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business
management and cost accounting

Questions and Answers of Management And Cost Accounting

Advanced: Impact of transactions on divisional performance measures and various issues relating to divisional performance measurement Scenario Frantisek Precision Engineering pic (FPE) is an
describe the different purposes of a transfer pricing system;LO1
describe the five different transfer pricing methods;LO1
explain why the correct transfer price is the external market price when there is a perfectly competitive market for the intermediate product;LO1
explain why cost-plus transfer prices will not result in the optimum output being achieved;LO1
explain the two methods of transfer pricing that have been advocated to resolve the conflicts between decision¬ making, performance evalu¬ ation and autonomy objectives;LO1
explain the domestic transfer pricing recommendations;LO1
describe the additional factors that must be considered when setting transfer prices for multinational transactions;LO1
calculate optimum output and transfer prices when there is an imperfect market or no market for the intermediate product.LO1
Advanced The production director of a company is concerned with the problem of measuring the efficiency of process managers. In the production department there are six processes and all products
Advanced It has been argued that full cost is an inappropriate basis for setting transfer prices. Outline the objec¬ tions which can be levied at this basis. (9 marks) ACCA Level 2 Management
Advanced(a) Outline and discuss the main objectives of a transfer pricing system. (5 marks)(b) Consider the advantages and disadvantages of(i) market price-based transfer prices; and(ii) cost-based
Advanced(a) Transfers between processes in a manufactur¬ ing company can be made at (i) cost or (ii) sales value at the point of transfer.Discuss how each of the above methods might be compatible
Advanced Exel Division is part of the Supeer Group. It produces a basic fabric which is then converted in other divisions within the group. The fabric is also produced in other divisions within the
Advanced: Discussion of transfer price where there is an external market for the intermediate product Fabri Division is part of the Multo Group. Fabri Division produces a single product for which it
Advanced(a) Spiro Division is part of a vertically integrated group of divisions allocated in one country. All divisions sell externally and also transfer goods to other divisions within the group.
Advanced(a) The transfer pricing method used for the transfer of an intermediate product between two divisions in a group has been agreed at standard cost plus 30% profit markup. The transfer price
Advanced P pic is a multi-national conglomerate company with manufacturing divisions, trading in numerous countries across various continents. Trade takes place between a number of the divisions in
Advanced: Calculating the effects of a transfer pricing system on divisional and company profits Division A of a large divisionalized organization manufactures a single standardized product. Some of
Advanced: Resolving a transfer price conflict Alton division (A) and Birmingham division (B) are two manufacturing divisions of Conglom pic. Both of these divisions make a single standardized
Advanced: Make or buy decision and intercompany trading Companies RP, RR, RS and RT are members of a group. RP wishes to buy an electronic control system for its factory and, in accordance with group
Advanced: Apportionment of company profit to various departments AB Limited which buys and sells machinery has three departments:New machines (manager, Newman) Second-hand machines (manager, Handley)
Advanced: Market based transfer prices A group has two companies-K Ltd, which is operating at just above 50% capacity, and L Ltd, which is operating at full capacity (7000 production hours).L Ltd
Advanced: Computation of three different transfer prices and the extent to which each price encourages goal congruence English Allied Traders pic has a wide range of manufacturing activities,
Advanced: Computation of divisional profits using market based transfer prices and a discussion of market based transfer prices where market imperfections exist L Ltd and M Ltd are subsidiaries of
Advanced: Setting an optimal transfer price when there is an intermediate imperfect market(a) Memphis pic is a multi-division firm operat¬ ing in a wide range of activities. One of its divisions,
Advanced: Optimal output and transfer price where the market for the intermediate product is imperfect Engcorp and Flotilla are UK divisions of Griffin pic, a multinational company. Both divisions
Advanced: Calculation of optimal selling price using calculus and the impact of using the imperfect market price as the transfer price AB Ftd has two Divisions - A and B. Division A manufactures a
Advanced: Demonstration of how a badly designed transfer pricing system can distort decision-making involving the use of calculus AB Ltd comprises two divisions. Division A produces the aye - a
Advanced: Calculation of optimum selling price using calculus as the effect of using the imperfect market price as the transfer price HKI pic has an Engineering Division and a Motor¬ cycle Division.
Advanced: Calculating optimum transfer prices and profits using differential calculus Megacorp pic is a divisionalized enterprise. Among its divisions are Chem and Drink. Both of these divisions have
Advanced: Scarce capacity and the use of shadow prices Black and Brown are two divisions in a group of companies and both require intermediate products Alpha and Beta which are available from
Advanced: Various aspects of divisional performance evaluation and transfer pricing involving the algebraic manipulation of figures to identify likely outcomes Scenario Chambers pic produces motor
explain the typical pattern of cost commitment and cost incurrence during the three stages of a product’s life cycle;LO1
describe the target costing approach to cost management;LO1
describe tear-down analysis, value engineering and functional analysis;LO1
distinguish between target costing and kaizen costing;LO1
describe activity-based cost management;LO1
distinguish between value added and non-value added activities;LO1
explain the purpose of a cost of quality report;LO1
describe how value chain analysis can be used to increase customer satisfaction and manage costs more effectively;LO1
explain the role of benchmarking within the cost management framework;LO1
explain how management audits can be used to facilitate cost management;LO1
Advanced(a) Overtime premiums and shift allowances can be traced to specific batches, jobs or products and should be considered to be direct labour rather than indirect labour.You are required to
Advanced The implementation of budgeting in a world class manufacturing environment may be affected by the impact of (i) a total quality ethos (ii) a just-in-time philosophy and (iii) an activity
Advanced New techniques are often described as contributing to cost reduction, but when cost reduction is necessary it is not obvious that such new approaches are used in preference to more estab¬
Advanced(a) Life Cycle Costing normally refers to costs incurred by the user of major capital equip¬ ment over the whole of the useful equipment life. Explain the determination and calculation of
Advanced Kaplan (‘Relevance Regained’, Management Accounting, September 1988) states the view that the ‘time-honoured traditions of cost accounting’ are ‘irrelevant, misleading and
Advanced‘ABC is still at a relatively early stage of its development and its implications for process control may in the final analysis be more im¬ portant than its product costing implications.
Advanced A company is proposing the introduction of an activity-based costing (ABC) system as a basis for much of its management accounting information.(a) Briefly describe how ABC is different from
Advanced(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
Advanced‘Japanese companies that have used just-in-time (JIT) for five or more years are reporting close to a 30% increase in labour productivity, a 60% reduc¬ tion in inventories, a 90% reduction
Advanced Within a diversified group, one division, which operates many similar branches in a service indus¬ try, has used internal benchmarking and regards it as very useful.Group central management
Advanced You are Financial Controller of a medium-sized engineering business. This business was family- owned and managed for many years but has recently been acquired by a large group to become its
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
Advanced: Calculation of costs before and after introduction of a quality management programme Calton Ltd make and sell a single product. The existing product unit specifications are as
Advanced: Financial evaluation of implementing a quality management programme Bushworks Ltd convert synthetic slabs into com¬ ponents AX and BX for use in the car industry. Bushworks Ltd is planning
Advanced: Traditional and activity- based budget statements and life-cycle costing The budget for the Production, Planning and Development Department of Obba pic, is currently prepared as part of a
Intermediate During a period, 17 500 labour hours were worked at a standard cost of £6.50 per hour. The labour efficiency variance was £7800 favourable.How many standard hours were produced? A BCD
Intermediate T pic uses a standard costing system, which is material stock account being maintained at stan¬ dard costs. The following details have been extracted from the standard cost card in
Intermediate PQ Limited operates a standard costing system for its only product. The standard cost card is as follows:Direct material (4kg at £2/kg) £8.00 Direct labour (4 hours at £4/hour)
Intermediate QR Limited uses a standard absorption costing system. The following details have been extracted from its budget for April:Fixed production overhead cost £48 000 Production (units) 4 800
Intermediate F Limited has the following budget and actual data: Budget fixed overhead cost Budget production (units) Actual fixed overhead cost Actual production (units) The fixed overhead volume
Intermediate J Limited operates a standard cost accounting system. The following information has been extracted from its standard cost card and budgets:If it used a standard marginal cost
Intermediate In a period, 11 280 kg of material were used at a total standard cost of £46248. The material usage variance was £492 adverse.What was the standard allowed weight of mat¬ erial for
Intermediate S pic has the following fixed overhead cost data for October: Budgeted cost Actual cost Budget output Actual output Actual efficiency 100000 101 400 10000 standard hours 9000 standard
Intermediate The following information relates to R pic for October:Bought 7800 kg of material R at a total cost of £16380 Stocks of material R increased by 440 kg Stocks of material R are valued
Intermediate P Limited has the following data relating to its budgeted sales for October:During October actual sales were 11 000 units for a sales revenue of £99 000.P Limited uses an absorption
Intermediate The following details have been extracted from a standard cost card of X pic: Direct labour: Product X 4 hours at 5.40 per hour During October the budgeted production was 5000 units of
Intermediate In a period, 5792 units were made with a standard labour allowance of 6.5 hours per unit at £5 per hour. Actual wages were £6 per hour and there was an adverse efficiency variance of
Intermediate: Flexible budgets and computation of labour and material variances(a) JB pic operates a standard marginal cost accounting system. Information relating to product J, which is made in one
Intermediate: Computation of labour and material variances for a hotel You work as the assistant to the management accountant for a major hotel chain, Stately Hotels pic. The new manager of one of
Intermediate: Computation of labour and material variances and reconciliation statements Malton Ltd operates a standard marginal costing system. As the recently appointed management accountant to
Intermediate: Reconciliation of actual and budgeted profit (including overhead variances)A local restaurant has been examining the profit¬ ability of its set menu. At the beginning of the year the
Intermediate: Reconciliation of standard and actual cost for a variable costing system Data You are employed as the assistant management accountant in the group accountant’s office of Hampstead
Intermediate: Variance analysis and reconciliation of budgeted and actual profit The Perseus Co. Ltd, a medium-sized company, produces a single produce in its one overseas factory. For control
Intermediate: Calculation of labour, material and overhead variances and reconciliation of budgeted and actual profit You are the management accountant of T pic. The following computer printout shows
Intermediate: Computation of fixed overhead variances A manufacturing company has provided you with the following data, which relate to component RYX for the period which has just ended:Overheads are
Intermediate: Labour and overhead variances and export wage rate analysis Data The Eastern Division of Countryside Communica¬ tions pic assembles a single product, the Beta. The Eastern Division has
Intermediate: Discussion and calculation of overhead variances(a) Explain fully how the variances between actual and standard production overhead costs may be analysed, where overhead absorption is
Intermediate: Calculation of labour, material and overhead variances The summary production budget of a factory with a single product for a four week period is as follows:Variable overheads are
Intermediate: Computation of variable overhead variances The following details have been extracted from the standard cost card for product X:During October 5450 units of the product were made
Intermediate: Variance analysis and reconciliation of standard with actual cost SK Limited makes and sells a single product ‘Jay’ for which the standard cost is as follows:The variable production
Intermediate: Material price and usage variances and calculation of material price and usage working backwards from variances AB Ltd manufactures a range of products. One of the products, Product M,
Intermediate: Calculation of actual input data working back from variances The following profit reconciliation statement has been prepared by the management accountant of ABC Limited for March:The
Intermediate: Calculation of actual quantities working backwards from variances The following profit reconciliation statement summarizes the performance of one of SEW’s products for
Intermediate: Calculation of inputs working backwards from variances The following data have been collected for the month of April by a company which operates a standard absorption costing
Intermediate: Calculation of labour variances and actual material inputs working backwards from variances A company manufactures two components in one of its factories. Material A is one of several
Intermediate: Comparison of absorption and marginal costing variances You have been provided with the following data for S pic for September:Explain ‘activity-based costing’ and how it may
Intermediate: Calculation of production ratios NAB Limited has produced the following figures relating to production for the week ended 21 May:During the week 2800 hours were worked on production.You
Advanced: Preparation of an operating control statement and the calculation of labour, material and overhead variances The following statement has been produced for presentation to the general
Advanced: Preparation of an operating control statement and the computation of labour, material and overhead variances(a) A factory is planning to produce and sell 8000 units of product P during the
Advanced: Variance calculations and reconciliation of budgeted and actual profit Bamffam pic is a well established manufacturer of a specialized product, a Wallop, which has the following
Advanced: Reconciliation of budgeted and actual profits The Britten Co. Ltd manufactures a variety of products of basically similar composition. Produc¬ tion is carried out by subjecting the various
Advanced: Computation of variances and the reconciliation of budgeted and actual profits for a taxi firm Tardy Taxis operates a fleet of taxis in a provincial town. In planning its operations for
Advanced: Comparison of variable and absorption standard costing Chimera Ltd makes chimes, one of a variety of products. These products pass through several production processes.The first process is
Advanced: Calculation of sales variances on an absorption and variable costing basis and reconciliation of actual with budgeted margin Claylock Ltd make and sell a single product. The company
calculate material mix and yield and sales mix and quantity variances;L01
explain the criticisms of sales margin variances;L01
prepare a set of accounts for a standard costing system;L01

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