Management and Cost accounting

Question 1

What are the three major objectives of a manager?

Answer 1

Sv:

To plan, to direct and motivate, and to control

Question 2

What does “Burgeoning” mean?

Answer 2

Sv

Spirende, Blomstrende

Question 3

What does “ Pilferage” mean?

Answer 3

Sv.

Tyveri

Question 4

Does management accounting mainly focus on the past, or the future?

Answer 4

Sv:

Future, planning, implementing and controlling.

Question 5

What does “ Peculiarities” mean?

Answer 5

Sv:

Særegenheder/ særlige kendetegn

Question 6

What does the term “chain of command” cover?

Answer 6

Sv:
Formal lines of reporting and communication and responsibility and authority, within an organization. This is outlined in an organisations “Organization Chart”.

Question 7

What does “complacent” mean?

Answer 7

Sv:

Selvtilfredse

Question 8

What does “dissemination” mean?

Answer 8

Sv: Udspredelse/ Formidling

Question 9

What does “laundering” mean?

Answer 9

Sv:

Hvidvaskning

Question 10

What is a “merchandising Company”?

Answer 10

Sv:

En handelsvirksomhed

Question 11

What does “alleged” mean ?

Answer 11

Sv:

angivelige

Question 12

What is “Overhead Costs”?

Answer 12

Sv:

Indirekte omkostninger

Question 13

What does “conventionally mean”?

Answer 13

Sv:

Traditionelt / Almindeligvis

Question 14

What is an “assembly-line”?

Answer 14

Sv:

Et Samlebånd

Question 15

What does “ Clerical” mean?

Answer 15

Sv:

kontorpersonale

Question 16

What does “Billing Costs” mean ?

Answer 16

Sv:

Fakturerings omkostninger

Question 17

What does “lubricants” mean?

Answer 17

Sv:

Smøremidler

Question 18

If the Sales Activity rises by 10 % in a company, how is the variable Costs affected on a pr. unit basis?

Answer 18

Sv:

It is not affected, variable costs are always constant on a pr. unit basis.

Question 19

Explain what a “Common Cost” is?

Answer 19

Sv:

It is a cost that can not easily be traced to a product, because the cost is not caused by the cost object.

Question 20

How is Total manufactoring costs found?

Answer 20

Sv:

By adding up all Direct materials with Direct Labour and Manufacturing Overhead.

Question 21

How do you compute COGS?

Answer 21

Sv:
Cosgs is equal to “beginning stock of finished goods” + “Costs of goods manufactured” - “ending stock of finished goods”.

Question 22

What does “WIP” stand for?

Answer 22

Sv:

Work In progress