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business
management accounting

Questions and Answers of Management Accounting

Discuss the differences between static and flexi- ble budgets. Why are flexible budgets superior to static budgets for performance reporting? lp6
Explain why mixed costs must be broken down into their fixed and variable components before a flexible budget can be developed. lp6
Why is goal congruence important? lp6
Why is it important for a manager to receive fre- quent feedback on his or her performance? incentives. Do you believe that nonmonetary in- centives are needed? Why or why not? lp6
Discuss the roles of monetary and nonmonetary planning? lp6
What is participative budgeting? Discuss some of its advantages. lp6
A budget too easily achieved will lead to dimin- ished performance. Do you agree? Explain. lp6
What is the role of top management in participa- tive budgeting? lp6
Explain why a manager has an incentive to build slack into the budget. lp6
Explain how a manager can "milk the firm" to improve budgetary performance. lp6
Identify performance measures other than budgets that can be used to discourage myopic behavior. Discuss how you would use these measures. lp6
How important are the behavioral aspects of a budgetary control system? Explain. lp6
In an era of budgetary cuts, across-the-board cuts harm good programs more than bad programs. Do you agree? What approach would you recom- mend? Why? lp6
Explain how an activity-based budget is prepared. lp6
What is the difference between an activity flexi- ble budget and a functional-based (traditional) flexible budget? lp6
Benson Sporting Goods sells a variety of sporting goods and clothing, including custom screen-printed T-shirts. Benson produces one of the T-shirts for a popular singing group. (The group goes on
Refer to Exercise 8-1. To meet its sales commitment for the T-shirts, Benson plans to begin production during the last half of May. At that time, there will be no Tshirts in beginning inventory.
Refer to Exercise 8-2. Suppose that each T-shirt requires, on average, 1.4 ounces of a special ink that costs $0.83 per ounce. The ending inventory policy for ink is that there must be a sufficient
Company policy requires that ending inventories for each month be 15 percent of next month’s sales. However, at the beginning of January, due to greater sales in December than anticipated, the
Refer to the production budget in Exercise 8-5. Each roll of labels produced requires(on average) 0.03 direct labor hour. The average cost of direct labor is $8 per hour. lp6 Required:Prepare a
Garland Inc. manufactures six models of molded plastic waste containers. Garland’s budgeting team is finalizing the sales budget for the coming year. Sales in units and dollars for last year
Jenna Mitchell, owner of Jenna’s Jams and Jellies, produces homemade-style jellies using fruits indigenous to her local area. Jenna has estimated the following sales of 16-ounce jars of fruit jelly
Andrea’s Shop sells china, silverware, and kitchenware. A popular feature is her wedding registry service, which includes free gift wrapping and delivery of gifts to local brides. Andrea accepts
The owner of a small mining supply company has requested a cash budget for June.After examining the records of the company, you find the following:a. Cash balance on June 1 is $345.b. Actual sales
Lyman Inc. manufactures machine parts in its Blackwell plant. Lyman has devel- oped the following flexible budget for overhead for the coming year. Activity level is measured in direct labor
Jamison, Inc., uses three forklifts to move materials from Receiving to Stores. The forklifts are also used to move materials from Stores to the production area. The forklifts are obtained through an
Regina Johnson, controller for Pet-Care Company, has been instructed to develop a flexible budget for overhead costs. The company produces two types of dog food.One, BasicDiet, is a standard mixture
Refer to the information given in Exercise 8-13. Assume that Pet-Care actually produced 120,000 bags of BasicDiet and 100,000 of SpecDiet. The actual overhead costs incurred were:Maintenance $ 40,500
Information pertaining to Noskey Corporation’s sales revenue follows:November 2000 December 2000 January 2001(Actual) (Actual) (Budgeted)Cash sales $ 80,000 $100,000 $ 60,000 Credit sales 240,000
Budgeted overhead costs for two different levels of activity follow.Direct Labor Hours 1,000 2,000 Maintenance $10,000 $16,000 Depreciation 5,000 5,000 Supervision 15,000 15,000 Supplies 1,400 2,800
Kendall Law Firm has found from past experience that 30 percent of its services are for cash. The remaining 70 percent are on credit. An aging schedule for accounts receivable reveals the following
Barrett’s Department Store purchases a wide variety of merchandise. Purchases are made evenly throughout the month, and all are on account. On the first of every month, Barrett’s accounts payable
A formal master budgeting process is important to many companies. Locate a manufacturing plant in your community that has headquarters elsewhere. Interview the controller for the plant regarding the
In a similar sense as companies, the U.S. government must prepare a budget each year. However, unlike private, for-profit companies, the budget and its details are available to the public. The entire
Explain the cost assignment process. lop52
Define tangible and intangible products and explain why there are different product cost definitions. lop52
Prepare income statements for manufacturing and service organizations. lop52
Explain the differences between functional-based and activity- based management accounting systems. lop52
What is meant by product- costing accuracy? lop52
How will increasing accuracy of product costing improve decision making? lop52
Why does Randy feel that the division's product costs are not very accurate? lop52
Is assigning costs accurately as important for services as it is for tangible products? lop52
What is meant by “product-costing accuracy”? lop25
What is a cost object? Give some examples. lop25
What is an activity? Give some examples of activities within a manufacturing firm. lop25
What is a direct cost? an indirect cost? lop25
What does traceability mean? What is tracing? lop25
What is allocation? lop25
What are drivers? Give an example of a driver. lop25
Explain the difference between direct tracing and driver tracing. lop25
Explain how driver tracing works. lop25
What is a tangible product? lop25
What is a service? lop25
Explain how services differ from tangible products. lop25
Give three examples of product cost definitions.Why do we need different product cost definitions? lop25
Identify the three cost elements that determine the cost of making a product (for external re- porting). lop25
How do the income statements of a manufactur- ing firm and a service firm differ? lop25
Describe some of the major differences between a functional-based cost management system and an activity-based cost management system. lop25
When would a company choose an activity-based cost management system over a functional-based system? What forces are moving firms to imple- ment activity-based cost management systems? lop25
Harry Whipple, owner of an ink jet printer, has agreed to allow Mary and Natalie, two friends who are pursuing a Masters degree in English, to print several papers for their graduate English courses.
Limon Hospital has two types of patients: normal care and intensive care. On a daily basis both types of patients consume resources necessary for their care. For example, they occupy beds, receive
Hummer Company uses manufacturing cells to produce its products (a cell is a manufacturing unit dedicated to the production of subassemblies or products). One manufacturing cell produces small motors
The following activities are performed within a manufacturing firm. Classify each activity according to its value-chain activity category (for example, activity: grinding parts; value-chain activity
Three possible product cost definitions were introduced: value-chain, operating, and traditional. Identify which of the three best fits the following situations (Gustify your choice):a. Setting the
Bisby Company manufactures fishing rods. At the beginning of July, the following information was supplied by its accountant: lop25 Raw materials inventory $40,000 Work-in-process inventory 21,000
Laworld, Inc. manufactures small camping tents. Last year 200,000 tents were made and sold for $60 each. The actual unit cost for a tent follows: lop25 Direct materials $18.00 Direct labor 12.00
Cariari Manufacturing produces two different models of cameras. One model has an automatic focus; the other requires the user to focus manually. The two products are produced in batches (an equal
Hayward Company, a manufacturing firm, has supplied the following information from its accounting records for the year 2001 (in 1,000s): lop25 Direct labor cost $10,500 Purchases of raw materials
Lance Peckam owns and operates three Confiable Muffler outlets in Tucson, Arizona. Confiable Muffler specializes in replacing mufflers—replacing them with mufflers that have a lifetime guarantee.
Parker Company produces chemicals used in the mining industry. Each plant is dedicated to producing a single industrial chemical. One of its plants produces an electrolyte used in the copper
Listed below are costs that are to be assigned to certain cost objects. For each case, identify possible drivers that could be used for the cost assignment. Example: Cost:Setting up equipment;
Following is a list of cost items described in the chapter and a list of brief descriptive settings where the items are described. Match the items with the settings. There may be more than one cost
The following actions are associated with either activity-based management ac- counting or functional-based management accounting. lop25 a. Budgeted costs for the maintenance department are compared
Berry Company is an architectural firm. The firm is located in Detroit, Michigan, and employs ten professionals and five staff. The firm does design work for small and medium-size construction
W. W. Phillips Company produced 4,000 leather recliners during the year. These recliners sell for $400 each. Phillips had 500 recliners in finished goods inventory at the beginning of the year. At
Melissa Vassar has decided to open a printing shop. She has secured two contracts.One is a five-year contract to print a popular regional magazine. This contract calls for 5,000 copies each month.
Define and describe cost behavior for fixed, variable, and mixed costs. lop5
Explain the role of the resource usage model in understanding cost behavior.lop5
Separate mixed costs into their fixed and variable components using the high-low method, the scatterplot method, and the method of least squares.lop5
Evaluate the reliability of a cost equation.lop5
Explain the role of multiple regression in assessing cost behavior.lop5
Describe the use of managerial judgment in determining cost behavior.lop5
Suppose that the division re- duces the demand for the re- work activity. Will resource spending be reduced by the same proportion for this activ- ity? Is there a difference be- tween resource
Suppose that I know the total cost of rework activity and the total number of units re- worked. Given this informa- tion, can I determine how much of this total cost is vari- able? How much is fixed?
What role does management play in determining cost be- havior?lop5
Can you think of reasons other than those suggested by the scenario that make it impor- tant for managers to under- stand cost behavior?lop5
Why is knowledge of cost behavior important for managerial decision making? Give an example to illustrate your answer.lop5
How does the length of the time horizon affect the classification of cost as fixed or variable? What is the meaning of short run? long run?lop5
Explain the difference between resource spending and resource usage.lop5
What is the relationship between flexible re- sources and cost behavior?lop5
What is the relationship between committed re- sources and cost behavior?lop5
Explain the difference between committed and discretionary fixed costs. Give examples of each.lop5
Describe the difference between a variable cost and a step cost with narrow steps. When is it rea- sonable to treat these step costs as if they were variable costs?lop5
What is the difference between a step cost with narrow steps and a step cost with wide steps?lop5
What is an activity rate?lop5
Why do mixed costs pose a problem when it comes to classifying costs into fixed and variable categories?lop5
Why is a scattergraph a good first step in de- composing mixed costs into their fixed and vari- able components?lop5
Describe how the scatterplot method breaks out the fixed and variable costs from a mixed cost. Now describe how the high-low method works. How do the two methods differ?lop5
What are the advantages of the scatterplot method over the high-low method? the high-low method over the scatterplot method?lop5
Describe the method of least squares. Why is this method better than either the high-low method or the scatterplot method?lop5

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