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business
management and cost accounting

Questions and Answers of Management And Cost Accounting

The water for the Richmond Company costs \(\$ .05\) for every unit used. There is a base charge of \(\$ 10\) per month. Determine the water bill for each of the following months: Units Used January
The cost records of Do-Well Hospital show the following costs of X-rays at various levels of activity:{Required:}(1) Prepare a scattergraph by plotting the above date on aggraph.(2) Estimate the
The cost accountant of the production department of Bell Company has divided the production department's overhead costs for January into the fixed and variable costs shown below. ('The department
Given the following maintenance costs, determine their fixed and variable components using the high-low method. Period 1 Cost $21,000 Hours Worked 10,000 2 25,000 15,000 3 33,000 16,000 4 27,000
Interpretation of Regression Coefficient The cost accountant of the Smart Company has applied regression analysis to a study of repair and maintenance costs in a plant. The resulting estimating
The Portland Company wants to estimate the utility costs for the months of May and June. Some relevant information is listed below:{Required:}Estimate the utility costs for the months of May and June
The Stone Company has observed that its utility cost is \(\$ 5,000\) when operating at a level of 20,000 machine hours per period. The utility cost drops to \(\$ 4,000\) when the operating level
The Franklin Furniture Co. builds its products in a highly automated facility, and has decided to predict future utility costs by using machine hours. The company has gathered the following data from
Estimating Variable Costs: Algebra Approach Total production costs for Gallop, Inc., are budgeted at \(\$ 230,000\) for 50,000 units of budgeted output and at \(\$ 280,000\) for 60,000 units of
William Company owns and operates a nationwide chain of movie theaters. The 500 properties in the William chain vary from low volume, small town, single-screen theaters to high volume, big city,
Regression analysis is a procedure used to measure the relationship of one variable with one or more other variables. Regression provides a rational statement rather than a causal statement with
High-Low Cost Estimation and Simple Regression Analysis The Blacksburg Company is separating materials handling cost into fixed and variable components. The following data have been collected over a
High-Low Cost Estimation and Simple Regression Analysis Assume we have the following observations relating to overhead costs and direct labor hours for Department A of the ABC Company.(1) Determine
Assume that the following regression has been computed for your department's monthly overhead expense from data observed in the past 12 months.{Required:}(1) Assess the probability that the "true"
A regression equation for two independent variables and one department variable has the following form:{Required:}(1) Explain the meaning of the numbers 20, 4, and 2 in the regression equation.(2)
Coefficient of Determination and the Standard Error of the Estimate The ABC Company produces two products, known as A and B. The following predictions have been made for the coming month:No
The controller of the Connecticut Electronics Company believes that the identification of the variable and fixed components of the firm's costs will enable the firm to make better planning and
The Lockit Company manufactures door knobs for residential homes and apartments. Lockit is considering the use of simple and multiple linear regression analysis to forecast annual sales because
Match each of the following lettered terms on the left with the appropriate numbered definition on the right. a. Conversion cost b. Factory overhead c. Fixed cost d. Incremental cost e. Mixed cost f.
Cost Classification The following items are product costs of the Pretex Manufacturing Corp. Classify each item first as a variable, mixed, or fixed cost and, second, as a direct or indirect product
The Florida Manufacturing Corporation produces desks. Prepare a work sheet with the following columns: Product cost, Period cost, Direct cost, Indirect cost, Fixed cost, Variable cost. Classify each
Classify the following costs as controllable or uncontrollable by the production manager of the Best Furniture Company.1. Heat, light and power 2. Straight-line depreciation on production equipment
The Virginia Company is a manufacturing firm. The following data relate to the month of March:(1) Total manufacturing cost incurred during the month was \(\$ 100,000\),(2) Cost of goods manufactured
Statement of Cost of Goods sold and Income Statement The Houston Company, a manufacturer, had the following beginning and ending inventory for the year ending December 31, 20XX:During the year the
Statement of Costs of Goods Manufactured The following data have been collected for a manufacturing company for the year ending December 31, 20XX:Required:Prepare a statement of costs of goods
Objectives of Management Accounting There has been a significant expansion of the responsibilities of management accounting and the management accountant over the past 30 years. This expansion that
What is an "activity base" in cost estimation? Give three examples of activity bases.
What steps are necessary before reliable cost estimates can be obtained?
Discuss the advantages and disadvantages of the account classification method in cost estimation.
Discuss the high-low method for determining cost behavior patterns.
What basic assumptions are made with the high-low method in analyzing cost behavior patterns?
What is regression analysis? Give the general form of a regression line.
What is the major difference between simple regression and multiple regression analysis?
What is the coefficient of correlation?
Discuss three cost accounting objectives.
What are the three major components of manufacturing costs?
Distinguish between direct materials and indirect materials; between direct labor and indirect labor.
Define prime costs and conversion costs.
Distinguish between variable factory overhead and fixed factory overhead.
What are direct costs? What are indirect costs?
What are controllable costs? What are uncontrollable costs? Why is it important to distinguish controllable costs and uncontrollable costs?
Is a fixed cost an incremental cost? Give an example in which a fixed cost is an incremental cost.
What are sunk costs?
What are opportunity costs?
Describe the flow of costs in a manufacturing company.
What is the major difference between the balance sheets of manufacturing firms and of merchandising firms?
What is the major difference between the income statements of manufacturing firms and of merchandising firms?
Bob Bonds works on the assembly line in the Chicago Company. During the past week, he worked a total of 46 hours including 4 hours of idle time. His hourly wage rate is \(\$ 8\).Required:(1)
Mr. Hilton has been operating a bookstore as a single proprietorship. Recently he has received an offer of \(\$ 20,000\) for the net assets of the bookstore business. He is considering whether to
An engineering study has developed the following cost data for the production of product A:(1) If the current production level is 1,500 units, what is the incremental cost of producing an additional
The Benson Company has collected the following production cost data:{Required:}What would be the incremental production costs for an additional 10 units after the Benson Company has produced 8
Mat Company's cost of goods sold for the month ended March \(31,20 X X\), was \(\$ 345,000\). Ending work-in-process inventory was \(90 \%\) of beginning work-in-process inventory. Factory overhead
Gay's Auto Repair Shop had the following inventory balances during July 2006:During the month of July the company purchased \(\$ 50,000\) of direct materials and incurred \(\$ 13,000\) of direct
Why should a Certified Public Accountant (CPA) know the principles and methods of cost accounting?
What is meant by “an intelligent consumer of accounting information’?
What external objectives does cost accounting serve? What internal objectives?
Accounting principles for external reporting are incorporated in Generally Accepted Accounting Principles (GAAP). What are the accounting principles for internal reporting called?
Name some accounting practices which are used for external reporting that may not be appropriate for internal reporting.
Classify each of the following positions in an organization as either a line or a staff position:a. Presidentb. Controllerc. Production managerd. Budgetary accountante. Sales managerf. Corporate
What distinguishes operating management from middle management?
Describe the major duties of the controller.
Who typically reports to the controller? To whom does the controller report?
Management accounting is considered a profession. What distinguishes a profession from a vocation?
Why is the term "management accountant" a more appropriate title for an accountant in industry than the term "cost accountant"?
What knowledge should a management accountant have to effectively serve as an advisor to management?
Why should a management accountant consider becoming a CMA?
Refer to the information in Exercise 21.18 in answering the following requirements; there is no connection between the situations.Required1 An outside contractor offers to do the finishing operation
Refer to the information in Exercise 21.18 in answering the following requirements; there is no connection between the situations.Required1 Salamanca produces 2000 defective units at the machining
Mannklein AG is a major manufacturer of metal-cutting machines. It has plants in Frankfurt and Stuttgart. The managers of these two plants have different manufacturing philosophies. Liisa Kurunmäki,
Østerbro AS cans peaches for sale to food distributors. All costs are classified as either manufacturing or marketing. Østerbro prepares monthly budgets. The March 2022 budgeted absorption-costing
Refer to Exercise 18.19.Required1 Suppose the manager of Division A has the option of(a) cutting the external price to €195 with the certainty that sales will rise to 1000 units, or(b) maintaining
Cloud computing is a term used to describe the delivery of information systems without, for example, the purchase of physical hardware or even software in some instances. What this means for an
Apple Inc. is well known for developing innovative products like the iPhone, iPad and iPod. Such devices are manufactured with complex electronic components and incur substantial design and
In the first quarter of the year 2015/2016, City Steel’s total revenues decreased by 35 per cent compared with the previous year. Adverse economic conditions caused the Group’s products to
In an article in Strategic Finance, Garry Cokins states that many companies’ managerial accounting systems are not able to report customer profitability information to support analysis for how to
.Until recently, Xu Ji Electric Co Ltd was a typical stateowned Chinese enterprise manufacturing electrical products such as relays. From an accounting point of view, this implied a manual
.Raab, Shoemaker and Mayer (2007) developed a workable ABC model for a restaurant operation in the USA that enabled previously undistributed indirect operating expenses to be traced to individual
The remuneration system that is applied in healthcare organizations in several countries (e.g. Australia, the USA, Switzerland, Spain and Italy) enables ABC profitability analysis to be applied in
Public sector organizations increasingly must account for their performance and provide quality services at lower costs. To accomplish this many local authorities and public sector organizations have
The CGMA website offers management accountants a collection of tools and resources which are useful to identify, assess and respond to various types of risk faced by an organization.For example, it
According to Gillian Lees, a blogger on www.cimaglobal .com, the typical risk assessment model for a management accountant reads like this: identify risks, assess their impact and probability, and
A 2011 guidance paper commissioned by the Institute of Risk Management gives some useful detail on what risk appetite is and how to manage it – either in a corporate governance sense or to inform
All businesses have to continually engage in capital investment to improve and maintain processes, equipment and facilities. Governments also invest in infrastructure projects like roads, rail and
The Africa Research Bulletin reported the results of a prefeasibility study by Ironveld plc stating that the grades for pig iron and ferro vanadium were better than expected at its project on the
Increasingly, householders and small businesses are considering renewable power generation systems to decrease their costs. Most of the UK, Ireland and Scandinavia are suited to generating energy
The globe is facing an increase in water demand resulting in the need for additional agricultural land and irrigation water. Elyamany and El-Nashar (2013) provided an illustration of a financial
Writing in The Australian Financial Review Jack Mintz states that for investment decisions, taxes matter, and Australia’s company tax rate (30 per cent) is too high in international terms to be
An article published in The Irish Times by Olive Keogh cites the following comments by Patrick Gibbons, professor of strategic management at the UCD Michael Smurfit Graduate Business School: The one
According to Industrial Info Resources, a leading provider of industrial intelligence data, the sustained high prices for oil and natural gas that existed at the time prompted an increasing interest
Revisions to China’s budget law, passed on 31 August 2014, represent a significant reform, providing a framework for significantly greater transparency and accountability for local government says
Big data is a term that describes the large volume of raw data, both structured and unstructured, that inundates a business on a daily basis. It includes information such as email messages, social
Although the apex of ZBB’s popularity in the late 1970s is long past, there has been renewed interest in ZBB in today’s environment of fiscal constraint, says Shayne Kavanagh in an article
The British government has pledged to spend 0.7 per cent of national aid resulting in £12 billion being allocated to the Department for International Development’s (DfID’s) aid budget despite
Government crime-fighting targets are a shambles and should be scrapped, claims Chief Superintendent, Ian Johnston. Mr Johnston was speaking ahead of the Police Superintendents’ Association’s
Because of the previous lack of effective control of expenditure by the Han Dan Company, a system of responsibility accounting and standard costing was introduced. The basic principles underlying the
In a BBC documentary called Power to the People, Michael Portillo visited a ‘You Decide’ session organized by the local council in Tower Hamlets, London. At this session, local people decide what
Almost all beer contains four basic ingredients – a grain (typically barley), water, hops and yeast. While the process of brewing can be complex and some ingredients varied, the basic process is
Bushmills Irish Whiskey, a world-renowned brand of Diageo plc, is distilled in County Antrim in Northern Ireland. The Old Bushmills distillery has been in operation since 1608 and currently markets
The term TetraPak® is one which is familiar to most consumers – it is the name you will see on the card cartons in which milk, juice and other liquid products are frequently packaged. The Tetra
South Africa is one of the top gold producers in the world, holding about 6000 metric tons of reserves in mines as of 2015. Most mining operations have waste and by-products, some of which are

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