H. Xue Managerial Accounting 2015 Spring Homework 1 (Individual Assignment, Due on 02/11) 1. Das Doors Inc. has recorded the following costs at various volumes of production: Production Volume Total Costs 600,000 $700,000 400,000 500,000 200,000 300,000 Determine the fixed cost and per-unit variable cost using High-Low method. 2. Adams Company sells a single product. The product sells for $100 per unit. The company’s variable expenses are 80% of sales and its fixed expenses total $150
The role of managerial accounting has played a significant role in the success of businesses dating as far back as the 19th century. Service and production operations during the days of the industrial revolution were not nearly as sophisticated then as they are today. The current initial purpose of managerial accounting is comparable to its purpose throughout history. Managerial accounting has historically been useful in assisting managers with the information they need to make important decisions
1. Basic Concepts Product cost = Direct Labor (DL) + Direct Materials (DM) + Manufacturing Overhead (MOH) Financial accounting Managerial Accounting + Sales + Sales - COGS - Variable Costs = Gross Profit = Contribution Margin - SG&A - Fixed Costs = Net Profit = Net Profit COGS (Cost of Goods Sold) is an “inventoriable cost” ( recorded in the Balance Sheet as inventory and expensed (Income Statement) when goods are sold SG&A (Selling, General & Administrative) are
Introduction: Both financial accounting and managerial accounting provide important information about the business process. On the one hand, financial accounting provides only financial information to its internal users and external users. On the other hand, managerial accounting basically communicates about financial and non-financial information with internal users such as managers, employees and owners of the company. In other words, managerial accounting provides information to managers who direct
Managerial Accounting Chapter # 01 Homework 1 01) How does managerial accounting differ from financial accounting? A: Managerial accounting is concerned with providing information to managers for use inside the organization. Financial accounting is con¬cerned with providing information to stockhold¬ers, creditors, and others outside of the organi¬zation. 02) Pick any major television network and describe some planning and control activities that its managers would engage in. A: Five
CHAPTER 1 (Introduction to Management Accounting) P-1-4A The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2014. Raw Materials Factory Insurance $ 4600 Inventory 7/1/13 $ 48000 Factory Machinery Raw Materials Depreciation 16,000 Inventory 6/30/14 39,600 Factory Utilities 27,600 Finished Goods Office Utilities Expenses 8,650 Inventory 7/1/13 96,000 Sales Revenue 534,000 Finished Goods Sales Discounts
Running head: MANAGERIAL ACCOUNTING AND ITS TECHNIQUE 1 MANAGERIAL ACCOUNTING AND ITS TECHNIQUES 12 Managerial Accounting and Its Techniques Melissa Reppert BUS 630: Managerial Accounting Dr. Veliota Drakopoulou May 11, 2015 Introduction Management Accounting is an important activity within an organization. It plays several functions in any organization through the actions undertaken by management accountants. According
INTRODUCTION : Managerial accounting is concerned with providing information to managers – that is , people inside an organization who direct or control it’s operations. Via managerial accounting managers understood that good business results come from dynamic processes , procedures and practices that are well designed and properly implemented and managed. Certified management accountants are qualified to help their fellow managers achieve good business results because they have earned an advanced
Introduction The purpose of management accounting in the organization is to support competitive decision making by collecting, processing, and communicating information that helps management plan, control, and evaluate business processes and company strategy. The interesting thing about management accounting is that it is rare to find an individual within a company with the title of “management accountant.” Often many individuals function as accountants within the organization, but these individuals
Managerial accounting is helpful to the managers in of identifying, measuring, analyzing, interpreting and communicating information for the pursuit of organization’s goals. It contrast with financial accounting in that later is aimed to provide information to external user of accounting information while managerial accounting it’s aimed at helping the mangers to make decision in the organization. Purpose of managerial accounting The purpose of management accounting in the organization is to support