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business
management and cost accounting

Questions and Answers of Management And Cost Accounting

calculate planning and operating variances;L01
explain the need for an ex post variance analysis and an opportunity cost approach for analysing variances;L01
explain the methods that can be used to determine whether or not a variance should be investigated;L01
comment on the future role of standard costing;L01
explain the implications of ABC for traditional variance analysis.L01
explain how standard costs are set;LO1
explain the meaning of standard hours produced;LO1
define basic, ideal and currently attainable standards;LO1
explain how a standard costing system operates;LO1
calculate labour, material, overhead and sales margin variances and reconcile actual profit with budgeted profit;LO1
identify the causes of labour, material, overhead and sales margin variances;LO1
construct a departmental performance report;LO1
distinguish between standard variable costing and standard absorption costing.LO1
describe the contingency theory of management accounting;LO1
provide illustrations of the relationship between the five broad contingent factors described in Exhibit 17.1 and features of the management accounting system;LO1
explain the circumstances when behavioural, output and clan controls should be used;LO1
describe the three different types of assessment and scorekeeping (efficiency, effectiveness and social tests) and explain the circumstances where each of them should be used;LO1
distinguish between programmed and non- programmed decisions;LO1
describe the ideal and actual uses of accounting information for decision¬ making in relation to a combination of uncertainty of objectives and uncertainty of cause-and-effect relationships;LO1
explain the different ‘roles’ or ‘purposes’ for which management accounting information is used within organizations.LO1
Advanced(a) Contingency theory has frequently been used to explain variations in the functioning of organizations. It has been criticised on a number of grounds, including whether suffi¬ cient
Advanced Conventional approaches to the study of the or¬ ganizational process emphasize economic reality, order and planned action as the basis ofmanager-ial decision-making. Outline the major
Advanced It has been argued that the further introduction of technical management accounting controls in the public sector and not-for-profit sector are doomed to failure. Evaluate possible grounds
Advanced Describe the contingency theory of management accounting and discuss the relationship between various contingent factors and features of the management accounting system.LO1
Advanced Describe the different types of controls that can be used in organizations and discuss the factors that influence the choice of specific types of controls.LO1
Advanced Discuss the different ‘roles’ or ‘purposes’ for which management accounting information is used within organizations.LO1
Advanced Management accounting information is rarely used in the ways that are depicted in textbooks. Discuss.LO1
Advanced There is no universally best management account¬ ing control system which can be applied to all organizations. Discuss.LO1
Advanced You have been appointed as chief management accountant of a well-established company with a brief to improve the quality of information supplied for management decision-making. As a first
Advanced In the context of capital budgeting, you are required to explain:(a) the meaning of ‘beta’; (4 marks)(b) the function of ‘beta’ in the capital asset pricing model; (4 marks)(c) what
Advanced Describe and discuss the important stages that should be followed when a company wishes to develop and implement a new programme of capi¬ tal investment.Do not confine your discussion to
Intermediate: Computation of NPV and tax payable Sound Equipment Ltd was formed five years ago to manufacture parts for hi-fi equipment. Most of its customers were individuals wanting to assemble
Intermediate: NPV calculation and taxation Data Tilsley Ltd manufactures motor vehicle com¬ ponents. It is considering introducing a new product. Helen Foster, the production director, has already
Advanced: Relevant cash flows and taxation plus a calculation of the weighted average cost of capital Ceely pic is evaluating a high risk project in a new industry. The company is temporarily short
Advanced: Calculation of IRR and incremental yield involving identification of relevant cash flows LF Ltd wishes to manufacture a new product. The company is evaluating two mutually exclusive
Advanced: Single period capital rationing Banden Ltd is a highly geared company that wishes to expand its operations. Six possible capital investments have been identified, but the company only has
Advanced: Net present value calculation for the replacement of a machine and a discussion of the conflict between ROI and NPV Eckard pic is a large, all-equity financed, division¬ alized textile
Advanced: Timing of replacement decision XYZ pic uses 10 very old injection moulding machines, which are of a type which are no longer obtainable. It is proposed that they be replaced by 4 ‘new
Advanced: Determining the optimum replacement period for a fleet of taxis Eltem pic is an unlisted company with a turnover of £6 million which runs a small fleet of taxis as part of its business.
Advanced: Evaluation of projects with unequal lives A2Z p.l.c. supports the concept of terotechnology or life cycle costing for new investment decisions covering its engineering activities. The
Advanced: Relevant cash flows and taxation plus unequal lives Pavgrange pic is considering expanding its opera¬ tions. The company accountant has produced pro forma profit and loss accounts for the
Advanced: Inflation adjustments and sensitivity analysis(a) Burley pic, a manufacturer of building products, mainly supplies the wholesale trade. It has recently suffered falling demand due to
Advanced: Adjusting cash flows for inflation and identification of relevant cash flows Ramelton pic is a large entirely equity financed engineering company, whose financial year ends on 31
Advanced: Adjusting cash flows for inflation and the calculation of NPV and ROI The general manager of the nationalized postal service of a small country, Zedland, wishes to introduce a new service.
Advanced: Calculation of discounted payback and NPV incorporating inflation, tax and financing costs The board of directors of Portand Ltd are consider¬ ing two mutually exclusive investments each
Advanced: Calculation of the internal rate of return using the interpolation method and a discussion of asset betas Amble pic is evaluating the manufacture of a new consumer product. The product can
Advanced: NPV calculation, choice of discount rate and sensitivity analysis The managing director of Tigwood Ltd believes that a market exists for ‘microbooks’. He has proposed that the company
Advanced: Sensitivity analysis and alternative methods of adjusting for risk Parsifal Ltd is a private company whose ordinary shares are all held by its directors. The chairman has recently been
Advanced: Expected NPV calculation and taxes on cashflows Blackwater pic, a manufacturer of speciality chemicals, has been reported to the anti-pollution authorities on several occasions in recent
Advanced: Calculation of expected net present value plus a discussion of whether expected values is an appropriate way of evaluating risk Galuppi pic is considering whether to scrap some highly
Advanced: Expected net present value and value of additional information The directors of Astros pic are considering the purchase and exploitation of a disused tin mine which is being offered for
Advanced: Calculation of NPV from incomplete data involving taxation, financing costs and identification of relevant cash flows and cost of capital An unqualified colleague has recently been moved to
explain how budgeting fits into the overall framework of decision-making, planning and control;LO1
describe the six different purposes of budgets;LO1
describe the various stages in the budget process;LO1
prepare functional and master budgets;LO1
describe the limitations of incremental budgeting;LO1
describe activity-based budgeting;LO1
explain the role of budgeting and planning, programming budgeting systems in non¬ profit organizations;LO1
describe zero-base budgeting.LO1
Intermediate Outline:(a) the objectives of budgetary planning and control systems; (7 marks)(b) the organization required for the preparation of a master budget.LO1
Intermediate The preparation of budgets is a lengthy process which requires great care if the ultimate master budget is to be useful for the purposes of manage¬ ment control within an
Advanced What is zero-base budgeting and how does it differ from other more traditional forms of budgeting? Discuss the applicability of zero-base budgeting to profit-orientated organizations.ACCA
Advanced You are the management accountant of a group of companies and your managing director has asked you to explore the possibilities of introducing a zero-base budgeting system experimentally in
Advanced The chief executive of your organization has recently seen a reference to zero-base budgeting. He has asked for more details of the technique.You are required to prepare a report for him
Advanced Prepare brief notes about zero-base budgeting covering the following topics:(a) what zero-base budgeting means;(b) how zero-base budgeting would operate;(c) what problems might be met in
Advanced A budgetary planning and control system may include many individual budgets which are inte¬ grated into a ‘master budget’.You are required to outline and briefly explain with reasons
Advanced The managing director of your company believes that the existing annual budget system is costly to operate and produces unsatisfactory results due to: long preparation period;business
Advanced A company that has hitherto prepared its operating budgets on a single target level of performance is considering changing to one of the following:(i) a three-level budget;(ii) a decision
Advanced Various attempts have been made in the public sector to achieve a more stable, long-term planning base in contrast to the traditional short-term annual budgeting approach, with its emphasis
Advanced Explain the specific roles of planning, motivation and evaluation in a system of budgetary control.(7 marks)ACCA Level 2 Management Accounting
Advanced Traditional budgeting systems are incremental in nature and tend to focus on cost centres. Activity based budgeting links strategic planning to overall performance measurement aiming at
Advanced Budgeting has been criticised as• a cumbersome process which occupies considerable management time;• concentrating unduly on short-term financial control;• having undesirable effects
Intermediate: Preparation of functional budgets X pic manufactures Product X using three different raw materials. The product details are as follows:It is company policy to hold stocks of finished
Intermediate: Preparation of functional budgets D Limited is preparing its annual budgets for the year to 31 December 2001. It manufactures and sells one product, which has a selling price of £150.
Intermediate: Calculation of sales to achieve target profit and preparation of functional budgets There is a continuing demand for three sub¬ assemblies - A, B, and C - made and sold by MW Limited.
Intermediate: Preparation of functional budgets Data Wilmslow Ltd makes two products, the Alpha and the Beta. Both products use the same material and labour but in different amounts. The company
Intermediate: Preparation of functions budgets, cash budget and master budget The budgeted balance sheet data of Kwan Tong Umbago Ltd is as follows:The estimates for the next four-month period are as
Intermediate: Budget preparation and comments on sales forecasting methods You have recently been appointed as the manage¬ ment accountant to Alderley Ltd, a small company manufacturing two
Intermediate: Preparation of cash budgets The following data and estimates are available for ABC Limited for June, July and August.Notes:1. 10% of sales are for cash, the balance is received the
Intermediate: Preparation of cash budgets and calculation of stock, debtor and creditor balances In the near future a company will purchase a manufacturing business for £315 000, this price to
Intermediate: Preparation of cash budgets A redundant manager who received compensation of £80000 decides to commence business on 4 January, manufacturing a product for which he knows there is a
Intermediate: Preparation of cash budgets A company is to carry out a major modernization of its factory commencing in two weeks time. During the modernization, which is expected to take four weeks
Intermediate: Preparation of cash budgets The management of Beck pic have been informed that the union representing the direct production workers at one of their factories, where a standard product
Advanced: Preparation of a cash budget and a decision whether to close a department and sub contract The Rosrock Housing Association has two types of housing estate in the Rosburgh area (A and B).The
Intermediate: Direct labour budget and labour cost accounting A company, which manufactures a range of consu¬ mer products, is preparing the direct labour budget for one of its factories. Three
describe the three different types of controls used in organizations;LO1
describe a cybernetic control system;LO1
distinguish between feedback and feed-forward controls;LO1
explain the potential harmful side-effects of the different types of controls;LO1
define the four different types of responsibility centres;LO1
explain the different elements of management accounting control systems;LO1
describe the controllability principle and the methods of implementing it;LO1
describe the different types of financial performance targets and the effects of their level of difficulty on motivation and performance;LO1
describe the influence of participation in the budgeting process;LO1
distinguish between the three different styles of evaluating performance and identify the circumstances when a particular style is most appropriate.LO1
Intermediate(a) Identify and explain the essential elements of an effective cost control system. (13 marks)(b) Outline possible problems which may be encountered as a result of the introduction of a
Intermediate You have applied for the position of assistant accountant in a company manufacturing a range of products with a sales turnover of £12 million per annum and employing approximately 300
Intermediate Outline the main features of a responsibility accounting system. (6 marks)ACCA Level 2 Management Accounting
Intermediate Explain the meaning of each of the undemoted terms, comment on their likely impact on cash budgeting and profit planning and suggest ways in which any adverse effects of each may be

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