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business
management cost accounting

Questions and Answers of Management Cost Accounting

1-4 Define decision making.
1-3 The way these modern controllers put themselves on a pedestal, you may as well give them the title of President and be done with it. Look at the first three points in their functions of
1-2 As a new controller, answer this comment by a factory superintendent: "As I see it, our accountants may be needed to keep records for stockholders and Uncle Sam-but I don't want them sticking
1-1 Why do the controller and his staff have to understand the company organiza- tion structure?
Using the organization charts in this chapter (Exhibits 1-2 and 1-3), answer the following questions:a. Do the following have line or staff authority over the assembly foreman: maintenance foreman,
Reexamine the plant-rearrangement decision in Exhibit 1-1.. Give an example of (1) a prediction method for direct-labor costs under the “do nothing” alternative that is more specific than using
4-21 Underapplied Overhead on Interim Income Statements The following data are available for ABC Company covering the month of January 19.4. Sales Cost of sales (per account) Factory overhead
4-23 Overview of General-Ledger Relationships Frantic Publishing Company has its own printing facilities. Frantic uses a job-order accounting system and
5-1 What are the two major features of a budgetary program? Which feature is more important? Why?
5-2 What are the elements of the budgetary cycle?
5-3 Define: continuous budget, pro-forma statements.
5-4 "The sales forecast is the cornerstone for budgeting." Why?
5-5 Enumerate four common duties of a budget director.
5-6 What is the function of a budget committee? A budget manual?
5-7 "Budgets are half-used if they serve only as a planning device." Explain.
5-8 Budgeting Material Purchases The X Company has prepared a sales budget of 42,000 finished units for a three-month period. The company has an inventory of finished goods on hand at December 31 and
5-9 Budgeting Material Costs The Maxwell Company uses a single raw material to make its product; for each unit of product, three pounds of this material are required. The price of this material is
6-2 Define controllable cost. What two major factors help an evaluation of whether a given cost is controllable?
6-3 What guides are available in deciding the appropriate costs to be charged to a person?
6-4 "An action once taken cannot be changed by subsequent events." What impli- cations does this have for the cost accountant?
6-5 List five common complaints about control budgets.
6-6 "Budgets are wonderful vehicles for communication." Comment,
6-7 Define motivation. How does it differ from need?
6-8 Give an example of how a control system can motivate a manager to behave against the best interests of the company as a whole.
6-9 "I'm majoring in accounting. This study of human relations is fruitless. You've got to be born with a flair for getting along with others. You can't learn it!" Do you agree? Why?
6-10 "Interpretation is essential for understanding accounting reports." Suggest how the accounting function may be organized to emphasize interpretation.
6-11 Budgets as Motivators "Budgets and responsibility accounting and other modern accounting techniques foster a policed, departmental orientation rather than a positive, overall organizational
6-12 Budgets as Pressure Devices Sord and Welsch have stated: "It should be recognized that pressure on supervisors need not come from control techniques, assuming that standards of performance are
6-13 Budgets as Motivators "To accept budgets as motivators is to imply that supervisors do not have adequate interest in their job. This is seen as an insult to a man's integrity, and the factory
6-18 Responsibility for Downtime Two of several departments performed successive operations in the manufacture of automobile frames. The frames were trans- ported from department to department via an
6-19 Responsibility of Purchasing Agent0 Richards had just taken a new job as purchasing agent for The Hart Manufacturing Company. Sampson is head of the production planning and control department.
6-20 A Study in Responsibility Accounting The David Machine Tool Company is in the doldrums. Production volume has fallen to a ten-year low. The com- pany has a nucleus of skilled tool-and-die men
6-22 Budgets and Incentives You are working as a supervisor in a manufacturing department that has substantial amounts of men and equipment. You are paid a "base" salary that is actually low for this
6-23 Billie Jean Prince operates a chain of health centers. One of the largest is in the heart of Chicago. Prince used the services of three managers, Dave, Nick,
6-24 Sales Incentives (CMA) The Parsons Co. compensates its field sales force on a commission and year-end bonus basis. The commission is 20 percent of budgeted gross margin (planned selling price
6-26 Multiple Goals and Profitability21 The following are the multiple goals of the General Electric Company: 1. Profitability 2. Market position 3. Productivity 4. Product leadership 5. Personnel
7-1 What are standard costs? Why is their use superior to comparisons of actual data with past data?
7-2 What are the key questions in deciding how variances should be collected and analyzed?
7-3 List and briefly describe three different types of standards.
7-4 “Cost control means cost reduction.” Do you agree? Why?
7-5 List four common causes of material-price variances.
7-6 List the major factors that affect control procedures for material quantities.
7-7 Define: standard bill of materials, excess materials, requisition, operations list.
7-8 "Setup costs are easily traceable to specific jobs. Therefore, they should be classified as direct-labor costs." Do you agree? Why?
7-9 "Standard costing is O.K. for big companies that can afford such an elaborate system. But our company relies on an 'actual' system because it saves clerical costs." Comment.
7-10 How does management decide when a variance is large enough to warrant investigation?
7-11 List five purposes of standard costs.
7-12 Who should ordinarily be responsible for the extra costs arising from rush sales orders? Why?
7-13 Define learning curve. Name four of its uses.
7-14 Who is responsible for developing standards?
7-15 Why do budgeted variances arise?
7-16 When will budgets differ from standards? When will they be the same?
7-19 General Journal Entries for Materials Consider the following data compiled by the manufacturer of 1,000 television tables: Standard price per square foot Actual price per square foot Standard
7-20 Journal Entries for Direct Labor The AB Company had a standard rate (price) of $8.00 per direct-labor hour. Actual hours in July were 20,526 at an actual price of $7.90 per hour. The standard
7-21 Choosing Labor Standards (CMA) The Alton Company is going to expand its punch-press department. It is about to purchase three new punch presses from Equipment Manufacturers, Inc. Equipment
7-22 Comparison of General-Ledger Entries for Direct Materials and Direct Labor The Sweeney Co. has the following data for the month of March, when 1,100 fin- ished units were produced: Direct
7-23 Journal Entries for Standard Costs Here is a summary of certain Hong Kong data for a job shop that uses standard costs for direct materials and direct labor. MATERIALS A PURCHASE COST PURCHASES
7-24 Elementary Variance Analysis and Graph Consider the following data regard- ing the manufacture of 20,000 units (pairs) of boots: Direct materials Direct labor STANDARDS Two pounds of input at $4
7-25 Flexibility in Budgets Refer to Problem 7-24. Suppose that the original budget was for 24,000 units of output. The general manager is gleeful about the following report: Direct materials ACTUAL
7-26 Journal Entries and T-Accounts Prepare journal entries and T-accounts for all transactions in the Problem 7-24, including part 3. Summarize how these journal entries differ from the normal
7-27 Analysis of Variances (SIA, adapted) The Alpha Co. Ltd. produces toys for national distribution. The management has recently established a standard- cost system to control costs. Established
7-28 Analysis of Variances (CPA, adapted) Ross Shirts, Inc., manufactures short- and long-sleeve men's shirts for large stores. Ross produces a single-quality shirt in lots to each customer's order
7-30 Analysis of Labor The City of San Francisco has a maintenance shop where all kinds of truck repairs are performed. Through the years, various labor standards have been developed to judge
7-32 Learning Curve and Cost Estimation The Smyth Company, a subcontractor for the aircraft and missile industry, has been asked to bid on a prospective contract for 900 units of a precision missile
7-33 Learning Curve, Cost Predictions, and Pricing The Boeheed Corporation is a large, multidivision company with annual sales in excess of one billion dollars. One of Boeheed's divisions, the
8-1 Why do techniques for overhead control differ from techniques for control of direct materials and direct labor?
8-2 When can't the terms budgeted performance and standard performance be used interchangeably?
8-3 What two basic questions must be asked in approaching the control of overhead?
8-4 Define semivariable cost. Note that a "flexible" budget for fixed costs is really static in the sense that the total budget allowance would not change even though volume changed.
8-5 "For practical purposes, curvilinear variable costs almost always may be treated as if they had straight-line behavior." Why?
8-6 What factors must management consider in the year-to-year planning of fixed costs?
8-7 "There are different types of fixed costs," Explain.
8-8 "The idea of comparing performance at one activity level with a plan that was developed at some other activity level must be pertinent in judging the effectiveness of planning and control."
8-9 Why is the title "flexible budget" a misnomer?
8-10 "If only one budget base is to be used for appraising performance, standard direct-labor hours is a better base than actual direct-labor hours." Do you agree? Why?
8-11 List four criteria for selecting a volume base. 8-12 List six factors besides volume that cause costs to vary.
8-13 The Burling Company had the following performance report for the month ended June 30, 19_1:MASTER BUDGET (STATIC) FORMULA ACTUAL BUDGET VARIANCE PER UNIT Variable costs:Direct material $ 21,350
8-14 Fundamentals of Flexible Budgets The Carey Company produces one uniform product. The assembly department encounters wide fluctuations in activity levels from month to month. However, the
8-16 Fundamentals of Flexible Budgets Joan Eastman, the manager of a medical testing laboratory, has been under pressure from the director of the large clinic,Dr. Elvira Coleman, to get more
8-18 Direct Labor and Variable Overhead Variances (SIA, adapted) The Schock Manufacturing Company uses a standard cost system. The standards are set before January 1, each year and remain unchanged
8-19 Flexible Budget (CMA, adapted) The Melcher Co. produces farm equip- ment at several plants. The business is seasonal and cyclical in nature. The company has attempted to use budgeting for
8-20 Flexible Budget, Selection of Appropriate Activity Base, and Analysis of Variable-Overhead Variances The Selkirk Company has produced 10,000 units of product. The standard direct-labor hours
9-1 What is the essential difficulty in applying fixed overhead to product?
9-2 “There should be an efficiency variance for fixed overhead. A foreman can inefficiently use his fixed resources.” Comment.
9-3 Fundamentals of Overhead Variances The Allen Company has a standard absorption costing and flexible budgeting system. The standard costs of its two products differ slightly because the direct
9-4 Journal Entries Refer to Problem 9-3. Prepare the necessary journal entries to record the overhead transactions described in requirement 4.
9-8 Characteristics of Fixed-Overhead Variances The Clive Company is preparing revised standards for the forthcoming year, 19.5. The standard time allowed for manufacturing one unit of product is
10-1 Why is direct costing a misnomer?
10-2 List four alternate terms for contribution margin.
10-3 "The central issue in direct costing is timing." Explain.
10-4 "The main trouble with direct costing is that it ignores the increasing impor- tance of fixed costs in modern business." Do you agree? Why?
10-5 "The depreciation on the paper machine is every bit as much a part of the cost of the manufactured paper as the cost of the raw pulp." Do you agree? Why?
Reexamine the plant-rearrangement decision in Exhibit 1-1.. Give an example of (1) a prediction method for direct-labor costs under the “do nothing” alternative that is more specific than using
Using the organization charts in this chapter (Exhibits 1-2 and 1-3), answer the following questions:a. Do the following have line or staff authority over the assembly foreman: maintenance foreman,
1-1 Why do the controller and his staff have to understand the company organiza- tion structure?
1-2 As a new controller, answer this comment by a factory superintendent: "As I see it, our accountants may be needed to keep records for stockholders and Uncle Sam-but I don't want them sticking
1-3 The way these modern controllers put themselves on a pedestal, you may as well give them the title of President and be done with it. Look at the first three points in their functions of
1-4 Define decision making.
1-5 Define planning. Distinguish it from control.
1-6 "Planning is really much more vital than control." Do you agree? Why?

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