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business
management accounting

Questions and Answers of Management Accounting

P11–5 Balanced scorecard Time allowed: 45 minutes The Royal Hotel Ltd is privately owned and situated in Keswick, an inland resort in the English Lake District. It is a medium-sized hotel with 50
1 Differentiate between performance measurement in cost centres, profit centres and investment centres
2 Compute the return on investment (ROI)
3 Show how changes in sales, expenses and assets affect an organization’s ROI
4 Compute residual income and understand its strengths and weaknesses
5 Compute economic value added (EVA) and other value management metrics
12–1 What is meant by the term decentralization?
12–2 What benefits result from decentralization?
12–3 Distinguish between a cost centre, a profit centre and an investment centre.
12–4 Define a segment of an organization. Give several examples of segments.
12–5 What is meant by the terms margin and turnover?
12–6 What are the three basic approaches to improving return on investment (ROI)?
12–7 What is meant by residual income?
12–8 In what way can the use of ROI as a performance measure for investment centres lead to bad decisions? How does the residual income approach overcome this problem?
E12–1 Time allowed: 15 minutes Selected operating data for two divisions of Outback Brewing Ltd of Australia are given below:Required 1 Compute the rate of return for each division using the return
E12–2 Time allowed: 15 minutes Provide the missing data in the following tabulation: Division Alpha Bravo Charlie Sales Net operating profit ? 11,500,000 ? ? 920,000 210,000 Average operating
E12–3 Time allowed: 20 minutes Meiji Isetan Corp. of Japan has two regional divisions with headquarters in Osaka and Yokohama. Selected data on the two divisions follow (in millions of yen, denoted
E12–4 Time allowed: 30 minutes Selected sales and operating data for three divisions of a multinational structural engineering firm are given below:Requried 1 Compute the return on investment (ROI)
P12–5 Return on investment (ROI); comparison of company performance Time allowed: 30 minutes Comparative data on three companies in the same industry are given below:Requried 1 What advantages can
P12–6 Return on investment (ROI) and residual income Time allowed: 20 minutes Financial data for Joel de Paris plc for last year follow:The company paid dividends of £15,000 last year. The
P12–7 Return on investment (ROI) and residual income‘I know headquarters wants us to add on that new product line’, said Dell Havasi, manager of Billings Company’s Office Products Division.
1 Understand a business process improvement view of organization
2 Review some business process improvement innovations and how management accounting can support them
3 Understand the impact of lean thinking and six sigma on process management
4 Consider how outsourcing and shared service centres are changing the nature and location of management accounting information
13-1 What are six ways of relaxing a constraint?
13-2 In what way does throughput accounting misrepresent the theory of constraints?
E13-1 Time allowed: 15 minutes Listed below are a number of terms that relate to just-in-time, total quality management, process re-engineering, and theory of constraints:Choose the term or terms
P13-2 Pricing/ABC/throughput accounting Time allowed: 45 minutes LM Hospital is a private hospital whose management is considering the adoption of an activity-based costing (ABC) system for the year
P13-3 Cost management/JIT Time allowed: 45 minutes The WYE hotel group operates a chain of 50 hotels. The size of each hotel varies, as do the services that each hotel provides. However, all of the
P13-4 Group exercise Time allowed: 15 minutes per person Use your experience as an individual, as a customer and/or as an employee to identify examples of waste and bottlenecks in organizations that
E9–3 Time allowed: 10 minutes Refer to the data in E9–2. Assume that instead of producing 4,000 units during the month, the company produced only 3,000 units, using 14,750 purchased remained in
E9–1 Time allowed: 15 minutes Bandar Industries Berhad of Malaysia manufactures sporting equipment.One of the company’s products, a football helmet for the North American market, requires a
9–14 If variable manufacturing overhead is applied to production on the basis of direct labour-hours and the direct labour efficiency variance is unfavourable, will the variable overhead efficiency
9–13 What effect, if any, would you expect poor quality materials to have on direct labour variances?
9–12 ‘Our workers are all under labour contracts; therefore, our labour rate variance is bound to be zero.’ Discuss.
9–11 What dangers lie in using standards as punitive tools?
9–10 An examination of the cost records of the Chittenden Furniture Company reveals that the materials price variance is favourable but that the materials quantity variance is unfavourable by a
9–9 The materials price variance can be computed at what two different points in time? Which point is better? Why?
9–8 Who is generally responsible for the materials price variance? The materials quantity variance? The labour efficiency variance?
9–7 Why are variances generally segregated in terms of a price variance and a quantity variance?
9–6 What is meant by the term management by exception?
9–5 What is meant by the term variance?
9–4 What is the difference between a standard and a budget?
9–3 If employees are chronically unable to meet a standard, what effect would you expect this to have on their productivity?
9–2 Distinguish between ideal and practical standards.
9–1 What is a quantity standard? What is a price standard?
5 Understand the advantages of and the potential problems with using standard costs
4 Compute the variable manufacturing overhead spending and efficiency variances
3 Compute the direct labour rate and efficiency variances and explain their significance
2 Compute the direct materials price and quantity variances and explain their significance
1 Explain how direct materials standards and direct labour standards are set
P8–6 Evaluating a company’s budget procedures Time allowed: 30 minutes Springfield Corporation operates on a calendar-year basis. It begins the annual budgeting process in late August, when the
2 Assume that the company will prepare a budgeted balance sheet as of 30 June. Compute the debtors as of that date.
1 Prepare a schedule of expected cash collections from sales, by month and total, for the second quarter.
8–9 How does zero-based budgeting differ from traditional budgeting?
8–8 ‘The principal purpose of the cash budget is to see how much cash the company will have in the bank at the end of the year.’ Do you agree?Explain.
8–7 How can budgeting assist a firm in its employment policies?
8–6 What is a self-imposed/participatory budget? What are the major advantages of self-imposed budgets? What caution must be exercised in their use?
8–5 Describe the flow of budget data in an organization. Who are the participants in the budgeting process, and how do they participate?
8–4 Why is the sales forecast the starting point in budgeting?
8–3 What is a master budget? Briefly describe its contents.
8–2 Discuss some of the major benefits to be gained from budgeting.
8–1 What is a budget? What is budgetary control?
5 Review the concept of zero-based budgeting
4 Review some criticisms of budgeting and possible responses
3 Prepare a budgeted profit and loss statement and a budgeted balance sheet on static and flexible bases
2 Understand the inter-relationships and components that make up a master budget
1 Understand why organizations budget and the processes they use to create budgets
P7–8 Economists’ approach to pricing Time allowed: 30 minutes The postal service of St Vincent, an island in the West Indies, obtains a significant portion of its revenues from sales of special
E7–3 Time allowed: 5 minutes Shimada Products Corporation of Japan is anxious to enter the electronic calculator market. Management believes that in order to be competitive in world markets, the
E7–1 Time allowed: 15 minutes Maria Lorenzi owns an ice cream stand that she operates during the summer months in West Yellowstone, Montana. Her store caters primarily to tourists passing through
7–10 If a market price for a product can be determined, why isn’t it always the best transfer price?
7–9 What are the advantages and disadvantages of cost-based transfer prices?
7–8 What is target costing? How do target costs enter into the pricing decision?
7–7 Discuss the following statement: ‘Full cost can be viewed as a floor of protection. If a firm always sets its prices above full cost, it will never have to worry about operating at a loss.’
7–6 What assumption does the absorption costing approach make about how consumers react to prices?
7–5 When the absorption costing approach to cost-plus pricing is used, what is the mark-up supposed to cover?
7–4 Which product should have a larger mark-up over variable cost, a product whose demand is elastic or a product whose demand is inelastic?
7–3 According to the economists’ approach to setting prices, the profitmaximizing price should depend on which two factors?
7–2 What does the price elasticity of demand measure? What is meant by inelastic demand? What is meant by elastic demand?
7–1 What is meant by cost-plus pricing?
6 Understand the basics of transfer pricing
5 Compute the target cost for a new product or service
4 Compute the mark-up percentage under the absorption costing approach
3 Compute the selling price of a product using the absorption costing approach
2 Understand the basics of revenue management in capacity constrained businesses
1 Compute the profit-maximizing price using the price elasticity of demand and variable cost
E6–3 Time allowed: 15 minutes Listed below are a number of activities that you have observed at Vapo Ingman Oy, a Finnish manufacturing company. The company makes a variety of products at its plant
E6–1 Time allowed: 10 minutes CD Express Ltd provides CD duplicating services to software companies.The customer provides a master CD from which CD Express makes copies.An order from a customer can
6–10 When activity-based costing is used, why are manufacturing overhead costs often shifted from high-volume products to low-volume products?
6–9 How can the activity rates (i.e., cost per activity) for the various activities be used to target process improvements?
6–8 Why is the first stage of the allocation process in activity-based costing often based on interviews?
6–7 Why are there two stages of allocation in activity-based costing?
6–6 What types of costs should not be assigned to products in an activitybased costing system?
6–5 What are unit-level, batch-level, product-level, customer-level and organization-sustaining activities?
6–4 Why is top management support crucial when attempting to implement an activity-based costing system?
6–3 Why are overhead rates in activity-based costing based on the level of activity at capacity rather than on the budgeted level of activity?
6–2 Why is direct labour a poor base for allocating overhead in many companies?
6–1 In what fundamental ways does activity-based costing differ from traditional costing methods such as those described in Chapters 2 and 5?

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