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business
cost management strategic
Cost Management Accounting And Control 2nd Edition Don R. Hansen, Maryanne Mowen - Solutions
What is the relationship between resources supplied as needed and cost behavior? LO3
What is the relationship between resources supplied in advance of usage and cost behavior? LO3
Explain the difference between committed and dis¬ cretionary fixed costs. Give examples of each. LO3
What is the difference between a step-fixed cost and a step-variable cost? LO3
What is an activity rate? LO3
Why do mixed costs pose a problem when it comes to classifying costs into fixed and variable categories? LO3
Why is a scattergraph a good first step in decom¬ posing mixed costs into their fixed and variable components? LO3
Describe how the scatterplot method breaks out the fixed and variable costs from a mixed cost. Now de¬ scribe how the high-low method works. How do the two methods differ? LO3
What is meant by the best-fitting line? LO3
Is the best-fitting line necessarily a good-fitting line? Explain. LO3
Describe what is meant by goodness of fit. Explain the meaning of the coefficient of determination. LO3
What is the difference between the coefficient of de¬ termination and the coefficient of correlation? Which of the two measures of goodness of fit do you prefer? Why? LO3
What is the purpose of a confidence interval? LO3
When is multiple regression required to explain cost behavior? LO3
Explain the difference between resource spending and resource usage. LO3
Differentiate the cost accounting systems of service and manufacturing firms and of unique and standardized products. LO1
Discuss the interrelationship of cost accumulation, cost measurement, and cost assignment. LO2
Compute a predetermined overhead rate, and use the rate to assign over¬ head to production. LO3
Explain the difference between job-order and process costing, and identify the source documents used in job-order costing. LO4
Describe the cost flows associated with job-order costing, and prepare the journal entries. LO5
Explain why multiple overhead rates may be preferred to a single, plant¬ wide rate. LO6
What is cost measurement? Cost accumulation? What is the difference between the two? LO8
Explain why an actual overhead rate is rarely used for product costing. LO8
Explain the differences between job-order costing and process costing. LO8
What are some differences between a manual job- order cost system and an automated job-order cost system? LO8
What is an overhead variance? Explain the difference between an underapplied and an overapplied over¬ head variance. LO8
How are overhead variances disposed of at the end of the year? Which method of disposal is most com¬ mon? Why? LO8
What is the role of materials requisition forms in a job-order cost system? Time tickets? Predetermined overhead rates? LO8
Explain why multiple overhead rates are often pre¬ ferred to a plantwide overhead rate. LO8
Explain the role of activity drivers in assigning over¬ head costs to products. LO8
Why would some prefer normal activity to expected actual activity to compute a predetermined over¬ head rate? LO8
When computing a predetermined overhead rate, why are units of output not commonly used as a measure of production activity? LO8
Explain how overhead is assigned to production when a predetermined overhead rate is used. LO8
What is the difference between applied overhead and budgeted overhead? Will they ever be the same? If so, explain how. What is the difference be¬tween applied overhead and actual overhead? Will these two ever be the same? If so, when? LO8
Wilson Company has a predetermined overhead- rate of $5 per direct labor hour. The job-order cost sheet for Job 145 shows 1,000 direct labor hours costing $10,000 and materials requisitions totaling $7,500. Job 145 had 500 units completed and trans¬ ferred to finished goods. What is the cost per
Why are the accounting requirements for job-order costing more demanding than those for process costing? LO8
Explain the difference between normal cost of goods sold and adjusted cost of goods sold. LO8
Describe the basic features of operation costing. LO7
What is a process? Provide an example that illus¬ trates the definition. LO7
Describe the differences between process costing and job-order costing. LO7
What are the similarities and differences in the man¬ ufacturing cost flows for job-order firms and process firms? LO7
What are transferred-in costs? LO7
Explain why transferred-in costs are a special type of raw material for the receiving department. LO7
What is a production report? What purpose does this report serve? LO7
Can process costing be used for a service organiza¬ tion? Explain. LO7
Explain how process costing can be used for JIT manufacturing firms. LO7
What are equivalent units? Why are they needed in a process cost system? LO7
How is the equivalent unit calculation affected when materials are added at the beginning or end of the process rather than uniformly throughout the process? LO7
Under what conditions will the weighted average and FIFO methods give essentially the same results? LO7
In assigning costs to goods transferred out, how do the weighted average and FIFO methods differ? LO7
What are the disadvantages of the weighted average method? Advantages? LO7
How are transferred-in costs treated in the calcula¬ tion of equivalent units? LO7
What is operation costing? When is it used? LO7
What is the role of work orders in operation costing? LO7
What is cost management, and how does it differ from cost accounting?LO8
Describe the connection among planning, control¬ ling, and feedback.LO8
What role do performance reports play with respect to the control function?LO8
How do management accounting and financial ac¬ counting differ?LO8
What is the difference between a staff position and a line position?LO8
The controller should be a member of the top man¬ agement staff. Do you agree or disagree? Explain.LO8
Explain the role of financial reporting in the devel¬ opment of management accounting. Is external re¬ porting the only reason firms choose to use inven¬ tory costs for product costing? Explain.LO8
Identify and discuss the emerging themes that are af¬ fecting the way cost accounting is practiced.LO8
How has expanded global competition affected busi¬ nesses' need for accounting information?LO8
PCs significantly increase a manager's capabilities to process and use accounting information. Do you agree? Explain.LO8
What is a flexible manufacturing system?LO8
What is ethical behavior? Is it possible to teach eth¬ ical behavior in a management accounting course?LO8
What are the four parts to the CMA examination? What do they indicate about management account¬ ing versus financial accounting?LO8
Explain the similarities and differences among financial, management, and cost accounting. LO1
Describe the evolution of accounting. LO2
Identify and discuss the emerging themes in cost accounting. LO3
Discuss the importance of the accounting system for internal and external reporting. LO4
Explain the need for cross-functional expertise in today's cost accountant. LO5
Describe the role of cost accountants in an organization. LO6
Explain the importance of ethical behavior for managers and accountants. LO7
Identify the three forms of certification available to internal accountants. LO8
Describe a cost management information system, its objectives and major subsystems, and indicate how it relates to other operating and information systems. LO1
Explain the cost assignment process. LO2
Define tangible and intangible products, and explain why there are differ¬ ent product cost definitions. LO3
Prepare income statements for manufacturing and service organizations. LO4
Describe the relationship between activity drivers and cost behavior. LO5
Explain the differences between traditional and contemporary cost manage¬ ment systems. LO6
What is a system? LO5
What is an accounting information system? LO5
What are the objectives of a cost management infor¬ mation system? LO5
What is the value chain? LO5
Why should the cost management system be inte¬ grated with the operational systems of the value chain? LO5
Define and explain the two major subsystems of the cost management system. LO5
What is a cost object? Give some examples. LO5
What is an activity? Give some examples of activities within a manufacturing firm. LO5
What is a direct cost? An indirect cost? LO5
What does traceability mean? Tracing? LO5
Explain the difference between direct tracing and driver tracing. LO5
What is allocation? LO5
What are drivers? Resource drivers? Activity Driv¬ ers? Give an example of a resource driver and an ex¬ ample of an activity driver. LO5
Explain how driver tracing works. LO5
What is a tangible product? LO5
What is a service? LO5
Explain how services differ from tangible products. LO5
Give three examples of product cost definitions. Why do we need different product cost definitions? LO5
Identify the three cost elements that determine the cost of making a product (for external reporting). LO5
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