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business
managerial accounting 8th
Managerial Accounting 8th Edition Don R. Hansen, Maryanne M. Mowen - Solutions
Describe flexible budgeting, and list the features that a budgetary system should have to encourage managers to engage in goal-congruent behavior.
Explain how activity-based budgeting works.
Tell how unit standards are set and why standard costing systems are adopted.
State the purpose of a standard cost sheet.
Compute the materials and labor variances, and explain how they are used for control.
Calculate the variable and fixed overhead variances, and give their definitions.
Appendix: Prepare journal entries for materials and labor variances, and show how to account for overhead variances.
Compute and explain return on investment (ROI).
Compute and explain residual income and economic value added (EVA).
Determine the number of units that must be sold to break even or to earn a targeted profit.
Calculate the amount of revenue required to break even or to earn a targeted profit.
Apply cost-volume-profit analysis in a multiple-product setting.
Describe the tactical decision-making model.
Explain how the activity resource usage model is used in assessing relevance.
Apply tactical decision-making concepts in a variety of business situations.
Appendix: Use linear programming to find the optimal solution to a problem of multiple constrained resources.
Discuss the role and value of postaudits.
Describe capital investment in the advanced manufacturing environment.
Discuss JIT inventory management.
Explain the theory of constraints, and tell how it can be used to manage inventory.
Identify and describe the four types of quality costs.
Prepare a quality cost report, and differentiate between acceptable quality level and the view espoused by total quality control.
Tell why quality cost information is needed, and show how it is used.
Explain what productivity is, and calculate the impact of productivity changes on profits.
Describe the basic features of lean manufacturing.
Describe lean accounting.
Explain the basics of life-cycle cost management and target costing.
Discuss the basic features of the Balanced Scorecard and its role in lean manufacturing.
Discuss the importance of measuring environmental costs.
Compare and contrast activity- and strategic-based environmental control.
Explain the role of the management accountant in the international environment.
Identify the varying levels of involvement that firms can undertake in international trade.
List the ways management accountants can manage foreign currency risk.
Describe how environmental factors can affect performance evaluation in the multinational firm.
What is a management accounting information system?
Describe the inputs, processes, and outputs of a management accounting information system.
What are the three objectives of a management accounting information system?
What types of organizations need management accounting information systems?
Who are the users of management accounting information?
For what purpose is management accounting information used?
Should a management accounting system provide both financial and nonfinancial information?Explain.
Describe what is meant by employee empowerment.
Explain why operational workers need management accounting information.
How do management accounting and financial accounting differ?
Explain the role of financial reporting in the development of management accounting. Why has this changed in recent years?
What is activity-based management? Why is it important?
Explain the meaning of customer value. How is focusing on customer value changing management accounting?
What is the internal value chain? Why is it important?
What is the industrial value chain? Why is it important?
What is supply chain management? Explain its relationship to the industrial value chain.
What is e-business? Explain why it is important for a management accountant to understand ebusiness.
Explain why today’s management accountant must have a cross-functional perspective.
Discuss the relationship of time-based competition and management accounting information.
Identify the three forms of accounting certification discussed. Which form of certification do you believe is best for a management accountant?Why?
What is the Sarbanes-Oxley Act of 2002? What are its major provisions?
What is meant by “product costing accuracy”?
What does traceability mean? What is tracing?
What is allocation?
What are drivers? Give an example of a driver.
What is a service?
Describe some of the major differences between a functional-based cost management system and an activity-based cost management system.
When would a company choose an activity-based cost management system over a functional-based system? What forces are moving firms to implement activity-based cost management systems?
Describe a financial (functional)-based responsibility accounting system.
Describe an activity-based responsibility accounting system. How does it differ from financial(functional)-based responsibility accounting?
What is meant by “activity inputs”? By “activity output”? Explain what is meant by “activity output measurement.”
What are value-added activities? Value-added costs?
Explain how value-added standards are used to identify value- and non-value-added costs.
Explain how activity-based costing can help a firm identify its true low-cost suppliers.
Give some examples of service firms that might use job-order costing, and explain why they use it.
How is job-order costing related to profitability analysis? To pricing?
Under what conditions will the weighted average and the FIFO methods give essentially the same results?
Describe the two-stage allocation process for assigning support-department costs to products in a functional manufacturing environment.
Explain how allocating support-department costs can be helpful in pricing decisions.
Why must support-department costs be assigned to products for purposes of inventory valuation?
Explain how allocation of support-department costs is useful for planning and control.
Explain how allocating support-department costs will encourage support departments to operate more efficiently.
Why is it important to identify and use causal factors to allocate support-department costs?
Explain why it is better to allocate budgeted support-department costs rather than actual support-department costs.
How does JIT affect the firm’s cost equation? CVP analysis?
Why does the activity-based costing approach to CVP analysis offer more insight than the conventional approach?
Wilson Company has a contribution margin ratio of 0.60. The break-even point is $100,000. During the year, Wilson earned total revenues of$200,000. What was Wilson’s profit?
Assume that a firm has two products—A and B.Last year, 2,000 units of A and 1,000 units of B were sold. The same sales mix is expected for the coming year. Total fixed expenses are $30,000, and the unit contribution margins are $10 for A and $5 for B. How many units of A and how many units of B
Suppose a firm with a contribution margin ratio of 0.30 increased its advertising expenses by$10,000 and found that sales increased by$30,000. Was it a good decision to increase advertising expenses?
Suppose a firm has fixed costs of $20,000 and a contribution margin ratio of 0.4. How much sales revenue must the firm have in order to break even?
If the contribution margin per unit is $7 and the break-even point is 10,000 units, how much profit will a firm make if 15,000 units are sold?
If the minimum transfer price of the selling division is less than the maximum transfer price of the buying division, the intermediate product should be transferred internally. Do you agree or disagree? Explain.
What is a transfer price?
What is EVA?
Explain how the treatment of customer groups as segments can be useful to a firm.
Explain how income under absorption costing can increase from one period to the next even though selling prices and costs have remained the same.
What is the difference between a direct fixed cost and a common fixed cost? Why is this difference important?
Why is variable costing better than absorption costing for planning and controlling costs?
Why is variable costing better than absorption costing for the evaluation of segment performance?
The fixed overhead expense recognized on an income statement was $100,000. The fixed overhead for the period was $80,000. Was the income statement prepared using absorption costing or variable costing? Explain.
If production is greater than sales, why is absorption-costing income greater than variablecosting income?
What is the one difference between the way costs are assigned under variable and absorption costing?
Explain how the number of activity rates can be reduced in an ABC system while maintaining a reasonable level of accuracy.
What are unit-level activities? Batch-level activities?Product-level activities? Facility-level activities?
What is the difference between primary and secondary activities?
What is activity-based product costing?
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