Based on the assignment and what you know about management accounting, what do you believe is the purpose of a cost element? - What is one advantage of creating a vendor master record?

Q: Which of the following is not a qualitative decision that should be considered in an outsourcing…

A: Outsourcing refers to receiving of services from another company in order to fulfill out company…

Q: Evaluate and Integrate the role of quantitative information in making business decisions.

A: Quantitative studies are all about numbers. It makes use of mathematical evaluation and facts to…

Q: In the field of cost accounting, one of the most critical decisions made by a manager is the type of…

A: Choosing the type of technology that the organisation will use to produce its products or deliver…

Q: Standard cost systems facilitate the management practice known as  A) management development. B)…

A: Management development is a  process of development of the individuals by providing them training…

Q: How does computerised accounting system could help to improvise better reporting  sytem in…

A: An accounting system in which the events and the process of final transactions are in accordance to…

Q: a. Business decisions rely on certain characteristics which are based on intelligent and…

A: Hi student, you have asked multiple non-related questions in one go which is not appropriate. So,…

Q: Why are top management support and cross-functional involvement crucial when attempting to implement…

A: Activity based costing system is a form of costing system in which cost is analysed by dividing the…

Q: How can management accountants help improve quality and achieve timely product deliveries?

A: Management accountant perform various functions like analysis cost, business processes to identify…

Q: identify managerial accounting techniques that have been developed to meet positioning…

A: SOLUTION- Managerial accounting refers to the analysis and presentation of financial data for the…

Q: Which ofr the following Items is not a management concept that was created to improve company…

A: Management Concept: It can be defined as the process of achieving things with the aim of achieving…

Q: Explain the difference between FIFO and LIFO methods . Provide example for each method. The subject…

A: Difference between FIFO and LIFO methods No. FIFO LIFO 1) In FIFO method the stock brought…

Q: How can activity-based costing be used to switch the management of business activities from a…

A:

Q: is commonly suggested that a management accounting system should be capable of supplying different…

A: Solution-                                                              Costs , their purpose and…

Q: The area of management concerned with designing and overseeing the process of production is which of…

A: Operations management is the management of operational processes inside a company to make the…

Q: What other factors should a management accountant take into consideration when setting direct…

A: Factors that should be considered   Standards must be set both in Physical and Monetary Terms…

Q: Explain whether the cost accounting system primarily supports internal or external reporting.

A: Cost Accounting System: Cost accounting system refers to as a framework designed by the company to…

Q: What level of importance do product costs play in the business process? what kind of management…

A: Product cost: Cost incurred to produce a product is called product cost. It includes the cost of…

Q: Comprehend and Apply the elements of costing to the process environment.

A: Process Costing is used for industries involving continuous production of goods having same…

Q: Cost accounting is an area of accounting concerned with cost determination, cost control and cost…

A: solution : Cost accounting is an area of accounting concerned with cost determination, cost control…

Q: Discuss the difficulties associated with manual cost accounting and how the organization may improve…

A: Various difficulties associated with manual cost accounting system are as under : a.) Manual entry…

Q: Which function of Management is concerned with an effective procurement of human resources and…

A: Answer: option (a) Staffing is one of the significant functions of management.it is a continuous…

Q: What is the key feature of activity-based responsibility accounting? Briefly explain.

A:

Q: explain and describe the various costing method in management accounting.outline their advantagesand…

A: A cost is assigned to a product made using product costing methodologies. Each of these strategies…

Q: How can management accountant help improve quality and achieve timely product deliveries?

A: Management accountant perform various functions like analysis cost, business processes to identify…

Q: Cost and Costing, as well as the importance of calculating costs in product management, may be…

A: Cost refers to the value of money that has been used to produce or manufacture something. It can…

Q: What is the similarities and defference between cost accontant, management accountant and fanincial…

A: Cost accountant deals with ascertainment, allocation, recording and analysis of accounting data. It…

Q: How different in management accounting from cost accounting? Provide a brief commentary in two…

A: Definition: Accounting: Accounting is the process of recording, summarizing, and reporting all the…

Q: What is meant by the following statement? “Managerial accounting often serves an attention-directing…

A: Managerial accounting:   Management accounting is a practice where by management reports and…

Q: Name a firm or organization you know of that you are reasonably sure uses cost management andexplain…

A: Cost Management: Cost management involves the development and use of cost management information…

Q: what kind of decision that management accounting is used for?

A: According to Cost and Management Accounts, London, "Management Accounting is concerned with the…

Q: Describe ways the production cost report can be used by management.

A: Production Cost Report: A report which gives information about the total units produced and total…

Q: What is the most significant function of a cost of production report, and why is it important? What…

A: The significance and use of a cost of production report:

Q: What is the primary purpose of managerial accounting?

A: It is a branch of accounting that gives aid to management, as it provides relevant information that…

Q: How standard costing control the business activity

A: Standard Costing is the technique of setting up standard costs and applying them to measure the…

Q: Who in the typical firm or organization is responsiblefor cost management?

A: Cost Management:   Cost management involves the development and use of cost management information…

Q: Define standard costs and explain how they assist managers in controlling costs.

A: standard cost: Standard cost is an estimated or predetermined cost based upon existing conditions.…

Q: the uses of cost information in decision making to managers

A: Cost: It is a value related to the product that determines its purchasing value. A cost, in general,…

Q: How is cost accounting information used by management? Why is unit cost information important to…

A: Cost Accounting:-It is a method of calculating and assessing the cost and expenses related to the…

Q: What types of management reports are prepared by the cost accounting system?

A: Definition: Cost accounting systems: It is a system which measures, record, and reports the product…

Q: the course tittle of this assignment from is:- Advanced cost and Management Control System 1.…

A: SOLUTION- Managerial accounting is an internal business function responsible for managing a…

Q: evaluated only on ROI.

A: ROI is the return on investment made by entity.

Q: Human Resources Accounting is a tool of management accounting

A: Human Resources Accounting is the accounting of costs incurred relating to recruitment, retention…

Q: Explain the role of cost accounting as it relates to financial and managerial accounting

A: The main focus of cost accounting is on cost information and cost control (managerial use), while…