Managerial Accounting 8th Edition Don R. Hansen, Maryanne M. Mowen - Solutions

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Define the following terms: (a) cost behavior and (b) relevant range.
What effect does an increase in the activity level have on:a. Average fixed costs per unit?b. Variable costs per unit?c. Total fixed costs?d. Total variable costs?
Distinguish between (a) a variable cost, (b) a fixed cost, and (c) a mixed cost.
Explain the difference between a product cost and a period cost.
Define the following: (a) direct materials, (b) indirect materials, (c) direct labor,(d) indirect labor, and (e) manufacturing overhead.
What are the three major types of product costs in a manufacturing company?
Why do companies use sequential prenumbering for documents such as checks, sales invoices, and purchase orders?
Why do companies take a physical count of their inventory on hand at least once per year?
What internal controls would you implement to help maintain control of your credit sales and accounts receivable?
As a form of internal control, what documents would you review prior to paying an invoice received from a supplier?
If you were a restaurant owner, what internal controls would you implement to help maintain control of your cash?
Why is ethical behavior important to business?
Why are leadership skills important to managers?
Why do companies that implement Lean Production tend to have minimal inventories?
Locate the website of any company that publishes a corporate social responsibility report(also referred to as a sustainability report). Describe three nonfinancial performance measures included in the report. Why do you think the company publishes this report?
Pick any large company and explain three ways that it could segment its companywide performance.
Pick three industries and describe how the risks faced by companies within those industries can influence their planning, controlling, and decision-making activities.
Pick any large company and describe three risks that it faces and how it responds to those risks.
Why do management accountants need to understand their company’s strategy?
Pick any large company and describe its strategy using one of the three customer value propositions defined in the prologue.
Why is managerial accounting relevant to accounting majors and their future careers?
Why is managerial accounting relevant to business majors and their future careers?
Why do companies prepare budgets?
If you had to decide whether to continue making a component part or to begin buying the part from an overseas supplier, what quantitative and qualitative factors would influence your decision?
Pick any major television network and describe some planning and control activities that its managers would engage in.
How does managerial accounting differ from financial accounting?
The performance of the subsidiary manager is equivalent to the performance of a subsidiary.Do you agree or disagree? Explain.
What is hedging? If a company imports materials, payable in full in 90 days in the foreign currency, why might the company want to hedge?
All environmental failure activities are non-valueadded activities. Do you agree or disagree? Explain.
How can life-cycle costing improve life-cycle assessment?
What is life-cycle assessment?
What is the difference between a realized external failure (environmental) cost and an unrealized external failure (societal) cost?
Explain what is meant by the long-wave and the short-wave of value creation.
Describe the benefits of life-cycle cost budgeting.
Identify eight forms and sources of waste.
What is gainsharing?
What are the differences between quality and productivity? Similarities?
What is the price-recovery component?
What is profit-linked productivity measurement?
How can a manager measure productivity improvement?
Explain the purpose of multiple-period trend analysis for quality costs.
What are the differences between the zero-defects model and the robust quality model?
What is the difference between the AQL model and the zero-defects model?
Discuss the value of a quality cost report.
What are the three methods for estimating hidden quality costs?
What are hidden quality costs? Provide an example.
Explain the difference between the traditional view of conformance and the robust view.
What is quality of conformance?
What is reliability? Durability?
Explain what is meant by “quality.”
What is a drum-buffer-rope system?
Explain why some indirect manufacturing costs in traditional manufacturing become direct costs in JIT manufacturing. Give some examples of costs that change in this way.
What environmental factors can affect divisional performance in a multinational firm?
What are manufacturing cells? Explain how they differ from production departments.
What is JIT manufacturing? List five ways in which JIT manufacturing differs from traditional manufacturing.
Suppose that a material has a lead time of three days and that the average usage of the material is 12 units per day. What is the reorder point? If the maximum usage is 15 units per day, what is the safety stock?
Explain the important factors to consider for capital investment in the advanced manufacturing environment.
Describe why it is important for a manager to conduct a careful review of the assumptions and methods used in forecasting cash flows.
Suppose that a firm must choose between two mutually exclusive projects, both of which have negative NPVs. Explain how a firm can legitimately choose among two such projects.
The net present value is the same as the profit of a project expressed in present dollars. Do you agree or disagree? Explain.
Explain the procedures for graphically solving a linear programming problem. What solution method is usually used when the problem includes more than two or three products?
What is an objective function? A constraint? A constraint set?
Discuss the purpose of linear programming.
When can a firm legally offer different prices for the same product?
Why are fixed costs never relevant in a product mix decision?
What are some ways a manager can expand his or her knowledge of the feasible set of alternatives?
What is the difference, if any, between a relevant cost and a differential cost?
Explain why relevant costs need to be expressed on a periodically recurring basis.
Discuss the need for management accounting information.
Differentiate between management accounting and financial accounting.
Provide a brief historical description of management accounting.
Identify the current focus of management accounting.
Describe the role of management accountants in an organization.
Explain the importance of ethical behavior for managers and management accountants.
List three forms of certification available to management accountants.
Describe the cost assignment process.
Outline the differences between functional-based and activity-based management accounting systems.
Define cost behavior for fixed, variable, and mixed costs.
Explain the role of the resource usage model in understanding cost behavior.
Evaluate the reliability of a cost equation.
Discuss the role of multiple regression in assessing cost behavior.
Describe the use of managerial judgment in determining cost behavior.
Discuss the importance of unit costs.
Describe functional-based costing approaches.
Tell why functional-based costing approaches may produce distorted costs.
Explain how the number of activity rates can be reduced.
Describe activity-based management and explain its relationship to activity-based costing
Describe activity performance measurement.
Describe activity-based customer and supplier costing.
Describe the basic characteristics of and the differences between job-order costing and process costing, and identify the types of firms that would use each method.
Describe the cost flows associated with process costing.
Explain how process costing is affected by nonuniform application of manufacturing inputs and the existence of multiple processing departments.
(Appendix A) Complete a departmental production report using the FIFO method.
(Appendix B) Prepare the journal entries associated with job-order and process costing.
Calculate single and multiple charging rates for a support department.
Allocate support-department costs to producing departments using the direct, sequential, and reciprocal methods.
Compute departmental overhead rates.
(Appendix) Describe the allocation of joint costs to products.
Discuss budgeting and its role in planning, control, and decision making.
Define and prepare a master budget, identify its major components, and outline the interrelationships of its various components.

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Managerial Accounting 8th Edition Don R. Hansen, Maryanne M. Mowen - Solutions

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