Gen Combo Fundamentals Of Cost Accounting; Connect Access Card
6th Edition
ISBN: 9781260848700
Author: William N. Lanen Professor, Shannon Anderson Associate Professor, Michael W Maher
Publisher: McGraw-Hill Education
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Chapter 1, Problem 35E
To determine
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Chapter 1 Solutions
Gen Combo Fundamentals Of Cost Accounting; Connect Access Card
Ch. 1 - Explain why it is important to consider the...Ch. 1 - Explain the differences between financial...Ch. 1 - Place the letter of the appropriate accounting...Ch. 1 - Distinguish among the value chain, the supply...Ch. 1 - Who are the customers of cost accounting?Ch. 1 - How can cost accounting information together with...Ch. 1 - Prob. 7RQCh. 1 - Does the passage of Sarbanes-Oxley mean that codes...Ch. 1 - Prob. 9CADQCh. 1 - Prob. 10CADQ
Ch. 1 - Prob. 11CADQCh. 1 - Its not the job of accounting to determine...Ch. 1 - Prob. 13CADQCh. 1 - How would cost accounting information help...Ch. 1 - Airlines are well known for using complex pricing...Ch. 1 - Hostess Brands makes a variety of baked goods just...Ch. 1 - What potential conflicts might arise between...Ch. 1 - Refer to the Business Application discussion of...Ch. 1 - Prob. 19CADQCh. 1 - Why does a cost accountant need to be familiar...Ch. 1 - Will studying cost accounting increase the chances...Ch. 1 - Prob. 22CADQCh. 1 - Value Chain and Classification of Costs Apple...Ch. 1 - Pfizer Inc., a pharmaceutical firm, incurs many...Ch. 1 - Tesla, Inc., incurs many types of costs in its...Ch. 1 - Prob. 26ECh. 1 - Accounting Systems McDonalds is a major company in...Ch. 1 - Accounting Systems Ford Motor Company manufactures...Ch. 1 - Cost Data for Managerial Purposes As an analyst at...Ch. 1 - Prob. 30ECh. 1 - Prob. 31ECh. 1 - Refer to the information in Exercise 1-31. The...Ch. 1 - Refer to Exhibit 1.5, which shows budgeted versus...Ch. 1 - Trends in Cost Accounting Required For each cost...Ch. 1 - Prob. 35ECh. 1 - Prob. 36ECh. 1 - Refer to the information in Exercise 1-32. Jon...Ch. 1 - Prob. 38PCh. 1 - Cost Data for Managerial Purposes Imperial Devices...Ch. 1 - Cost Data for Managerial Purposes You have been...Ch. 1 - Prob. 41PCh. 1 - Cost Data for Managerial Purposes Campus Package...Ch. 1 - Cost Data for Managerial Purposes KC Services...Ch. 1 - Cost Data for Managerial Purposes B-You is a...Ch. 1 - Cost Data for Managerial Purposes Toms Tax...Ch. 1 - Gilman’s Café is a popular restaurant in a local...Ch. 1 - Prob. 47PCh. 1 - Prob. 48PCh. 1 - Refer to Exhibit 1.5, which shows budgeted versus...Ch. 1 - Cost Data for Managerial PurposesFinding Unknowns...Ch. 1 - Prob. 51PCh. 1 - Prob. 52PCh. 1 - Prob. 53ICCh. 1 - Miller Cereals is a small milling company that...Ch. 1 - Before Miller Cereals can introduce the new...Ch. 1 - The following story is true except that all names...
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- An effective managerial accounting system should track information about an organizations activities in which of the following areas? a. Development b. Marketing c. Production d. Design e. All of these.arrow_forwardFor each of the following situations, two scenarios are described, labeled A and B. Choose which scenario is descriptive of a setting corresponding to activity-based responsibility accounting and which is descriptive of financial-based responsibility accounting. Provide a brief commentary on the differences between the two systems for each situation, addressing the possible advantages of the activity-based view over the financial-based view. Situation 1 A: The purchasing manager, receiving manager, and accounts payable manager are given joint responsibility for procurement. The charges given to the group of managers are to reduce costs of acquiring materials, decrease the time required to obtain materials from outside suppliers, and reduce the number of purchasing mistakes (e.g., wrong type of materials or the wrong quantities ordered). B: The plant manager commended the manager of the Grinding Department for increasing his departments machine utilization ratesand doing so without exceeding the departments budget. The plant manager then asked other department managers to make an effort to obtain similar efficiency improvements. Situation 2 A: Delivery mistakes had been reduced by 70 percent, saving over 40,000 per year. Furthermore, delivery time to customers had been cut by two days. According to company policy, the team responsible for the savings was given a bonus equal to 25 percent of the savings attributable to improving delivery quality. Company policy also provided a salary increase of 1 percent for every day saved in delivery time. B: Bill Johnson, manager of the Product Development Department, was pleased with his departments performance on the last quarters projects. They had managed to complete all projects under budget, virtually assuring Bill of a fat bonus, just in time to help with this years Christmas purchases. Situation 3 A: Harvey, dont worry about the fact that your department is producing at only 70 percent capacity. Increasing your output would simply pile up inventory in front of the next production department. That would be costly for the organization as a whole. Sometimes, one department must reduce its performance so that the performance of the entire organization can improve. B: Susan, I am concerned about the fact that your departments performance measures have really dropped over the past quarter. Labor usage variances are unfavorable, and I also see that your machine utilization rates are down. Now, I know you are not a bottleneck department, but I get a lot of flack when my managers efficiency ratings drop. Situation 4 A: Colby was muttering to himself. He had just received last quarters budgetary performance report. Once again, he had managed to spend more than budgeted for both materials and labor. The real question now was how to improve his performance for the next quarter. B: Great! Cycle time had been reduced and, at the same time, the number of defective products had been cut by 35 percent. Cutting the number of defects reduced production costs by more than planned. Trends were favorable for all three performance measures. Situation 5 A: Cambry was furious. An across-the-board budget cut! How can they expect me to provide the computer services required on less money? Management is convinced that costs are out of control, but I would like to know whereat least in my department! B: After a careful study of the Accounts Payable Department, it was discovered that 80 percent of an accounts payable clerks time was spent resolving discrepancies between the purchase order, receiving document, and the suppliers invoice. Other activities such as recording and preparing checks consumed only 20 percent of a clerks time. A redesign of the procurement process eliminated virtually all discrepancies and produced significant cost savings. Situation 6 A: Five years ago, the management of Breeann Products commissioned an outside engineering consulting firm to conduct a time-and-motion study so that labor efficiency standards could be developed and used in production. These labor efficiency standards are still in use today and are viewed by management as an important indicator of productive efficiency. B: Janet was quite satisfied with this quarters labor performance. When compared with the same quarter of last year, labor productivity had increased by 23 percent. Most of the increase was due to a new assembly approach suggested by production line workers. She was also pleased to see that materials productivity had increased. The increase in materials productivity was attributed to reducing scrap because of improved quality. Situation 7 A: The system converts materials into products, not people at work stations. Therefore, process efficiency is more important than labor efficiencybut we also must pay particular attention to those who use the products we produce, whether inside or outside the firm. B: I was quite happy to see a revenue increase of 15 percent over last year, especially when the budget called for a 10 percent increase. However, after reading the recent copy of our trade journal, I now wonder whether we are doing so well. I found out that the market expanded by 30 percent, and our leading competitor increased its sales by 40 percent.arrow_forwardOrganizational charts _____. A. list the salaries of all employees B. outline the strategic goals of the organization C. show the structure of an organization D. help management measure financial performancearrow_forward
- Think about the organization chart in Figure 1.7. Describe ways in which each of the accounting and managerial functions might overlap and complement each other.arrow_forward20. Select which of the following requires a separate measurement of cost. a.Number b.Activity c.Area d.Volume  21. Select the objective of cost accounting which helps the management in doing the business efficiently. a.Guide to business policy b.Cost control and reduction c.Determination of selling price d.Ascertainment of timearrow_forward6.Discuss the components in detail of the following financial statements for a manufacturing PLC:a. Statement of Profit or Loss (Income Statement)b. Statement of Financial Position (Balance Sheet)c. Statement of Changes in Owners’ Equityd. Statement of Cash Flows7. Explain cost accounting and its functions as well the distinguishing features of cost accounting systems for (a) job order costing, and (b) process costingarrow_forward
- what is the best design for costing systems? a. to be tailored to the underlying operations of the company. b. in accordance with generally accepted accounting principles for financial accounting reporting. c. to be compatible with the latest technology for data collection regardless of the cost. d. according to guidelines established by the institute of management accountants for aiding management decision making.arrow_forwarda) Explain the purpose of a cost quality report   (b) Drury-Management & Cost Accounting- outlines four categories of cost that might be included in a cost quality report. Required: List and discuss the four categories of cost.arrow_forwardThe accompanying figures depict a number of cost behavior patterns that might be found in a company's cost structure. The vertical axis on each graph represents total cost, and the horizontal axis on each graph represents level of activity (volume). For each of the given situations, identify the graph that illustrates the cost pattern involved. Any graph may be used more than once. (Adapted originally from the CPA exam; also found in R.H. Garrison and E.W. Noreen, Managerial Acco11111ing, 9th edition, Irwin, 2009.)(a) Electricity bill-a flat-rate fixed charge plus a variable cost after a certainnumber of kilowatt-hours are used.(b) City water bill, which is computed as follows:First 1,000,000 gallons          $1,000 flat, or lessNext 10,000 gallons            $0.003 per gallon usedNext 10,000 gallons            $0.006 per gallon usedNext 10,000 gallons            $0.009 per gallon used(c) Depreciation of equipment, where the amount is computed…arrow_forward
- Discuss the various reports provided by cost accounting department.arrow_forwardThe following is a list of terms related to managerial accounting practices. 1.  Activity-based costing. 2.  Just-in-time inventory. 3.  Balanced scorecard. 4.  Value chain. Match each of the terms with the statement below that best describes the term.   Terms  Description (a)   Activity-based CostingBalanced ScorecardJust-in-time InventoryValue Chain  A performance-measurement technique that attempts to consider and evaluate all aspects of performance using financial and nonfinancial measures in an integrated fashion. (b)   Activity-based CostingBalanced ScorecardJust-in-time InventoryValue Chain  The group of activities associated with providing a product or performing a service. (c)   Activity-based CostingBalanced ScorecardJust-in-time InventoryValue Chain  An approach used to reduce the cost associated with handling and holding inventory by reducing the amount of inventory on hand. (d)   Activity-based CostingBalanced…arrow_forwardPLEASE ANSWER ALL 1. Management Accountinga. Is concerned with costing products.b. Is governed by generally accepted accounting principles.c. Pertains to the entity as a whole and is highly aggregated.d. Places emphasis on a special-purpose information. 2. What broad functions do management of an organization perform?a. Directing, manufacturing, and controllingb. Planning, directing, and controllingc. Planning, directing, and sellingd. Planning, manufacturing, and controlling 3. Management accounting information is generally prepared fora. Stockholders.b. Managers.c. Regulatory Agencies.d. Investors.arrow_forward
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