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business
cost accounting

Questions and Answers of Cost Accounting

During the school year, the Homebush School band arranges concert dates in many communities. Because only part of the school??s travel expenses are covered by the concert admission fees, the band
Financial budgets: cash inflows Worthington Company makes cash (20% of total sales), credit card (50% of total sales), and account (30% of total sales) sales. Credit card sales are collected in the
Operating budgets: materials purchasing plan Masefield Dairy is preparing a third-quarter budget (July, August, and September) for its ice cream products. It produces five brands of ice cream, and
Financial budgets: wages and expense budgets Nathaniel??s Motor Shop does major repair work on automobile engines. The major cost in the shop is the wages of the mechanics. The shop employs nine
Financial budgets: cash outflows Country Club Road Nurseries grows and sells garden plants. The nursery is active between January and October each year. During January, the potting tables and
In September, TEE Company, a merchandising firm that sells one product, assembled the following information and estimates to prepare a budget for October. Expected sales are 40,000 units at a price
Master budget Adams Company, a merchandising firm that sells one product, estimates it will sell 12,000 units of its product at $60 per unit in December. In November, the company prepared other
Shadyside Insurance Company manages a medical insurance program for its clients. Employees of client firms submit claims for reimbursement of medical expenses. Shadyside processes these claims,
The Monteiro Manufacturing Corporation manufactures and sells folding umbrellas. The corporation's condensed income statement for the year ended December 31, 2011, follows: Monteiro's budget
Breakeven analysis, what-if analysis The Herschel Candy Company produces a single product: a chocolate almond bar that sells for $0.40 per bar.The variable costs for each bar (sugar, chocolate,
Breakeven point, what-if analysis Premier Products, Inc., is considering replacing its existing machine with a new and faster machine that will produce a more reliable product and will turn around
Tenneco, Inc., produces three models of tennis rackets: standard, deluxe, and pro. Following are the sales and cost information for 2011: Fixed manufacturing support costs are $800,000, and fixed
The following information pertains to Torasic Company’s budgeted income statement for the month of June 2011:Sales (1,200 units at $250) $300,000Variable cost 150,000Contribution margin
Breakeven point, what-if analysis Air Peanut Company manufactures and sells roasted peanut packets to commercial airlines. Following are the price and cost data per 100 packets of
Planning and flexible budget variances Tang Company??s production performance report for April includes the information shown below. Prepare a flexible budget for the items shown and compute the
The Sudbury, South Carolina, plant of Saldanha Sports Company has the following standards for its soccer ball production: RequiredDetermine the following variances for October:(a) Total direct
The North Point plant of Englehart Electronics Company has the following standards for component C93: RequiredDetermine the following variances for May:(a) Total direct material cost variance(b)
For each of the following two jobs manufacturing two different products, determine the missing amounts for items (a) through(h):
Trieste Toy Company manufactures only one product, Robot Ranger. The company uses a standard cost system and has established the following standards per unit of Robot Ranger: During November, the
Variance analysis, hospital (adapted from CMA, June 1989) Mountain View Hospital has adopted a standard cost accounting system for evaluation and control of nursing labor. Diagnosis-related groups
Asahi USA, Inc., based in Denver, Colorado, is a subsidiary of a Japanese company manufacturing specialty tools. Asahi USA employs a standard cost system. Following are the standards per unit of one
Sales variance analysis Bakery Extraordinaire sells several types of muffins and scones and also sells carrot bread loaves. Planned prices and sales quantities for February are shown here: The
Discuss the possible effect on human behavior of a preoccupation with variances in financial control.
The following budget information for the year ending December 31, 2011, pertains to Rust Manufacturing Company's operations: The following information is also provided:1. Rust has no beginning
Steelmax, Inc., sells office furniture in the Chicago metropolitan area. To better serve its business customers, Steelmax recently introduced a new same-day service. Any order placed before 2:00 P.M.
Peterborough Food produces a wide range of breakfast cereal foods. Its granola products are two of its most important product lines. Because of the complexity of the granola production process, the
Nate Young is the dean of a business school. The university is under strong financial pressures, and the university president has asked all the deans to cut costs. Nate is wondering how he should
1. What is the difference between flexible and capacity-related resources? 2. A student develops a spending plan for a school semester. Is this budgeting? Why?
1. What does a capital spending plan do? 2. What is an example of a capacity-related expenditure?
1. What is a flexible budget? 2. What is a periodic budget?
1. 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? 2. You
What two important sub processes does managing innovation include?
Why are both financial and nonfinancial measures necessary to manage a company’s strategy?
What is a Balanced Scorecard?
What are the four measurement perspectives in the Balanced Scorecard?
Explain why the growing importance of intangible assets complements growing interest in the Balanced Scorecard.
What two essential components should a good strategy have?
Why is a clear strategy vital for an organization?
What is a strategy map?
Define and explain the role of measures, objectives, and targets, in the Balanced Scorecard strategy map.
What are the two basic approaches to improving a company’s financial performance?
Describe two broad approaches that companies can use to generate additional revenues.
Describe two broad approaches that companies can use to improve productivity.
Why does attempting to improve customer measures such as customer satisfaction, customer retention, customer profitability, and market share not necessarily constitute a strategy?
Describe the low-total-cost value proposition and provide your own example of a company that has successfully implemented this value proposition.
Describe the product leadership value proposition and provide your own example of a company that has successfully implemented this value proposition.
Describe the customer solutions value proposition and provide your own example of a company that has successfully implemented this value proposition.
Explain how a Balanced Scorecard approach is helpful in identifying critical processes and evaluating the processes.
All of a Balanced Scorecard’s measures for processes should be fully controllable by people who perform the work in the processes. Do you agree with this statement? Explain.
What four categories of processes are useful in developing the process perspective measures for a Balanced Scorecard?
What are operations management processes within the Balanced Scorecard’s process perspective, and what are some typical objectives for operations management processes?
What are the three important objectives for a company’s customer management processes within the Balanced Scorecard’s process perspective?
How are innovation processes in the process perspective linked to the Balanced Scorecard’s customer and financial perspectives?
What are some critical dimensions along which to measure regulatory and social processes in the operating processes part of the Balanced Scorecard’s process perspective?
How might a company link its strategy or customer value proposition to a focus on particular categories of processes in the Balanced Scorecard?
How do the time frames for financial benefits for improvements in the different categories of processes typically vary?
What are the three components of the learning and growth perspective in the Balanced Scorecard?
What are several desirable characteristics for a Balanced Scorecard measure?
What is the nature of the objective(s) that nonprofit and government organizations are likely to put at the top of their Balanced Scorecard and strategy maps?
What are four common pitfalls in developing a Balanced Scorecard?
Identify an organization with the low-total-cost value proposition and suggest at least two possible measures within each of the four Balanced Scorecard perspectives.
Identify an organization with the product leadership value proposition and suggest at least two possible measures within each of the four Balanced Scorecard perspectives.
Identify an organization with the customer solutions value proposition and suggest at least two possible measures within each of the four Balanced Scorecard perspectives.
Balanced Scorecard objectives, cause-and-effect linkages for different value propositions Required (a) Use the objectives below to develop appropriate cause-and-effect linkages across the Balanced
Discuss the accuracy of the following statement: “The Balanced Scorecard approach is incomplete because it does not include measures on environmental performance and measures of employee health and
“It is impossible for an organization to focus on the 20 to 30 different measures that result if each of the four Balanced Scorecard perspectives contains between four to eight measures.”
Respond to the following statement: “Our organization has key performance indicators that measure financial and nonfinancial performance, including customer satisfaction, product and service
One financial service organization formerly measured its performance using only a single financial measure, profits. It decided to adopt a more “balanced” measurement approach by introducing a 4P
Explain how a Balanced Scorecard for a nonprofit or governmental organization typically differs from for-profit Balanced Scorecards.
Discuss whether the Balanced Scorecard strategy map approach is a performance measurement system, a management system, or both.
Why did Pioneer Petroleum, a company following a differentiation strategy, have so many process objectives and measures relating to cost reduction and productivity?
Designing a Balanced Scorecard, new strategies, customer measures Refer to the In Practice description of Infosys on page 24. Required (a) Why would a company with Infosys’s history find the
Refer to the In Practice description of Teach for America on pages 44–45. How can Teach for America use its strategy map and scorecard to advance its mission and strategy?
Consider the manager of a store in a fast food restaurant chain. Construct a Balanced Scorecard to evaluate that manager’s performance.
Develop a Balanced Scorecard that the dean or director of your school could use to evaluate the school’s operations. Be specific and indicate the purpose of each Balanced Scorecard measure.
Organizations in the public and nonprofit sector, such as government agencies and charitable social service entities, have financial systems that budget expenses and monitor and control actual
A company attempted to build a Balanced Scorecard by fitting the company’s objectives and financial and non financial performance measures into the four Balanced Scorecard perspectives. Explain why
A company’s chief executive officer (CEO) wanted his company to develop a Balanced Scorecard. After giving considerable thought to who should lead the development, he selected the head of the
In the mid-1990s, Mobil Corporation??s Marketing and Refining (M&R) division underwent a major reorganization and developed new strategic directions. In conjunction with these changes, M&R
Either by visiting a website or from a description in a published article, find a description of the implementation of a Balanced Scorecard.Required(a) Document in detail the elements (objectives,
Balanced Scorecard measures Refer to the University of Leeds’ strategy map at http:/ /www.leeds.ac.uk/downloads/Strategy_map_aw.pdf Required (a) What is the strategy for the university? (b) What
The City of Charlotte, North Carolina, states its vision and mission as follows:City VisionThe City of Charlotte will be a model of excellence that puts citizens first. Skilled, diverse, and
Designing a Balanced Scorecard Wells Fargo’s web page (https://www .wellsfargo.com/pdf/invest_relations/VisionandValues04.pdf) states that the company’s vision is “to satisfy all our
Designing a Balanced Scorecard for a pharmaceutical company Chadwick, Inc.: The Balanced Scorecard (Abridged)14 Company Background Chadwick, Inc., was a diversified producer of personal consumer
Designing a Balanced Scorecard strategy map for an auto parts manufacturing company Domestic Auto Parts (DAP), 16 a $1 billion subsidiary of a U.S. auto parts manufacturing company, manufactured and
Describe the flow of costs from raw materials to cost of goods sold in a manufacturing organization.
How do the cost flows in a retail organization or service organization differ from those in a manufacturing organization?
Compare the defining characteristic and cost behavior of a consumable (flexible) resource to those of a capacity-related resource.
Define direct cost and indirect cost and provide an example of each.
What has increased the need for cost systems that accurately deal with indirect manufacturing costs?
In the context of computing a predetermined indirect cost rate, what is a cost driver?
Why are costs estimated for individual jobs?
Why do firms use multiple indirect cost pools?
What problem arises when cost driver rates are based on planned or actual short-term usage?
Why are predetermined cost driver rates used when recording job costs?
“Use of a single cost driver rate when an indirect cost pool includes costs that have different cost drivers (causes of costs) leads to distortions in job costs.” Do you agree with this
What are the three options for dealing with the difference between actual and applied capacity (overhead) costs?
How might computing the cost driver rate by using the planned level of the cost driver lead to a death spiral?
How is practical capacity computed for machines and labor?
What is the basic procedure for determining product costs in continuous processing plants?

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