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business
management cost accounting

Questions and Answers of Management Cost Accounting

The method of pricing where cost lag behind the current economic values is(a) LIFO (b) Weighted average price(c) Simple average (d) Replacement cost
In which of the following methods are issues of materials priced at a predetermined rate?(a) Specific price method (b) Inflated price method(c) Replacement price method (d) Standard price method
When prices fluctuate widely, the method of pricing that smoothes out the effects of fluctuations is(a) FIFO (b) LIFO(c) Weighted average (d) Simple average
In the base stock method of pricing material issues, the term base stock represents the(a) Maximum stock (b) Minimum stock(c) Stock in balance (d) Quantity of stock being issued
Under which method issue of materials is priced at the latest purchase price?(a) Simple average (b) Weighted average(c) LIFO (d) FIFO
Which of the following methods of stock control aims at concentrating efforts on selected items of materials?(a) Level setting (b) Material turnover(c) ABC analysis (d) Perpetual inventory system
Reordering quantity may be measured in(a) LIFO (b) FIFO(c) Standard cost (d) Weighted average cost
Market price method is suitable when quotations have to be sent State whether the following statements are true or false:
Material should be issued against material requisition.State whether the following statements are true or false:
FIFO is suitable in times of rising prices.State whether the following statements are true or false:
Weighted average method is adding all the different prices and dividing the sum by the number of such prices.State whether the following statements are true or false:
In LIFO, issues are close to current economic values.State whether the following statements are true or false:
Under replacement price method, issues are priced at the market rate.State whether the following statements are true or false:
Price fluctuation is not an important criterion in fixing pricing methods.State whether the following statements are true or false:
When prices fluctuate widely, the method that will smooth out the effects of fluctuations is the weighted average method.State whether the following statements are true or false:
When material prices fluctuate widely, the method of pricing that gives absurd result is simple average price.State whether the following statements are true or false:
In standard price method, issue of materials is priced at a predetermined rate.State whether the following statements are true or false:
Differentiate between CA and FA.
What are the essential features of CA?
What are the factors to be considered before setting up a CA system?
Bring out the importance of CA.
What are the advantages of CA? State its limitations.
State the difference between cost and expense.
State the important objectives of CA.
Define CA.
What do you mean by costing?
Define the term cost.
Variable cost is controlled by(a) Production department (b) Selling department(c) Both a and b (d) None of the above
The fixed cost is controlled by(a) Management (b) External factors(c) Production department (d) None of the above
CA helps planning for future operation in such a way as to(a) Minimize the income (b) Maximize the profit(c) Maximize the cost (d) None of the above
Cost accounts should provide information, which enables the management to fix remunerative(a) Cost prices (b) Selling prices(c) Both a and b (d) None of these
CA can also provide information that may reduce(a) Overheads (b) Price(c) Both a and b (d) None of above
CA department should provide information about standard and(a) Ultimate performance (b) Unestimated performance(c) Actual performance (d) None of the above
Reduction of labour turnover and idle time help us to control(a) Material cost (b) Standard cost(c) Labour cost (d) None of above
Cost accountancy helps in the ascertainment of(a) Cost after hand (b) Cost beforehand(c) Cost in hand (d) None of above
Cost audit is a part of(a) Financial accountancy (b) Cost accountancy(c) Management accountancy (d) None of above
CA is not applicable to ______(a) Small business concern (b) Big business concern(c) Both a and b (d) None of above
CA is the oldest branch of accounting.true or false
CA is nothing but a post-mortem of past costs. true or false
CA will not be necessary if financial accounts provide the necessary analysis. true or false
CA is not needed if prices are beyond the control of the firm. true or false
CA helps in the ascertainment of cost beforehand. true or false
CA provides information for ascertaining the financial position as on a particular date. true or false
Cost audit is a part of cost accountancy. true or false
A prosperous business concern does not need a costing system. true or false
CA is a branch of FA. true or false
CA can be used only in a manufacturing concern. true or false
Present a table of production times showing the following columns for E. Condon Ltd, which produces up to 16 units while experiencing a 90 percent learning curve, the first unit requiring 1000 hours
Victoria-Yeeland Logistics (Victoria) is a logistics support business, which operates a fleet of lorries to deliver packages of goods on behalf of its customers within the country of Yeeland.
Divisionalized structures are normal in large firms, and occur even when centralized structures would be feasible.Requirements:(a) Explain and discuss the arguments for divisionalized structures in
‘The major reason for introducing budgetary control and standard costing systems is to influence human behaviour and to motivate the managers to achieve the goals of the organization. However, the
‘Budgeting is too often looked on from a purely mechanistic viewpoint. The human factors in budgeting are more important than the accounting techniques. The success of a budgetary system depends on
Explain the specific roles of planning, motivation and evaluation in a system of budgetary control.
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 management control within an organization.You are
Outline:(a) The objectives of budgetary planning and control systems;(b) The organization required for the preparation of a master budget.
Should material mix and yield variances be routinely calculated for all companies?
What does the sales mix variance capture and how does this information assist management?
(a) At a low level of analysis for sales variances, what variances would you compute?(b) What types of variances would these low detailed variances be decomposed into at higher levels of analysis?
What would you review in a company to determine the cause of a (a) mix variance and(b) yield variance?
Discuss any constraints you see in the substitutability that we assume when calculating sales mix and production mix variances.
Assume you are making a product that has two ingredients, oil and vinegar, which are substitutable. The recipe for one batch of 10 gallons is oil—S gallons @ $6 a gallon and vinegar—S gallons @
Using the data in Question 6, determine the price and yield variances for each of the ingredients.
Assume a company makes a special vegetarian diet soup and all beans, carrots, celery, and onions cost the same per pound. Also, the company prides itself on having an across-the-board pay scale so
Assume a company has a planned mix of 5 units of Product X to 2 units of Product Y.The individual unit contribution margin for X is $6 and $13 for Y. What is the weighted-average budgeted
For what types of operations would material mix and labor yield variances be appropriate?
Describe circumstances in which the overall sales mix variance would be unfavorable.
The First Company sells Products A and B whose sales prices are $6 and $12, respectively.The variable cost for Product A is $4 and $7 for Product B. Total fixed costs for the company are estimated at
Outline the characteristics of (a) Gantt chart techniques and (b) PERT.
Give the requirements for making a decision tree.
a. Why should the time value of future earnings be considered in decisions?b. How can the time value of future earnings be used in decision tree analysis?
What is meant by crashing the network and what is the differential crash cost of an activity?
What is the advantage of holding an activity manager responsible for a project time variance?
What is slack and how can management utilize it?
If an activity has a favorable spending variance, what does this indicate?
Define the roll-back concept; discuss how it is used in decision tree analysis.
Should management analyze time slippage on all activities?
Define the term critical path and explain why it is considered critical.
What is the expected activity time for each of the following, given these estimates?
Define linear programming. How are resources regarded in a linear programming model?
To use linear programming, what requirements must be satisfied?
Give three applications of linear programming.
Define the term objective function and give an example.
What are constraints in linear programming, and how do they affect the decision?
Give three examples of constraints encountered in business problems.
Contrast the two solution methods used with linear programming.
How is the area of feasible combinations determined? Where is the optimal solution located?
How is the slope of objective function lines determined and how is the optimum profit determined with their use?
Discuss the relationship between sensitivity analysis and shadow prices.
What is the major benefit of using models to represent real-world situations?
Describe a situation often encountered in business when a company’s overall profitability will be maximized if one segment will take a loss that will be more than made up in another segment.
Give some advantages and disadvantages of decentralization Ilik.
Discuss three dysfunctional consequences of accounting measurements. Be specific in your examples.
Define a segment and explain what factors should be studied in grouping segments.
Define residual income and discuss its use as a performance measurement.
a. What misleading inferences can be made if segment margin is expressed as a percentage of sales?b. When should segment margin be expressed as a percentage of asset employed or on a per hour basis?
Discuss ways the typical corporate manager is guilty of rewarding undesirable behavior.
a. Do you believe that idle assets should be included in the asset base when calculating ROI? Why or why not?b. How could the use of ROI encourage unprofitable behavior?
Do you believe that full costing has limited usefulness in evaluations of segments?Support your answer.
Discuss your views of the trend toward more extensive use of nonfinancial indicators.Include in your discussion some examples of nonfinancial measures.
Explain why you agree or disagree that short-term profits are no index of the ability of top management. Regardless whether you agree or disagree with this statement, indicate other indicators of

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