Strategic Management and Strategic AlternativesFull description
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This Strategic Management Paper for ABC Insurance Corporation has beed created and preapred by Prof. Erwin M. GlobioFull description
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CostAcc ount i ngSyst ems ms ( C.St r at e g i cCo s tManag e me me ntandJ I T )
STRATEGIC STRATEGIC COST MANAGEMENT M ANAGEMENT AND JIT THEORIES: 1. The major major func functio tions ns of of mana managem gement ent are A. strate strategic gic manage managemen mentt and long-ran long-range ge plannin planning. g. B. plan planni ning ng and and decis decisio ionn makin making. g. C. identifyin identifyingg threats threats and and opportu opportunitie nitiess for the firm. D. al alll of of the the ab abov ove. e. . The three three major major types types of compe competit titive ive strat strategy egy inclu include de A. cost leader leadership! ship! differen differentiati tiation! on! and and productiv productivity ity.. B. cost leade leadersh rship! ip! focus focus!! and produc productiv tivity ity.. C. differenti differentiation! ation! focus! and productivit productivityy. D. cost leade leadership! rship! dif differen ferentiati tiation! on! and focus focus.. ". #ustai #ustainab nabili ility ty mean meanss the the balan balancin cingg of A. short term and long long term term goals goals in in economic economic performanc performance. e. B. short term and long long term term goals in social social aspects. aspects. C. short term term and and long term goals in in environme environmental ntal aspects. aspects. D. al alll of of the the ab abov ove. e. $. #imult #imultane aneous ous engine engineeri ering ng can can be be used used to to A. red reduce uce both both produc productt and process process compl comple%i e%ity ty.. B. integrate integrate activit activity-based y-based costing costing &ith &ith value value chain chain analysi analysis. s. C. reduce the time-t time-to-mar o-market ket of ne& products products through through eliminatio eliminationn of batch-level batch-level activitie activities. s. D. reduce manufactur manufacturing ing cycle cycle efficien efficiency cy by reducing reducing process process &aste. &aste. '. (ngaging (ngaging in &hich &hich of the follo&i follo&ing ng &ill result result in radical radical changes changes being being made to an organi) organi)ation ation*s *s processes+ processes+ A. Continuous improvement C. ,eengineering B. Ben Benchma chmark rkin ingg D. a ass ss cu cust stom omi) i)at atio ionn . /n the the contempor contemporary ary business business environm environment! ent! cost cost managem management ent focus focus is on A. financ financial ial repo reporti rting ng and and cost cost analys analysis. is. B. common common emphasis emphasis on standard standardi)ati i)ation on and and standar standardd costs. costs. C. develo development pment and impleme implementat ntation ion of the the business business strate strategy gy.. D . a a nd c . 0. hich focuses focuses on on process process improveme improvement! nt! process process innovati innovation! on! or business business reengi reengineerin neering+ g+ A.. functional functional-based -based responsibil responsibility ity account accounting ing B. act activi ivityty-bas based ed responsi responsibil bility ity accoun accountin tingg C. strate strategic gic-bas -based ed responsi responsibil bility ity account accounting ing D. none none of the the abo above ve 2. The optim optimal al level level in the optim optimal al cost cost managem management ent system system is &hen &hen A. measur measureme ement nt costs costs are great greater er than than error error costs costs B. measur measureme ement nt costs costs are are less than than error error costs costs C. the total total of of measureme measurement nt costs costs and error costs costs are are minimi)e minimi)edd D. both b and c 3. A repetiti repetitive ve action fulfil fulfilling ling a business business function function and increasing increasing the the &orth of the product product and the the price that the the customer customer is &illing to pay for the product product is referred to as a4 A. non-v non-val alue ue add added ed act activ ivitityy B. val value ue-ad -adde dedd ac actitivi vity ty C. busine business ss value-a value-adde ddedd activi activity ty D. acti activi vity ty ana analy lysi siss 15. The actual time that a product must be delayed &hile &aiting to be processed is called4 A. ser service time C. tr traans nsffer tim imee B. inspection time D. idle time 11. The resource utili)ed by a given product divided by the total amount of the resource available is called the A. activity driver C. cost object B. co cons nsum umpt ptio ionn rat ratio io D. sust sustai aini ning ng acti activi vity ty
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CostAcc ount i ngSyst ems ms ( C.St r at e g i cCo s tManag e me me ntandJ I T )
1. The primary primary objective objective of just-in-t just-in-time ime processing processing is to A. accumul accumulate ate overh overhead ead in acti activit vityy cost pool poolss B. elimi eliminate nate or reduce reduce all manu manufactu facturing ring inven inventorie toriess C. identi identify fy releva relevant nt activi activity ty cost cost drive drivers rs D. none of of th them 1". The benefits of a successful 6ust-/n-Time system include all of the the follo&ing e%cept4 A. funds tied up in inventorie inventoriess are released released for for use else&here. else&here. B. inv invent entory ory buf buffer ferss are are incre increase ased. d. C. thro throug ughp hput ut time time is red reduc uced ed.. D. defe defect ct rate ratess are decr decrea ease sed. d. 1$. hich of the follo&ing follo&ing is not a benefit of just-in-t just-in-time ime processing+ processing+ A. Con Contro troll of signifi significan cantt invento inventory ry balanc balances. es. B. (nha (nhanc nced ed produ product ct 7ual 7ualitityy. C. ,edu ,educt ctio ionn of re& re&or orkk cost costs. s. D. 8rod 8roduct uctio ionn cost cost sav savin ings gs.. 1'. A key concept concept of the the 6/T invento inventory ry system is4 is4 A. the ra& materials! materials! &ork in process! process! and finished finished goods inventori inventories es of manufacturin manufacturingg companies companies act as buffers so that operations can proceed smoothly even if suppliers are late &ith deliveries or a department is unable to operate for a brief period due to breakdo&ns or other reasons. B. the use of many many suppliers suppliers so as to ensure ensure rapid rapid deliver deliveryy of materials materials for for producti production. on. C. the maintenan maintenance ce of a stock of ra& material materialss so that defective defective materials materials can be replace replacedd 7uickly so as to maintain maintain a high rate of productivity. productivity. D. invent inventories ories are costly costly to carry and can be kept to to minimum minimum levels or eliminat eliminated ed completely completely &ith careful careful planning. planning. 1. The just in time time 96/T: concept concept applies applies to &hich of the follo&i follo&ing4 ng4 /. The ac7uisition of ra& materials. //. The assembly of manufactured parts in products. ///. The shipment shipment of finished products products to customers. A. /. C. /! //! ///. B. /! ///. D. //! ///. 10. The flo& flo& of goods through through a 6/T 6/T system system is based on4 on4 A. a &orkstation &orkstation efficien efficiently tly completing completing its its processing processing of a batch of units so that the units units can proceed proceed for&ard to the ne%t &orkstation before the ne%t &orkstation is ready to receive them. B. processing processing goods goods in large large batch batch si)es rather rather than than less less economical economical small small batches. batches. C. maintainin maintainingg a stockpile stockpile of ra& materia materials ls in anticipati anticipation on of materials materials shortag shortages. es. D. produc producing ing to meet customer customer demand demand &ith no buildup buildup of inventory inventory at any point point in the production production process. process. 12. ;nder just-in-ti just-in-time me processing processing A. ra& material materialss are receive receivedd just in time time for use in production production B. subassembly subassembly parts parts are completed completed just just in time time for use in assembl assembling ing finished finished goods goods C. finished finished goods goods are are complete completedd just in time time to to be sold D. al alll of of the the ab abov ovee 13. A successful 6/T system is based upon &hich of the follo&ing concepts+ A. The company company must rely rely upon a large large number number of suppliers suppliers to ensure ensure fre7uent fre7uent deliveri deliveries es of small small lots. B. The company company should should al&ays al&ays choose choose those suppli suppliers ers offerin offeringg the lo&est lo&est prices. prices. C. The company company should avoid avoid long-term long-term contracts contracts &ith suppliers suppliers so as to e%ert pressure pressure on suppliers suppliers to make prompt prompt and fre7uent deliveries. D. A small number number of sup suppli pliers ers make fre7uent fre7uent deliver deliveries ies of spe specif cific ic 7uantiti 7uantities es thu thuss avo avoidi iding ng the bui buildu ldupp of large inventories of materials on hand. 5. A company company adopting adopting the 6/T 6/T approach approach &ould4 A. produce produce large batches batches of products products so as to to recoup recoup the costs costs associate associatedd &ith setups. setups. B. attem attempt pt to reduce reduce setup setup time time so as to econom economicall icallyy produce produce in smaller smaller batches. batches. C. adapt a functio functional nal plant layout layout so as to to enhance enhance production production fle%ibili fle%ibility ty.. D. re7uire re7uire &orkers &orkers to become become highly highly speciali) speciali)ed ed in operatin operatingg a single single machine. machine. 1. Conventional and just-in-time just-in-time manufacturers differ differ in that the conventional manufacturer manufacturer is likely to A. be a ne& ne& entra entrant nt into into its indust industry ry..
3 8
CostAcc ount i ngSyst ems ms ( C.St r at e g i cCo s tManag e me me ntandJ I T )
B. need less storage storage space space than than its its 6/T 6/T compet competitors itors.. C. give less less credibi credibility lity to manage management ment accoun accounting ting reports. reports. D. have a longer longer product production ion cycle cycle than than its 6/T 6/T compet competitors. itors. . /n 6/T manufacturing! manufacturing! each operation produces A. only &hat &hat is is necessary necessary for the the succeed succeeding ing operat operations ions B. all that that it can can to off offset set fi%e fi%edd costs costs C. a fi%ed percent percentage age in e%cess e%cess of orders orders to ensure ensure ade7uat ade7uatee 7uality 7uality stock stock D. all that that it can can in order order to build build invento inventories ries ". any companies companies have significantly significantly lo&ered lo&ered inventory levels and costs costs using A. activi activityty-bas based ed costi costing. ng. B. an enterpri enterprise se resour resource ce planning planning system. system. C. the jus just-i t-in-t n-tim imee meth method. od. D. a total total 7uali 7uality ty manag manageme ement nt system system.. $. 6/T manuf manufactu acturing ring emphas emphasi)es i)es A. large amount amountss of inventory inventory on hand hand so that that the company company does does not run run out of it B. small amounts amounts of inventory on hand resulting in in lo&er 7uality goods goods because production is rushed C. reduc reducing ing investme investment nt in inventory inventory and increas increasing ing the emphasis emphasis on 7ualit 7ualityy D. both b and c '. A just-in-time manufacturer manufacturer is more more likely than than a conventional conventional manufacturer to A. rece receive ive more more fre7uen fre7uentt deliver deliveries ies of mater material ials. s. B. spend spend less less money money on on adve adverti rtisin sing. g. C. need need &orke &orkers rs &ith &ith fe&er fe&er skil skills. ls. D. all all of of the the abov above. e. . 6ust-in-tim 6ust-in-timee manufactur manufacturing ing A. is a demand demand pull rather rather than a push push through through the system system B. allo&s the the firm to focus focus on 7uality 7uality and and productivi productivity ty simultane simultaneously ously C. increases increases product product cost accuracy accuracy by increasi increasing ng a firm
3 9
CostAcc ount i ngSyst ems ms ( C.St r at e g i cCo s tManag e me me ntandJ I T )
B. machinery machinery placed placed in service service just in time time to begin production. production. C. mater materials ials received received from from supplier supplierss just in time for for productio productionn needs. D. all all of of the the abov above. e. "$. hich of the the follo&ing follo&ing is a value-add value-added ed activity+ activity+ A. (n (ngi gine neer erin ingg des desig ign. n. C. /nve /nvent ntor oryy sto stora rage ge.. B. achinery repair. D. /nspections. "'. hich of the the follo&ing follo&ing is a nonvalue-added nonvalue-added activity activity++ A. (ngi (ngine neer erin ingg des desig ign. n. C. /ns nsppec ecttio ion. n. B . a c h i ni n g . D . 8 a c k a gi n g . ". A nonvalue-added activity in a service service enterprise enterprise is A. taking appointments. C. advertising. B . t r a v el i n g . D. al alll of them em.. "0. =alue-adde alue-addedd activiti activities es A. should should be be reduce reducedd or elim elimina inate ted. d. B. invol involve ve resource resource usage usage that that custome customers rs are &illin &illingg to pay for for.. C. add cost cost to a product product &itho &ithout ut affect affecting ing the the selling selling price. price. D. cannot cannot be different differentiate iatedd from nonvalue nonvalue-adde -addedd activities activities.. "2. The company*s goal for for defective units as a percentage of total units produced produced should be4 A. 1.'5> C. 5.5'> B. 5.55> D. 5.'"> "3. All of the follo&ing follo&ing are e%amples e%amples of non-value-added non-value-added activiti activities es e%cept A. ordering C. receiving B. ass sseembling D. insp inspec ecttions ions $5. #e7uencing #e7uencing if-then if-then statement statementss is a simple method method of4 A. te test stin ingg a str strat ateg egyy C. crea creatiting ng lead lead meas measur ures es B. prioriti)ing objectives D. evaluating performance $1. #etting balanced objectives! setting target values! and aligning re&ards are4 A. nec necessa essary ry steps steps in creati creating ng a balance balancedd scorecar scorecardd B. important important aspects aspects of the capital capital budgeti budgeting ng process process C. the heart heart of proc process ess innova innovatio tionn D. the ingre ingredie dients nts for for economi economicc forecas forecastin tingg $. Delivery Delivery perform performance ance declin declines es by4 A. in incr crea easi sing ng cy cycl clee titime me B. decreasing cycle time
C. incr increa easi sing ng veloc velocitityy D. decreasing turnover
$". 6ust-i 6ust-in-t n-time ime processin processingg A. is based based on on a just-i just-in-c n-case ase phil philoso osophy phy.. B. resu resultltss in a push push app appro roac ach. h. C. minim minimi)es i)es invent inventory ory storag storagee and and &aiting &aiting time. D. all all of these hese.. $$. An element element of just-in-ti just-in-time me processing processing is is A. dependable dependable supplie suppliers rs &ho are &illing &illing to deliver deliver on on short notice. notice. B. a multi multi-sk -skilille ledd &orkf &orkfor orce ce.. C. a total total 7ualit 7ualityy contr control ol syst system. em. D. all of of th them. $'. hich account account is used used in just-in-ti just-in-time me processing processing++ A. ,a& materials inventory C. erchandise inventory B. o ork rk in in proc proces esss inve invent ntor oryy D. ,a& and /n/n-8ro 8roces cesss inve invento ntory ry $. ;nder just-in-time processing! all of the follo&ing are received or completed ?just in time@ e%cept A. fini finish shed ed goo goods ds.. C. supplies. B. ra& materials. D. subassembly parts.
4 0
CostAcc ount i ngSyst ems ms ( C.St r at e g i cCo s tManag e me me ntandJ I T )
$0. A just-i just-in-t n-time ime manufact manufacturi uring ng proces processs should should have substa substanti ntiall allyy less less of &hich &hich of the follo&in follo&ingg than than a tradit tradition ional al manufacturing process+ A. B. C. D. /dle Time es es es o Transfer Time es o es es =alue-added Time es o o o Cycle Time es es es o $2. anufacturing cycle efficiency should be increased by employing &hich &hich of the the follo&ing techni7ues+ A. B. C. D. 6ust-in-Time /nventory es es o es le%ible a anufacturing #y #ystems es es o o Batch anufacturing es o o es Question Nos. 49 and 50 ae !ased on t"e #o$$o%in&: #mall Computer Company has the the follo&ing personnel4 /. T&o inspe specto ctors4 inspect the final com computers //. ou our fabri abrica cattors4 ors4 make ake the comp compuuter ter case casess ///. ///. T&o comp comput uter er prog progra ramm mmer ers4 s4 run run all all of the the book bookkee keepi ping ng for for the the acco accoun untiting ng reco record rdss /=. /=. #eve #evenn asse assemb mble lers rs44 manu manufa fact ctur uree the the moth mother er boar boards ds =. ne o&ner4 &rites the paychecks $3. hich groups groups of employe employees es are value-adde value-addedd &orkers+ A. / and // C. //// and /// B. /// and = D. // and /= '5. hich groups groups of employees employees are non-valuenon-value-added added &orkers+ &orkers+ A. /! //! //! and and /// C. /! /// and = B. ///! /=! and = D. /! //! and /= 'RO()EMS: Euestions 1 F are based on the follo&ing information. Brad Company developed the follo&ing budgeted life-cycle income statement for t&o proposed products. (ach product*s life cycle is e%pected to be t&o years.
#ales Cost of goods sold Gross profit 8eriod e%penses4 ,esearch and development arketing Hife-cycle income
A 15> return return on sales is re7uired for ne& products. Because the proposed products did not have a 15> return return on sales! the products &ere going to be dropped. ,elative to 8roduct B! 8roduct A re7uires more research and development costs but fe&er resources to market the product. #eventy percent of the research and development costs are traceable to 8roduct A! and $5 percent of the marketing costs are traceable to 8roduct A. i
.
/f research research and developm development ent costs costs and marketing marketing costs costs are traced traced to each each product! product! life-cyc life-cycle le income income for 8roduct 8roduct A &ould &ould be A. 812!555 C. 805!555 C. B. 8!555 D. 825!555 D.
ii
,etu ,eturn rn on on sale saless for for 8rod 8roduc uctt A &ou &ould ld be be A. "$.2> B. 15>
.
C. 0.2"> D. 2.23>
Euestions " F $ are based on the follo&ing information. information. ine actory sells sells a product for for 81'5 per unit. unit. /ts market share share is ' percent. percent. The marketing marketing manager feels feels that the market share can be increased to "" percent &ith a reduction reduction in price to 81"5. The product is currently earning a profit profit of
4 1
CostAcc ount i ngSyst ems ms ( C.St r at e g i cCo s tManag e me me ntandJ I T )
8$ per unit. The president of ine actory feels that the 8$ profit per unit must be maintained. iii
iv
.
.
v
.
hat is hat is the the targ target et cos costt per per unit unit++ A . 8 1 "5 B . 8 1 '5
C. 815 D . 8 1
hat hat is the the orig origin inal al cos costt per per unit unit++ A. 81"5 B. 81'5
C. 815 D. 81
Iristec Iristec Company Company sells a product product for for 81' per unit. unit. /ts /ts market share share is 5 percent. percent. The marketin marketingg manager manager feels that that the market share can be increased to "5 percent &ith a reduction in price to 813'. The product is currently earning a profit of 8$' per unit. The president of Iristec Company feels that the 8$' profit per unit must be maintained. hat is the original cost per unit+ A. 8105 C. 81' B. 813' D. 81'5
Question Nos. * and + ae !ased on t"e #o$$o%in&: 8rior to installing a 6/T system! riendly Company used machine hours to assign maintenance costs to its three products of $inch! -inch! -inch! and 3-inch 3-inch insulation. insulation. The maintenan maintenance ce costs totaled totaled 82$5!555 82$5!555 per year. year. The machine machine hours used by each product and the 7uantity produced of each product are as follo&s4 achine Iours Euantity 8roduced $-inch !555 1'!555 rolls -inch 15!555 1!'55 rolls 3-inch 2!555 11!55 rolls After installing 6/T! three manufacturing cells &ere created and the cell &orkers &ere trained to perform maintenance. aintenance costs for the three cells still totaled 82$5!555J ho&ever! these costs are no& traceable to each cell. Cell! $-inch 85!555 Cell! -inch "55!555 Cell! 3-inch "5!555 vi
.
The mainte maintenance nance cost cost per per roll of $-inch $-inch insulat insulation ion before before 6/T 6/T is installed installed &ould &ould be A. 8$.55 C. 81$.55 B. 810.'5 D. 81".1
vii
The mainten maintenance ance cost cost per roll roll of 3-inch 3-inch insulati insulation on before before 6/T is installed installed &ould &ould be A. 810.'5 C. 82.'0 B. 8'.55 D. 80'.55
.
viii
i%
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. The product product cell cell for Crane Company Company has budget budgeted ed conversion conversion costs costs of 8$5!555 8$5!555 for for the year. year. The cell cell is planned planned to be available !155 hours for production. production. (ach unit re7uires 81.'5 81.'5 of materials costs. The cell started and completed completed 055 units. The cell process time for the product product is 1' minutes per unit. hat is the total product cost for the period+ A. 8" 8 " ' !5 5 5 C. 8$ 8$5!555 B . 8 " 2 !0 ' 5 D. 8$"!0'5 Big Comput Computers ers has the follo& follo&ing ing person personnel nel44 #even assemblers4 manufacture the mother boards ne o&ner4 &rites the paychecks T&o inspectors4 inspectors4 inspect the final computers Three fabricators4 make the computer cases ne computer programmer4 runs all of the bookkeeping for the accounting records T&o shipping shipping clerksJ ship computers to the &arehouse hat &ould be the value-added labor ratio for this company+ A. $K2 $K2 or or "0. "0.'' per perce cent nt C. 'K 'K22 or or . .'' per perce cent nt B. L or '5 percent D. M or 0' percent
Euestions 15 F 11 are based on the follo&ing information. At the beginning of 55'! 8eterson Company installed a 6/T purchasing and manufacturing system. The follo&ing information has been gathered about one of the company*s products4 Theoretical annual capacity !55 Actual production !555 8roduction hours available 2 55 n-time deliveries 35 5 4 2
CostAcc ount i ngSyst ems ms ( C.St r at e g i cCo s tManag e me me ntandJ I T )
Total deliveries %
.
%i
.
%ii
.
3'5
The The theo theore retitica call velo veloci city ty is4 is4 A. ." units per hour B. .$$ .$$ unit unitss per per hour hour
C. .' units per hour D. . .0' 0' un unititss per per ho hour ur
Actu ctual velo veloci citty is4 is4 A. . .'' uni units ts pe perr hou hourr B. .0' units per hour
C. ." ." unit unitss per per hour hour D. .$$ units per hour
Dapitan! Dapitan! /nc. /nc. manufactu manufactures res a product product that that e%perience e%periencess the follo&in follo&ingg activities activities44 8rocessing 9three departments: $5 hours oving 9four moves: 12 hours aiting time $ hours #torage time 9before delivery: 155 hours The C( for the product is A. '> C. 5> B. '> D. $5>
%iii
. At the beginn beginning ing of 550! 550! #anche) #anche) Compan Companyy instal installed led a 6/T purchas purchasing ing and manufa manufactu cturing ring system. system. The follo&in follo&ingg information has been gathered about one of the company*s products4 Theoretical annual capacity !55 Actual production !555 8roduction hours available 1!555 n-time deliveries 35 5 Total deliveries 3$ 5 umber of defective units "5 The company*s on-time delivery percentage is4 A. 35 percent C. 3$ percent B. 3'.0 pe perce cennt D. 15$. 15$.$$ per perce cent nt
4 3
i
.
Ans&er4 A Gross profit Deduct4 ,esearch and development costs 95.05 % 85!555: arketing costs 95.$5 % 8'5!555: Hife-cycle income of 8roduct A
ii
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A n s &e r 4 C ,eturn on sales! 8roduct A4 9812!555 N 8"5!555: 8"5!555: O 0.2">
iii
.
A n s &e r 4 C Target price Hess target profit Target cost
iv
. A n s &e r 4 D riginal selling price Hess profit riginal unit cost
v
.
vi
.
vii
.
viii
.
ix
.
825!555 9 $!555: 9 5!555: 812!555
8 1 "5 $ 8 1 5
8 1' 5 $ 8 1
Ans&er4 A riginal Cost4 981' P 8$': O 8105 Ans&er4 C aintenance cost per I4 982$5!555 N $!555: aintenance cost per roll! $-/nch 9 9 !555 % 8"' N 1'!555:
8' 81$
A n s &e r 4 C aintenance cost per unit! 3-/nch4 98"5!555 N 11!55: O 82.'0 A n s &e r 4 D aterials cost 9055 % 81.'5: Conversion costs 9055 % 5.' % 855: Total Ans&er4 C =alue-added labor4 Assemblers abricators Total =alue-added activity ratio4 915 N 1:
x
. Ans&er4 D Theoretical velocity O Theoretical capacity N Available hours 9!55 units N 255 hours: O .0' units per hour
xi
. Ans&er4 A Actual =elocity4 =elocity4 Actual 8roduction N Available Iours 9!555 N 255: O .' units per hour
xii
.
xiii
. Ans&er4 B n-time Delivery 8ercentage O n-time Delivery N Total Delivery 9355 N 3$5: O 3'.0>
Ans&er4 C C( O =alue Added Time N Throughput Time $5 N 9$5 Q 12 Q $ Q 155: O 5.5
