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Questions and Answers of
Management Accounting
How does efficiency (the ratio of income to sales) affect return on investment?
What is return on investment?
What are the four bases for setting a transfer price?
What is an investment center?
When do organizations use profit centers?
What is a cost center?
What does control mean in a decentralized organization?
Judd’s Reproductions makes reproductions of antique tables and chairs and sells them through three sales outlets. The product line consists of two styles of chairs, two styles of tables, and three
Budgeting allows an organization to compare its projected operating and financial results with those of competitors as a general test of the efficiency of the organization’s operating processes.
You are willing to donate to worthy organizations. However, you believe strongly that each request for a donation should be evaluated on the basis of its own merits. You would not feel bad in any
You are planning your expenditures for the upcoming school semester. You assume that this year’s expenditures will equal last year’s plus 2%. What approach to budgeting are you using?
What is a periodic budget?
What is an example of a capacity-related expenditure?
What does a capital spending plan do?
A student develops a spending plan for a school semester. Is this budgeting? Why?
What is the difference between flexible and capacity-related resources?
Frits Seegers, President of Citibank California, was meeting with his management team to review the performance evaluation and bonus decisions for the California branch managers. James McGaran’s
What distinguishes data falsification from gaming activities?
What is gain sharing?
What is a cash bonus?
What is incentive compensation?
What is an extrinsic reward?
What is an intrinsic reward?
What is a stretch target?
What is the most motivating type of budget with respect to targets?
What is data falsification?
What is meant by gaming a performance indicator?
What two broad technical considerations must designers of management and control systems address?
Mercedes-Benz All Activity Vehicle (AAV)*IntroductionDuring the recession beginning in the early 1990s, Mercedes-Benz (MB) struggled with product development, cost efficiency, material purchasing,
Refer to Exhibit 8-14 regarding Greyson Technology’s launch of a new digital communications device. Suppose that Greyson reduced the quarterly spending on product development in panel A, which
What is the profitability measure most widely used to develop the target profit margin under target costing?
In which stage of the total life cycle of a product is target costing most applicable?
Precision Systems, Inc. (PSI)*Precision Systems, Inc. (PSI) has been in business for more than 40 years and has generally reported a positive net income. The company manufactures and sells
Some firms in the fashion industry have adopted lean or just-in-time approaches to maintain or increase their competitive advantage. Read the following articles or other resources to address the
Kaizen costing is a method that many Japanese companies have found effective in reducing costs.
Under what condition will the cost savings due to kaizen costing not be applied to production?
According to the kaizen costing approach, who has the best knowledge to reduce costs? Why is this so?
Read “Everyone Likes to Laud Serving the Customer; Doing It Is the Problem,” by Carol Hymowitz (Wall Street Journal, February 27, 2006, p. B1).Required (a) According to the article, what
What is the additional cost if a unit rejected at inspection can be reworked to meet quality standards by performing some additional operations?
What is a benchmarking (performance) gap?
What are the two general methods of information gathering and sharing when undertaking a benchmarking exercise?
What stage of the benchmarking process is the most important for benchmarking management accounting methods? Why?
Why is it said that a kaizen costing system operates “outside the standard costing system”?
When is a cost variance investigation undertaken under kaizen costing?
What is kaizen costing?
Why are production cycle time and the level of work-in-process inventory positively related?
Quality engineering, quality training, statistical process control, and supplier certification are what kinds of quality costs?
Waste, rework, and net cost of scrap are examples of what kinds of quality costs?
What is meant by the phrase cost of nonconformance in relation to quality?
Midwest Office Products* John Malone, general manager of Midwest Office Products (MOP), was concerned about the financial results for calendar year 2003. Despite a sales increase from the
What does a pricing waterfall chart depict?
Sippican Corporation (A)*The decline in our profits has become intolerable. The severe price cutting in pumps has dropped our pre-tax margin to less than 2%, far below our historical 15% margins.
Ken’s Cornerspot, a popular university eatery in a competitive market, has seating and staff capacity to serve about 600 lunch customers every day. For the past two months, demand has fallen from
Kappa Company runs two shifts each day. Workers on average have four weeks off per year and after training and breaks, average 34 hours per week. What is Kappa’s practical capacity number of labor
What does the term conversion costs mean?
What are indirect cost pools?
How is overhead cost estimated for individual jobs?
How are indirect cost rates determined?
What are predetermined indirect cost rates commonly called in practice?
Provide several examples of cost objects.
What does the term breakeven point mean?
What are the three components of a linear program?
“When production capacity is constrained, determine what products to make by ranking them in order of their contribution per unit.” Do you agree with this statement? Explain.
What is an opportunity cost that is relevant in a make-or-buy decision?
Are avoidable costs relevant? Explain.
What is an opportunity cost?
What are sunk costs? Explain whether they are relevant costs.
What does the term breakeven point mean?
Mercury, Inc., produces cell phones at its plant in Texas. In recent years, the company’s market share has been eroded by stiff competition from overseas. Price and product quality are the two key
Refer to the data for Lavage Rapide in Exercises 10–8 and 10–10.Data from in Exercise 10-8For example, electricity costs are $1,200 per month plus $0.15 per car washed. The company expects to
What is cost-plus pricing?
The questions in this exercise are based on one of the fastest growing food retailers in the United States—Whole Foods Market, Inc. To answer the questions, you will need to download Whole Foods
A number of terms are listed below:Required:Choose the term or terms from the above list that most appropriately completes each of the following statements:1. A(n) _________________ is a game plan
Six terms that relate to organizations, the work of management, and the role of managerial accounting are listed below:Decentralization ControllerLine
What are unit-level, batch-level, product-level, customer-level, and organization-sustaining activities?
Distinguish between (a) a variable cost, (b) a fixed cost, and (c) a mixed cost.
What is a plantwide overhead rate? Why are multiple overhead rates, rather than a plantwide overhead rate, used in some companies?
What is a plantwide overhead rate? Why are multiple overhead rates, rather than a plantwide overhead rate, used in some companies?
1. The $14.5 million is made up of the following cost categories:Direct contract costs .......................................................................$ 6,200,000Government ships and
Raynard’s Jewellery had the following data (in thousands) for a given period. Assume there are no inventories. Fill in the blanks.Sales
Lynda Carson is the recently appointed general manager of Crichton General Assurance Corporation (CGAC). She has been appointed to help the company regain profitability after several years of
Homestead Foods Limited is a large processor and distributor of packaged foods. Its product lines include soups, vegetables, potatoes, fruits, pasta, TV dinners, juices, and bread. In addition, it
Harold Mover has been the president of Newprod Ltd. for a little over six months. He was brought in by the board of directors to reverse the trend of falling profits. He had told the board that it
Form groups of three to six students. Obtain the 2007 Acute Care Hospital Report (pdf) from the Ontario Hospital Association (OHA) website (www.oha.com). This Hospital Report has many pages of tables
One of three major strategic initiatives of General Electric Company in 1998 was Six Sigma quality. The following comments were made by John Welch, former CEO of GE in the 1998 Annual
Zenon Medical Instruments Company (ZMIC) recently revised its performance evaluation system. The company identified four major goals and several objectives required to meet each goal. Ruth Sanchez,
As you are about to depart on a business trip, your accountant hands you the following information about your Thailand division. 1. Master budget for the fiscal year just ended on June 30, 2010 2.
Baffin Manufacturing Company was concerned about a growing number of defective units being produced. At one time the company had the percentage of defective units down to fewer than 50 per 1,000, but
Sketch the two graphs as they appear below and add a curve to both representing total cost. Compare the total quality management approach to the traditional theory of quality. Which theory do you
The Paul Company stresses competition among the heads of its various divisions, and it rewards stellar performance with year-end bonuses that vary between 5 and 10 percent of division net operating
Manufacturing Company produces precision parts. LaCrosse uses a standard cost system, calculating variances for each department and reporting them to the department managers. Managers are supposed to
Red River Manufacturing Division makes a variety of home furnishings. In 2010 the company installed a system to report on quality costs. At the end of 2012 the division general manager wanted an
George McBee owns a small chain of specialty toy stores in Edmonton and Calgary. The company’s organization chart follows: The following data about 2010 operations were also available. 1.
Digital Processors Ltd. monitors its cycle time closely in order to prevent schedule delays and excessive costs. The standard cycle time for the manufacture of printed circuit boards for one of its
Tom’s Maytag Laundry had the following results in 2011 and 2013. The laundry used the same facilities in 2013 as in 2011. During the past three years, however, the company put more effort into
In early 2011, United Communications, a U.S.–based international telephone communications company, purchased the controlling interest in Bucharest Telecom Ltd. (BTL) in Romania. A key productivity
A major objective of Six Sigma quality-control programs is to better meet customers needs. One place where companies have applied Six Sigma is to order delivery times. They have directed efforts at
Suppose Saskatoon Honda had the following data for the year’s operations. The president of the dealership has long regarded the markup on material and labour for the parts and service activity
Cindy’s BBQ is a restaurant in Thunder Bay. Cindy expanded to a second location in Sudbury three years ago. Recently, Cindy decided to retire from active management of the individual restaurants
Interiors Inc., a privately held enterprise, has a subcontract to produce overhead storage bins for a Bombardier airplane. Although GL was a low bidder, Bombardier was reluctant to award the business
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