1 Introduction To Cost Management 2 Basic Cost Management Concepts 3 Cost Behavior 4 Activity-based Costing 5 Product And Service Costing: Job-order System 6 Process Costing 7 Allocating Costs Of Support Departments And Joint Products 8 Budgeting For Planning And Control 9 Standard Costing: A Functional-based Control Approach 10 Decentralization: Responsibility Accounting, Performance Evaluation, And Transfer Pricing 11 Strategic Cost Management 12 Activity-based Management 13 The Balanced Scorecard: Strategic-based Control 14 Quality And Environmental Cost Management 15 Lean Accounting And Productivity Measurement 16 Cost-volume-profit Analysis 17 Activity Resource Usage Model And Tactical Decision Making 18 Pricing And Profitability Analysis 19 Capital Investment 20 Inventory Management: Economic Order Quantity, Jit, And The Theory Of Constraints Chapter2: Basic Cost Management Concepts
Chapter Questions Section: Chapter Questions
Problem 1DQ: What is an accounting information system? Problem 2DQ: What is the difference between a financial accounting information system and a cost management... Problem 3DQ: What are the objectives of a cost management information system? Problem 4DQ: Define and explain the two major subsystems of the cost management information system. Problem 5DQ: What is a cost object? Give some examples. Problem 6DQ Problem 7DQ: What is a direct cost? An indirect cost? Problem 8DQ Problem 9DQ: What is allocation? Problem 10DQ: Explain how driver tracing works. Problem 11DQ: What is a tangible product? Problem 12DQ Problem 13DQ: Give three examples of product cost definitions. Why do we need different product cost definitions? Problem 14DQ Problem 15DQ Problem 1CE: Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 50,000 units... Problem 2CE: For next year, Pietro predicts that 50,000 units will be produced, with the following total costs:... Problem 3CE: Pietro expects to produce 50,000 units and sell 49,300 units. Beginning inventory of finished goods... Problem 4CE: Refer to Cornerstone Exercises 2.2 and 2.3. Next year, Pietro expects to produce 50,000 units and... Problem 5CE: Jean and Tom Perritz own and manage Happy Home Helpers, Inc. (HHH), a house-cleaning service. Each... Problem 6CE: Jean and Tom Perritz own and manage Happy Home Helpers, Inc. (HHH), a house-cleaning service. Each... Problem 7CE: Jean and Tom Perritz own and manage Happy Home Helpers. Inc. (HHH), a house-cleaning service. Each... Problem 8CE: Jean and Tom Perritz own and manage Happy Home Helpers, Inc. (HHH), a house-cleaning service. Each... Problem 9E Problem 10E: The following items are associated with a cost accounting information system: a. Usage of direct... Problem 11E: Nizam Company produces speaker cabinets. Recently, Nizam switched from a traditional departmental... Problem 12E: Three possible product cost definitions were introduced: (1) value-chain, (2) operating, and (3)... Problem 13E: Wyandotte Company provided the following information for the last calendar year: During the year,... Problem 14E: For each of the following independent situations, calculate the missing values: 1. The Belen plant... Problem 15E: LeMans Company produces specialty papers at its Fox Run plant. At the beginning of June, the... Problem 16E: Kildeer Company makes easels for artists. During the last calendar year, a total of 30,000 easels... Problem 17E: Anglin Company, a manufacturing firm, has supplied the following information from its accounting... Problem 18E: Lakeesha Barnett owns and operates a package mailing store in a college town. Her store, Send It... Problem 19E: Millennium Pharmaceuticals, Inc. (MPI), designs and manufactures a variety of drugs. One new drug,... Problem 20E: Jazon Manufacturing produces two different models of cameras. One model has an automatic focus,... Problem 21E: Ellerson Company provided the following information for the last calendar year: During the year,... Problem 22E: Ellerson Company provided the following information for the last calendar year: During the year,... Problem 23E: Orinder Company provided the following information for the last calendar year: During the year,... Problem 24E: Last year, Orsen Company produced 25,000 juicers and sold 26,500 juicers for 60 each. The actual... Problem 25E: Last year, Orsen Company produced 25,000 juicers and sold 26,500 juicers for 60 each. The actual... Problem 26E: The ability to assign a cost directly to a cost object by means of a causal relationship is a.... Problem 27E: Selected information concerning the operations of a company for the year ended December 31 is as... Problem 28P: Brody Company makes industrial cleaning solvents. Various chemicals, detergent, and water are mixed... Problem 29P: Wright Plastic Products is a small company that specialized in the production of plastic dinner... Problem 30P: The following items are associated with a traditional cost accounting information system, an... Problem 31P: The actions listed next are associated with either an activity-based operational control system or a... Problem 32P: Spencer Company produced 200,000 cases of sports drinks during the past calendar year. Each case of... Problem 33P Problem 34P: Mason, Durant, and Westbrook (MDW) is a tax services firm. The firm is located in Oklahoma City and... Problem 35P: Orman Company produces neon-colored covers for tablets (e.g., iPads). For last year, Orman reported... Problem 36PCDEC: High drug costs are often in the news. Consumer groups contend that the pricing for some drugs... Problem 4DQ: Define and explain the two major subsystems of the cost management information system.
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Explain how unit standards are set and why standard cost systems are adopted
Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.
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