Part A. Question 1:. Concept Of Management Accounting:.
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Part A
Question 1:
Concept of management accounting:
“Management Accounting is the utilization of proper strategies and ideas in preparing chronicled and anticipated financial information of a substance to help administration in setting up arrangements for sensible monetary goals really taking shape of judicious choices with a view towards these destinations."
Management accounting helps organizations to generate and preserve value:
Management accounting provides information for three major purposes as follow:
1. External reporting:
These reports are utilized financial specialists, leasers, government experts, and other outside gatherings.
2. Routine internal reporting:
These reports which are intermittently created are utilized by…show more content… otal
Sales price per unit 60 180 200
(-) Variable Cost per unit (30) (60) (140) contribution 30 120 60 sales mix 3 2 1 6
Weight contribution 90 240 60 390
Weighted Average Contribution per unit = Total weighted contribution _______________________ Total weights
= 390 ________ = $ 65per unit 6
Break Even Point
(Units) = Fixed Costs _______________________ Weighted Average Contribution per unit
= 162,500 __________ = 2500 units 65
Proof:
Information A B C Total
Sales units
A – 2500 x 3/6
B – 2500 x 2/6
C – 2500 x 1/6 1250 833 417 2500
Sales 75,000 149,940 83,400 308340
Less: Variable Cost 37,500 49,980 58,380 145860
Contribution 453,750 99,960 25,020 162480
Less: Fixed Cost 162500
Operating Income 0 (approx.)
Question 3 (ii):
Break Even Point
(Units) = Fixed Costs + Target Profit ____________________________ Weighted Average Contribution per unit = 162,500 + 227,500 _________________ = 6,000 units 65
Break Even Point ($)
Information A B C Total
Sales units
A – 6,000 x3/6
B –6,000 x 2/6
C –6,000 x 1/6 3000 2000 1000 6,000
Sales 180,000 360,000 200,000 740,000
Question 4:
Exiting situation:
Information/Products A B C
Sales Units 1500 1000 500 3000
Question 1:
* Proficient-level:
* There are several important functions performed in an organization, among which accounting is one of them. Define the accounting function and discuss how it differs from double-entry bookkeeping.
Answer: According to the Dictionary of Accounting Terms, Accounting is defined as a one step process of recording, measuring, interpreting and communicating financial data by preparing financial statements in order to reflect financial condition and operating
Outcome of each part
THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA)
Syllabus for ICAG Qualifying Examinations
ACCRA 2009
Institute of Chartered Accountants, Ghana
1
Proposed Sylabus for ICAG Qualifying Examinations
Contents
Introduction Features and Inovations of the New Scheme Objectives and Expected Performance Outcomes of Each Part PART 1 1.1 1.2 1.3 1.4 Financial Accounting Fundermentals Business Management Economics Management Information Systems PART 2 2.1 2.2 2.3 2
Strategic Management Accounting
APC309
Individual assignment
Weighting – 100% of the marks for this module
This is an individual assignment of 3,000 words, excluding the bibliography and any appendices. The word count MUST be shown on the front cover of the assignment.
All of the learning outcomes for the module are being assessed in this assignment. The learning outcomes are shown in the section entitled “Marking Guide”, which is further on in this document.
The University’s
HSMG 699 Assigniment 1
(Submit via SAKAI by Friday, Feb. 5 midnight)
Right on homework
Corrected on homework
Multiple Choice Questions:
1. Which of the following statements about finance, accounting, and financial management is most correct?
a. Accounting is of no value in decision making.
b. Accounting provides the theory and concepts necessary to help managers make better decisions.
c. Financial management involves the measurement, in financial terms, of operational events that affect
COMMERCE AND LAW(DEPARTMENT OF BANKING AND FINANCE)
RESEARCH TOPIC: A STUDY TO DETERMINE THE REASONS For LOW PASS RATES IN MANAGEMENT ACCOUNTING AND TAX LAW AND PRACTICE- BACHELOR OF COMMERCE IN
ACCOUNTING, BANKING AND FINANCE AT THE HARARE AND CHITUNGWIZA REGION OF THE ZIMBABWE OPEN UNIVERSITY.
ABSTRACT:
Background:
A study of the results of Management Accounting and Tax, Law and Practice for the past three semesters revealed average pass rates of 33 and 35% respectively.These low pass
MANAGERIAL ACCOUNTING FOR DECISION MAKING
AMIS 823 – Spring 2008
Course Syllabus
INSTRUCTOR: Prakash R. Mulchandani
OFFICE HOURS: M/W 3:30-4:30pm, and by appointment
OFFICE: 432 Fisher Hall
E-MAIL: mulchandani.3@osu.edu
TELEPHONE: (614) 247-6267
FAX: (614) 292-2118
COURSE OUTLINE
This course focuses on the strategic nature of management accounting and emphasizes the critical role that information plays in decision-making, strategy execution, and overall enhancement of a firm’s
Jasmine Travis
BUS3061
Professor Jerry Thomas
July 17, 2014
1. Question 1:
Proficient-level:
There are several important functions performed in an organization, among which accounting is one of them. Define the accounting function and discuss how it differs from double-entry bookkeeping.
Accountants analyze and interpret financial information, prepare financial statements, conduct audits, design accounting systems, prepare special business and financial studies, prepare forecasts and budgets
Question 1:
Sole traders- they run their business on their own, are personally responsible for it and can keep all of the business’s profits after they paid the taxes.
Limited company- an organisation set up to run a business. It is responsible for everything it does. The profit it makes, minus the taxes, is owned by the company and can be shared. Every limited company has people or organisations that hold a share in it.
Business partnership- in a partnership, all the business partners personally
Finance Midterm Exam Answers
Question 1.1. (TCO 4) Which of the following is part of a statistics budget? (Points : 5)
Output expectations
Responsibility for estimation
Estimation methodology
All of the above
Question 2.2. (TCO 4) Which budgetary issue causes the most strife in all areas of a health care organization? (Points : 5)
Setting volume levels
Setting prices
Allocation of indirect costs
Deciding whether to use a fixed or flexible budget
Question 3.3. (TCO 4) Effectiveness is