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business
management and cost accounting

Questions and Answers of Management And Cost Accounting

Advanced The ‘Balanced Scorecard’ approach aims to pro¬ vide information to management to assist strategic policy formulation and achievement. It emphasises the need to provide the user with a
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
Advanced: Financial and non-financial performance measures Scotia Health Consultants Ltd provides advice to clients in medical, dietary and fitness matters by offering consultation with specialist
Advanced: Financial and non-financial performance measures BS Ltd provides consultancy services to small and medium sized businesses. Three types of consul¬ tants are employed offering
discuss the strengths and weaknesses of the different methods of estimating costs;LO1
calculate regression equations using the high-low, scattergraph and least-squares techniques;LO1
calculate and interpret the coefficient of determination (r2), standard error of the estimate and beta coefficient;LO1
describe multiple regression analysis and indicate the circumstances when this method should be used;LO1
explain the requirements which should be observed when using statistical regression analysis;LO1
explain the six steps required to estimate cost functions from past data;LO1
calculate average hours/cost per unit of cumulative production and incremental hours/cost per order using the learning curve;LO1
describe three situations where the management accountant can incorporate the learning curve effect.LO1
Intermediate The following extract is taken from the production cost budget for S Limited:Production (units) 4000 6000 Production cost (£) 11 100 12 900 The budget cost allowance for an activity
Intermediate The Valuation Department of a large firm of surveyors wishes to develop a method of predicting its total costs in a period. The following past costs have been recorded at two activity
Advanced Discuss the conditions that should apply if linear regression analysis is to be used to analyse cost behaviour.
Advanced(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
Advanced Explain the ‘learning curve’ and discuss its re¬ levance to setting standards. (5 marks)ACCA Level 2 Management Accounting
Advanced(a) Comment on factors likely to affect the accu¬racy of the analysis of costs into fixed and variable components. (8 marks)(b) Explain how the analysis of costs into fixed and variable
Advanced The theory of the experience curve is that an organisation may increase its profitability through obtaining greater familiarity with supplying its products or services to customers. This
Advanced: Comparison of independent variables for cost estimates Aboume Ltd manufactures a microcomputer for the home use market. The management accountant is considering using regression analysis in
Advanced: Linear regression analysis with price level adjustments Savitt Ltd manufactures a variety of products at its industrial site in Ruratania. One of the products, the LT, is produced in a
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 budgets
Advanced: Calculation of co-efficient of determination A management accountant is analysing data relat¬ ing to retail sales on behalf of marketing col¬ leagues. The marketing staff believe that the
Advanced: Regression analysis and an analysis of costs where unit variable cost is not constant (See note on page 984)Babel Ltd produces a single product. The com¬ pany’s directors want to explore
Advanced: Estimates of sales volume and revenues using regression analysis and calculation of optimum price using differential calculus (See note on page 984)The Crispy Biscuit Company (CBC) has
Advanced: Learning curves Present a table of production times showing the following columns for E. Condon Ltd, which produces up to 16 units while experiencing a 90% learning curve, the first unit
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: Estimation 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 quan¬ tify the learning
Advanced: Construction of cost and revenue functions when learning curve effects exist Delroads Electronics Ltd (DEL) produces a variety of products including an electronic navigational unit for use
Advanced: The application of the learning curve to determine target cash flows Leano pic is investigating the financial viability of a new product X. Product X is a short life product for which 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
Advanced: Application of learning curve to determine the incremental costs for different production batches Limitation pic commenced the manufacture and sale of a new product in the fourth quarter of
Advanced(a) In high technology small batch manufacture, accountants sometimes take the view that standard costing cannot be applied. The move into high technology is generally accompanied by a shift
Advanced Variance analysis involves the separation of indi¬ vidual cost variances into component parts. The benefit that may be derived from variance analysis depends on the interpretation and
Advanced In recent years, writers have argued that standard costing and variance analysis should not be used for cost control and performance evaluation purposes in today’s manufacturing world. Its
Advanced In the new industrial environment, the usefulness of standard costing is being challenged, and new approaches sought.One approach, pioneered by the Japanese, is to replace standard costs by
Advanced(a) The investigation of a variance is a funda- ' mental element in the effective exercise of control through budgetary control and stan¬ dard costing systems. The systems for identi¬
Advanced Variance investigation decisions are normally explained in textbooks by simple models, which assume the availability of a significant amount of information.An example of this approach is:The
Advanced(a) Specify and explain the factors to be consid¬ ered in determining whether to investigate a variance which has been routinely reported as part of a standard costing system. (12 marks)(b)
Advanced(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
Advanced 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 infla¬
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: Calculation of labour, material and overhead variances plus appropriate accounting entries JC Limited produces and sells one product only, Product J, the standard cost for which is as
Intermediate: Calculation of variances and accounting entries for an interlocking standard costing system B Ltd manufactures a single product in one of its factories. Information relating to the
Intermediate: Accounting entries for a standard costing system Fischer Ltd manufactures a range of chess sets, and operates a standard costing system. Information relating to the ‘Spassky’ design
Intermediate: Accounting entries for a standard process costing system A firm produces a plastic feedstock using a process form of manufacture. The firm operates in an industry w here the market
Advanced: Material mix and yield variances Acca-chem Co pic manufacture a single product, product W, and have provided you with the follow¬ ing information which relates to the period which has just
Advanced: Labour mix and yield variances A large manufacturing company with a diverse range of products is developing the use of standard costing throughout its divisions. A full standard costing
Advanced: Mix variances and reconciliation as actual and budgeted profit A company operates a number of hairdressing establishments which are managed on a franchise arrangement. The franchisor offers
Advanced: Mix variances and reconciliation of actual and budgeted profit The budgeted income statement for one of the products of Derwen pic for the month of May was as follows:During May production
Advanced: Accounting disposition of variances(a) Mingus Ltd produces granoids. It revises its cost standards annually in September for the year commencing 1 December.At a normal annual volume of
Advanced: Sales mix and quantity variances and planning and operating variances Milbao pic make and sell three types of electronic game for which the following budget/standard information and actual
Advanced: Planning and operating variances plus mix and yield variances County Preserves produce jams, marmalade and preserves. All products are produced in a similar fashion; the fruits are low
Advanced: Detailed variance analysis (including revision variances) plus an explanation of the meaning of operating statement variances Tungach Ltd make and sell a single product. Demand for the
Advanced: Reconciliation of budgeted and actual profit including operating and planning variances plus an interpretation of the reconciliation statement Casement Ltd makes windows with two types of
Advanced: Labour planning and operating variances A standard costing and budgetary control system which provides management with a range of plan¬ ning and operational variances for each four week
Advanced: Planning and operating variances A year ago Kenp Ltd entered the market for the manufacture and sale of a revolutionary insulating material. The budgeted production and sales volumes were
Advanced: Planning and operating variances POV Ltd uses a standard costing system to control and report upon the production of its single product.An abstract from the original standard cost card of
Advanced: Relevant cost approach to variance analysis Blue Ltd manufactures a single product, the stan¬ dards of which are as follows:The actual selling price was identical to the budgeted selling
Advanced: Variable costing reconciliation of budgeted and actual contribution and a discussion of the role of standard costing in a modern manufacturing environment XYZ Ltd makes a single product and
Advanced: Traditional and activity- based variance analysis Frolin Chemicals Ltd produces FDN. The standard ingredients of 1 kg of FDN are:production comprise only direct materials and overheads. The
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 her, two
Advanced: Investigation of variances(a) Describe and comment briefly on the basis and limitations of the control chart approach to variance investigation decisions. (6 marks)(b) The following
Advanced: Investigation of variances(a) The Secure Locke Company operates a system of standard costing, which it uses amongst other things as the basis for calculat¬ ing certain management
Advanced: Investigation of variances From past experience a company operating a stan¬ dard cost system has accumulated the following information in relation to variances in its monthly management
distinguish between functional and divisionalized organizational structures;LO1
explain the factors that should be considered in designing financial performance measures for evaluating divisional managers;LO1
explain why it is preferable to distinguish between managerial and economic performance;LO1
explain the meaning of return on investment, residual income and economic value added;LO1
compute economic value added;LO1
illustrate how performance measures may conflict with the net present value decision model;LO1
justify the use of a risk- adjusted discount rate for determining the divisional cost of capital;LO1
explain why it is important to include additional non- financial measures when evaluating divisional performance.LO1
Advanced(a) ‘Because of the possibility of goal incongru¬ ence, an optimal plan can only be achieved if divisional budgets are constructed by a central planning department, but this means that
Advanced A large organisation, with a well-developed cost centre system, is considering the introduction of profit centres and/or investment centres throughout the organisation, where appropriate. As
Advanced 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 Economic value added is a recent
Advanced 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
Advanced Divisionalization is a common form of organiza¬ tional arrangement but there is some diversity of opinion as to the best measure of divisional per¬ formance.Discuss this topic and describe
Advanced Critically discuss the methods of evaluating the performance of managers of divisionalized com¬ panies. What factors should be considered in designing control systems for evaluating
Advanced‘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 individual
Advanced A recently formed group of companies is propos¬ ing to use a single return on capital employed (ROCE) rate as an index of the performance of its operating companies which differ
Advanced 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¬
Advanced(a) Explain the meaning of each of the under¬ noted measures which may be used for divisional performance measurement and investment decision-making. Discuss the ad¬ vantages and problems
Advanced Divisionalised structures are normal in large firms, and occur even when centralised structures would be feasible.Requirements:(a) Explain and discuss the arguments for divi¬ sionalised
Advanced: Accounting, motivational and ethical issues arising from divisional actions Within a large group, divisional managers are paid a bonus which can represent a large proportion of their annual
Advanced: Establishing a system of divisional performance measurement in a hospital(a) Briefly explain how the measurement of divi¬sional performance differs when assessing the achievement of
Advanced: Impact of various transactions on ROCE and a discussion whether ROCE leads to goal congruence G Limited, one of the subsidiaries of GAP Group p.l.c., produces the following condensed data
Advanced: Impact of various transactions on divisional performance measures XYZ pic operates a divisional organisation struc¬ ture. The performance of each division is assessed on the basis of the
Advanced: Calculation of NPV and ROI and a discussion as to whether goal congruence exists plus a further discussion relating to resolving the conflict between decision-making and performance
Advanced: Merits and problems associated with three proposed divisional performance measures Sliced Bread pic is a divisionalized company. Among its divisions are Grain and Bakery. Grain’s
Advanced: Conflict between NPV and performance measurement Linamix is the chemicals division of a large indus¬ trial corporation. George Elton, the divisional general manager, is about to purchase
Advanced: Discussion of residual income and ROI and the problems with using these measures to evaluate a speculative new division operating in a high technology industry Indico Ltd is a well
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
Advanced: Performance reporting and a discussion of key measurement issues for a divisionalized company A recently incorporated power company, set up after the privatisation of the electricity and
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: Calculations of residual income using straight line and annuity depreciation(a) Meldo Division is part of a vertically inte¬ grated group where all divisions sell exter¬ nally and
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: Calculation and comparison of ROI and RI using straight line and annuity depreciation Alpha division of a retailing group has five years remaining on a lease for premises in which it sells
Advanced: Divisional performance measurement using different methods of asset valuation plus non-financial measures(a) When a previously centralized organization decides to decentralize a major part
Advanced: Economic valued added approach to divisional performance measurement The most recent published results for V pic are shown below:An analyst working for a stockbroker has taken these

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