Financial accounting reports are general- purpose, whereas managerial accounting reports are usually special-purpose. * True False Controlling is a managerial function used to determine whether intended goals are being achieved. * True False Finished goods inventory shows the cost of
Q: Inventoriable costs: include administrative and marketing costs are particularly useful in…
A: Inventoriable costs: These include all the expenses that are directly related to the manufacturing…
Q: Management accounting guidelines. For each of the following items, identify which of the management…
A: Planning and Control Decision:Planning decisions involves selecting organization goals, estimating…
Q: Listed as follows are eight technical accounting terms introduced or emphasized in this chapter.…
A: Accounting: It is recording , classifying , summarizing , and interpreting of business transactions.
Q: Management accounting guidelines. For each of the following items, identify which of the management…
A: The cost-benefit approach indicates the decision-making of management in selecting one option among…
Q: A very key concept in managerial accounting is how costs "behave", either fixed or variable. Once we…
A: Fixed Cost: These are costs that will remain the same irrespective of production or number of units…
Q: The following is a list of terms related to managerial accounting practices. 1. Activity-based…
A: Definition: Managerial accounting: Managerial accounting is a system, or a process of collecting and…
Q: QUESTION 1: Identify the right answer for the following statements. The salary of the director of a…
A: The sum of all expenses incurred in producing an item or service that has been sold is known as the…
Q: All of the following are problems with traditional accounting information EXCEPT: a. Managers in a…
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Q: All of the following are examples of managerial accounting activities except ________. A. preparing…
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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: Why is the level of and movement in the operating expense percentage an important indicator of…
A: Operating expenses are the expenses required for the operation of the business.
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: These are measures not found in the chart of accounts, such as customer satisfaction scores or…
A: Since you have asked multiple questions, we will solve the first question for you . If you want any…
Q: A profit center manager often also supervises revenue and cost center managers. True or False True…
A: Solution 1: True, A profit center manager often also supervise revenue and cost center manager…
Q: Which of the following is not a management accounting report? A.Income statement B.Sales forecast…
A: Management accounting reports: Management accounting reports are those reports which are prepared…
Q: Which of the following is most associated with managerial accounting? a.is prepared for users…
A: Managerial accounting is generally used estimates, they do not need to follow the GAAP. because it…
Q: Cost and management accounting OA. require and entirely separate group of accounts than financial…
A: Cost and management accounting aids companies in determining the costs of materials, projects, and…
Q: Work in Process inventory shows the cost of completed goods available for sale to customers. True…
A: We shall answer the first question since the exact question wasn't specified. Please resubmit a new…
Q: Which of the following does NOT describe management accounting? A. Emphasis on the past
A: Management Accounting-: Management Accounting assists managers within a firm make judgments. Also…
Q: What of the following is NOT a Benefit of Activity Based Management? a.It assists in the budgeting…
A: Introduction:- Activity Based Management analyzing a company's business activities through…
Q: In Management Accounting, what is the transfer price? What three areas does transfer price affect in…
A: SOLUTION- TRANSFER PRICE- IT IS THE PRICE THAT RELATED PARTIES CHARGED TO EACH OTHER. ON THE OTHER…
Q: Which of the following is not a type of Management Report in QBO? Select one: a. Company Overview…
A: QBO - Quick book online is kind of software for small business for management of accounting, tax…
Q: Compare management accounting with financial accounting Understand the important roles and…
A: As posted multiple independent questions we are answering only first question kindly repost the…
Q: Why are companies divided into departments for the purpose of management control? What are some of…
A: A business is normally organized by its functions, e.g. marketing department, accounts department,…
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: Managerial accounting adds value to the organization through provides managers with financial…
A: Managerial accounting involves the presenting the financial information for internal purposes to be…
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: In a responsibility accounting system, managerial performance should be evaluated on the basis of…
A: Responsibility accounting system is a type and form of accounting system under which information is…
Q: indirect material, mixed cost , budgeting, margin of safet
A: The below mentioned are the definitions of indirect material Mixed cost Budgeting Margin of safety
Q: Which of the following is correct? * . O The direct cost of a particular department is always a…
A: Responsibility accounting system means that where one manager is given the whole responsibility of…
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: Cost and management accounting A. require and entirely separate group of accounts than financial…
A: The prime aim of cost accounting is to assist or aid the management in a cost control structure and…
Q: Discuss how an emphasis on financial performance of cost centers, as measured by traditional cost…
A: Cost Accounting System: Cost accounting system can be defined as a framework designed by 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: Which of the following is the main objectives of cost accounting? a. Maintenance of machinery b.…
A: Cost accounting means where every cost of doing business is recorded in necessary account and cost…
Q: Justin Bleeber has prepared the following list of statements about managerial accounting, financial…
A: The focus of financial accounting is to provide information to both internal as well as external…
Q: Explain why some management accountants believe that absorption costing may provide an incentive for…
A: Absorption costing Absorption costing is an accounting method which helps in computing the total…
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: Managerial accounting is often reffered as accounting for internal users of information. true or…
A: Accounting refers to an art of recording transaction in the books of a company and using these…
Q: Please explain “capitalizing” and “expensing” as these terms apply to the cost of goods manufactured…
A: The word capitalizing and expensing are of different meanings in terms of cost of goods manufactured…
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: Elmhurst Corporation is considering changes to its responsibility accounting system. Which of the…
A: Responsibility Center: The responsibility center is the specific centre in which each work is…
Q: Help question 39
A: Managerial accounting is concerned with providing information to managers for use with in the…
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- A main goal of JIT is zero inventories. a. Assume your company does not aspire to JIT and has 3,000,000 in raw materials in stock. Identify costs that may be incurred to maintain the inventory level. b. Now assume that you implement JIT, and your raw materials in stock drop to zero. Explain how you expect this change to impact your income statement and balance sheet.ACC340 Accounting Systems I A main goal of JIT is zero inventories. Therefore assume your firm does not aspire to JIT and has over $5,000,000 in raw materials in stock. Identify costs that may be incurred in order to maintain this inventory level.Inventory (01/10/18)Raw materials 28800Work in progress 37000Finished goods 33600Sales (114000 @c5) 57000Carriage on raw materials 1470General expenses 25200Selling expenses 51840Plant and machinery 250280Land 50000Bank overdraft 32120Retained earnings 816Ordinary share capital 2000008% preference share 22000Goodwill 40000Bad debts 830Trade receivables 36433Discount allowed 1440Sundry payable 56636Trade investment 8840Advertising 2250Return inwards 9000Discount received 1920Carriage outwards 2280Production wages 126000Office salaries 4860Purchases of raw materials 168000Noodles 15000Factory rent 13600Office insurance 40800Depreciation on plant and machinery 4920InventoryRaw materials 35400Work in progress 39120Loose tools 3000Additional informationDuring the year, 129000 pieces were completed. The closing inventory of finished goods is valued at the cost price per nose mask produced.Goods manufactured during the year are to be transferred to the trading account at GHc 390000.Provide…
- CH11_HW_QA3_LA Required 1: Compute the company’s return on investment (ROI) for the period using the ROI formula stated in terms of margin and turnover. (Round your intermediate calculations and final answer to 2 decimal places.) Margin % Turnover ROI % Required 2: Using Lean Production, the company is able to reduce the average level of inventory by $95,000. (The released funds are used to pay off short-term creditors.) (Round your intermediate calculations and final answers to 2 decimal places.) Effect Margin % Turnover ROI % Required 3: The company achieves a cost savings of $14,000 per year by using less costly materials. (Round your intermediate calculations and final answers to 2 decimal places.) Effect Margin % Turnover ROI % Required 4: The company issues bonds and uses the proceeds to…CH11_HW_QA3_PIR Required 1: Compute the company’s return on investment (ROI) for the period using the ROI formula stated in terms of margin and turnover. (Round your intermediate calculations and final answer to 2 decimal places.) Margin not attempted % Turnover not attempted ROI not attempted % Required 2: Using Lean Production, the company is able to reduce the average level of inventory by $96,000. (The released funds are used to pay off short-term creditors.) (Round your intermediate calculations and final answers to 2 decimal places.) Effect Margin % Turnover ROI % Required 3: The company achieves a cost savings of $14,000 per year by using less costly materials. (Round your intermediate calculations and final answers to 2 decimal places.) Effect Margin % Turnover ROI % Required 4: The…32.The following data were related to ABC Corp. COST RETAILInventory, beg 5,000 6,000Purchases 69,000 90,000Freight 6,000Purchase returns 4,000 4,800Net mark-up 8,000Sales 100,000Sales returns 12,000How much is the cost ratio under the FIFO method? (Round in 5 decimal places) 75.23% 76.10% 76.18% 77.85%
- What is the unit cost of inventory transferred out from Department B? P10.20 P12.70 P 6.10 P11.10 What is the unit cost of inventory transferred out from Department C? P18.41 P18.31 P18.82 P18.3830)Inventory in a manufacturing firm differs from that in a retailing company because it includes a. an additional category referred to as materials b. finished goods inventory c. "work in process" inventory d. all of these 31)Under the DuPont system, the return on assets is equal to a. the product of the gross profit margin and inventory turnover b. the sum of the debt-equity ratio and the return on sales c. the product of the return on sales and total asset turnover d. the product of the return on sales, total asset turnover, and equity multiplier e. none of these16.The following data were related to ABC Corp. COST RETAILInventory, beg 5,000 6,000Purchases 69,000 90,000Freight 6,000Purchase returns 4,000 4,800Net mark-up 8,000Sales 100,000Sales returns 12,000How much is the ending inventory at cost under the average method? (Round percentage in 5 decimal places) 24,910 11,200 8,581 6,123
- P8.6 (LO 3) (Compute FIFO, LIFO, Average-Cost—Periodic and Perpetual) Ehlo Company is a multi product firm. Presented below is information concerning one of its products, the Hawkeye. Date Transaction Quantity Price/Cost 1/1 Beginning inventory 1,000 $12 2/4 Purchase 2,000 18 2/20 Sale 2,500 30 4/2 Purchase 3,000 23 11/4 Sale 2,200 33 Instructions Compute ending inventory AND cost of goods sold, assuming Ehlo uses: Perpetual system, LIFO cost flow. Periodic system, weighted-average cost flow. Perpetual system, moving-average cost flow.pvn.4 The following information pertains to inventory for a company:March 1Beginning inventory = 32 units @ $5.60March 3Purchased 21 units @ 4.30March 9Sold 29 units @ 8.10What is the cost of goods sold, assuming the company uses LIFO? (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.)P8.6 (LO 3) (Compute FIFO, LIFO, Average-Cost—Periodic and Perpetual) Ehlo Company is a multi product firm. Presented below is information concerning one of its products, the Hawkeye.Date Transaction Quantity Price/Cost1/1 Beginning inventory 1,000 $122/4 Purchase 2,000 182/20 Sale 2,500 304/2 Purchase 3,000 2311/4 Sale 2,200 33Instructions Compute ending inventory AND cost of goods sold, assuming Ehlo uses: a. Periodic system, FIFO cost flow. b. Perpetual system, FIFO cost flow. c. Periodic system, LIFO cost flow. d. Perpetual system, LIFO cost flow. e. Periodic system, weighted-average cost flow. f. Perpetual system,…