Solucionario de contabilidad d costo 15edic. chapter 1

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1. The function of cost accounting is to provide the cost accounting information that is the basis for planning and controlling current and future operations. It provides the cost figures and analyses that management needs in order to find the most efficient methods of operating, achieving control of costs, and determining selling prices.
2.Originally issued for companies marketing products in Europe, a set of international standards for quality management, known as the ISO 9000 family, was designed by the International Organization for Standardization. Obtaining ISO 9000 is important because many companies will only contract with ISO 9000 suppliers.
3. Manufacturers convert purchased materials into finished goods by using labor,technology, and facilities. Merchandisers purchase completed products for resale. Service businesses or agencies sell or provide services rather than products.
4. A manufacturer differs from a merchandiser in these ways:
a. The merchandiser buys items to sell while the manufacturing business must make the items it markets.
b. Usually the manufacturer has a greater investment in physicalfacilities.
c. The manufacturer will incur some costs peculiar to this type of industry, such as machine maintenance, materials handling, and inspection of manufactured goods.
The two types of operations are similar in that they are both concerned with purchasing, storing, and selling goods; they must have efficient management and adequate sources of capital; and they may employ manyworkers.
5. Cost accounting information is used by management in the following ways:
a. Determining product costs which are necessary for: determining cost of goods sold and valuing inventories; determining product selling price; meeting competition; bidding on contracts; and analyzing profitability.
b. Planning by providing historical costs that serve as a basis for projecting data.c. Controlling operations by providing cost data that enable management to periodically measure results, to take corrective action where necessary, and to search for ways to reduce costs.
6. Unit cost information is important to management because the unit costs of one period can be compared with those of other periods, and significant trends can be identified and analyzed. Unit costsare also used in making important marketing decisions related to selling prices, competition, bidding, and profitability analysis.
7. For a manufacturer, the planning process involves the selection of clearly defined objectives of the manufacturing operation and the development of a detailed program to guide the organization in reaching the objectives. Cost accounting provides historical costinformation that is used as the basis for planning future operations.
8. In a manufacturing concern, effective control is achieved in the following ways:
a. Responsibility must be assigned for each detail of the master production plan.
b. There must be a periodic measurement of the actual results as compared with predetermined objectives.
c. Management must take correctiveaction as necessary to improve or eliminate inefficient and unprofitable operations.
9. Responsibility accounting is the assigning of accountability for costs or production results to those individuals who have the authority to influence costs or production. It involves an information system that traces these data to the managers who are responsible for them.
10. The criteria for a cost center are:a. A reasonable basis on which manufacturing costs can be allocated.
b. A person who has control over and is accountable for many of the costs charged to that center.
11. The requirements for becoming a CMA include a four-year college degree, two years of relevant work experience, and passing a rigorous two-day examination.
12. The four major categories of ethical conduct that...
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