nationalized postal service of a small country, Zedland, wishes to introduce a new service.
Advan ced : Adjusting cash flows for inflation Bailey Ltd is developing a new product, the Oakman , to replace an established product. the Shepard, which the company has marketed successfully for a
Advanced: Relevant cash flows and taxation plus unequal lives Pavgrange pic is considering expanding its operations. The company accountant has produced pro forma profit and loss accounts for the
(a) The Secure Locke Company operates a system of standard costing, which it uses amongst other things as the basis for calculating certain management bonuses.In September 1979 the Company's
Ad vanced : Plann ing and operating var iances(a) If standard cost variances are to be Interpreted meaningfully it is obviously important that the nature of the standards themselves is clearly
Intermediate : Accounting entries for a standard cost ing system Exe pic manufactures one standard product and operates a standard costing system . From the data given below, you are required to
The standard cost per umt of Product X comprises the following :Material z. 0.5 kilos at £1.04 per kilo Dtrect labour, 0.1 hours at £4.80 per hour Overhead, absorbed on direct labour hours at
Intermediate: Accounting entries for a standard costing system A company uses Material Z in several of its manufacturing processes. On 1 November, 9000 kilos of the material were in stock. These
Intermediate: Accounting entries for a standard costing system(a) Show by journal entries (narrations are NOT required) how the following transactions would be accounted for within the integrated
Explain:(a) the problems concerning control of operations that a manufacturing company can be expected to experience in using a standard costing system during periods of rapid inflation.(b) three
(a) Outline the factors a management accountant should consider when deciding whether or not to investigate variances revealed in standard costing and budgetary control systems.(b) Indicate briefly
(a) Specify and explain the factors to be considered in determining whether to investigate a variance which has been routinely reported as part of a standard costing system. (12 marks)(b) Describe
(a) The investigation of a variance is a fundamental element in the effective exercise of control through budgetary control and standard costing systems. The systems for identifying the variances may
The standard quantity of materials per unit of production for a product is 5 kg. Actual production for the period was 250 units and actual material usage was 1450 kg. The standard cost per kg of
• explain the methods that can be used to determine whether or not a variance should be investigated
• explain the need for an ex-post variance analysis and an opportunity cost approach for analysing variances
Advanced: Determining the optimum replacement period for a fleet of taxis Eltern pic is an unlisted company with a turnover of £6 million which runs a small fleet of taxis as part of its business.
• explain the criticisms of sales margin variances
Advanced: NPV calculation and an evaluation of a lease versus borrowing decision AS ltd is considering using a machine made by BC Ltd. The machine would cost £60 000 and at the end of a four-year
Advanced : Impact of taxati on on NPV calculation and lease versus buy decision Turnbull pic is considering the possibility of manufactunng its own requirements for material Kay rather than
Advanced: Relevant cash flows and taxation plus a calculation of the weighted average cost of capital Ceely pic is evaluating a high risk project in a new industry. The company is temporarily short
The management team of Bryher pic 1s considering the purchase of equipment to enable the corrosive waste produced by one of its ex4sting manufacturing processes to be converted into a marketable
Ceder Ltd has details of two machines that could fulfil the company's future production plans. Only one of these will be purchased.The ·standard' model costs £50000, and the 'de-luxe' £88000,
Advanced: Performance measurement in non-profit organizations(a) The absence of the profit measure in Not for Profit (NFP)organisations causes problems for the measurement of their efficiency and
Advanced: Feedback control theory and product quality measurement(a) In control theory, a 'feedback control' mechanism is one which supplies information to determine whether corrective action should
(a) Budgetary controls have been likened to a system of thermostatic control.(i) In what respects is the analogy inappropriate?(10 marks)(ii) What are the matters raised in (a) (i) above that need to
Assume that you have been appointed finance director of Breckall pic. The company is considering investing in the production of an electronic security device, with an expected market life of five
(a) You are required to:(i) explain the basic principles on which value for money audits (VFM) in local authorities are conducted;(ii) give three specific examples of methods of analysis which may be
One of the major practical difficulties of applying a financial reporting and control system based on flexible budgeting to a service or overhead department is in identifying and measuring and
A local government authority is organized so that some operating departments (e.g. building, transport, printing. catering) supply services to several functional departments (e.g. education,
In the context of budgetary control, certain costs are not amenable to the use of flexible budgets. These include some costs which are often called 'discretionary' (or 'programmed').You are required
A firm operates in an environment in which there are only two potential states of nature. There is an equal probability that each state of nature will occur. The estimated cash flows from the
Intermediate(a) Identify and explain the essential elements of an effective cost control system. (13 marks)(b) Outline possible problems which may be encountered as a result of the introduction of a
The variable overhead for a department varies in relation to the direct labour hours of input and is estimated to be £2 per direct labour hour. From past experience it has been established that it
An item of expense included in the budget for department X is estimated to vary directly in relation to activity at £1 per unit of output. The budgeted monthly level of activity is 1000 units but
A company is considering the purchase of a new machine, and estimates of the most likely cash flows are as follows:The cost of capital is 15% and the net present value is £28 300. Initial outlay
• describe the approaches that can be used to measure performance in non-profit organi zations.
• explain how non-manufactl.lring costs can be controlled;
A firm is considering whether to undertake a project that will cosl £10000 and will have the following cash inflows:The cost of capital is 10% and the expected rate of inflation is zero. Ignore
• describe activity-based cost management;
A company that operates under the constraint of capital rationing has identified lour independent projects, and it has a capital expenditure limit of £600 000 for the year ending 31 December
• explain why non-financial measures have become increasingly important as an aid to operational control;
• discuss the factors that should be considered when operating a responsibility accounting system;
A company that operates under the constraint of capital rationing has identified seven independent investments from which to choose . The company has £200 000 available for capital investment during
Advanced: Calculation of a contract price Involving monthly discounting and compounding Franz! is a contract engineer working for a division of a large construction company. He is responsible for the
Advanced: Calculation of min imu m selli ng pri ce of a machine based on PV of future cash flows FG Ltd has two machines used on a contract for a large customer, LC Ltd. Each machine can produce the
Advanced: Calculation of NPV and additional cash flows which will result in a zero NPV Losrock Housing Association is considering the implementation of a refurbishment programme on one of its housing
Advanced: Comparison of NPV and IRA Two firms for which you act as financial consultant are seeking your advice concerning the appraisal of investment projects.Firm Exe is considering 2 independent
Advanced: Calculation of NPV and IRA, a discussion of the inconsistency In ranking and a calculation of the cost of capital at which the ranking changes A company is considering which of two mutually
Advanced: Evaluation of mutually exclusive projects A college has an area of unused space available within its main entrance hall. The administrator has proposed that this should be used to
Advanced: Relevant cash flows and appraising an overseaslnvesbnent Hempel PLC is considering setting up a production facility overseas in order to supply a market which it could not otherwise
Advanced: Relevant cash flows and calculation of NPV A holding company owns a shipbuilding subsidiary which will show a loss on its 1982 operations. At present it has no future orders on hand. The

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