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cost accounting

Cost Accounting Traditions And Innovations 3rd Edition Jesse T. Barfield, Cecily A. Raiborn, Michael R. Kinney - Solutions

Wage rates are higher in industrialized than nonindustrialized nations. What reasons can you give for such a situation?LO2
What changes are occurring in the perspectives and information needs of man¬ agers as the ability of technology to provide information increases and the cost of technology in highly automated companies decreases?LO2
Ford Motor Company is attempting to increase product variety and reduce costs simultaneously. How would the following types of organizations implement the same strategy?a. Fast-food restaurantb. Teddy bear manufacturerc. Insurance company LO2
What are some of the additional information needs of managers as firms advance from domestic to international markets? Why would such information be valuable?LO2
What factors might hinder the implementation of a single market in Europe? What factors might hinder the implementation of NAFTA? Which hindrances do you believe would be most difficult to overcome and why?LO2
How would you define ethics? What constitutes ethical behavior?LO2
What are the benefits and drawbacks of having ethics mandated as a function of law versus as a function of voluntary compliance (such as the implementation of an internal code of ethics)?LO2
Discuss why the following chapter statement is true: “The selling prices of many goods are set by the marketplace rather than the individual producer.”LO2
In general, the practice of management accounting is less regulated than financial accounting.a. Discuss the roles of the FASB, IMA, and the CASB (or, in Canada, the Canadian Institute of Chartered Accountants and the Society of Management Accountants) on the practice of cost and accounting.b.
Flexibility is said to be the hallmark of modern management accounting, whereas standardization and consistency describe financial accounting. Explain the rea¬ son^) why there is a difference in the focus of these two accounting systems.LO2
Is cost accounting a subset of management accounting or is management ac¬ counting a subset of cost accounting? Why?LO2
Assume that you are in the process of preparing a research paper for a class in microeconomics. Discuss some differences of which you might be aware between data and information.LO2
What are the basic management functions and how might management account¬ ing information help in each of these?LO2
Define efficiency and effectiveness. What is the relationship of each to performance?LO2
Why is it important to have a written common body of knowledge for manage¬ ment accountants? Why might that CBK change over a period of time?LO2
Can an individual be both a CMA and a CPA (or, in Canada, a Chartered Accountant)? If so, why is there no conflict between these two professional designations?LO2
Do generally accepted cost and management accounting standards exist? If so, indicate how they are or were established.LO2
List the topical areas that comprise the IMA’s (or, in Canada, the Society of Management Accountants’) Code of Ethics. Why do you believe each of these areas was chosen?LO2
Why does the IMA have a standardized code of ethics for the entire United States, but Canada’s Society of Management Accountants’ code is independently determined by province?LO2
(Appendix) Explain the benefits and limitations of using an organization chart to explain the workings of a company or the interactions between individuals.LO2
(Appendix) Colonial Realty Company is just starting operations, and members of its board of directors are discussing the organizational structure. The firm will engage in commercial sales, residential sales, and property management and also maintain leasing services for businesses and individuals.
(Terminology) Match the following lettered terms on the left with the appropriate numbered description on the right.LO2 a. Business intelligence system b. GATT c. Goal d. Financial accounting e. Objective f. NAFTA g. Effectiveness h. WTO i. Globalization j. Efficiency
(Difference between financial and management accounting) The words and phrases below describe or are associated with either financial (F) or management (M) accounting. Indicate for each item with which system it is most closely associated.a. FASBb. Relevantc. CASBd. Verifiablee. Focus on parts of
(Business intelligence system; possible team project) You are the management account¬ ant for a nationwide chain of music/video stores. Your boss is interested in opening a store in London, England. He wants you to prepare a short presen¬ tation on such a market opportunity.a. If you were allowed
(Change in business activity; possible team project) You have been asked to address a group of junior high school students on the changes in business activity in your country over the last 50 years. Do library or Internet research and prepare your oral presentation (with appropriate notes and
(Technology in business; possible team project) Find a local business that is highly automated and interview several members of that organization about the following:* The additional costs of the automation » The additional benefits of the automation■ Any difficulties related to the automation
(Cost-benefit analysis) Prepare a short oral presentation using cost-benefit analysis to prove that your college education is worthwhile.LO2
(Cost-benefit analysis) In April 1995, “the Senate Judiciary Committee cleared a bill to require federal agencies to conduct extensive cost-benefit analyses before issuing many regulations.” [Timothy Noah, “Bill Requiring U.S. Agencies to Conduct Cost-Benefit Analyses Gains in Senate,” Wall
(Globalization) The current trend has been to reduce the barriers to flows of capital, resources, technology, and labor across national borders. This trend has accelerated with the European Union, the North American Free Trade Agree¬ ment, and the signing of the Uruguay Round of the GATT. Use the
(Regs.) Within the last two decades, U.S. businesses moved from an era of min¬ imal regulation to the current environment that includes compliance with nu¬ merous social regulations. Businesses no longer have the freedom to design and produce products without regard to social considerations, nor
(Pro/con FCPA) The FCPA prohibits U.S. firms from giving bribes in foreign countries, although giving bribes is customary in some countries, and non-U.S. companies operating in foreign countries may not be similarly restricted. Thus, adherence to the FCPA could make competing with non-U.S. firms
(Environmental protection) You have just been elected president of the United States. One of your most popular positions was that you would reduce the costs of doing business in the United States. When asked how you intended to ac¬ complish this, you replied, “By seeking to repeal all laws that
(Globalization) The United States provides an ethnically, racially, and culturally diverse workplace. Some people have argued that this plurality may be a com¬ petitive handicap for U.S. businesses. For example, communicating may be dif¬ ficult because some workers do not speak English,
(Appendix) An organization chart illustrates the functions, divisions, and positions in a company and how these are related.a. In viewing an organization chart, is it possible to determine the type of business conducted by the firm? Explain.b. Can one identify all the lines of communication in the
(Appendix) Contact an alumnus of your school or a business person whom you know and ask his or her help in preparing an organization chart for the business for which that individual works.LO2
(Appendix) Rockelle Inc. is a holding company with three major divisions as depicted on the accompanying organizational chart. The three division presi¬ dents report directly to Martin Willis, the vice president of corporate operations. In general, Rockelle has preferred a decentralized
You are the owner and manager of a small auto repair shop that does routine maintenance, major repairs, and body work. Business is good and your monthly financial statements show that your shop is consistently profitable. Cash flow is becoming a small problem, however, and you may need to take out
Some U.S. businesses have opted to take advantage of the low wage rates, some¬ times lax environmental laws, and peso devaluation in Mexico by establishing ETHICS AND QUALITY maquiladoras. Maquilas have surpassed tourism and oil as the prime generator DISCUSSION of dollars in Mexico.But there's a
Withers Computers manufactures computers and their components. The pur¬ chasing agent informed the owner, Bill Withers, that another company has of¬ fered to supply keyboards for Wither’s computers at prices below those at which Withers can make them. Incredulous, Mr. Withers hired an
Ethics can be viewed in both a moral and a legal sense. Discuss the following:a. The similarities and differences that can exist between what is moral and what is legalb. The positive and negative aspects of a corporate code of ethical conduct emphasizing the legal sense of ethics rather than the
Middle managers and employees often feel pressure to conform to the ethical standards set by upper management, even if this means compromising personal principles. Discuss the following:a. Why such compromises would occurb. The advantages and disadvantages of such compromisesc. Ways to avoid making
The term whistleblower is used to describe a person who informs on the wrong¬ doings of others, especially in a business or government organization. Discuss the following:a. Why people often do not “blow the whistle” on wrongdoingb. T he positive and negative considerations that must be given
In May 1995, a trade dispute arose with Japanese auto companies about potential discrimination as to purchasing American-made parts. President Clinton threat¬ ened trade sanctions against these firms relative to the Japanese luxury cars that were being imported into the United States. This dispute
Starbucks Coffee Co. has adopted broad guidelines aimed at improving working conditions at its foreign coffee suppliers. The guidelines are believed to be the first ever by a big U.S. importer involving an agricultural community.Starbucks's guidelines call for the Seattle company's overseas
In any profession, there is usually some type of designation of achievement. Accounting has numerous professional designations, two of which are the CMA and CPA.a. Do you believe that the quality of a person’s work can be determined based solely on whether he or she has obtained one or more
Journalists, like accountants, are in the business of generating information. The Society of Professional Journalists, Sigma Delta Chi, has a code of ethics that has existed (with updates) since 1926. The code of ethics can be found at http:/ /.town.hall.org/places/spi/ethics.html. Read the code of
Visit the web site of the Institute of Management Accountants (http:// www.rutgers.edu/accounting/raw/ima/). Review materials relating to the CMA designation including the required examination. Write an E-mail message to your instructor briefly describing the benefits that you would expect to
The opening and closing vignettes to this chapter feature Ford Motor Co. The official Ford Motor Co. home page (http://www.ford.com) contains discussions of important milestones in the history of the company. Read the ‘Model A Story” which describes the production and production environment of
What primary factors help determine an organization’s strategies?LO1
What is meant by the three generic mission structures of build, hold, and harvest?LO1
What is a core competency and how does it relate to outsourcing?LO1
What constitutes a firm’s intellectual capital and why is it important?LO1
Why should a firm’s strategies change over time?LO1
How does accounting relate to organizational strategies?LO1
What is strategic resource management?LO1
What is the “value chain” and why is it important to management?LO1
How does a firm compute its cost of capital and why is this cost important to managers?LO1
What is organizational strategy? Why would each organization have a unique set of strategies? QUESTIONS LO2
How can the division of a business into smaller segments facilitate strategy for¬ mulation and execution?LO2
What are the three generic missions of subunits? How do the objectives of organizational segments differ across the three missions?LO2
How is the concept of subunit mission related to the concept of product life cycle?LO2
What are the two ends of the continuum of organizational authority? Provide one organizational example that would “fit” each end of the continuum, and explain why that authority structure would be appropriate for that organization or type of organization.LO2
How do core competencies constrain the feasible set of alternative organizational strategies?LO2
Does the acquisition of new technology automatically overcome quality or speed problems? Why or why not?LO2
Why are many companies relying more on suppliers and less on internal capac¬ ities for some conversion processes and organizational inputs?LO2
How do firms use mergers to execute organizational strategies?LO2
“If an organization can borrow money or sell stock, it does not have a capital constraint.” Is this statement true or false? Discuss the rationale for your answer.LO2
How does workforce diversity affect organizational culture?LO2
How can a change in governmental laws or regulations create a strategic op¬ portunity for a firm? Give an example.LO2
Differentiate between operational planning and strategic planning. Is one more important than the other? Why or why not?LO2
What roles does the accounting system play in the formulation or execution of strategies?LO2
Why are companies concerned about their costs of capital? How is the cost of capital determined?LO2
“Most companies determine product or service price by adding a reasonable profit margin to costs incurred.” Discuss the validity of this statement.LO2
How does the value chain interface with strategic resource management?LO2
In the value chain view of an organization, which stakeholder is the focus of attention in determining whether a process is value-added or non-value-added?Explain.LO2
Why is time such an important consideration in the management of organiza¬ tional resources?LO2
Compare and contrast the following concepts:a. Decentralization and empowermentb. Groups and teamsc. Conversion activities and value chainsd. Strategic planning and operational planninge. Activity-based management and activity-based costingf. Environmental constraints and organizational constraints
(Terminology) Match the following lettered terms on the left with the appropriate numbered description on the right. If a description has no match, assign it to letter k.LO2 a. Build mission b. Harvest mission c. Hold mission d. Kaizen e. Target costing f. Value chain g. Strategic resource
(Terminologyj Match the following lettered terms on the left with the appropriate description on the right. If a description has no match, assign it to letter k.LO2 a. Strategy b. Intellectual capital c. Activity-based management d. Network organization e. Responsibility accounting f. Empowerment
(Cost of capital) Helen’s Custom Fashions Inc. has the following composition of its capital structure:The before-tax interest on the bonds is 9 percent. The company’s tax rate is 34 percent. The per-share dividend amount on the preferred stock is $6, and the stock is currently selling for $90
(Weighted average cost of capital) Westover Industrial has the following current capital structure:LO2 COMPONENT MARKET VALUE AFTER-TAX COST OF CAPITAL Bonds $1,000,000 5.5% Preferred stock equity 500,000 9.0% Common stock equity 5,000,000 12.0% The company is planning to expand by $2,000,000.
(Weighted average cost of capital) Cleveland Distillery has the following compo¬ nents in its corporate structure:The bonds were originally issued 10 years ago at $10,795,960 with a 20-year life. Interest on the bonds is paid and amortized on an annual basis. The com¬ pany uses straight-line
(Coping with regulatory change) Most Americans probably don't see a huge difference between $4.78 and $5.15. Then again, most Americans don't work at Popeye's Chicken & Biscuits fast- food restaurants.The $4.78 is the average howdy wage earned by the 20 or so employees at the Popeye's store here on
(Mergers and Spin Offs) Two activities that are common in the global marketplace are mergers and spin-offs. A merger occurs when one company absorbs another. A spin-off involves the division of a single company into two or more inde¬ pendent firms. Mergers and spin-offs are strategic-level
(Core competencies) As a team, make a list of the core competencies of your college or university and explain why you believe these items to be core competencies. Make appointments with your dean, one vice president, and if possible, the pres¬ ident of your college or university and, without
(Subunit mission) In 1995 and 1996, AT&T split up (spun off) its businesses into three independent corporations. One of the businesses is Lucent Technologies. Following are some of the significant items from the company’s first-quarter earnings report for 1996:For the quarter, the company
(Outsourcing) In an unusually sweeping “outsourcing” arrangement, Dell Computer Corp. [has decided to) hand over responsibility for all its shipping to a single management company. The contract with Roadway Logistics Systems is designed to improve distribution of DelVs products as well as
(Organizational mission) Few companies have blended vision, mission, and performance more articulately than Levi Strauss. Its core curriculum training program is designed to synthesize output with values collectively constructed around trust and teamwork. Its statement reads, in part: uThe mission
(Strategy execution) Gulf Pharmaceutical manufactures prescription drugs for hu¬ mans and animals. The company was formed in 1940, and over the next 5 5-plus years grew to become one of the largest pharmaceutical companies in the United States. In 1996, the company’s sales were $4.5 billion and
(Acquisition of new technology) Balton Industrial Solutions Company supplies var¬ ious manufacturing firms with production technology including conveyor sys¬ tems. One of the company’s most popular products is a conveyor system that is used in bottling operations for various bottled food
The October 16, 1995, issue of Fortune discusses the outsourcing relationship between Saks Fifth Avenue and Deloitte & Touche LLP: Deloitte & Touche provides the internal audit function for Saks. Such relationships are no longer unusual. Use library resources or personal interviews to help answer
In 1993, the U.S. Congress passed the Family and Medical Leave Act. This act requires employers to allow workers to take up to 12 weeks per year of unpaid, job-protected leave. Leave can be taken only for specified reasons such as to care for a newborn child or ailing spouse, or for personal health
One resource that all firms need to survive and grow is capital. As discussed in the chapter, entities can obtain a capital mix consisting of debt, equity, and hybrids of debt and equity. Each organization tries to obtain capital at the lowest possible cost.Various analysts follow public debt and
On the Internet, find the mission, vision and values statements for several com¬ panies. Compare and contrast the statements. What do the statements reveal about the strategies of the companies? WTrat do the statements reveal about what managers feel are the key elements to organizational
Using Internet sources, find the corporate organizational chart for a company and a discussion of the company’s competitive strategy. Include a copy of the organizational chart in a report in which you address whether the organizational structure (displayed in the organizational chart) is
What forces are currently creating a greater worldwide demand for higher quality?LO1
How is quality defined and from whose viewpoint should it be evaluated?LO1
What basic characteristics comprise product quality and service quality?LO1
Why do companies engage in benchmarking?LO1
Why is total quality management significant and what is necessary to make it work?LO1

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