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cost accounting

Cost Accounting Foundations And Evolutions 6th Edition Michael R. Kinney, Jenice Prather-Kinsey, Cecily A. Raiborn - Solutions

How has the globalization of firms affected the diversity of their employees? Why has increased diversity put an additional burden on accounting sys¬ tems? LO.1
Besides increasing globalization, what trends within the United States are causing firms to seek more diversified workforces? LO.1
What is an enterprise resource planning (ERP) system? How do ERP systems improve on prior generations of information systems? LO.1
New strategic alliances are formed every day. What are they, and why are they increasingly being used by businesses? LO.1
How does the implementation of open-book management require an organi¬ zation’s accountants to change their traditional practices? LO.1
Describe the three generic strategies for dealing with the environmental ef¬ fects of operations. Is one of the strategies always preferred to the others? Discuss. LO.1
(Technology acquisition) Acquisition of new technology is often a perilous event for firms. The successful acquisition and implementation of new sys¬ tems require much more than merely purchasing hardware and software. For example, expenditures for a typical installation of a new financial system
(Business process reengineering) Process mapping and value analysis are tools often used in business process reengineering. As discussed in Chapter 5, a process map is a flowchart of the set of activities that compose a process. Value (or activity) analysis examines each of the activities
Downsizing) In the past decade, the Japanese economy has fallen from its lofty levels of the 1980s. As a consequence, many Japanese companies have been forced to downsize. In most companies, one of two strategies can be pursued in downsizing. First, a company can lay off employees. Second, a
(Downsizing) During the late 1990s and the early 2000s, the financial press reported story after story regarding downsizing and layoffs. Often the stories involved companies that had multiple rounds of downsizing events.Assume that you are a stock market analyst and are responsible for in¬
Diversity) The issue of whether diversity is positive or negative for an orga¬ nization has been hotly debated for many years. Some people argue that, because of its homogeneous workforce, Japan has an inherent advantage in competing with the United States. The benefits of a homogeneous workforce
(Diversity and discrimination) Boeing Co. settled a lawsuit for $15 million brought by its own African-American workers claiming discrimination in pro¬ motions. On the heels of that decision, a group of Asian workers, also claiming discrimination in promotions, filed suit against Boeing. Similar
(Enterprise resource planning) With an ERP system, a company can develop a “storefront” on the Internet. Through its storefront connection with cus¬ tomers, the company can gather much information about the market and the demand for specific products.Assume that you are employed by an
(Enterprise resource planning) ERP software programs allow tighter linkages within a supply chain than were possible with earlier generations of soft¬ ware. Consider the possibility of a tighter link between the marketing and engineering functions within a firm that makes consumer electronics.
(Enterprise resource planning) ERP software can facilitate the sharing of in¬ formation throughout the supply chain. For example, an Internet storefront can be used to interact downstream with the final customer. Sales data gath¬ ered from the storefront can then be used as a basis for
(Strategic alliances) In their annual reports, companies provide brief descrip¬ tions of their most important contracts, including strategic alliances. Select a large publicly traded company and obtain a copy of its most recent annual report (in hard copy, on the company’s Web site, or on the
(Strategic alliances) Assume you are employed by a technology company that is considering entering into a strategic alliance with a communications company to provide certain innovative services delivered via the Internet. As a financial professional, how could you contribute to the organization and
)pen-book management) “Monopoly" by Parker Brothers has been a popular board game for many years. Assume that you have just been hired by a company in the steel industry. The company manufactures a variety of products from stock steel components. The management of your new em¬ ployer is
Open-book management) You have been hired as a consultant by a com¬ pany that manufactures plastic and resin toys. Company management is presently discussing ways to improve product quality. Evidence of quality problems is everywhere: high rates of product defects, many customer re¬ turns, poor
(Environmental costs) Following are descriptions of environmental waste sit¬ uations. Identify the environmental strategy you would select to deal with each situation and discuss your logic.a. A relatively small amount of low toxicity waste is produced. This waste is not easily recycled, nor is
(Environmental costs) Galveston Products produces a variety of chemicals that are used in an array of commercial applications. One popular product, a chemical solvent, contains two very caustic acids, A and B, which can pre¬ sent a very serious environmental hazard if not disposed of properly. For
(Environmental cost management) Firms’ increasing awareness of their im¬ pacts on the environment has led to the establishment of companies that specialize in all aspects of managing the environmental effects of operations. Search the Internet using the term “environmental cost management.”
(Accounting; downsizing; BPR) Most accounting professionals would agree that the accounting profession has developed effective tools for measuring and reporting events involving tangible assets. Most might also agree that the profession has miles to travel to report as effectively on events
(Downsizing) “Most experienced CEOs have seen command-and-control man¬ agement come and go. They’ve been through downsizing and rightsizing. Now they’re seeing most companies (their own included) working to recast them¬ selves as 'high-performing’ organizations, with streamlined,
(Open-book management) Kathy Townsend, Technical Instruments Division manager of Bigelow Electronics, attended a 30-minute seminar on open-book management recently. As a result of the seminar, she decided to implement some open-book management practices in her division. She began the process today
(Various) Karen Krackle, CEO of Kar Komponents, sat dejected in her chair after reviewing the 2006 first-quarter financial reports on one of the com¬ pany’s core products: a standard, five-speed transmission (product number 2122) used in the heavy equipment industry in the manufacture of earth-
(Enterprise resource management) Borders and Amazon.com are competi¬ tors in vending books and other consumer items. The two are differentiated to an extent by their marketing strategies. Although Amazon.com relies ex¬ clusively on Internet marketing, Borders operates both retail stores and an
no mental cost management) Classic Plastics has experienced serious problems as a result of attempts to manage its impacts on the environment. To illustrate the problems, consider the following events, which occurred during the past five years:Classic was assessed $75 million in fines and penalties
(l-thics) “Employees expect that all parties will honor their explicit and im¬ plicit obligations. Distrust occurs when these obligations are not met or when the parties have different expectations regarding the obligations. When down¬ sizing is employed as an organizational strategy, itfocuses
(Strategic alliances) Strategic alliances and joint ventures are being used with increasing frequency to exploit market opportunities. Virtually all larger firms are involved in several to many strategic alliances.a. From the perspective of controlling the quality of production, discuss how a
(Restructuring and outsourcing ! Automakers provide an interesting study in cost management strategies. General Motors often provides a contrast to other U.S. manufacturers. For example, DaimlerChrysler and Ford have opted to outsource many product components, but GM continues to manu¬ facture a
(Environmental management) John Vickers was reprimanded by the home office for recommending a pollution abatement project because the project did not meet the standard financial criterion of a 10 percent rate of return. However, John had concluded that the $60,000 piece of equipment was nec¬
(Environmental management) The chapter discusses three approaches to managing environmental costs. Some strategies deal with hazardous waste only after it has been produced.a. Does a firm have any ethical obligations not to produce hazardous waste regardless of how successfully it is dealt with by
WHAT IS QUALITY, AND FROM WHOSE VIEWPOINT SHOULD IT BE EVALUATED? LO.1
WHAT IS BENCHMARKING, AND WHY DO COMPANIES ENGAGE IN IT? LO.1
WHY IS TOTAL QUALITY MANAGEMENT A SIGNIFICANT MANAGEMENT PHILOSOPHY, AND WHAT CONDITIONS ARE NECESSARY TO YIELD ITS BENEFITS? LO.1
WHAT TYPES OF QUALITY COSTS EXIST, AND HOW ARE THOSE COSTS RELATED? LO.1
HOW IS COST OF QUALITY MEASURED? LO.1
HOW CAN THE BALANCED SCORECARD AND COST MANAGEMENT SYSTEM BE USED TO PROVIDE INFORMATION ON QUALITY IN AN ORGANIZATION? LO.1
HOW CAN QUALITY BE INSTILLED AS PART OF AN ORGANIZATION'S CULTURE? LO.1
(APPENDIX) WHAT INTERNATIONAL QUALITY STANDARDS EXIST? LO.1
Quality• is the sum of all characteristics of a product or service that influence its ability to meet the needs of the person acquiring that product or service.• is defined as conformity with customer require¬ ments from a production viewpoint and can be improved by^ increasing the good output
Benchmarking• refers to investigating, comparing, and evaluat¬ ing a company’s products, processes, and/or ser¬ vices against those of competitors or companies believed to be “best in class.”• is engaged in by a company to obtain an un¬ derstanding of another’s production and
Total quality management• is a significant management philosophy because it involves all organizational employees and places the customer at the center of focus.• is defined as seeking continuous improvement in processes so as to exceed customer expectations.• requires the following
The types of quality costs include the costs of• compliance (or assurance), which are incurred to reduce or eliminate the current costs of quality failure and to continuously improve in the future. Compliance costs include>• prevention costs that are incurred to mini¬ mize or eliminate the
The cost of quality is measured as the sum of the• total cost of prevention,• total cost of appraisal, and• total cost of failure, which reflects the>■ cost of profits lost by selling units as defects, >- cost of rework for defective goods,>- cost of processing customer returns, 3=- cost of
Information on the quality of an organization’s prod¬ ucts and services can be obtained from the• balanced scorecard through the computation of 3^ manufacturing cycle efficiency.3s- time to market for new products.customer satisfaction levels.3s- on-time deliveries.3s- defect rates.success
Quality can be instilled as part of an organization’s culture by• having committed and consistent top manage¬ ment leadership.• developing an esprit de coips among all em¬ ployees so that they are eager to meet and ex¬ ceed customer expectations.• making certain that a work environment
What is meant by the term qualityP In defining quality, from what two con¬ sumer perspectives can a definition be formulated? Why are both important? LO.1
In conducting activity analyses, the presence of certain activities indicates low production process quality. List five of these activities. LO.1
Compare and contrast the eight characteristics that compose overall quality from the customer's perspective with the three additional characteristics that compose service quality from the customer’s perspective. LO.1
Describe three types of benchmarking. Use the Internet to find a company that has engaged in benchmarking. Describe the type of benchmarking used and the benefits and costs of the company's experience. LO.1
What is TQM? What are the four important tenets of TQM, and why are they important? What is the Malcolm Baldrige National Quality Award? What are the categories of entrants? What are the award criteria categories? LO.1
In the production-sales cycle, what are the four time phases in which quality costs are incurred? How are these costs interrelated through the phases? LO.1
How can Pareto analysis help focus managerial efforts on reducing the costs of quality-related problems? LO.1
How does strategic cost management link information to corporate strategies? LO.1
What are the four stages or levels on the quality continuum? Where is TQM located on the continuum? LO.1
(Appendix) Why might a common set of global quality standards be needed or desirable? LO.1
(Appendix) What is a quality audit? LO.1
(Appendix) Compare and contrast the EFQM Excellence Model with the Mal¬ colm Baldrige National Quality Award criteria. LO.1
(Essay: quality' defined) Use the Internet to find four definitions of quality.a. Compare and contrast each of the four definitions with specific empha¬ sis on whether the definition includes conformity or customer orienta¬ tion.b. Assume that you are the manager of (1) a copy store and (2) a
(True/False) Mark each of the following statements as true or false and ex¬ plain why the false statements are incorrect.a. The total quality cost is the sum of prevention cost plus failure cost.b. Traditional accounting systems have separate accounts to capture quality costs.c. Pareto analysis is
(Essay; statistical process control) Find the Web page for Western Digital Corporation in Santa Clara, California. What products does this company make? How does the company use statistical process controls to control the quality of output? Go to the following Web page: http://www.nivasoft.com/
(Control chart) Clinton Pizza recently hired several college students to work part-time making pizzas. Robert Clinton, the owner, has the policy to put 36 slices of pepperoni on a pizza, but (given diversity in size) he sometimes puts on between 34 and 38. After observing the students for a few
(Quality characteristics) Choose one product and one service with which you are well acquainted. Indicate how the product and service each meets (or does not meet) the eight overall quality characteristics. For the service, indicate how it meets (or does not meet) the three additional
(Definition of quality; quality characteristics) In a three-person team, role- play the following individuals who are visiting a car dealership in your com¬ munity: (1) a 19-year-old college student, (2) a young married person with two children, and (3) a person of postretirement age. Each person
(Clost of quality) Dorothy’s Sandal Works has gathered the following data on its quality costs for 2006 and 2007:a. Compute the percentage change in the two quality cost categories from 2006 to 2007.b. Write a brief explanation for the pattern of change in the two cate-gories. LO.1 Defect
(Cost of quality) Electronia Components ’ accounting system reflected the fol-lowing costs related to quality for 2006 and 2007:a. Which of these are costs of compliance, and which are costs of non- compliance?b. Calculate the percentage change in each cost and for each category.C. Discuss the
(Essay; benefits of quality Sometimes a company, in its efforts to reduce costs, might also reduce quality.a. What kinds of costs could an organization reduce that would almost au¬ tomatically lower product/service quality?b. If quality improvements create cost reductions, why would cost reduc¬
Clost of quality) Edwin Engines wants to determine its cost of quality. The company has gathered the following information from records pertaining to August 2006:Compute the following:a. Lost profits from selling defective workb. Total costs of failure C. Total quality cost LO.1 Defective units
(Cost of quality) Chelsea Sunglasses Company has gathered the following in¬ formation pertaining to quality costs of the production of heavy-duty sun¬ glasses for skiing for June 2006:Using these data, calculate the following:a. Total cost to reworkb. Profit lost from not reworking all defective
(Essay; cost and benefit of quality) Hillary College has a variety of internal and external customers. Use a team of three or four individuals to answer the following.a. Who are three internal and two external customers of a college or university?b. How would each of the customers from part (a)
(Essay; cost of quality) By building quality into a process rather than making quality inspections at the end of the process, certain job functions (such as that of quality control inspector) can be eliminated. Additionally, the installa¬ tion of automated equipment to monitor product processing
(Cost of quality) Quick Computers is evaluating its quality control costs for 2006 and preparing plans and budgets for 2007. The 2006 quality costs in¬ curred in the CPU Division follow:Prepare a memo to the company president on the following issues:a. Which categories of quality costs would be
(( Control of quality costs: team activity) The following summary numbers have been taken from a quality cost report of British Furniture Company for 2006. The firm manufactures a variety of English furniture products.The company is actively seeking to identify ways to reduce total quality costs.
(Quality information system; team activity) Your company is interested in de¬ veloping information about quality but has a traditional accounting system that does not provide such information directly. In a three- or four-person team, prepare a set of recommendations about how to improve the com¬
(Supplier quality) Assume that Honda Motor Co., Ltd. paid for a full-page advertisement in The Wall StreetJournal. The ad did not tout Honda prod¬ ucts, nor was it in reference to year-end earnings or a new stock issuance. Instead, the ad informed readers that “buying quality parts is not a
Differences from benchmarks) For a benchmark, assume that the average firm incurs quality costs in the following proportions:With a partner, explain why the following industries might be inclined to have a spending pattern on quality costs that differs from the benchmark:a. Pharmaceutical companyb.
(Essay; balanced scorecard) Find The Benchmarking Exchange on the In¬ ternet. What are five business processes that are currently the focus of its members? Why do you think benchmarking processes related to managing human resources rank highly on the benchmarking interest list of compa¬ nies?
(Essay; quality) Pharmeceutical companies Pfizer and Schering-Plough had quality problems at their prescription drug manufacturing plants. [See Scott Hensley, “Pfizer Is Warned by FDA to Fix Plant’s Manufacturing Problems,” The Wall StreetJournal (February 12, 2002), p. BIO; and Reuters,
(Essay; quality and strategy) Three possible goals for a business are to (1) maximize profits, (2) maximize shareholder wealth, and (3) satisfy customer wants and needs. If goals (1) or (2) are chosen, the primary measurements of “success” are organizational profitability or stock price.a. Do
(Essay; external failure cost) Many companies’ products have had flaws;some of these companies have been more forthcoming than others in pub¬ licly acknowledging such flaws.a. Do you think admitting that a product is defective hurts or helps a com- i pany’s reputation?b. Discuss the costs and
(Baldrige Award) Go to the Web site for the Malcolm Baldrige National Quality Award and find the answers to the following questions.a. When and why were the health and education categories established?b. How many applications were made in these two categories in each of the past three years?C. How
(Baldrige Award) Go to the Web site for the Malcolm Baldrige National Quality Award. On this site, you will find a questionnaire entitled “Are We Making Progress?”a. Download the questionnaire and answer the questions relative to your place of employment or university. Ask four of your
Pareto analysis) Rodham Computers identified the following failure costs during 2006: LO.1 COST OF FAILURE BY TYPE Model CPU Internal Drive External Drive All Other Total Dollars Laptop Desktop $ 8,000 $ 7,000 $ 5,000 $ 3,000 $23,000 Mini 7,000 3,000 6,000 12,000 5,000 30,000 1,000 8,000 3,000
(Pareto analysis) Cool-It Refrigerators has identified the following war¬ ranty costs during 2006 according to the type of product failure as follows: LO.1 Model Electrical Motor Structural Mechanical Total Dollars Chic Elegant $25,000 $27,000 $15,000 $ 5,000 $ 72,000 28,000 32,000 26,000 6,000
(Cost of quality) Howell Electronics manufactures hand-held palm pilots for the discriminating business person. The firm produced 3,000 palm pilots dur¬ ing its first year of operations. At year-end, it had no inventoiy of finished goods. The company sold 2,700 units through regular market
lost of quality) E. Hugh-Phones makes portable telephones and produced 20,000 of them during 2006, its first year of operations. It sold all it pro¬ duced that first year except 500 phones that had a particular defect. Of these, 200 were reworked and sold through regular channels at the original
Cost of quality) Golf courses are demanding in their quest for high-quality carts because of the critical need for lawn maintenance. Smooth Bill manu¬ factures golf carts and is a recognized leader in the industry for quality products. In recent months, company managers have become more inter¬
Cost of quality ) Smooth Sailing is very aware that its scuba diving tanks must be of high quality to maintain its reputation of excellence and safety. The company has retained you as a consultant and you have suggested that quantifying the costs that would be important to the understanding and
(Essay: balanced scorecard) Assume that you are in charge of University Physicians Social Service Agency, which provides counseling services to low- income families. The agency’s costs have been increasing with no corre¬ sponding increase in funding. In an effort to implement some cost
(Essay; balanced scorecard) In mid-2004, a study of German accident data in¬ dicated that vehicles made by Porsche AG broke down twice as often dur¬ ing 2003 as cars made by Mazda. The top European performer was ft AG unit Audi. [Source: Chris Reiter and Stephen Power, “Data Show Porsches Broke
(Appendix: ISO) Many companies are becoming ISO certified because of customer requests and because of the need to compete in the global mar¬ ketplace.a. Why do you think customers are insisting that suppliers meet ISO 9000 standards?b. Does meeting ISO 9000 standards mean that a supplier’s
(Appendix; EFQM Award) Go to the EFQM Web site and find the case stud¬ ies archive. Choose one of the companies listed for the past two years. Pre¬ pare a synopsis of the company, and gather additional information about it to make a brief presentation on why it received an award or was a
WHY DO MOST CAPITAL BUDGETING METHODS FOCUS ON CASH FLOWS?LO.1
HOW IS PAYBACK PERIOD COMPUTED, AND WHAT DOES IT MEASURE? LO.1
HOW ARE THE NET PRESENT VALUE AND PROFITABILITY INDEX OF A PROJECT MEASURED? LO.1
HOW IS THE INTERNAL RATE OF RETURN ON A PROJECT COMPUTED? WHAT DOES IT MEASURE? LO.1
HOW DO TAXATION AND DEPRECIATION METHODS AFFECT CASH FLOWS? LO.1
WHAT ARE THE UNDERLYING ASSUMPTIONS AND LIMITATIONS OF EACH CAPITAL PROJECT EVALUATION METHOD? LO.1

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