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business
management and cost accounting

Questions and Answers of Management And Cost Accounting

Intermediate: Comments on overhead absorption rates and calculation of budgeted overheads Superdoop PLC is a manufactunng company operating three production departments. Shown below are next year's
Intermediate: Reapportionment of service department costs and a discussion of the treatment of the under/over recovery of overheads A company reapportions the costs incurred by two service cost
Advanced: Reapportionment of service department costs and a discussion of how fully allocated costs can be useful Megalith Manufacturing divides its plant into two main production departments,
• distinguish between an integrated and interlocking cost accounting system;
• prepare a set of accounts for an integrated and interlocking cost accounting system;
• explain the distinguishing features of contract costing;
• prepare contract accounts and calculate attributable profit.
You should attempt to answer this question yourself before looking up the suggested answer, which appears on pages 837-9. If any part of your answer is incorrect, check back carefully to make sure
In the absence of the accountant you have been asked to prepare a month's cost accounts for a company which operates a batch costing system fully integrated with the financial accounts. The cost
Intermediate: Integrated cost accounting You are required, using the information g1ven below for the month of April1980, in respect of D Manufacturing Company Umited to:(a) write up the Integrated
Intermediate: Interlocking cost accounts and recA notional rent of £4000 per month has been charged In the cost accounts. Production overhead was absorbed at the rate of 1 B5%of direct wages.You are
Intermediate: Interlocking cost accounts Below are incomplete cost accounts for a period for which final accounts are to be prepared80% of the production wages incurred are charged directly to
5.5 Intermediate: Preparation of cost accounts from reconciliation statement(a) The cost accountant and the financial accountant of C Limited had each completed their final accounts for the year
Intermediate: Preparation of cost accounts from reconciliation statement NIA limited operates a non-integrated accounting system. At the end of April, the financial accountant has produced the final
Intermediate: Preparation of cost accounts from imcomplete information Deamcroft PLC, a company manufacturing special purpose plastic fittings for the building industry, operates a batch costing
Intermediate: Stores pricing and preparation of relevant ledger accounts V Ltd operates interlocking financ1al and cost accounts. The following balances were in the cost ledger at the beginning of a
Intermediate: Labour costing and preparation of relevant labour accounts Shown below is one week's basic payroll data for the assembly department of Wooden Ltd, a manufacturer of a range of domestic
Intermediate: Preparation of production overhead account Shown below are extracts from the previous month's production and overhead budgets for the finishing department of a manufactunng company
To attract more tourists to a beautiful part of a country, a contract has been awarded to Y p.l.c. to build an expressway road at an estimated price of £102 million which includes a budgeted profit
Thornfield Ltd is a building contractor . During its financial year to 30 June 1984, it commenced three major contracts. Information relating to these contracts as at 30 June 1984 was as followsThe
Advanced: Computerized materials control system Car Parts Ltd operates a franchise system, with shops owned by individual businessmen. Car Parts Ltd has, over the years, built up a national network
You have been approached for your advice on the proposed introduction of an incentive scheme for the direct operatives in the final production department of a factory producing one standard product.
XYZ Ud is considering introducing an incentive scheme. Current production for the period is100 units and total wages paid are £600 for this production. Material costs are £5 per unit. Fixed
At the beginning of November the opening stock of a particular component was 440 units, total value £2200 . During the month , the following supplies were received 8.11 .1979 400 units, total value
You are required to:(a) explain what is meant by 'idle time ' and state the accounting entries which ought to be made in respect of idle time relating to direct production personnel;(b) draft, for
The management of company manufacturing electrical components is considering introducing an historic batch costing system into its factory.Required:(a) Outline the information and procedures required
The managing director of a company manufacturing and selling a range of goods has been looking through the previous period's accounts, and has noted that the cost of direct materials purchased,
You have been given full responsibility for the stocktaking of your company's inventory and ~s subsequent valuation. There are approximately 4000 different categories of stock, ranging from small
During the last twelve months, the stock control and recording system of the retailing division has been computerized. Each garment is coded and, when sold, the code number, quantity and sales value
2 Betayet Ltd is a small company manufacturing one type of component in a single operation. The company employs 1 0 direct workers on a basic 40 hour week at £3 per hour with a guaranteed minimum
• explain the accounting treatment of stores losses, transportation and material handling costs, holiday pay, overtime premiums, employment costs and idle time
• distinguish between labour cost accounting and payroll accounting;
• explain the arguments for and against using FIFO, LIFO, average cost, replacement cost and standard cost methods of stores pricing;
• describe the materials control procedure;
justify which costs are relevant and should be included in the calculation of the economic order quantity (EOQ);LO1
calculate the EOQ using the formula and tabulation methods;LO1
determine whether or not a company should purchase larger quantities in order to take advantage of quantity discounts;LO1
calculate the optimal safety stock when demand is uncertain;LO1
describe the ABC classification method;LO1
describe materials requirement planning (MRP) systems;LO1
explain just-in-time purchasing and list the benefits arising from adopting JIT concepts.LO1
Intermediate A domestic appliance retailer with multiple outlets stocks a popular toaster known as the Autocrisp 2000, for which the following information is avail¬ able:(i) Based on the data above,
Intermediate: Calculation of EOQ and frequency at ordering A company is planning to purchase 90 800 units of a particular item in the year ahead. The item is purchased in boxes, each containing 10
Intermediate(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
Intermediate: Calculation of EOQ using tabulation and formula method A large local government authority places orders for various stationery items at quarterly intervals.In respect of an item of
Intermediate: Calculation of EOQ XYZ Ltd produces a product which has a constant monthly demand of 4000 units. The product requires a component which XYZ Ltd purchases from a supplier at £10 per
Intermediate: Calculation of EOQ Most textbooks consider that the optimal re-order quantity for materials occurs when ‘the cost of storage is equated with the cost of ordering’. If one assumes
Intermediate: Calculation of EOQ Sandy Lands Ltd carries an item of inventory in respect of which the following data apply:fixed cost of ordering per batch £10 expected steady quarterly 3125 units
Intermediate: Calculation of re-order and maximum stock levels A retail company has been reviewing the adequacy of its stock control systems and has identified three products for investigation.
Intermediate: Calculation of EOQ and a make or buy decision A company is considering the possibility of pur¬ chasing from a supplier a component it now makes. The supplier will provide the
Intermediate: Calculation of minimum purchase cost when cost per unit is not constant A company is reviewing the purchasing policy for one of its raw materials as a result of a reduction in
Advanced: Quantity discounts and calculation of EOQ Wagtail Ltd uses the ‘optimal batch size’ model (see below) to determine optimal levels of raw materials. Material B is consumed at a steady,
Advanced: Calculation of EOQ and a comparison of relevant purchasing costs of different suppliers Mr Evans is a wholesaler who buys and sells a wide range of products, one of which is the Laker. Mr
Advanced: Relevant costs and calculation of optimum batch size Pink Ltd is experiencing some slight problems concerning two stock items sold by the company.The first of these items is product Exe
Advanced: Calculation of reduction in storage costs arising from the implementation of JIT production and purchasing Prodco pic has an annual turnover of £30 000000 from a range of products.
Advanced: Calculation of EOQ, discussion of the limitations of EOQ and a discussion of JIT The newly-appointed managing director of a divi¬ sion of Bondini pic is concerned about the length of the
Advanced: Safety stocks and probability theory A company has determined that the EOQ for its only raw material is 2000 units every 30 days. The company knows with certainty that a four-day lead time
Advanced: Calculation of EOQ and discussion of safety stocks A company needs to hold a stock of item X for sale to customers.Although the item is of relatively small value per unit, the customers’
Advanced: Calculation of EOQ, safety stocks and stockholding costs where demand is uncertain The financial controller of Mexet pic is reviewing the company’s stock management procedures. Stock has
Advanced: Safety stocks and uncertain demand DB p.l.c. operates a conventional stock control system based on reorder levels and Economic Ordering Quantities. The various control levels were set
Advanced: Calculation of EOQ and safety stocks assuming uncertainty The retailing division of Josefa pic sells Hofers and its budget for the coming year is given below:The supplier of Hofers is
Advanced: Calculation of stockholding costs, costs of stockouts when demand is uncertain and a discussion of JIT Rainbow Ltd is a manufacturer which uses alkahest in many of its products. At present
Advanced: Safety stocks and uncertain demand and quantity discounts Runswick Ltd is a company that purchases toys from abroad for resale to retail stores. The company is concerned about its stock
Advanced: Safety stocks, uncertain demand and quantity discounts Kattalist Ltd is a distributor of an industrial chemi¬ cal in the north east of England. The chemical is supplied in drums which have
formulate the linear programming model and calculate marginal rates of substitution and opportunity costs using the graphical approach;LO1
construct the initial tableau using the Simplex method;LO1
explain the meaning of the entries in each column of the final tableau;LO1
describe how linear programming can be used in decision-making, planning and control;LO1
formulate the linear programming model that will maximize net present value;LO1
identify the major deficiencies of linear programming.LO1
Intermediate: Optimal output using the graphical approach G Limited, manufacturers of superior garden orna¬ ments, is preparing its production budget for the coming period. The company makes four
Intermediate: Optimal output using the graphical approach MNO Ltd produces two products -W and B. Both are components that have a wide range of industrial applications. MNO Ltd’s share of the
Advanced: Optimal output using the graphical approach and the impact of an increase in capacity A company makes two products, X and Y. Product X has a contribution of £124 per unit and product Y
Advanced: Maximizing profit and sales revenue using the graphical approach Goode, Billings and Prosper pic manufactures two products, Razzle and Dazzle. Unit selling prices and variable costs, and
Advanced: Optimal output, shadow prices and decision making using the graphical approach The instruments department ofMax Ltd makes two products: the XL and the YM. Standard revenues and costs per
Advanced: Relevant material costs, optimal output and shadow prices using the graphical approach The Milton Carpet Company has been manufactur¬ ing two ranges of carpet for many years, one range for
Advanced: Optimal output and shadow prices using the graphical approach Usine Ltd is a company whose objective is to maximize profits. It manufactures two speciality chemical powders, gamma and
Advanced: Formulation of initial tableau and interpretation of final tableau Reverse signs in Final tableau.D Electronics produces three models of satellite dishes-Alpha, Beta and Gamma-which have
Advanced: Optimal output with a single limiting factor and interpretation of a final matrix Reverse the signs in the final matrix.(a) Corpach Ltd manufactures three products for which the sales
Advanced: Formulation of initial tableau and interpretation of final tableau The Alphab Group has five divisions A, B, C, D and E. Group management wish to increase overall group production capacity
Advanced: Formulation of an initial tableau and interpretation of final matrix using the Simplex method Hint: Reverse the signs and ignore the entries of 0 and 1. You are not required to solve the
Advanced: Formulation of an initial tableau and interpretation of a final tableau using the simplex method Hint: Reverse the signs and ignore entries of 0 and 1.The Kaolene Co. Ltd has six different
Formulation of initial tableau and interpretation of final tableau using the simplex method(a) The Argonaut Company makes three products, Xylos, Yo-yos and Zicons. These are assembled from two
Advanced: Multi-period capital rationing Alexandra Ltd is a newly established manufactur¬ ing company. The company’s only asset is £5 million in cash from the amount received on the issue of the
Advanced: Single and multi-period capital rationing Schobert Ltd is a retailing company which operates a small chain of outlets. The company is currently (i.e. December 2000) finalizing its capital
Multi-period capital rationing and minimum profit constraints Details of projects available to Glaser Ltd, a wholly owned subsidiary of a publicly quoted company, are:Each of the projects have cash
Advanced: Single and multi-period capital rationing Raiders Ltd is a private limited company which is financed entirely by ordinary shares. Its effective cost of capital, net of tax, is 10% per
Advanced: Capital rationing and beta analysis The directors of Anhang pic are considering how best to invest in four projects, details of which are given below.The net present values of the projects
describe the different elements of strategic management accounting;LO1
describe the balanced scorecard;LO1
explain each of the four perspectives of the balanced scorecard;LO1
provide illustrations of performance measures for each of the four perspectives;LO1
describe the distinguishing features of performance measurement in service organizations.LO1
Advanced Management accounting practice has traditionally focused on techniques to assist organisational decision-making and cost control. In concentrating on the internal environment, the management
Advanced The concept of Generic Strategies was established by Professor Michael Porter during the 1980s. He stated that a company must choose one of these strategies in order to compete and gain
Advanced The introduction of improved quality into products has been a strategy applied by many organisations to obtain competitive advantage. Some organisa¬ tions believe it is necessary to improve
Advanced The new manufacturing environment is charac¬ terised by more flexibility, a readiness to meet customers’ requirements, smaller batches, contin¬ uous improvements and an emphasis on
Advanced Research on Performance Measurement in Service Businesses, reported in Management Accounting, found that ‘performance measurement often focuses on easily quantifiable aspects such as cost
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 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

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