What is the full form of CIMA, the professional body controlling the profession of Cost Accounting? Personal Institute of Managerial Accounting
Q: Do you think that a Managerial Accountant, responsible for manufacturing operations, would work on…
A: A managerial accountant collects, interprets, and prepares financial data for the organization's or…
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…
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A: costing is system for assigning the cost to the business and its element. costing involved…
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A: Income statement: Income statement is a main part of financial statement. All revenues and expenses…
Q: Discuss specific characteristic differences we would expect to see in managerial accounting…
A: Financial accounting is the process of documenting, summarizing, and reporting a company's…
Q: Which of the following groups would have access to managerial accounting information? Group of…
A: Managerial accounting uses both financial and non-financial information as a basis for making…
Q: All of the following are examples of managerial accounting activities except ________. A. preparing…
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Q: What is the importance of the job ticket? Illustrate the flow of this document and its information…
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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: The financial manager most directly responsible for producing the company's financial statements and…
A: a) Treasurer: Treasurer is the person responsible for managing the treasure or funds of the…
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A: Answer: The cost management information system provides information * B. that the manager…
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…
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Q: ow important profit center in managerial accounting
A: Profit Center - Profit Center is the individual unit operating independently from the main branch or…
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A: Financial statements are made at the year end with the help of trial balance.
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A: Cost and Managerial accounting and Business Environment plays an important role in a business's…
Q: primary users of managerial accounting information
A: Accounting information is presented in the financial statement of the company. The financial…
Q: What is the purpose served by cost information illustrating it in relation to manufacturing business
A: A manufacturing company is an entity engaged in the production of goods. Manufacturing is about the…
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A: Setting Standard: Setting standard means establishing the level of performance on the basis of past…
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A: Various difficulties associated with manual cost accounting system are as under : a.) Manual entry…
Q: What does the following statement by a managerial accountant at Caterpillar imply about where in the…
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Q: Write a report on the Use of Managerial Accounting in businesses.
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A: Managerial accounting is a system or process that collects and organizes financial reports,…
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Q: Which is not a characteristic of managerial accounting information? Emphasizes the external…
A: Managerial accounting: Managerial accounting is a system, or a process of collecting and organizing,…
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A: Product design is a process through which the designers of a company assist in designing of products…
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A: The process of using the financial information the entities' managers in order to make decisions is…
Q: Describe the managerial accountant’s role in the decision-making process.
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Q: Explain why managerial accounting is important to managers in an organization
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: Do you think most organizations use one or both managerial and financial accounting? Why?
A: Yes, both managerial and financial accounting is required for an organisation due to the following…
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A: How are Responsibility Centers Defined: Generally, a business has been divided into numerous…
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A: The major reporting standards and principles for presenting managerial accounting information are…
Q: Which phrase best describes the current role of the managerial accountant? Managerial accountants…
A: The managerial accounting involves the collection of data and its communication to the managers.
Q: 1. Which phrase best describes the current role of the managerial accountant? a. Managerial…
A: Hi student Since there are multiple questions, we will answer only first question. If you want…
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Q: Why is managerial accounting relevant to business majors and their future careers?
A: Accounting has its two branches; managerial accounting and financial accounting. Managerial…
Q: purpose of preparation of financial statements
A: Management uses the internal information reports for most of the decision making, ascertainment and…
Q: Describe the types of cost data they would collect and explain the importance of analyzing this cost…
A: Different types of costs are incurred in different business types. However, they are majorly…
Q: Which of the following groups would have access to managerial accounting information? bankers…
A: Meaning of Managerial Accounting: Managerial accounting is the practice of identifying, measuring,…
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 applicable to service entities. manufacturing entities. Onot-for-profit…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: For the following activities, explain which of the objectives of managerial accounting activity is…
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- Should a managerial accounting system provide both financial and nonfinancial information? Explain.Management accounting: emphasizes special-purpose information relates to the company as a whole is limited to strictly cost figures is controlled by GAAPThere are individuals who are under the impression that managerial accounting provides services mainly for manufacturing organizations. Are they correct? Explain.
- 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 frameworkWho are the primary users of the information gathered by managerial accountants?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 automation
- Which of the following groups would have access to managerial accounting information? A. bankers B. investors C. competitors of the business D. managersFor 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.Taylor Speedy has prepared the following list of statements about managerial accounting, financial accounting, and the functions of management. Identify each statement as true or false. Financial accounting centers on providing information to internal users. Staff positions are directly involved in the companys primary revenue-generating activities. Preparation of budgets is part of financial accounting. Managerial accounting applies only to merchandising and manufacturing companies. Both managerial accounting and financial accounting deal with many of the same economic events.
- What are the key differences between financial accounting and managerial accounting?An important goal of a responsibility accounting framework is to help ensure which of the following? A. decision-making is made by the top executives. B. investments made by each segment are minimized. C. identification of operating segments that should be closed. D. segment and company financial goals are congruent.A responsibility center in which managers are held accountable for both revenues and expenses is called a ______. A. discretionary cost center B. revenue center C. cost center D. profit center