ACC 430 Module Five Assignment
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Feb 20, 2024
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COST COMPONENT PROFIT AND VARIANCE
ACC 430 DATA STORYTELLING PRESENTATION – BRYAN LEVIN
COST COMPONENT VARIANCE EVALUATION
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THE CONFLICT AND HOW TO ADDRESS IT
CONFLICT COMPONENTS
•
Labor
•
Overhead
•
Oversight
•
Quality Control
RESOLUTION
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RESOLUTION - ANALYSIS
•
Analysis
•
Determine why there is so much overhead on a special order
•
Process bottlenecks and inefficiencies
•
Dashboard Tracking
•
Labor overages
ADAPTATIONS FOR A TECHNICAL AUDIENCE
Verbal Content
Comparing actual costs vs budgeted costs as a percentage towards the total company costs
Specific departments where the labor is pulled from
Specific product names for material costs
Visual Content
Adding pie charts to see which component has the greatest issues
Creating visuals that compare each specific job vs in a descending order to easily digest all content
Create a visual that depicts special order jobs that generate the highest profit
SCREENSHOT OF BONGO FEEDBACK
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REFERENCES
Richardson, V. J., Teeter, R., & Terrell, K. (2023). Data Analytics for Accounting
. McGraw Hill LLC.
SNHU ACC 430 Module Four Tableau Guide
Related Documents
Related Questions
Estimating costs requires information • analysis, interpretation, decision-making • measurement, creation of data, negotiation • utilization, historical trends, fixed costs • projection, estimation, monitoring Cost structures are used by managers in __________. Group of answer choices planning, control, decision making activity-based costing, relative value unit method, variable cost rating estimating, forecasting, projecting allocating, averaging costs, performance testing Costs that are unique to a particular department, and would disappear if the department was abolished are known as ____. Group of answer choices indirect costs fixed costs direct costs variable As a manager you must consider _______. Group of answer choices benefits vs. costs benefits vs. overhead benefits vs. cost drivers benefits vs. time Even though fixed costs remain the constant, total costs will _______. Group of answer choices vary based on total fixed costs never vary vary based on volume always be more than…
arrow_forward
in product
3. A manager's needs regarding cost management and accuracy
Operation system
Production system
Debit to conve
costing, and the underlying production system, determine the choice of a(n)
Costing system
b. Manufacturing system
с.
a.
d.
When backflush costing is used, managers generally do not use which of the
following to keep track of operations?
Complex costing methods
b.
4.
Nonfinancial measures
Personal observations
с.
a.
Computer monitoring
d.
Key features in a just-in-time production system include all of the following
except
Streamlining operations.
b.
a.
Continuous striving for quality improvement.
Elimination of storage and handling costs.
d.
с.
Prorating manufacturing lead time.
All of the following are reasons to use backflush costing, except
a. Managers tend to use their limited resources on developing more
6.
accurate product cost data.
b. Complex ledger systems may be too costly to develop under traditional
cost tracking systems.
Accuracy is critical when…
arrow_forward
Which of the following is false when using ABC in a service industry?
analyze operations
accumulated overhead costs by activity cost pools
identify activities
identify and use cost drivers to assign the cost pools to products
arrow_forward
Ans.
arrow_forward
Question Content Area
Which of the following is a reason for easy identification and control of variable manufacturing costs under the variable costing method?
a. Fixed costs, such as property insurance, are normally the responsibility of higher management not the operating management.
b. Variable and fixed costs are reported separately.
c. Variable costs can be controlled by the operating management.
d. all of the above
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Why would management take extra effort to ensure approximate budgets for direct labor, direct materials, and manufacturing overhead? Please provide relevant information and terminology to support your response?
arrow_forward
What challenges might managers at Neuro Instruments encounter in achieving the target cost? How might they overcome these challenges?
arrow_forward
When allocating support department costs, managers must identify cost pools. The choice of cost pools is:
Question 2 options:
not influenced by the allocation base.
not important, because all support department costs will eventually be allocated anyway.
influenced by the design of the accounting information system.
determined by whether a company uses IFRS or ASPE.
arrow_forward
Standard Costing and Variance Analysis
Standard cost systems set budgets for the materials, labor, and factory overhead used by a manufacturer to produce its product. Deviations from these standards are reported as variances..
Standards-variance analysis cost control system can be applied to non-manufacturing businesses, provided that they use repetitive activities to produce a common product or service.
Based on real-life experience, describe and discuss a non-manufacturing (service) business that could benefit from the use of standards. Also explain how standards would help that business control its operations.
arrow_forward
Contrast activity-based costing (ABC) with activity-based management (ABM).
Question content area bottom
Part 1
A.
Activity-based management is using a traditional costing system to improve the operations of an organization, while activity-based costing provides information regarding customer costs to improve the financial position of an organization.
B.
Activity-based cost information is using activity-based management to improve the operations of an organization. Managers use ABM information for decision making, planning, and control purposes. Appropriate activity-based management is vital for each of these purposes.
C.
Activity-based management is using activity-based cost information to improve the operations of an organization. Managers use ABC information for decision making, planning, and control purposes. Cost information is vital for each of these purposes.
D.
None of the above.
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[4]
Product costing provides useful decision-making information in relation to all of the
following alternatives, but one. Which one?
a) Non-manufacturing firms
bị Management planning, cost control, and performance evaluation
c) Financial reporting
dj Developing awareness about the company environmental impacts
[5]
The main distinction between job costing and process costing is:
a) The difference in the level of detail required by each system
b) The use made of the costing information
c) An accounting difference
dj The cost object on which costs are accumulated
[6]
In its first month of operations, Margherita Ltd produced 100,000 units. 90,000 units
were sold. The manufacturing cost per unit was as follows:
Direct materials cost
Direct labour cost
Variable fixed overhead cost
Fixed overhead cost
Total per unit cost
£40
£20
£30
£50
£140
Margherita Ltd's operating income under absorption costing is:
a) Lower than variable costing by £500,000
b) Higher than variable costing by £600,000
c)…
arrow_forward
Standard cost systems
help managers budget and control costs
are rarely used in practice in well-established businesses
are based on what managers think costs should be
help maintain consistency and quality
arrow_forward
Differential costs represent –
Group of answer choices
the costs which is shown in the balance sheet but not expensed in the income statement until the sale of the products.
The differences in costs among different departments of an organization.
the amount of increase or decrease in costs from a particular course of action when compared to its alternatives
the difference between controllable costs and non-controllable costs.
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Of the following systems, which one is most likely to reduce cost distortion to a minimum?
Traditional costing system
Departmental overhead allocation rates
Plantwide overhead rate
Activity-based costing
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A variety of quantitative measures are used to evaluate employee performance, including standard costs, financial ratios, human resource forecasts, and operating budgets.a. Discuss the following aspects of a standard cost system.1. Discuss the characteristics that should be present to encourage positive employee motivation.2. Discuss how the system should be implemented to positively motivate employees.b. The use of variance analysis often results in management by exception.1. Explain the meaning of management by exception.2. Discuss the behavioral implications of management by exception.c. Explain how employee behavior could be adversely affected when actual-to-budget comparisons are used as the basis for performance evaluation.
arrow_forward
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Related Questions
- Estimating costs requires information • analysis, interpretation, decision-making • measurement, creation of data, negotiation • utilization, historical trends, fixed costs • projection, estimation, monitoring Cost structures are used by managers in __________. Group of answer choices planning, control, decision making activity-based costing, relative value unit method, variable cost rating estimating, forecasting, projecting allocating, averaging costs, performance testing Costs that are unique to a particular department, and would disappear if the department was abolished are known as ____. Group of answer choices indirect costs fixed costs direct costs variable As a manager you must consider _______. Group of answer choices benefits vs. costs benefits vs. overhead benefits vs. cost drivers benefits vs. time Even though fixed costs remain the constant, total costs will _______. Group of answer choices vary based on total fixed costs never vary vary based on volume always be more than…arrow_forwardin product 3. A manager's needs regarding cost management and accuracy Operation system Production system Debit to conve costing, and the underlying production system, determine the choice of a(n) Costing system b. Manufacturing system с. a. d. When backflush costing is used, managers generally do not use which of the following to keep track of operations? Complex costing methods b. 4. Nonfinancial measures Personal observations с. a. Computer monitoring d. Key features in a just-in-time production system include all of the following except Streamlining operations. b. a. Continuous striving for quality improvement. Elimination of storage and handling costs. d. с. Prorating manufacturing lead time. All of the following are reasons to use backflush costing, except a. Managers tend to use their limited resources on developing more 6. accurate product cost data. b. Complex ledger systems may be too costly to develop under traditional cost tracking systems. Accuracy is critical when…arrow_forwardWhich of the following is false when using ABC in a service industry? analyze operations accumulated overhead costs by activity cost pools identify activities identify and use cost drivers to assign the cost pools to productsarrow_forward
- Ans.arrow_forwardQuestion Content Area Which of the following is a reason for easy identification and control of variable manufacturing costs under the variable costing method? a. Fixed costs, such as property insurance, are normally the responsibility of higher management not the operating management. b. Variable and fixed costs are reported separately. c. Variable costs can be controlled by the operating management. d. all of the abovearrow_forwardWhy would management take extra effort to ensure approximate budgets for direct labor, direct materials, and manufacturing overhead? Please provide relevant information and terminology to support your response?arrow_forward
- What challenges might managers at Neuro Instruments encounter in achieving the target cost? How might they overcome these challenges?arrow_forwardWhen allocating support department costs, managers must identify cost pools. The choice of cost pools is: Question 2 options: not influenced by the allocation base. not important, because all support department costs will eventually be allocated anyway. influenced by the design of the accounting information system. determined by whether a company uses IFRS or ASPE.arrow_forwardStandard Costing and Variance Analysis Standard cost systems set budgets for the materials, labor, and factory overhead used by a manufacturer to produce its product. Deviations from these standards are reported as variances.. Standards-variance analysis cost control system can be applied to non-manufacturing businesses, provided that they use repetitive activities to produce a common product or service. Based on real-life experience, describe and discuss a non-manufacturing (service) business that could benefit from the use of standards. Also explain how standards would help that business control its operations.arrow_forward
- Contrast activity-based costing (ABC) with activity-based management (ABM). Question content area bottom Part 1 A. Activity-based management is using a traditional costing system to improve the operations of an organization, while activity-based costing provides information regarding customer costs to improve the financial position of an organization. B. Activity-based cost information is using activity-based management to improve the operations of an organization. Managers use ABM information for decision making, planning, and control purposes. Appropriate activity-based management is vital for each of these purposes. C. Activity-based management is using activity-based cost information to improve the operations of an organization. Managers use ABC information for decision making, planning, and control purposes. Cost information is vital for each of these purposes. D. None of the above.arrow_forward[4] Product costing provides useful decision-making information in relation to all of the following alternatives, but one. Which one? a) Non-manufacturing firms bị Management planning, cost control, and performance evaluation c) Financial reporting dj Developing awareness about the company environmental impacts [5] The main distinction between job costing and process costing is: a) The difference in the level of detail required by each system b) The use made of the costing information c) An accounting difference dj The cost object on which costs are accumulated [6] In its first month of operations, Margherita Ltd produced 100,000 units. 90,000 units were sold. The manufacturing cost per unit was as follows: Direct materials cost Direct labour cost Variable fixed overhead cost Fixed overhead cost Total per unit cost £40 £20 £30 £50 £140 Margherita Ltd's operating income under absorption costing is: a) Lower than variable costing by £500,000 b) Higher than variable costing by £600,000 c)…arrow_forwardStandard cost systems help managers budget and control costs are rarely used in practice in well-established businesses are based on what managers think costs should be help maintain consistency and qualityarrow_forward
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- Financial And Managerial AccountingAccountingISBN:9781337902663Author:WARREN, Carl S.Publisher:Cengage Learning,

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Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Cengage Learning
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ISBN:9781947172609
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ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
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