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business
managerial accounting 8th

Questions and Answers of Managerial Accounting 8th

Explain the basics of life-cycle cost management and target costing.
Discuss the basic features of the Balanced Scorecard and its role in lean manufacturing.
Discuss the importance of measuring environmental costs.
Compare and contrast activity- and strategic-based environmental control.
Explain the role of the management accountant in the international environment.
Identify the varying levels of involvement that firms can undertake in international trade.
List the ways management accountants can manage foreign currency risk.
Describe how environmental factors can affect performance evaluation in the multinational firm.
What is a management accounting information system?
Describe the inputs, processes, and outputs of a management accounting information system.
What are the three objectives of a management accounting information system?
What types of organizations need management accounting information systems?
Who are the users of management accounting information?
For what purpose is management accounting information used?
Should a management accounting system provide both financial and nonfinancial information?Explain.
Describe what is meant by employee empowerment.
Explain why operational workers need management accounting information.
How do management accounting and financial accounting differ?
Explain the role of financial reporting in the development of management accounting. Why has this changed in recent years?
What is activity-based management? Why is it important?
Explain the meaning of customer value. How is focusing on customer value changing management accounting?
What is the internal value chain? Why is it important?
What is the industrial value chain? Why is it important?
What is supply chain management? Explain its relationship to the industrial value chain.
What is e-business? Explain why it is important for a management accountant to understand ebusiness.
Explain why today’s management accountant must have a cross-functional perspective.
Discuss the relationship of time-based competition and management accounting information.
Identify the three forms of accounting certification discussed. Which form of certification do you believe is best for a management accountant?Why?
What is the Sarbanes-Oxley Act of 2002? What are its major provisions?
What is meant by “product costing accuracy”?
What does traceability mean? What is tracing?
What is allocation?
What are drivers? Give an example of a driver.
What is a service?
Describe some of the major differences between a functional-based cost management system and an activity-based cost management system.
When would a company choose an activity-based cost management system over a functional-based system? What forces are moving firms to implement activity-based cost management systems?
Describe a financial (functional)-based responsibility accounting system.
Describe an activity-based responsibility accounting system. How does it differ from financial(functional)-based responsibility accounting?
What is meant by “activity inputs”? By “activity output”? Explain what is meant by “activity output measurement.”
What are value-added activities? Value-added costs?
Explain how value-added standards are used to identify value- and non-value-added costs.
Explain how activity-based costing can help a firm identify its true low-cost suppliers.
Give some examples of service firms that might use job-order costing, and explain why they use it.
How is job-order costing related to profitability analysis? To pricing?
Under what conditions will the weighted average and the FIFO methods give essentially the same results?
Describe the two-stage allocation process for assigning support-department costs to products in a functional manufacturing environment.
Explain how allocating support-department costs can be helpful in pricing decisions.
Why must support-department costs be assigned to products for purposes of inventory valuation?
Explain how allocation of support-department costs is useful for planning and control.
Explain how allocating support-department costs will encourage support departments to operate more efficiently.
Why is it important to identify and use causal factors to allocate support-department costs?
Explain why it is better to allocate budgeted support-department costs rather than actual support-department costs.
How does JIT affect the firm’s cost equation? CVP analysis?
Why does the activity-based costing approach to CVP analysis offer more insight than the conventional approach?
Wilson Company has a contribution margin ratio of 0.60. The break-even point is $100,000. During the year, Wilson earned total revenues of$200,000. What was Wilson’s profit?
Assume that a firm has two products—A and B.Last year, 2,000 units of A and 1,000 units of B were sold. The same sales mix is expected for the coming year. Total fixed expenses are $30,000, and the
Suppose a firm with a contribution margin ratio of 0.30 increased its advertising expenses by$10,000 and found that sales increased by$30,000. Was it a good decision to increase advertising expenses?
Suppose a firm has fixed costs of $20,000 and a contribution margin ratio of 0.4. How much sales revenue must the firm have in order to break even?
If the contribution margin per unit is $7 and the break-even point is 10,000 units, how much profit will a firm make if 15,000 units are sold?
If the minimum transfer price of the selling division is less than the maximum transfer price of the buying division, the intermediate product should be transferred internally. Do you agree or
What is a transfer price?
What is EVA?
Explain how the treatment of customer groups as segments can be useful to a firm.
Explain how income under absorption costing can increase from one period to the next even though selling prices and costs have remained the same.
What is the difference between a direct fixed cost and a common fixed cost? Why is this difference important?
Why is variable costing better than absorption costing for planning and controlling costs?
Why is variable costing better than absorption costing for the evaluation of segment performance?
The fixed overhead expense recognized on an income statement was $100,000. The fixed overhead for the period was $80,000. Was the income statement prepared using absorption costing or variable
If production is greater than sales, why is absorption-costing income greater than variablecosting income?
What is the one difference between the way costs are assigned under variable and absorption costing?
Explain how the number of activity rates can be reduced in an ABC system while maintaining a reasonable level of accuracy.
What are unit-level activities? Batch-level activities?Product-level activities? Facility-level activities?
What is the difference between primary and secondary activities?
What is activity-based product costing?
What are non-unit-level overhead activities? Nonunit-level cost drivers? Give some examples.
Explain how undercosting low-volume products and overcosting high-volume products can affect the competitive position of a firm.
Explain how low-volume products can be undercosted and high-volume products overcosted if only unit-level cost drivers are used to assign overhead costs.
Explain how a plantwide overhead rate, using a unit-level cost driver, can produce distorted product costs. In your answer, identify two major factors that impair the ability of plantwide rates to
Explain why departmental rates might be chosen over plantwide rates.
What is cost measurement? Cost assignment?What is the difference between the two?
Explain why knowing the unit cost of a product or service is important.
Describe what is meant by “goodness of fit.”Explain the meaning of the coefficient of determination.
Is the best-fitting line necessarily a good-fitting line? Explain.
What is meant by the “best-fitting line”?
Why is a scattergraph a good first step in decomposing mixed costs into their fixed and variable components?
What is the difference between a step cost with narrow steps and a step cost with wide steps?
Describe the difference between a variable cost and a step cost with narrow steps. When is it reasonable to treat these step costs as if they were variable costs?

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