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business
management and cost accounting

Questions and Answers of Management And Cost Accounting

Shortflower Ltd currently publish, print and distribute a range of catalogues and instruction manuals. The management have now decided to discontinue printing and distribution and concentrate solely
XYZ Ltd is introducing a new product. The company intends to hire machinery to manufacture the product at a cost of £200 000 per annum. However, this will only enable 60 000 units per annum to be
Advanced : Dec ision on whether to subcontract an appliance repair service or do own maintenance A company producmg and selling a range of consumer durable appliances has its after-sales service work
You have just been appointed management accountant to a company that markets three products. These are sold to a wide range of industries and marketing is done through three geographical areas:
Advanced: Calculation of optimum selling prices using differential calculus(a) Some businesses which supply two or more markets from a single source charge a higher price for sales to the home market
Advanced: Calculation of optimum selling prices using differential calculus Alvis Taylor has budgeted that output and sales of his single product, flonal , will be 100000 units in 1982 At this level
Josun pic manufactures cereal based foods, mcluding various breakfast cereals under private brand labels. In March 1984 the company had been approached by Cohin pic, a large national supermarket
At one of its regular monthly meetings the board of Giant Steps Ltd was discussing its pricing and output policies. Giant Steps Ltd is a multi-product firm, operating in several distinct but related
Discuss the extent to which cost data is useful in the determination of pricing policy. Explain the advantages and disadvantages of presenting cost data for possible utilization in pricing policy
• describe price skimming and penetration policies.
• justify why cost-plus pricing is widely used in practice
describe the economic model for monopolistic/imperfect competition and explain how the optimum price is determined
explain the differences between an absorption costing and a variable costing system
Advanced: Explanation of difference between absorption and variable costing profit statements The accountant of Minerva Ltd, a small company manufacturing only one product, wishes to decide how to
The Recovery District General Hospital operates a separate department specifically for private health patients. In 19XO the patients paid a fixed fee of £85 per day for the use of hospital
1 Tweed Ltd is company engaged solely in the manufacture of jumpers, which are bought mainly for sporting activities. Present sales are direct to retailers, but in recent years there has been a
2 (a) A break-even chart is shown on page 224 for Windhurst Ltd.You are required.(i) to identify the components of the break-even chart labelled p, q, r, s, I, u, v, w, x and y.(5 marks)(ii) to
Shown below is a typical cost-volume-profit chart:Required:(a) Explain to a colleague who is not an accountant the reasons for the change in result on this cost-volume-profit chart from a loss at
Intermediate: Break-even and Profit-volume charts ZED pic manufactures one standard product which sells at £10.You are required:(a) to prepare, from the data given below, a graph showing the results
Advanced: Explanation of absorption costing changes in profits and preparation of variable costing profit statements The Miozip Company operates an absorption costing system which incorporates a
explain the arguments for and against variable and absorption costing;
• distinguish between relevant costing and variable and absorption costing.
You should attempt to answer this question yourself before looking up the suggested answer, which appears on pages 842-4. If any part of your answer is incorrect, check back carefully to make sure
Intermediate: Preparation of variable and absorption costing profit statement The unit cost of production for a firm which produces a smgle product is:The fixed overhead calculation is based on
Intermediate: Preparation and reconcilation of variable and absorption costing profit statements X Umited commenced business on 1st March making one product only, the standard cost of which is as
Intermediate: Preparation of variable and absorption costing profit statements and comments in support of a variable costing system A manufacturer of glass bottles has been affected by competition
Intermediate: Explanation of variable and absorption profit calculations Rumbles ltd manufactures a single product, with a variable manufacturing cost of £12 per unit and a selling price of £20 per
Intermediate: Calculation of break-even point and reconciliation of absorption costing profits with break-even point A manufacturing company with a single product has the following safes and
Intermediate: Profit-volume graph Your company has just developed a new microcomputer to compete in the rapidly expanding home market. As management accountant, you are consulted as to the viability
Intermediate: Profit-volume graph and changes In sales mix A company produces and sells two products with the following costs:Total sales revenue is currently generated by the two products in the
Intermediate: Preparation of variable and absorption costing profit statements The data below relate to a company which makes and sells one product.You are required to:(a) present comparative profit
Advanced: CVP analysis and decision-making including a graphical presentation In the last quarter of 1985/86 it is estimated that YNQ will have produced and sold 20 000 units of their main product by
Advanced: CVP analysis and decision making based on number of holidays to be sold by a hotel A hotel budget for the year 1991 shows the following room occupancy·Revenue for the year is estimated to
Intermediate: Decision-making and CVP analysis(a) The current average weekly trading results of the Swish Restaurant in Sumtown are shown below:The average selling price of each meal is £4;
Intermediate: Decision-making and non-graphical CVP analysis Fosterjohn Press Ltd is considering launchmg a new monthly magazine at a selling price of £1 per copy. Sales of the magazine are expected
Intermediate: Break-even chart with Increases In fixed costs(a) Identify and discuss briefly five assumptions underlying cost-volume-profit analysis. (10 marks)(b) A local authority, whose area
Intermediate: Breakeven chart with an increase In fixed costs and incorporating expected values A manufacturer is considering a new product which could be produced in one of two qualities- Standard
Intermediate: Changes in sales mix XVZ Ltd produces two products and the followmg budget applies for 19X1:You are required to calculate the break-even points for each product and the company as a
Intermediate: Non-graphical CVP analysis M Ltd manufactures one standard product, the standard marginal cost of which is as follows:The budget for the year includes the following:Management, in
Intermediate: Non-graphical CVP analysis The summarized profit and loss statement for Exewye pic for the last year is as follows:At a recent board meeting, the directors discussed the year's results,
Intermediate: Non-graphical CVP analysis and calculation of margin of safety Z Ltd manufactures and sells three products with the following selling prices and variable costs:The company is
Advanced: CVP analysis based on capacity usage in a leisure centre A local government authority owns and operates a leisure centre with numerous sporting facilities, residential accommodation, a
Advanced: Behaviour of direct labour costs and CVP analysis An electrical goods manufacturing company made a 10% profit on sales of £1 million in its last trading year. The composition of its costs
Intermediate: Decision-making and non-graphical CVP analysis You have been approached by a fnend who is seeking your advice as to whether he should give up his job as an engineer, with a current
A company sells two products, X and Y, and the budgeted sales are divided equally between them.The estimated contribution is £12 per unit for product X and £8 per unit for product Y. An analysis of
describe the differences between the accountants' and the economists' model of cost-volume-profit analysis
Intermediate: Losses in process (weighted average)A company producing a single product from one process has an opening work in process of 3200 units which were complete as to material but only 75%
Intermediate: Losses in process (weighted average)Prepare the process account using the average cost basis from the following information in respect of process 1The normal process loss is 800 umts
Intermediate: Losses in process (weighted average)A company operates expensive process plant to produce a single product from one process. At the beginning of October, 3400 completed units were still
1ntermediate: Losses in process (weighted average)A manufacturing company makes a product by two processes and the data below relate to the second process lor the month of April.A work 1n progress
Intermediate: Losses part way through process(weighted average)The Lewis Company manufactures a product on a continuous process basis which passes through one department. The product uses three
Intermediate: AFO method No Strings Ltd makes a single product, and uses a process costing system . The following data relate to the month of June 1980:Direct materials are used at the first stage of
Intermediate: Equivalent production with no losses Product B is made by means of three processes. Material is put into process at the start of process 1 and the output transferred to process 2. The
Discussion question on methods of apportioning joint costs and the preparation of process accounts with all output fully completed(a) 'Whilst the ascertainment of product costs could be said to be
+ The following Information refers to process A:Materials are introduced at the start of the process, and conversion costs are applied uniformly throughout the process. The closing work in progress
The following information refers to process B:Materials are introduced at the end of the proces11, and conversion costs are applied uniformly throughout the process. The ctosmg work in progress is
Materials are introduced into process X at the start of the process, and conversion costs are added uniformly throughout the process. Details of process X for the period are as follows:The budgeted
2 A concentrated liquid fertilizer is manufactured by passing chemicals through two consecutive processes.Stores record cards for the chem1cal mgredients used exclusively by the first process show
Intermediate: Flow chart and calculation of cost per unit for joint products A distillation plant, which works continuously, processes 1000 tonnes of raw material each day. The raw material costs £4
Intermediate: Joint cost apportionment and decision on further processing A company manufactures four products from an input of a raw material to process 1 Following this process, product A is
Intermediate: Calculation of cost per unit and decision on further processing A chemical company carries on production operations 1n two processes. Materials firs' pass through process I, where a
Intermediate: Profitability analysis and a decision on further processing C Ltd operates a process which produces three joint products. In the period just ended costs of production totalled £509
Advanced: Joint cost apportionment and decision-making Hawkins Ltd produces two joint products, Boddie and Soul I. A further product, Threekeys, is also made as a by-product of one of the processes
Advanced: Joint cost stock valuation and decision-making Milo pic has a number of chemical processing plants 1n the UK At one of these plants it takes an annual input of 400 000 gallons of raw
Advanced: Profitability analysis including an apportionment of joint costs and identification of relevant costs/revenues for a price/output decision A company manufactures two joint products in a
Advanced: Calculation of cost per unit, break-even point and recommended selling price Amongst its products a chemical company markets two concentrated liquid fertilizers - type P for flowers and
Intermediate: Product profit calculations and apportionment of joint costs The marketing director of your company has expressed concern about product X which for some time has shown a loss, and has
Intermediate: Preparation of process and by-product accounts(a) A chemical, Exalete, passes through processes A and B before completion. In process B, a by-product, Exaletent, JS produced which,
Intermediate: Preparation of process accounts and apportionment of joint costs Three joint products are produced by passing chemicals through two consecutive processes. Output from the first process
Advanced: Comparison of FIFO and weighted average, stock valuation methods On 1 October Bland Ltd opened a plant for making verniers. Data for the first two months' operations are shown below:At 31
explain the arguments for and against the different methods of apportioning joint costs for stock valuation purposes
describe the two alternative methods of accounting for by-products
In the manufacture of product A a by-product B emerges at the end of processing. The following data was recorded for period one:There was no opening stock at the start of the period. Production costs
You should attempt to answer this question yourself before looking up the suggested answer, which appears on page 842. If any part of your answer is incorrect, check back carefully to make sure you
Intermediate Explain how the apportionment of those costs incurred up to the separation point of two or more joint products could give information which is unacceptable for (i) stock valuation and
Advanced: Calculation of cost per unit, break-even point and a recommended selling price A chemical company produces amongst its product range two industrial cleaning Huids, A and B. These products
Intermediate: Cost control PC Manufacturing Company operates a process costing system and the following information relates to process A for the month of March:Opening work in process of 1000 units
Shown below is the previous month's operating data for process 3, the final manfacturing operation in the production of standard sized insulation blocks.Work-in-process:Opening stock 400 blocks,
Intermediate: Preparation of process accounts with output fully completed and a discussion of FIFO and average methods of WIP valuation(a) Z ltd manufactures metal cans for use in the food processing
Intermediate: Losses in proce.ss (weighted average)XY Copiers Ltd produces the Kwikflip Copier in batches ollOOO.Each copier contains a special chemical unit plus various other chemicals and
Intermediate: Equivalent production with no losses A cleansing agent is manufactured from the input of three ingredients. At 1 December there was no work in progress. During December the ingredients
Intermediate: Preparation of process accounts with all output fully completed(a) In a process costing system state what is meant by (i)normal loss, and (ii) abnormal loss. and indicate how you would
Intermediate In process costing, spoilage can be normal Explain the alternative methods of accounting for such occurrences
No Friction ' is an industrial lubricant, which is formed by subjecting certain crude chemicals to two successive processes. The output of process 1 is passed to process 2, where it is blended with
A department with no opening work in progress introduces 1000 units into the process; 600 are completed, 300 are half-completed and 100 units are lost (all normal). Losses are detected upon
• explain the accounting treatment of normal and abnormal losses
distinguish between process and job costing
explain why departmental overhead rates should be used in preference to a single blanket overhead rate
describe the six different methods of overhead recovery
describe the three different capacity measures which can be used to calculate overhead absorption rates
Bookdon Public Limited Company manufactures three products in two production departments, a machine shop and a fitting section; it also has two service departments, a canteen and a machine
Intermediate(a) Specify and explain the factors to be considered in determining whether to utilize a single factory-wide recovery rate for all production overheads or a separate rate for each cost
A furniture-making business manufactures quality furniture to customers' orders. It has three production departments and two service departments. Budgeted overhead costs for the coming year are as
Intermediate: Overhead analysis sheet and calculation of overhead rates A company manulactures and sells two products, X andY, whose selling prices are £100 and £300 respectively, and each product
Intermediate: Overhead analysis sheet and calculation of overhead rates A company is preparing its production overhead budgets and determining the apportionment of these overheads to products.Cost
Intermediate: Various overhead absorption rates and under/over recovery The following data relates to a manufacturing department for a period:Job ZX was one of the jobs worked on during the penod.
Intermediate: Various overhead absorption rates AC Limited is a small company which undertakes a variety of jobs for its customers.Budgeted profit and loss statement for the year ending 31 December
Intermediate: Various overhead absorption rates and under/over recovery A factory with three departments uses a single production overhead absorption rate expressed as a percentage of direct wages
Intermediate: Calculation of undertover recovery of overheads A company produces several products which pass through the two production departments in its factory. These two departments are concerned
Shown below is next year's budget for a small engineering factory manufacturing two different products in two production departments, namely a machine shop and an assembly department. A canteen is

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