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Solutions for Cost Accounting: With Integrated Data Analytics, 1st Edition by Farmer

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  • Cost accounting
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  • Cost Accounting

Complete Solutions Manual for Cost Accounting: With Integrated Data Analytics, 1st Edition 1e by Karen Congo Farmer, Amy Fredin. Full Chapters Solutions Manual are included - Chapter 1 to 18 Cost Accounting Has Purpose 2 Refresher on Cost Terms 3 Cost Behavior and Cost Estimation 4 Cost-Volume-P...

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Document information

  • September 26, 2023
  • 978
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • Cost accounting
  • Cost accounting

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Chapter 1
Cost Accounting Has Purpose
Note: the end of chapter brief exercises, exercises, and problems are coded K (knowledge), C
(comprehension), AP (application), AN (analysis), S (synthesize), and E (evaluation) according
to the original Blooms Taxonomy published in 1956.


Assignment Classification Table (By Learning Objective)
Brief
Learning Objectives Questions Exercises Exercises Problems

1. Explore the elements that 1, 2, 3, 4 1, 2, 3, 4, 5, 1, 2, 3 1, 2, 3, 4
support a company’s purpose, 6
as well as your own.

2. Connect the purpose of cost 5, 6, 7 7, 8, 9 4, 5, 6 5, 6
accounting with the role of
accountants in organizations.

3. Outline the frameworks, 8, 9, 10, 11, 10, 11, 12 7, 8, 9, 7, 8, 9
including ethics, that guide the 12 10
profession.




1-1

,Assignment Characteristics Table
Level of Time
Item Description Difficulty (minutes)
E1.1 Get to know the mission and vision of each of the Big 4 Moderate 10–15
firms and their underlying values.
E1.2 Evaluate the state of competition within an industry Moderate 10–15
given a company’s SWOT analysis.
E1.3 Explain how a balanced scorecard reveals a company’s Moderate 10–15
strategy.
E1.4 Get to know how cost accounting skill sets are valued as Moderate 10–15
consulting services in the Big 4.
E1.5 Use the decision-making framework to make a personal Moderate 10–15
decision.
E1.6 Use the decision-making framework to make a business Simple 10–15
decision.
E1.7 Get to know the IMA. Simple 5–10
E1.8 Get to know the continuing education requirements for Moderate 10–15
IMA’s flagship certification.
E1.9 Get to know IMA’s Statement of Ethical Professional Moderate 15–20
Practice.
E1.10 Get to know the AICPA.
Simple 5–10
P1.1 What is your own personal purpose? Simple 5–10
P1.2 What are your goals in this course? Simple 5–10
P1.3 What strategies will you use to achieve your course Simple 10–15
goals?
P1.4 Conduct your own personal SWOT analysis related to Moderate 10–15
your role as a student.
P1.5 Determine which data analytics approaches would be Moderate 10–15
useful in addressing a business question.
P1.6 Explain the steps in the value chain. Moderate 5–10
P1.7 Get to know IMA’s Statements on Management Moderate 10–15
Accounting.
P1.8 Get to know the CPE requirements for CPAs in your Moderate 10–15
state.
P1.9 Get to know how NASBA supports the State Boards of
Accountancy.
Moderate 15–20
Case Sort out the issues in an ethical dilemma using IMA’s Moderate 10–15
Statement of Ethical Professional Practice alongside the
decision-making framework.




1-2

,Answers to Questions
1. A vision reflects what you strive to be (or what an organization strives to be) or what you strive to
achieve by some future date. In contrast, a mission (i.e., a purpose) is the reason you exist (or an
organization exists). Your mission, or purpose, is what drives you. A strategy reflects the chosen
method(s) and technique(s) to get you to the end goal (the vision). You can think of a vision as
being your destination, a mission (i.e., purpose) as your vehicle (what drives you!), and a strategy
is the road you take to get there. Being aware of these key pieces as well as how they work
together can help you stay motivated and adjust course as needed. By keeping your end goal in
mind, you will be more motivated and driven as you travel the road there.
LO: 1, Bloom: C, Difficulty: Simple, Time: 3-5, AACSB: Knowledge, Communication, Reflective Thinking, AICPA BC: N/A, AICPA AC: Reporting, AICPA PC:
Communication, IMA: N/A


2. A SWOT analysis is a survey of a company’s internal Strengths and Weaknesses along with its
external Opportunities and Threats. Companies use this type of analysis to evaluate their position
in the market so they can work to capitalize on their strengths and address their weaknesses in an
effort to take advantage of opportunities in the market while also addressing the threats.
In the process of conducting a SWOT analysis, managers often recognize Porter’s Five Forces
among the company’s strengths, weaknesses, opportunities, and threats. The five forces are
customer power, supplier power, threat of substitute products, threat of new entrants, and industry
rivalry.

Through a formal SWOT analysis or a formal evaluation of Porter’s Five Forces, a company will
have a very thorough understanding of where it is positioned in the market and in the industry,
which can help decision-makers determine the best course forward in order to live the company’s
mission and reach its vision.
LO: 1, Bloom: C, Difficulty: Simple, Time: 3-5, AACSB: Knowledge, Communication, AICPA BC: Strategic Perspective, AICPA AC: Reporting, AICPA PC:
Communication, IMA: Strategy, Planning, & Performance: Enterprise Risk Management


3. A balanced scorecard is a performance management tool in which managers can
comprehensively evaluate their organization’s performance. Within the balanced scorecard, four
traditional perspectives are often used (described below). Within each perspective, the company
recognizes its key objectives, key initiatives for each objective, and specific metrics for each
objective, using both financial and non-financial metrics—hence the term “balanced” scorecard.
Targets are specified for each objective, and at the end of the month/quarter/year, managers can
compare actual results against the company’s stated objectives and targets. A balanced scorecard
can be implemented for the entire entity, for sub-units, and/or for individuals.

The four perspectives of a traditional balanced scorecard include:
o Financial perspective—considers the shareholder’s perspective and how metrics like
growth, profit, and risk that impact shareholder value translate into company objectives.
o Customer perspective—considers the customer and includes the metrics that create value
for the customer, while also often measuring customer satisfaction and retention.
o Internal business process perspective—considers processes internal to a company that are
responsible for creating value for the customer and shareholder.
o Learning and growth perspective—considers how an organization supports its people and
infrastructure to drive and maintain new products and service development and growth.

The objectives within each of the four perspectives should be linked such that improvement in
more foundational areas of the scorecard, such as learning and growth or internal business
process perspectives, will lead to expected improvement in customer and financial areas, as well.


1-3

, LO: 1, Bloom: C, Difficulty: Simple, Time: 3-5, AACSB: Knowledge, Communication, AICPA BC: Strategic Perspective, Process and Resource Management
Perspectives, AICPA AC: Reporting, Systems and Process Management, AICPA PC: Communication, IMA: Business Acumen & Operations: Quality Management
and Continuous Improvement
Questions Chapter 1 (Continued)
4. Health goals are linked to friends/family goals, suggesting that once a basic level of health is
achieved, one can pursue healthy relationships with family and friends. Friends/family goals are
then linked to self-enrichment goals, suggesting once one has healthy relationships with
friends/family, one can pursue self-enrichment goals. Self-enrichment goals are then linked to
career goals, suggesting that once one has self-enrichment in his or her life, he or she can pursue
career goals. The lower levels are considered more foundational, allowing a person to
progressively pursue higher-level goals.

Responses here will likely vary by student.
A student’s response to the order of the proposed scorecard might be to move the career
perspective a bit lower in the list, with self-enrichment at the top, as an ultimate goal. Others may
put certain social or environmental goals at the very top of their scorecard, suggesting the ultimate
reward would be contributing to world peace, for example.
LO: 1, Bloom: C, Difficulty: Simple, Time: 3-5, AACSB: Communication, Reflective Thinking, AICPA BC: N/A, AICPA AC: Reporting, AICPA PC: Communication,
IMA: N/A


5. Cost accounting and financial accounting differ in their purpose, scope, and reporting as follows:

Cost accounting’s purpose is to support internal decision-making.
Financial accounting’s purpose is to present financial information to external users and decision-
makers, who might be investors, stock analysts, regulators, lenders, suppliers, competitors,
customers, or others.

Cost accounting’s scope is far broader than simply costing products. Cost accountants analyze
activities and transactions of every aspect of an organization’s value chain, from inception of idea
through to sales and customer service.

Cost accounting’s reporting is unlimited, as reports can be arranged and presented in any
reasonable way that supports managers’ needs. Managers’ feedback further modifies the type of
reports created.

Financial accounting’s scope and reporting includes the details, format, and content required by
GAAP or IFRS.
LO: 2, Bloom: C, Difficulty: Simple, Time: 3-5, AACSB: Knowledge, Communication, AICPA BC: N/A, AICPA AC: Reporting, AICPA PC: Communication, IMA: N/A




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