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Questions and Answers of
Management Accounting
What are three benefits and three costs of installing an ERP system?
Myron Metal Works uses a small casting in one of its finished products. The castings are purchased from a foundry located in another state. In total, Myron Metal Works purchases 54,000 castings per
Traditionally, manufacturing companies have maintained large amounts of raw materials inventory, work in progress inventory and finished goods inventory to act as buffers so that operations can
What are the major benefits of a JIT system?
Krumbelo Corporation is a leading chocolate manufacturing company. There are several stages involved in the manufacture of chocolates. The steps are:(1) Harvesting cocoa beans,(2) Fermenting the
Stinson plc is a multinational consumable goods company. Stinson owns many well-known brands. The company manufactures and sells food and beverages, home care products and personal care products. The
K-Moss Bags and Shoes is a leading manufacturer of handbags, shoes and belts. The festive season is around the corner, and the demand for these products is going to be higher than usual. Leather is
Explain how the plan–do–check–act (PDCA) cycle applies the scientific method to problem solving.
Emezed Motors Ltd is a renowned automotive manufacturing company. In the current year, Emezed Motors has made modifications to all of its cars to keep up with technological advancements. Emezed
Slide Corporation manufactures combustion engines for cars. The company’s goal is to manufacture defect free combustion engines. The management of Slide Corporation has decided to implement a
Roost Home Care is a well-established one-stop shop for all home services. Some services provided by Roost Home Care are home cleaning, gardening, pest control, carpentry, plumbing, waste management,
Rhyil Corporation has started operations in the current year (Year 1). The company manufactures and sells fridge freezers. Rhyil Corporation is a subsidiary of a well-known electrical appliances
Why is process re-engineering a more radical approach to improvement than total quality management (TQM)?
How can process re-engineering undermine employee morale?
Does activity-based costing always precede activity-based management (ABM)?
What are the problems associated with the application of ABM to service areas?
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 above that most appropriately
Why does the theory of constraints emphasize managing constraints?
Dandelion plc is a start-up that manufactures Product X and Product Y. The products go through five stages of processing before the product is ready for sale. The first and second stages require
In what way does throughput accounting misrepresent the theory of constraints?
How do you decide whether a component is strategic or non-strategic?
Koncordel plc is an information technology company. The company provides a portfolio of information technology services. The services provided by Koncordel include software development, software
Why does supply management emphasize cost rather than price?
Suggest some problems that may be encountered in a major outsourcing contract.
Why are product costs sometimes called inventoriable costs? Describe the flow of such costs in a manufacturing company from the point of incurrence until they finally become expenses in the statement
Choose a company that you already know and/or can find cost information about on the internet.Required1. Why is cost classification important for decision making, planning and control of companies.2.
Various costs associated with the operation of a factory are given below:1. Electricity used in operating machines2. Rent on a factory building3. Cloth used in drapery production4. Production
Listed below are a number of costs typically found in organizations.1. Property taxes, factory2. Boxes used for packaging detergent3. Salespersons’ commissions4. Supervisor’s salary, factory5.
Tracy Beckham began dabbling in pottery several years ago as a hobby. Her work is quite creative, and it has been so popular with friends and others that she has decided to quit her job with an
Selected account balances for the year ended 31 December are provided below for Superior Company:Inventory balances at the beginning and end of the year were as follows:The total manufacturing costs
Refer to the data in E3–1.Data from E3-1The Lakeshore Hotel’s guest-days of occupancy and custodial supplies expense over the last seven months were:Guest-days is a measure of the overall
Refer to the data in E3–3.Data from E3-3The following data relating to units shipped and total shipping expense have been assembled by Archer Company, a manufacturer of large, custom-built
Oki Products Ltd has observed the following processing costs at various levels of activity over the last 15 months:Required1. Prepare a scattergraph by plotting the above data on a graph. Plot cost
Below are a number of cost behaviour patterns that might be found in a company’s cost structure. The vertical axis on each graph represents total cost, and the horizontal axis on each graph
The Swiss company Precision produces different types of watches. The monthly production costs and output from a production line for sports watches are as follows:Required1. (a) Draw a scatter diagram
You are provided with the following information for a European company:Required1. Use the high-low method to determine a linear function for total costs per annum (at Year 1 prices) from the above
Jordan Company (JC) provides skilled labour to the building trade. They have recently been asked by a builder to bid for a bathroom fitting contract for a new development of 700 identical apartments.
Dolphin Radiators & Cooling Systems Ltd of Sharjah, United Arab Emirates, is a supplier to the global automobile industry. The company specializes in radiators and brake linings. The company has a
Valentina Gonzales from Spain started her own catering company ten years ago. The busines idea of the company is to organize parties for private people and businesses where it serves food and
Why are actual overhead costs not traced to jobs as are direct materials and direct labour costs?
The Polaris Company uses a job-order costing system. The following data relate to October, the first month of the company's fiscal year.(a) Raw materials purchased on account, £210,000.(b) Raw
Refer to the data for the Ferre Publishing Company in E4-8. Assume that the company allocates service department costs by the direct method, rather than by the step method.Data From E4-8The Ferre
Bieler & Cie of Altdorf, Switzerland, makes furniture using the latest automated technology. The company uses a job-order costing system and applies manufacturing overhead cost to products on the
Stoke Potteryworks makes a variety of pottery products that it sells to retailers. The company uses a joborder costing system in which predetermined overhead rates are used to apply manufacturing
'Blast it!' said David Wilson, CEO of Teledex Company. 'We've just lost the bid on the Koopers job by £2,000. It seems we're either too high to get the job or too low to make any money on half the
Enumerate two reasons why overhead might be underapplied in a given year.
The South African company DT Constructers has been carrying out work on a number of building contracts including contract X over the six-month period ended 30 June 2017. The following information is
The Sendai Co. Ltd of Japan has budgeted costs in its various departments as follows for the coming year:Machining and Assembly are operating departments; the other departments all act in a service
Carrot Stix manufactures fishing rods. The company uses a job-order costing system with a plantwide predetermined overhead rate based on direct labour-hours. On 9 November 2017, the company's finance
Judy Anderson, the new controller of Vault Inc., has just returned from a seminar on the choice of the activity level in the predetermined overhead rate. Even though the subject did not sound
What are interdepartmental service costs? How are such costs allocated to other departments under the step method?
How are service department costs allocated to other departments under the direct method?
Refer to the data for Clonex Labs in E5-2.RequiredCompute the equivalent units of production for October assuming that the company uses the FIFO method of accounting for units and costsData from
What similarities exist between job-order and process costing?
Finlay Fisheries processes salmon for various distributors. Two departments are involved – Department 1 and Department 2. Data relating to kilos of salmon processed in Department 1 during July are
Refer to the data for Finlay Fisheries in E5-4.Data from E5-4Finlay Fisheries processes salmon for various distributors. Two departments are involved – Department 1 and Department 2. Data relating
Pureform manufactures a product that passes through two departments. Data for a recent month for the first department follow:The beginning work in progress inventory was 80% complete as to materials
Hielta Oy, a Finnish company, processes wood pulp for various manufacturers of paper products. Data relating to tons of pulp processed during June are provided below:Required1. Compute the tons of
Refer to the data for Hielta Oy in E5-6.Data from E5-6Hielta Oy, a Finnish company, processes wood pulp for various manufacturers of paper products. Data relating to tons of pulp processed during
Refer to the data for Pureform in E5-8.Data from E5-8Pureform manufactures a product that passes through two departments. Data for a recent month for the first department follow:The beginning work in
Helox Ltd manufactures a product that passes through two production processes. A quantity schedule for a recent month for the first process follows:Costs in the beginning work in progress inventory
Sunspot Beverages Ltd of Fiji makes blended tropical fruit drinks in two stages. Fruit juices are extracted from fresh fruits and then blended in the Blending Department. The blended juices are then
Refer to the data for Helox Ltd in E5-10. Assume that the company uses the FIFO cost method.Data from E5-10Helox Ltd manufactures a product that passes through two production processes. A quantity
Builder Products Ltd manufactures a caulking compound that goes through three processing stages prior to completion. Information on work in the first department, Cooking, is given below for
Refer to the data for the Blending Department of Sunspot Beverages Ltd in P5-15. Assume that the company uses the FIFO method to compute unit costs rather than the weighted-average
Refer to the data for Provost Industries in the preceding case. Assume that the company uses the FIFO methodto account for units and costs.Required1. Prepare a production report for the Finishing
The most recent statement of profit or loss for Whitney Company appears below. All variable expenses in the company vary in terms of unit sold, except for sales commissions, which are based on
Simon has recently discovered that his local town has a history which includes tales of murder, mystery andsightings of ghosts. He plans to start a small business running ‘ghost tour evenings’.
Home Trends sells kitchenware, wooden flooring and cane furniture at a single store location in trendy Kinvara, Co. Galway, mainly to customers living in apartments, townhouses and holiday homes.
Refer to the data in E6-1 for Ida Sidha Karya Company. A statement of operating profit or loss prepared under the absorption costing method by the company’s accountant appears below (all currency
A group of new business graduates is about to embark on a new business adventure. They want to sell personalized embroidery T-shirts online. Manuel was an accounting student and obviously he was left
A company with three regional offices of different sizes needs to compare the managers’ performance. The managers will be evaluated based on return on investment (ROI). The following results were
Hollings Company sells office furniture. As part of its service, it delivers furniture to customers. The costs associated with the acquisition and annual operation of a delivery van are given
Durban Metal Products Ltd of South Africa makes speciality metal parts used in applications ranging from the cutting edges of bulldozer blades to replacement parts for Land Rovers. The company uses
Updraft Systems Inc. makes paragliders for sale through speciality sporting goods stores. The company has a standard paraglider model, but also makes custom-designed paragliders. Management has
This chapter emphasizes the use of activity-based costing in internal decisions. However, a modified form of activity-based costing can also be used to develop product costs for external financial
Stan's Cookhouse is a popular restaurant located in the centre of Birmingham. The owner of the restaurant has been trying to better understand costs at the restaurant and has hired a student intern
The management of Vegetarian Meals Ltd, who make three main product lines of ready-made vegetarian meals in batches for the restaurant trade, are reviewing the cost accounting policy in relation to
Mercer Asbestos Removal Company is in the business of removing potentially toxic asbestos insulation and related products from buildings. There has been a long-simmering dispute between the company's
Aerotraiteur SA is a French company that provides passenger and crew meals to airlines operating out of the two international airports of Paris – Orly and Charles de Gaulle (CDG). The operations at
Classic Windows is a small company that builds speciality wooden windows for local builders. For years the company has relied on a simple costing system based on direct labour-hours (DLHs) for
Remix Ltd is a medium-sized manufacturing company selling two distinct products, the ARMIX and the ORMIX. The products use similar materials but the processes to make them are different. The company
Waukee Railroad is considering the purchase of a powerful, high-speed wheel grinder to replace a standard wheel grinder that is now in use. Selected information on the two machines is given
JLB Ltd is a small, private company which makes a range of household furniture. The company prides itself on sourcing local, ethical raw materials and supporting projects in the local community.
Targit Ltd manufacture a range of garden furniture. One of their products is a garden lounge chair, which Targit sells to customers for £40, generating £22 of contribution for Targit. There are
KMC Airlines was established 40 years ago and currently operates a small fleet of planes that fly to various cities across Europe from their base in the East Midlands. Whilst they are not a market
Bill has just returned from a duck hunting trip. He has brought home eight ducks. Bill’s friend, John, disapproves of duck hunting and, to discourage Bill from further hunting, John has presented
Thalassines Kataskeves SA of Greece makes marine equipment. The company has been experiencing losses on its bilge pump product line for several years. The most recent quarterly profit statement for
Margit Andersen purchased a used car for £10,000 at the beginning of last year and incurred the following operating costs:The variable operating costs consist of petrol, oil, tyres, maintenance and
Zuvetra Pharmaceuticals Ltd manufactures multivitamin medicines. In the past, Zuvetra has done very little in the way of budgeting. The company has also faced cash crunches in previous years.
Access the website of the Association for Accountancy and Business Affairs (visar.csustan.edu/aaba/home), click on one of the issues and follow the links to newspaper cuttings and other sources.
Time allowed: 10 minutes Listed below are a number of terms that relate to organizations, the work of management and the role of management accounting:Choose the term or terms above that most
For an interesting perspective on the changing role of the management accountant see Burns and Baldvinsdottir (2007). The Chartered Institute of Management Accountants also has several publications
Upton University is a large private university located in the Midlands. The university is headed by a vicechancellor who has five pro-vice chancellors reporting to him. These pro-vice chancellors are
Suppose all garages routinely followed the practice of attempting to sell customers unnecessary parts and services by recommending unnecessary or expensive repairs.Required1. How would this unethical
Ethical standards are very important in business, but they are not always followed. If you have ever held a job - even a summer job - describe the ethical climate in the organization where you
Iberdrola S.A. is a large international utilities company. The company's business environment has changed rapidly in recent years as a result of the various phases of privatization, deregulation, and
What are the major differences between financial and management accounting?
Briefly describe the impact of new technology, globalization and deregulation on the practice ofmanagement accounting.
Suggest three ways in which management accounting in services may differ from its practice in manufacturing industry.
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