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Chapter21Performancemeasurement

Internal benchmarking - comparisons between different departments or functions within an organisation.

Functional benchmarking - comparisons with organisations with similar core activities that are not a competitor.

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Explain what is meant by standard costing

Explain what is meant by a standard cost

Describe four types of standard.

Explain what is meant by a standard hour.

Give five possible sources of information from which a standard materials price may be estimated.

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Pliant pic produces cars and motorbikes. The company is split into four different divisions:Car sales division - this department's manager has been given responsibility for selling the cars, as well as keeping control of the division's costs.Motorbike sales division - this department's manager has been given responsibility for selling the motorbikes as well as controlling divisional costs. In addition, he has been told to plan what assets he should purchase for the coming year.Manufacturing division - this division makes the cars and bikes and passes them to the finishing division. The divisional manager is only responsible for controlling the division's costs.Finishing division - this division tests the cars and cleans them ready to be sold. They transfer the goods to the sales divisions and charge the sales divisions a set price, which is set by the finishing division's manager. The manager is also responsible for managing the division’s costs as well as the investment in divisional assets.Are these centres being operated as a cost, profit or investment centre?Division Cost centre Profit centre Investment centreCar sales Motorbike sales Manufacturing Finishing
The following represent transactions on the material account for a company for the month of March 20X8: $000sIssued to production 144Returned to stores 5The material inventory at 1 March 20X8 was $23,000 and at 31 March 20X8 was $15,000. How much material was purchased in March 20X8? $ O
Which method of inventory valuation is being described?Characteristic FIFO LIFO AVCOPotentially out of date valuation on issues. The valuation of inventory rarely reflects the actualpurchase price of the material. Potentially out of date closing inventory valuation. This inventory valuation method is particularly suitedto inventory that consist of liquid materials e.g. oil. This inventory valuation method is particularly suitedto inventory that has a short shelf life e.g. dairy products. This inventory valuation method is suited to a wheat farmerwho has large silos of grain. Grain is added to and taken fromthe top of these silos. In times of rising prices this method will give higher profits. In times of rising prices this method will give lower profits. In times of rising prices this method gives a middle level ofprofits compared to the other two. Issues are valued at the most recent purchase cost. Inventory is valued at the average of the cost of purchases. Inventory is valued at the most recent purchase cost.
Which of the following relate to marginal costing and which to absorption costing? Marginal costing Absorption costingThe cost of a product includes an allowance for fixed production costs. The cost of a product represents the additional cost of producing an extra unit. The following data are for questions 155 and 156The budget for Bright's first month of trading, producing and selling boats was as follows: $000Variable production cost of boats 45Fixed production costs 30Production costs of 750 boats 75Closing inventory of 250 boats (25)Production cost of 500 sold 50Variable selling costs 5Fixed selling costs 25 80Profit 10Sales revenue 90The budget has been produced using an absorption costing system.
Quality control costs can be categorised into internal and external failure costs, inspection costs and prevention costs. In which of these four classifications would the following costs be included?The costs of a customer service teamThe cost of equipment maintenanceThe cost of operating test equipment Internal failure costs External failure costs Inspection costs Prevention costsCost of the a customer service team Cost of equipment maintenance Cost of operating test equipment
Explain what is meant by a flexed budget
What would an adverse materials price variance and a favourable materials usage variance indicate and what might this be caused by?
Explain why it might be preferable for Managers not to be involved in setting their own budgets when meeting the budget is used as a basis for performance measurement.
Briefly discuss the strengths and weaknesses of ROI and Rl as methods of assessing the performance of divisions.
Describe the three elements of VFM