Explain the difference between FIFO and LIFO methods . Provide example for each method. The subject is Managerial Accounting.
Q: What are the main principles of managerial accounting?
A: Managerial Accounting: Managerial Accounting is the type of accounting that provides financial…
Q: What is the relationship between the value chain and management accounting?
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: objective of Managerial Accounting?
A: Managerial accounting is the system in which the method of accounting provides such statements or…
Q: What is the managerial accountant’s primary objective in designing a responsibility-accounting…
A: Responsibility accounting: Responsibility refers to the several concepts and tools used by managers…
Q: How does managerial accounting differ from financial accounting?
A: Accounting: Accounting is an art of collecting, recording, summarizing and presenting the financial…
Q: All of the following are examples of managerial accounting activities except ________. A. preparing…
A:
Q: In responsibility accounting, why are reports to higherlevel managers usually summarized?
A: Responsibility Accounting: The management of responsibility centers by the means of Fe-determined…
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: Is it correct that managerial accounting mainly provides services for manufacturing organizations?…
A: The concept of managerial accounting is majorly used to analyzed costs incurred on the products but…
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: Identify some qualitative factors that should be considered when making managerial decisions.
A:
Q: What are the differences between managerial accounting and financial accounting? taking example
A: Definition: Managerial accounting: Managerial accounting is a system, or a process of collecting…
Q: Explain managerial accounting functions.
A: Managerial accounting: Managerial accounting is the process of identifying, measuring, analyzing,…
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: Management accounting is a structure for: a. Costing b. Accounting c. Decision making d. Management
A: Management accounting helps in preparation of reports and helps in decision making process for the…
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: 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: A distinguishing feature of managerial accounting is
A: Managerial accounting: It can be defined as a branch of accounting that is concerned with the…
Q: What are the main differences between managerial and external accounting?
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
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: Identify and explain the managerial accountant’s primary objective in choosing a transfer-pricing…
A: Return on investment (ROI): Return on investment evaluates how efficiently the assets are used in…
Q: Management accounting is a subset of cost accounting. Cost accounting is a subset of both management…
A: Accounting is the process in which transactions are recorded, summarised, posted and then the result…
Q: Why does managerial accounting often involve working with numerous predictions and estimates?
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Q: Describe the Relationship of the below mentioned managerial accounting concepts : i. Cost Reduction…
A: There are several concept and techniques which are used for the measurement of overall performance…
Q: explain and describe the various costing method in management accounting.outline their advantagesand…
A: Using product costing procedures, a cost is allocated to a product. The most frequent costing…
Q: Managerial accounting is different from financial accounting in that
A: Managerial accounting is the branch of accounting which deals with the forecasting, predictions or…
Q: What is the full form of CIMA, the professional body controlling the profession of Cost Accounting?…
A: Introduction: CIMA: CIMA is Established in March , 1919 CIMA is the world largest Accounting body.
Q: The main focus of managerial accounting is: *
A: The primary target of administrative bookkeeping is help the administration organization in…
Q: Describe the purpose of managerial accounting.
A: Managerial Accounting: Managerial Accounting is mainly concerned with internal users of the…
Q: Based on the assignment and what you know about management accounting, what do you believe is the…
A: Management accounting : The branch of accounting which facilitates the information from…
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: What is CVP and four uses of it? The subject is Managerial Accounting.
A: Cost-volume-profit (CVP) analysis is used to determine how changes in costs and volume affect a…
Q: Explain the difference between period cost and product cost , provide one example for each type. The…
A: Period costs: The costs (especially the overheads) related to the specific period are called period…
Q: Discuss The impact of applying an Activity-Based Costing System on the businesses' financial and…
A: What is Activity-Based Costing? Activity-based costing ABC is a method for assigning costs to…
Q: agerial
A: Managerial accounting is the process of identifying, analyzing, interpreting and communicating…
Q: Explain and describe the various costing methods used in management accounting
A: Various costing approaches are used in management accounting to help a company become more organized…
Q: The major reporting standard for presenting managerial accounting information is OA the cost…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
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: 1. What is the primary trade-off an accountant must consider when deciding whether to identify cost…
A: Answer 1: Is the cost/benefit of the process reasonable for more accurate behavior obtained.
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…
Q: Which of the following is one of the difference between management accounting and cost accounting.
A: Difference between management accounting and cost accounting is given below,
Q: Evaluate this using the principles of management and cost accounting.
A: Principles of Management and Cost Accounting The basic principles which are evolved in the…
Q: Managerial Accounting
A: Correct Answer is :- C includes cost accounting as on of its major tools .
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- An effective managerial accounting system should track information about an organizations activities in which of the following areas? a. Development b. Marketing c. Production d. Design e. All of these.What are the key differences between financial accounting and managerial accounting?There are individuals who are under the impression that managerial accounting provides services mainly for manufacturing organizations. Are they correct? Explain.
- Explain how managerial accountants help managers plan, control, and evaluate.When managerial accountants design an evaluation system that is based on criteria for which a manager is responsible, and it is structured to encourage managers to make decisions that will meet the goals of the company as well as their own personal job goals, the framework used is _______. A. a controllable factors framework B. an uncontrollable factors framework C. a strategic plan framework D. a responsibility accounting frameworkFor each of the following situations, two scenarios are described, labeled A and B. Choose which scenario is descriptive of a setting corresponding to activity-based responsibility accounting and which is descriptive of financial-based responsibility accounting. Provide a brief commentary on the differences between the two systems for each situation, addressing the possible advantages of the activity-based view over the financial-based view. Situation 1 A: The purchasing manager, receiving manager, and accounts payable manager are given joint responsibility for procurement. The charges given to the group of managers are to reduce costs of acquiring materials, decrease the time required to obtain materials from outside suppliers, and reduce the number of purchasing mistakes (e.g., wrong type of materials or the wrong quantities ordered). B: The plant manager commended the manager of the Grinding Department for increasing his departments machine utilization ratesand doing so without exceeding the departments budget. The plant manager then asked other department managers to make an effort to obtain similar efficiency improvements. Situation 2 A: Delivery mistakes had been reduced by 70 percent, saving over 40,000 per year. Furthermore, delivery time to customers had been cut by two days. According to company policy, the team responsible for the savings was given a bonus equal to 25 percent of the savings attributable to improving delivery quality. Company policy also provided a salary increase of 1 percent for every day saved in delivery time. B: Bill Johnson, manager of the Product Development Department, was pleased with his departments performance on the last quarters projects. They had managed to complete all projects under budget, virtually assuring Bill of a fat bonus, just in time to help with this years Christmas purchases. Situation 3 A: Harvey, dont worry about the fact that your department is producing at only 70 percent capacity. Increasing your output would simply pile up inventory in front of the next production department. That would be costly for the organization as a whole. Sometimes, one department must reduce its performance so that the performance of the entire organization can improve. B: Susan, I am concerned about the fact that your departments performance measures have really dropped over the past quarter. Labor usage variances are unfavorable, and I also see that your machine utilization rates are down. Now, I know you are not a bottleneck department, but I get a lot of flack when my managers efficiency ratings drop. Situation 4 A: Colby was muttering to himself. He had just received last quarters budgetary performance report. Once again, he had managed to spend more than budgeted for both materials and labor. The real question now was how to improve his performance for the next quarter. B: Great! Cycle time had been reduced and, at the same time, the number of defective products had been cut by 35 percent. Cutting the number of defects reduced production costs by more than planned. Trends were favorable for all three performance measures. Situation 5 A: Cambry was furious. An across-the-board budget cut! How can they expect me to provide the computer services required on less money? Management is convinced that costs are out of control, but I would like to know whereat least in my department! B: After a careful study of the Accounts Payable Department, it was discovered that 80 percent of an accounts payable clerks time was spent resolving discrepancies between the purchase order, receiving document, and the suppliers invoice. Other activities such as recording and preparing checks consumed only 20 percent of a clerks time. A redesign of the procurement process eliminated virtually all discrepancies and produced significant cost savings. Situation 6 A: Five years ago, the management of Breeann Products commissioned an outside engineering consulting firm to conduct a time-and-motion study so that labor efficiency standards could be developed and used in production. These labor efficiency standards are still in use today and are viewed by management as an important indicator of productive efficiency. B: Janet was quite satisfied with this quarters labor performance. When compared with the same quarter of last year, labor productivity had increased by 23 percent. Most of the increase was due to a new assembly approach suggested by production line workers. She was also pleased to see that materials productivity had increased. The increase in materials productivity was attributed to reducing scrap because of improved quality. Situation 7 A: The system converts materials into products, not people at work stations. Therefore, process efficiency is more important than labor efficiencybut we also must pay particular attention to those who use the products we produce, whether inside or outside the firm. B: I was quite happy to see a revenue increase of 15 percent over last year, especially when the budget called for a 10 percent increase. However, after reading the recent copy of our trade journal, I now wonder whether we are doing so well. I found out that the market expanded by 30 percent, and our leading competitor increased its sales by 40 percent.
- All of the following are examples of managerial accounting activities except ________. A. preparing external financial statements in compliance with GAAP B. deciding whether or not to use automation C. making equipment repair or replacement decisions D. deciding whether or not to use automationManagement accounting: emphasizes special-purpose information relates to the company as a whole is limited to strictly cost figures is controlled by GAAPManagerial accounting produces information: to meet the needs of external users that is often focused on the future to meet the needs of investors that follows the rules of GAAP