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management accounting 4th edition

Questions and Answers of Management Accounting 4th edition

Point Piper prepares monthly cash budgets. Provided below is a set of relevant data extracted from existing reports, and the sub-budgets for the months of September and October.All sales are on
Ken Martin, manager of Lonnie Car Repairers, has requested that you prepare a cash budget for the months of December and January. He has provided the following information to assist in this task.•
Organic Industries intends to start business on 1 January. Production plans for the first four months of operations are as follows.January ................ 20 000 unitsFebruary .............. 50 000
While preparing the cash budget for next year, the accountant at Mines Ltd. identified a $20 million shortfall. This shortfall was due to a capital expenditure item of the same value. The CEO has
Discuss the sources of information used to prepare a cash budget for a manufacturing entity.
Blowervacs produces and sells leaf blowers. Production levels are high in the summer and beginning of autumn and then taper off through the winter. Sales are high in the autumn and early winter and
What methods do organisations use to minimise budgetary slack?
How can budgeting assist an entity to efficiently use its human resources?
How are budgets related to organisational strategies?
The Fairyland Children’s Centre is a community-based, not-for-profit childcare service. A committee of management oversees its operations, with the elected members being parents of children
Refer to the Paige’s Fashion House case in self-study problem 1.Paige ensures that members of her staff regularly attend international fashion shows (for design ideas) as well as become involved in
The Dancing Goat is a small coffee operation with ten cafes located around Melbourne. Each has a manager and up to five full-time employees to cover the 7.30 am to 4.30 pm, Monday to Saturday opening
Green Building Group specialises in a range of construction services including design services, shop and office fitouts, and recently developed environmental consulting services for architects and
‘I’m really not sure our information systems are as well placed as they could be to help us drive our performance. The industry data and my own observations suggest we need to do better in this
Cowmilka is a dairy products producer. Its logistics cost centre has 65 employees and a fleet of 25 milk tankers. It is a cross-functional cost centre with administrative staff (customer service and
The Organic Corn Company processes and distributes corn packed in 500-gram plastic bags that are sold to supermarkets for 50 cents each in boxes of 100 bags. The most recent statement of profit or
Data Processors provides credit card services for the banking industry. It is preparing its budget for 2020 and, as it has been using activity-based costing, it intends to develop an activity-based
The manager of the HR department of Nancy Accountants has been asked to prepare her annual budget on a zero-based budgeting basis.RequiredOutline why this request for a zero-based budget may have
Discuss how a hospital could use activity-based budgeting to assist with planning for the coming year.
Trinity Records is a company that finds and signs a new artist, develops a marketing strategy, records the music, and distributes the music to retailers. Data for the CD division of Trinity Records,
Ange Pala, the chief financial officer of a national tourist company, has become increasingly dissatisfied with the current budget process in the organisation. Much of her dissatisfaction relates to
At a recent management meeting looking at the entity’s achievements against its strategic objectives, an operational manager was heard making the following comment: ‘I look after operations on a
Stevan Donald, the marketing manager for Organic Brewing Company, has projected a 20 per cent increase in sales of hop beers next year.RequiredComment on how this increase in sales will impact on
Jordy is the CEO of a scaffolding construction company. He is about to begin preparing the budget for the coming financial year for the entire organisation. Last year he was disappointed by the
Explain how zero-based budgeting assists with planning in discretionary cost centres.
Explain how program budgeting assists with planning in discretionary cost centres.
Classify the following cost centres as more likely to be engineered cost centres or discretionary cost centres.• R&D department• HR department• Manufacturing plant
Why do proponents of the Beyond Budgeting movement recommend abandoning traditional budgets?
Outline the key components of Beyond Budgeting.
Explain why the budgeting process might not necessarily be successfully implemented in an organisation.
Briefly describe the attributes of activity-based and kaizen budgeting.
Explain the key concepts of zero-based budgeting.
Explain the key concepts of program budgeting.
Distinguish between a discretionary cost centre and an engineered cost centre.
Explain why it is important that an organisation’s budget be linked to strategy.
How do organisations identify the costs of a cost object?
Yummy Yoghurt sells yoghurt cones in a variety of natural flavours. Data for a recent month follow:Required(a) Categorise each cost as fixed or variable.(b) Create a cost function. Revenue $9 000
In the planning or strategic budgeting process, explain how a sales revenue budget can be determined.
Outline the meaning of the profit planning or strategic budgeting process.
All-Day Lolly Company is a wholesale distributor of confectionery. The entity services grocery and convenience stores in the metropolitan area. Small but steady growth in sales has been achieved by
Janna Processing is a single-product entity, and provides the summary data shown relating to its product for the current year.Selling price per unit
SmallScale Publishing are considering offering eBooks. Market analysis has been undertaken and the breakdown of sales together with financial information follows. Due to the change in business model,
SmallScale Publishing has now been operating for a couple of years. Sales have been growing and management have been excited about business performance. Currently the business sells two very popular
SmallScale Publishing has just commenced business and will sell only one title, ‘New to Business’. Market analysis has indicated that sales for the next 6 months should be 5 000 copies. The
Identify an industry that would have a high level of operating leverage. Briefly comment on your selection.
Give an example of how a business can reduce variable costs by increasing fixed costs.
How do different cost structures affect the breakeven point and operating leverage?
An organisation experiences a 20 per cent increase in pre-tax profits when revenues increase 20 per cent. Assuming linearity, what do you know about the organisation’s cost function?
You are an accountant for the Department of Defence. The government is considering a change of rules for the allocation of research and development costs. The government is asking contractors to
Food on Wheels is a charitable organisation that provides meals for low-income individuals who are unable to leave their homes. To support its services, the organisation solicits contributions from
Wright Medical Centre has identified the following activities and cost drivers for the coming financial year.RequiredCalculate the activity cost rate for each activity. Total expected use Activity
Venture Buses operates throughout the south-eastern suburbs of Melbourne, with its depot located in Cheltenham. Every day, fuel is delivered and stored in tanks located in the depot. This fuel is
For each of the following activities undertaken to bake pastries and cakes, identify a suitable cost driver to allocate costs.(a) Mixing ingredients(b) Baking pastries and cakes(c) Decorating
During a recent management meeting at Sunset Consulting Services, a team member questioned why the costing system had multiple indirect cost pools given it would be easier just to have one. Provide a
Refer to the Partridge Insurance example (comprehensive example 1) in the chapter. Explain how the support departments can be classified as both cost objects and cost pools in the costing system.
Outline the key steps in a costing framework.
Explain how cost data is sourced in a costing framework.
What is a cost object? Give three examples.
For what purposes do organisations need cost information?
Mernda Health Care Centre recently began to offer day surgery procedures. The Centre was not experienced in the costing of such services and, as a temporary measure, the subsidised patientday charge
Wentworth Ltd sold 100 000 1 litre bottles of mineral water last year at $4 per unit and made a profit of $50 000. This year the costs for Wentworth Ltd remained the same, it sold 120 000 units at
The Elder Clinic, a not-for-profit entity, provides limited medical services to low-income elderly patients. The manager’s summary report for the past four months of operations is reproduced
The following is the description of a cost: total fixed costs are $50 000 per month and the variable cost per unit is $10 when production is under 1000 units. The variable cost drops to $9 per unit
Express Lunch operates a small food van that sells a variety of sandwiches and beverages. Total fixed costs are $20 000 per month. Last month total variable costs were $8000 when total sales were$32
(a) Total fixed costs are $10 000 per week and the variable cost per unit is $8. Write the algebraic expression for the cost function and graph it. What are the assumptions of the cost function?(b)
Bridges and Roads is an entity engaged in road construction. Some selected items from its chart of accounts are listed below.RequiredFor each account, indicate whether the account represents a fixed,
Why might some have trouble classifying costs as fixed or variable?
List two examples of non-linear cost functions and describe a method of developing a cost function for each one.
You are about to start a coffee shop business. What do you understand by ‘cost behavior’? Explain how your accountants could help you in building an understanding of cost behavior. Identify the
You have been asked to provide the managing director with an approximate cost function for the entity’s activities, and it must be done by this afternoon. Some members of the board of directors
The Woolworths Group has a goal of having customers put the company first across all their brands. To achieve this the Group has identified five priorities.91. Building a customer and store-led
Traditionally, government organisations have tended to operate in silos, focusing on their own objectives and managing and protecting their own budgets. Recently, however, faced with seemingly
Using figure 1.5 as an example, develop an internal value chain for an airline such as Virgin Australia.Figure 1.5 Inbound logistics supply of grapes and packaging/production Research and development
Australian fashion designer Sean Ashby commenced his men’s swimwear and clothing business aussieBum in 2001. A keen swimmer and surfer, he was unable to find a good pair of men’s cossies and used
Frank owns a caravan and loves to visit national parks with his family. However, the family only takes two one-week trips in the caravan each year. Frank’s wife would rather stay in motels than the
With reference to Merino Designs in self-study problem 2, differentiate between an industry value chain and an organisational value chain.
Suppose that the following are activities conducted by Microsoft Corporation.A. Comparing the timeliness of development steps of a new release of Windows with the timeline that was laid out to guide
Differentiate between the management accounting function and the management accountant.
Classify the following reports as internal or external.(a) Operating budget(b) Credit reports(c) Financial statements(d) Capital budget(e) Tax returns(f) Analysis of product mix
Identify two key influences on the nature of a management accounting system.
Outline the meaning of structural cost drivers.

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