After the first day of cost accounting your friend says, “The role of accountants is to report what happened. Why do we care about value creation? That’s not my responsibility.” Do you agree? Explain in detail offering examples of uses of cost accounting for business purposes.
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After the first day of cost accounting your friend says, “The role of accountants is to report what happened. Why do we care about value creation? That’s not my responsibility.” Do you agree? Explain in detail offering examples of uses of cost accounting for business purposes.
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- Assume you have been hired by Hilton Hotels and Resorts. As part of your new role in the accounting department, you have been tasked to set up a responsibility accounting structure for the company. As your first task, your supervisor has asked you to give an example of a cost center, profit center, and an investment center within the Hilton organization. Your supervisor is a little unsure of the difference between a profit center and investment center and would like you to explain the difference.In a team of two or three students, interview the manager/owner of a local business. In this interview, ask the manager/owner the following questions: A. Does the business collect and use cost information to make decisions? B. Does it have a specialist in cost estimation who works with this cost data? If not, who is responsible for the collection of cost information? Be as specific as possible. C. What type of cost information does the business collect and how is each type of information used? D. How important does the owner/manager believe cost information is to the success of the business? Then, write a report to the instructor summarizing the results of the interview. Content of the memo must include date of the interview, the name and title of the person interviewed, name and location of the business, type of business (service, merchandising, manufacturing) and brief description of the goods/services provided by the business, and responses to questions A-D.Walsh & Coggins, a professional accounting firm, collects cost information about the services they provide to their clients. Describe the types of cost data they would collect and explain the importance of analyzing this cost data.
- Mateo makes gizmos. He would like to set up a system to help him manage his business. The gizmos are made in a standard process. There is a certain amount of material and labor that goes into each gizmo. The only difference between the gizmo is the color of the material. What information should Mateo collect, how should he format it, and what kind of reports should he prepare to help him run his business?please solve the task by reading attached pictures of background knowledge What could the concept for cost and revenue accounting look like for Christine ́s business? Which parts of a cost accounting concept are necessary for her business? Calculate the profit of Christine ́s business and the return on investment?Do you feel comfortable with the situation?a) You have been recruited by Education-For-ALL (EFA), an NGO providing teaching and learning support for Students of Second Cycle Schools in Ghost Town, as a Cost Accounting Tutor. During a lesson on the topic “Nature and Scope of Cost Accounting”, a student raised his hand and asked you about what difference there is, if any, between cost accounting and financial accounting. Based on the scope, timing, users of accounting information, reports and standards, explain, with examples, the difference between cost accounting and financial accounting. Define the term Cost, and explain how cost of a product is ascertained when: i. a product is self-constructed or manufactured in-house. ii. a product is a finished product that has been imported. iii. a product is a finished product that has been purchased. Cost accounting as a sub accounting system provides cost information for financial accounting and managerial accounting. List two (2) each of the information cost accounting provides…
- What were some interesting management accounting concepts that came up this week? At this point, do you see the management accounting approach being more or less useful than financial accounting for you? Why?Mr. Akshay kumar is the MD of Aiidit Enterprise, an entity rendering transportationservices in the Mumbai city. He is looking for expanding the business operations toanother City called Surat in Gujarat. He is confused on which form of accounting to beused so that he can decide well on certain strategies, know the business profits and losses,and also decide on cost per passenger.Discuss in the context of management accounting, cost accounting and financialaccountingI need help with the attached image of an excel sheet. I did great in my first accounting course, but managerial accounting is giving me trouble.
- Companies are automating many accounting tasks. Is automation good or bad? Consider this question from the view of accounting students, accounting practitioners, other business professionals, and society as a whole. What should be done to achieve the good aspects of automating accounting tasks while minimizing the poor aspects?Accounting information helps key stakeholders of the business to make decisions.From the following options,which one is the decision that an internal stakeholder is unlikely to make? A.Make decisions about how toset product selling price,whether to advertise and how much to spend on advertising B.Decide which products to continue to sell and when to add new products or drop old ones C.Identify what resources and employees the business needs,and to set benchmarks against which they can later measure the business's progress towards its goals D.Analyse the business's financial reports to decide whether to purchase shares of the companyPlease kindly answer the three questions below; You are the CEO of your own IT Company. Based on the cost concepts that we have discussed, identify at least three (3) costs being used and provide possible solutions how to control these costs. Being in an IT Field, you know the importance of optimizing your processes to see growth through efficiency. How can financial statement analysis contribute? Accounting is the language of business. Using this context, discuss the importance of financial statement to businesses.
