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cost accounting
Questions and Answers of
Cost Accounting
This problem illustrates how costs of two corporate support departments are allocated to operating divisions using the dual-rate method. Fixed costs are allocated using budgeted costs and budgeted
Henry Jackson, the new controller of United Manufacturing Company (UMC) believes that the company should use the dual rate method of allocating overhead costs of its Materials Management Department
Allied Chemicals operates an assembly process as the second of three processes at its plastics plant. Conversion costs are added evenly during the process, while direct materials are added at the
Burlington Textiles has spoiled goods with an assigned cost of $40,000 and zero net disposal value. Prepare a journal entry for each of the following conditions under:(1) Process costing (department
Assume that Job #10 of Textual Brilliance generates normal scrap with a total sales value of $700 (it is assumed that the scrap returned to the storeroom is sold quickly). Prepare the journal entries
Campbell Soup Company incurs the following costs:a. Purchase of tomatoes by a canning plant for Campbell’s tomato soup productsb. Materials purchased for redesigning Pepperidge Farm biscuit
Describe the five-step decision-making process.
Minnesota Office Products produces three different paper products at its Vaasa lumber plant: Supreme, Deluxe, and Regular. Each product has its own dedicated production line at the plant. It
The Howell Corporation has the following account balances (in millions):RequiredPrepare an income statement and a supporting schedule of cost of goods manufactured for the year ended December 31,
Wembley Travel Agency specializes in flights between Los Angeles and London. It books passengers on United Airlines at $900 per round-trip ticket. Until last month, United paid Wembley a commission
1. Blanchard Company manufactures and sells dresses at a variable cost of $30 each and a fixed cost of x. It can sell 6,000 dresses at a selling price of $50 to earn an operating income of $20,000 or
The Belkin Company has three product lines of coffee mugs—A, B, and C—with contribution margins of $7, $5, and $4, respectively. The president foresees sales of 240,000 units in the coming
Your manager asks you to bring the following incomplete accounts of Endeavor Printing, Inc., up to date through January 31, 2020. Consider the data that appear in the T-accounts as well as the
Family Supermarkets (FS) has decided to increase the size of its Memphis store. It wants information about the profitability of individual product lines: soft drinks, fresh produce, and packaged
Adamac Clinic is a specialist healthcare provider which operates in Lagos, Nigeria. Output is defined as patient days. The clinic uses ABC in its accounting system and provides the following three
CoreTech Laboratories does heat testing (HT) and stress testing (ST) on materials and operates at capacity. Under its current simple costing system, CoreTech aggregates all operating costs of
Outline the basic principles of Responsibility Accounting.
The difference between the standard hours for the actual output and actual hours is.(a). Labour rate variance. (b). Overhead cost variance. (c). Labour efficiency variance. (d). Overhead volume
Cost variance includes all but one of the following.(a). Direct material variance. (b). Direct labour variance. (c). Variable overhead variance. (d). Sales variance.
A standard cost system may be used in (a). Either job order costing or process costing. (b). Job order costing but not process costing. (c). Process costing but not job order costing. (d).
If actual hours worked exceed the standard hours allowed what type of variance will occur.(a). Favourable labour usage (efficiency) variance. (b). Favourable labour rate variance. (c). Unfavourable
An unfavourable materials price variances occurs because of. (a). Price increases in raw materials. (b). Price decreases in raw materials. (c). Less than anticipated normal wastage in the
Which of the following is a purpose of standard costing? (a). Determine a break even production level. (b). Control costs. (c). Allocate cost with more accuracy. (d). Eliminate the need for
When calculating variances from standard costs, the difference between actual and standard price multiplied by actual quantity gives a. (a). Total price and quantity variance. (b). Price
If a company follows a practice of isolating variances at the earliest point in time, what would be the appropriate time to isolate and calculate a material price variance? (a). When material is
In a standard cost system the materials price variance is obtained by multiplying the.(a). Actual price by the difference between actual quantity purchased and standard quantity used. (b). Actual
How is a labour rate variance computed? (a). Difference between standard and actual rate multiplied by standard hours. (b). Difference between standard and actual hours multiplied by actual
Materials usage variances are normally chargeable to which department?(a). Production (b). Purchasing (c). Finished goods (d). Materials storage
Define budget and budgetary control. Give a description of two important budgets.
Information to prepare a flexible budget includes.(a). Total fixed costs, total variable cost (b). Total fixed costs, total variable costs and capacity base (c). Unit fixed costs and unit variable
(a). Define budgetary control and explain its objectives. (b). Define how functional budgets are built up, taking any one specific example.
The scarce factor of production is known as. (a). Key factor (b). Limiting factor (c). Critical factor (d). All of the above
Explain the meaning of a business budget. How does it serve as an instrument of control?
Which of the following is a budget designated to furnish budgeted costs for any level of activity actually attained. (a). Fixed budget (b). Flexible budget (c). Master budget (d). Production
Discuss the mode of operation of systems of budgets and budgetary control.
Flexible budgets are useful for.(a). Planning purposes only (b). Planning, performance evaluation and feedback control (c). Control of performance only (d). Nothing at all.
What are the advantages arising out of the budgetary control system? What do you think are the essentials of an effective budgetary control system?
What do you understand by budgetary control? Explain the mechanism that would lead to effective control.
Discuss the objectives and limitations of budgetary control.
Define budgetary control and discuss the objectives of introducing a budgetary control system in an organisation.
Discuss the cardinal features and objectives of budgetary control.
Explain the difference between a forecast and a budget. Give examples to illustrate the differences between: (a). Fixed budget, (b). Flexible budget,(c). Functional budget.
What are functional budgets. Which functional budgets are most commonly used by management?
Define budgetary control and distinguish it from standard costing. Discuss the inter-relationship between budgetary control and the standard costing system.
Discuss briefly the procedure for the preparation of a sales budget.
What do you understand by a flexible budget?
What is a sales budget? How is it prepared?
Describe briefly the fundamental functions of business budgets.
Explain the concept of a flexible budget. How is it prepared?
What is flexible budget? How does the sales forecast differ from the sales budget?
What do you understand by Flexible Budget ? How is it prepared? Distinguish between fixed budgeting and flexible budgeting.
Explain the following: (a). Zero Base Budgeting. (b). Master Budget.
List the important functional budgets prepared by a business.
Distinguish between budget and forecast. What is a cash budget? What are its uses?
Explain three control ratios used for performance evaluation.
State the important features of zero base Budgeting.
Distinguish between fixed and flexible budget.
Discuss the necessary steps for the success of budgetary control system in an organisation.
What purpose is served by instituting a budgetary control system in an organisation having both manufacturing and selling activities.
Distinguish between the following: (i). Zero base budget and conventional budget (ii). Cost control and cost reduction
Budget is an aid to management, not a substitute for management. Comment.
Standard costing and budgeting control are interrelated but not interdependent.
Distinguish between standard costing and budgetary control.
What are the main objectives of a system of budgetary control? Do you think budgetary control is subject to certain limitations?
Define flexible budget and explain its importance as a budgeting technique and tool of control.
Distinguish between standard costing and budgeting control. What are the essential requirements for installing an efficient system of budgetary control?
Distinguish between conventional budgeting and zero base budgeting.
Briefly explain the essentials of an effective budgetary control system.
Flexible budgets are more realistic and useful than fixed budgets. Do you agree? Explain.
Explain zero base budget.
Yonex India Ltd. is segmented into three divisions A, B and C. All were formed in the same year and now all assets have left exactly one-half of their expected life. Top management is attempting to
Explain the concept of responsibility accounting. What are the different types of responsibility centres.
The operating performance of the three division of ABC company for 2003 is as follows: (a). Using the operating profit margin percentage as the criterion, which is the most profitable
Discuss the essential of responsibility performance reporting.
How will you measure the performance of cost and revenue division?
The Components Division produces a part that is used by the Goods Division. The cost of manufacturing the part is given below: The part usually sells for between Rs. 28 and Rs. 30 in the external
Distinguish between cost centre and profit centre.
Discuss responsibility accounting in brief.
What is responsibility centre? Discuss briefly the nature of various types of responsibility centres.
Write short notes on the following: Responsibility centres-cost centre and profit centre.
Describe and compare the main performance measures that have been suggested to measure the divisional performance.
Profit, return on investment and residual income have stood the test of time and are widely used for measuring the performance of a division. Describe the strengths and weaknesses of these measures
Outline problem in defining and measuring capital employed in a division.
Explain the rationale of using an interest charge while measuring the performance of a division.
In ROI, there is lack of consensus on the definition of numerator and denominator both. Explain the statement.
Explain the essential ingredients of a system of Responsibility Accounting.
What are the financial and non-financial methods of performance measurement? Explain with examples, wherever, feasible.
What is meant by divisional performance measurement? Describe any two techniques used for this purpose.
Discuss the important of market prices in transferring pricing system.
What do you mean by responsibility accounting?
Discuss the merits and demerits of ROI and RI for divisional performance measurement.
What are the objectives of transfer pricing system?
Explain the utility of cost-based prices under transfer pricing.
Write notes on. (i). Negotiated prices(ii). Dual prices.
Explain the concept of uniform costing. What is a uniform costing manual?
What principal factors should be considered in introducing a system of uniform costing in an industry?
What is a uniform cost accounting system? What are the items on which you would seek uniformity so far as overheads are concerned in a uniform cost accounting system?
A scheme of inter-firm comparison combines the advantages of a uniform costing system and the benefits arising out of the use of ratios. Discuss.
Discuss the scope and applications of uniform costing methods and their usefulness especially in the context of the economy of our country. Assume that you are advising a trade association in this
Why is inter-firm comparison desirable? What are the essential points that should be considered in inter-firm comparison? What are its advantages.
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