Required: • horizontal analysis
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- Responsibility accounting holds managers responsible for _______. A. all costs charged to their subunit B. all costs charged to their subunit plus a share of companywide fixed costs C. only the costs that they can control D. only the costs that they have personally approvedInternal costs that are charged to the segments of a business are called_______. A. controllable costs B. variable costs C. fixed costs D. allocated costsFinancial Accounting and Cost Management Classify each of the following actions as either being associated with the financial accounting information system (FS) or the cost management information system (CMS): a. Determining the total compensation of the CEO of a public company b. Issuing a quarterly earnings report c. Determining the unit product cost using TDABC d. Calculating the number of units that must be sold to break even e. Preparing a required report for the SEC f. Preparing a sales budget g. Using cost and revenue information to decide whether to keep, or drop, a product line h. Preparing an annual statement of financial position that conforms to generally accepted accounting principles (GAAP) i. Using cost and revenue information to decide whether to invest in a new production system or not j. Reducing costs by improving the overall quality of a product k. Using a debt-equity ratio and liquidity ratios from a balance sheet to assess the likelihood of bankruptcy l. Using a…
- Inventoriable costs: include administrative and marketing costs are particularly useful in management accounting are also referred to as nonmanufacturing costs are expensed in the accounting period in which the products are soldFrom the choices presented in parentheses, choose the appropriate term for completing each of the following sentences:a. Advertising costs are usually viewed as (period, product) costs.b. Feedback is often used to (improve, direct) operations.c. Payments of cash or the commitment to pay cash in the future for the purpose of generating revenues are (costs, expenses).d. A product, a sales territory, a department, or an activity to which costs are traced is called a (direct cost, cost object).e. The balance sheet of a manufacturer would include an account for (cost of goods sold, work in process inventory).f. Factory overhead costs combined with direct labor costs are called (prime, conversion) costs.g. The implementation of automatic, robotic factory equipment normally (increases, decreases) the direct labor component of product costs.Question Consider the following costs that were incurred during the current year and determine whether the cost is a product cost or a period cost.a) Advertising costs. ________b) Cost of Material used. ________c) CEO’s salary. ________d) Sales Commissions. ________
- Which of the following is a product cost? A) Sales commissions B) CEO's salary C) Delivery van depreciation D) Depreciation on production equipmentCost and management accountingA. require and entirely separate group of accounts than financial accounting uses.B. are required for business record keeping as are financial and tax accounting.C. focus solely on determining how much it cost to manufacture a product or provide a service.D. provide product/service cost information as well as information for internal decision making.Differential costs represent – Group of answer choices the costs which is shown in the balance sheet but not expensed in the income statement until the sale of the products. The differences in costs among different departments of an organization. the amount of increase or decrease in costs from a particular course of action when compared to its alternatives the difference between controllable costs and non-controllable costs.
- Please Do not Give image format Allocate manufacturing, ordering, and selling costs to the two customer groups by using an activity-based management (ABM) allocation basis. Calculate the net profit before tax (NPBT) for each customer group using an ABM allocation basis.Behavior Period Cost Product Cost Cost Variable Fixed Selling Admin Direct Indirect President’s life insurance Property taxes of factory building Salesman commissions Shipping costs on merchandise sold Supervisors’ salaries, factoryPLEASE ANSWER ALL 1. Management Accountinga. Is concerned with costing products.b. Is governed by generally accepted accounting principles.c. Pertains to the entity as a whole and is highly aggregated.d. Places emphasis on a special-purpose information. 2. What broad functions do management of an organization perform?a. Directing, manufacturing, and controllingb. Planning, directing, and controllingc. Planning, directing, and sellingd. Planning, manufacturing, and controlling 3. Management accounting information is generally prepared fora. Stockholders.b. Managers.c. Regulatory Agencies.d. Investors.
