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management accounting information
Management Accounting Information For Creating And Managing Value 9th Edition Kim Langfield Smith, David Smith, Paul Andon, Ronald W. Hilton - Solutions
16.1 Describe the traditional approaches to controlling costs used by many Australian businesses. How does cost management differ from these approaches? LO 16.1
16.2 How does activity-based management differ from activity-based costing? LO 16.2
16.3 How can an organisation use activity-based management to Identify opportunities to reduce costs? LO 16.2
16.4 What is a root cause cost driver? Why are they important in efforts to manage costs? LO 16.2
16.5 What is value analysis? Provide three examples of non-value-adding activities for an online fashion retailer. LO 16.2
16.6 The Real Life titled 'Managing costs, throughput and quality for customer value: Flinders Medical Centre' in the section 'Managing quality' outlines techniques used to manage costs and quality at the Flinders Medical Centre. Explain how spare capacity might arise as a result of reducing
16.7 How can activity-based performance measures reduce costs? Provide an example of an activity-based performance measure of quality for a car manufacturer. LO 16.2
16.8 What is business process re-engineering? Is it relevant to activity-based management? LO 16.3
16.9 Describe the four major steps used in business process re-engineering. LO 16.3
16.10 What is a product life cycle? How does this concept help better manage costs? LO 16.4
16.11 Explain the trade-off between pre-production costs and production costs over the product life cycle. How can understanding this trade-off help a business manage its costs? LO 16.4
16.12 What is the best time for a business to use target costing to reduce costs and plan profits? Justify your response. LO 16.4, 16.5
16.13 'A target cost cannot lead to cost reduction when it is simply the outcome of setting a target selling price and a target profit margin. Provide a response to this statement. LO 16.5
16.14 What is kaizen costing? How does it relate to target costing? LO 16.5
16.15 What is the theory of constraints? What does this concept focus cost management efforts on? LO 16.6
16.16 According to throughput accounting, how should performance be measured at the operational level? What advantages and disadvantages do these measures offer? LO 16.6
16.17 Define quality and explain the difference between quality of design and quality of conformance. LO 16.7
16.18 Describe the four types of quality costs. Provide an example of each type of cost for a pizza delivery business. LO 16.8
16.19 How might an increase in appraisal activities affect one or more of the other quality cost categories? LO 16.8
16.20 Describe the similarities and differences between total quality management and Six Sigma. LO 16.9
17.1 Explain the meaning of corporate sustainability and why it is of increasing interest to organisations and their stakeholders.
17.2 Explain the frameworks that guide sustainability reporting and the benefits of sustainability reporting.
17.3 Describe the broad range of stakeholders that may influence sustainability practices.
17.4 Outline the implications for management accounting of increased sustainability reporting.
17.5 Explain the challenges to be met in recognising and measuring economic, environmental and social impacts.
17.6 Describe the techniques used in environmental management accounting (EMA).
17.7 Identify and explain the five tiers of environmental costs.
17.8 Integrate environmental costs in the analysis of costs for decision making.
17.9 Explain how sustainability approaches can be included in supply chain management.
17.10 Describe the types of performance indicators that can be used to assess environmental and social impact.
17.11 Describe how the balanced scorecard can be adapted to include sustainability outcomes and drivers.
17.12 Include sustainability impacts in capital investment analyses.
17.1 What does the term sustainability mean when applied to a business context? LO 17.1
17.2 'Let's be honest-sustainability doesn't make business sense, and should be left to government and the community to deal with. Companies should focus on making money.' Discuss. LO 17.1
17.3 The Real Life titled 'Corporate responsibility reporting around the globe' in the section 'Corporate sustainability' states that an increasing number of companies are reporting their sustainability performance. Explain why organisations report their sustainability performance, particularly
17.4 What are integrated reports and how do they relate to sustainability reports? LO 17.2
17.5 The Real Life titled 'Adoption of integrated reporting' in the section 'Corporate sustainability' indicates that the take up of the integrated reporting framework is slow. What are some of the reasons for this? Discuss. LO 17.2 REAL LIFE
17.6 Identify three key stakeholders for any one of the organisations discussed in the Real Life scenarios included in this chapter. For each identified stakeholder, provide one example of how they may influence the organisation. Why are stakeholder influences important to take into account in
17.7 Explain how management accounting systems can be adapted to enable an organisation to engage in sustainability reporting. LO 17.4
17.8 Outline the challenges for organisations that seek to measure the future impact of their current activities on the environment and society. LO 17.5
17.9 What is an environmental management system (EMS) and how does this relate to environmental management accounting (EMA)? LO 17.6
17.10 Explain the difference between tier 2 and tier 3 environmental costs and provide two examples of each. LO 17.7
17.11 Explain why managers might wish to recognise tier 4 and tier 5 environmental costs, both of which are external to the organisation. LO 17.7
17.12 Why is it difficult to effectively estimate some environmental costs? LO 17.7
17.13 Explain how environmental and social cost information may change management decision making. Provide two examples. LO 17.8
17.14 Provide an example of an environmental or social impact that, if reduced, could also reduce costs for: (a) a bank (b) a mining company (c) a medical centre. LO 17.8
17.15 Refer to the Real Life titled 'A life cycle analysis of carbon emissions' in the section 'Sustainability and supply chain management'. What did the life cycle assessment of Oxford Landing wine show? How might managers across the value chain use this information to reduce the environmental
17.16 Outline the major types of performance indicators that may be used under ISO 14031. Provide two examples of each type. LO 17.10
17.17 How can the balanced scorecard be adapted to include sustainability measures? LO 17.11
17.18 Review the sustainability balanced scorecard in Exhibit 17.10. For each of the four perspectives, provide an additional performance indicator that addresses an aspect of environmental impact or social impact. LO 17.11
17.19 Describe how the capital expenditure evaluation process can take into account environmental and social impacts. LO 17.12
17.20 Provide three examples of social impacts that may be associated with the construction of a new light rail link connecting the Sydney suburb of Parramatta to the Sydney Olympic precinct. LO 17.12
18.1 Calculate the break-even point in sales units using the cost volume profit (CVP) equation.
18.2 Calculate the contribution margin ratio, and use it to find the break-even point in sales dollars.
18.3 Prepare a CVP graph and a profit volume graph, and explain how they may be used.
18.4 Use the break-even formula to determine the sales units or sales revenue required to achieve a target net profit.
18.5 Apply CVP analysis to determine the effect on profits of changes in fixed costs, variable costs, sales prices and sales volume.
18.6 Calculate the break-even point and prepare a profit volume graph where there are multiple products.
18.7 Include income taxes in CVP analysis.
18.8 Describe the limitations and potential uses of CVP analysis in practice.
18.9 Use activity-based approaches within CVP analysis and understand the limiting assumptions implicit in this analysis.
18.10 Explain how financial planning models can be used for sensitivity analysis and to develop more sophisticated profit models.
18.11 After studying the appendix, explain the concepts of cost structure and operating leverage, and measure operating leverage.
18.1 Briefly explain how the break-even point is calculated: (a) in sales units (b) in sales dollars (c) using a graph. LO 18.1, 18.2, 18.3
18.2 'To estimate the contribution margin, we need to know the price per unit. Fixed costs are irrelevant.' Do you agree with this statement? Justify your response. LO 18.1
18.3 How does a cost volume profit (CVP) graph differ from a profit volume graph? LO 18.3
18.4 How can a profit volume graph be used to predict a company's profit for a particular sales volume? LO 18.3
18.5 Explain how the formula to estimate break-even sales revenue can be adjusted to estimate the sales revenue required to achieve a target net profit (both before and after tax). LO 18.4
18.6 InStyle Jeans has decreased its fixed costs per pair of jeans sold. However, its variable costs have increased as a result. Why might this happen and how will these changes affect the firm's break-even point? LO 18.5
18.7 In a strategy meeting, the manufacturing director said, 'Raising the price of our product will reduce the company's break-even point. The financial director responded by saying, 'That's great-we should raise our price then, as the company will be less likely to incur a loss. Do you agree with
18.8 Explain what safety margin means. How can managers use this information to manage the profitability of a business? LO 18.5
18.9 A not-for-profit art gallery covers its operating costs by charging an admission fee. A local arts enthusiast has offered to make an annual donation of $10000 to the gallery. Explain how this donation will affect the gallery's break-even point. LO 18.5
18.10 Two companies have identical products, total fixed costs and variable costs per unit, yet one company is able to set a much lower price for its product and still be as profitable as the other company. Explain how this can happen. LO 18.5
18.11 Refer to the Real Life titled 'Making the most of our coffee culture' in the section 'Practical issues in CVP analysis'. How could CVP analysis be used in budgeting and making decisions about pricing coffee and cakes in a cafe? LO 18.5 REAL LIFE
18.12 Using the example of the salmon producer Tassal, as described in the Real Life titled 'Salmon-a fishy success story' in the section 'CVP analysis with multiple products', explain what sales mix means. How could a weighted average contribution margin be calculated and used in CVP analysis? LO
18.13 Aquatastic Aquariums sells small, medium and large fish tanks. What assumptions need to be made to carry out a CVP analysis for this organisation? Does making these assumptions mean that CVP analysis is of little value to this business? Explain your answer. LO 18.6, 18.8
18.14 Explain how income taxes affect the calculation of a firm's break-even point. LO 18.7
18.15 'I've studied economics, so I know that the price of a product can influence the quantity sold. CVP ignores this.' Discuss. LO 18.8
18.16 Explain how an activity-based approach to analysing production costs and customer-related costs affects cost volume profit analysis. LO 18.9
18.17 Explain how sensitivity analysis can be used to help deal with uncertainty in CVP analysis. How can computer modelling help with sensitivity analysis? LO 18.10
18.18 (appendix) What is operating leverage? How can an understanding of this concept be useful to managers? LO 18.11
18.19 (appendix) East Ltd manufactures Blu-ray players using a completely automated production process. West Ltd also manufactures Blu-ray players, but its products are assembled manually. How will these two firms' cost structures differ? Which company will have a higher operating leverage factor?
18.20 (appendix) The obvious strategy to increase profitability is to focus on cost structure and ensure high operating leverage. I just don't understand why more firms don't go this way. Do you agree? Explain your answer. LO 18.11
19.1 Describe the steps in the decision-making process, and the management accountant's role in that process.
19.2 Explain the differences between tactical decisions and long-term decisions.
19.3 Describe the characteristics of relevant information.
19.4 Identify relevant information, including giving the appropriate treatment to sunk costs and opportunity costs.
19.5 Select and analyse relevant information for special order decisions.
19.6 Select and analyse relevant information for decisions about whether to make or buy a product.
19.7 Select and analyse relevant information for decisions to add or delete a product or department.
19.8 Explain how to treat joint product costs in decisions about whether to sell a product or process it further.
19.9 Complete relevant cost analysis using activity-based costing.
19.10 Discuss how incentives can influence the way that managers make decisions.
19.11 Identify the pitfalls to avoid when using accounting data in decisions.
19.12 After studying the appendix, use various approaches to allocate joint costs to products, and evaluate the usefulness of these approaches for managerial decision making.
19.1 Outline the seven steps of the decision-making process. Apply these steps to the decision about whether or not to buy yourself a new bed. LO 19.1
19.2 The Real Life titled 'What role do accountants play in decision making?' in the section 'The management accountant's role in decision making' outlines the challenges accountants face in providing insightful analysis to assist managers' decisions. Drawing on the CGMA Competency Framework 2019
19.3 Distinguish between qualitative and quantitative decision analysis. Use the bed purchase decision from Question 19.1 to provide examples of each type of data. LO 19.1
19.4 'All decisions have long-term implications, so the distinction between tactical decisions and long-term decisions is meaningless.' Do you agree or disagree with this statement? Give your reasons. Lo 19.2
19.5 In analysing information to make decisions, is objective information always relevant? Is objective Information always accurate? In each case, give examples to support your answer. LO 19.3
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