Managerial Accounting
7th Edition
ISBN: 9781260247886
Author: Wild
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Videos
Textbook Question
Chapter 4, Problem 3BTN
Accounting professionals who for private companies often obtain the Certified
Required
Go to the IMA website (IMAnet.org) and determine which parts of the CMA exam likely cover activity-based costing. A person planning to become a CMA should take what college coursework?
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Which of the following professional certificates is considered to be the most relevant for dealing with cost management issues?
Multiple Choice
The Certified Public Accountant (CPA), which is monitored differently for each state in the US.
The Certificate in Management Accounting (CMA), which is administered through the Institute of Management Accountants
The Chartered Financial Analyst (CFA), since its program focuses on the broadest range of topics and responsibilities for financial analysis
The CPA, CMA, and CFA are viewed as equally relevant, since all three require an exam, as well as specific background and experience requirements.
None of these answers are correct
a)
You have been recruited by Education-For-ALL (EFA), an NGO providing teaching and learning support for Students of Second Cycle Schools in Ghost Town, as a Cost Accounting Tutor. During a lesson on the topic “Nature and Scope of Cost Accounting”, a student raised his hand and asked you about what difference there is, if any, between cost accounting and financial accounting. Based on the scope, timing, users of accounting information, reports and standards, explain, with examples, the difference between cost accounting and financial accounting.
Define the term Cost, and explain how cost of a product is ascertained when:
i. a product is self-constructed or manufactured in-house.
ii. a product is a finished product that has been imported.
iii. a product is a finished product that has been purchased.
Cost accounting as a sub accounting system provides cost information for financial accounting and managerial accounting. List two (2) each of the information cost accounting provides…
Many students who study managerial accounting will work for small ad medium-sized businesses,and some may own small and medium-sized businesses. To operate a small and medium-sizedbusiness, you need an understanding of managerial accounting, among other skills.
a) How could understanding managerial accounting help you as a small and medium-sizedbusiness owner of one of the competing firms?b) Using the Management Accounting , discuss how these two competingsmall and medium-sized firms can apply management accounting knowledge to positionthemselves strategically in the market.
Chapter 4 Solutions
Managerial Accounting
Ch. 4 - Prob. 1MCQCh. 4 - Prob. 2MCQCh. 4 - All of the following are examples of batch-level...Ch. 4 - Prob. 4MCQCh. 4 - Prob. 5MCQCh. 4 - Why are overhead costs allocated to products and...Ch. 4 - What are three common methods of assigning...Ch. 4 - Why are direct labor hours and machine hours...Ch. 4 - What are the advantages of using a single plant...Ch. 4 - The usefulness of a single plant wide overhead...
Ch. 4 - What is a cost object?Ch. 4 - Explain why a single plantwide overhead rate can...Ch. 4 - Why are multiple departmental overhead rates more...Ch. 4 - Prob. 9DQCh. 4 - Prob. 10DQCh. 4 - Prob. 11DQCh. 4 - Prob. 12DQCh. 4 - Prob. 13DQCh. 4 - Prob. 14DQCh. 4 - 15. What are the four activity levels associated...Ch. 4 - Prob. 16DQCh. 4 - Prob. 17DQCh. 4 - Prob. 18DQCh. 4 - Prob. 1QSCh. 4 - Prob. 2QSCh. 4 - Prob. 3QSCh. 4 - Prob. 4QSCh. 4 - Prob. 5QSCh. 4 - Prob. 6QSCh. 4 - Prob. 7QSCh. 4 - Prob. 8QSCh. 4 - Plant wide rate method P1 A manufacturer uses...Ch. 4 - Prob. 10QSCh. 4 - Prob. 11QSCh. 4 - Prob. 12QSCh. 4 - Prob. 13QSCh. 4 - Prob. 14QSCh. 4 - Prob. 15QSCh. 4 - Prob. 16QSCh. 4 - Exercise 17-17 Identifying activity levels C3...Ch. 4 - Prob. 2ECh. 4 - Exercise 17-1 Computing Plantwide overhead rates...Ch. 4 - Prob. 4ECh. 4 - Prob. 5ECh. 4 - Prob. 6ECh. 4 - Exercise 17-5 Departmental overhead rates P2 Refer...Ch. 4 - Prob. 8ECh. 4 - Prob. 9ECh. 4 - Prob. 10ECh. 4 - Prob. 11ECh. 4 - Prob. 12ECh. 4 - Prob. 13ECh. 4 - Prob. 14ECh. 4 - Prob. 15ECh. 4 - Prob. 16ECh. 4 - Exerciser 17-14 Activity-based costing P3 A2...Ch. 4 - Prob. 18ECh. 4 - Problem 17-1A Comparing costs using ABC with the...Ch. 4 - Prob. 2PSACh. 4 - Prob. 3PSACh. 4 - Prob. 4PSACh. 4 - Prob. 5PSACh. 4 - Prob. 1PSBCh. 4 - Prob. 2PSBCh. 4 - Prob. 3PSBCh. 4 - Prob. 4PSBCh. 4 - Prob. 5PSBCh. 4 - Prob. 4SPCh. 4 - Prob. 1AACh. 4 - Prob. 2AACh. 4 - Prob. 3AACh. 4 - Prob. 1BTNCh. 4 - Prob. 2BTNCh. 4 - Accounting professionals who for private companies...Ch. 4 - Prob. 4BTNCh. 4 - Prob. 5BTNCh. 4 - Visit and observe the processes of three different...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- The Certified Management Accountant (CMA) certification: signifies someone specializing in tax accounting requires an associates degree and four years of work experience includes a two-part exam, education requirements, and a work experience requirement is offered to managers who take special courses in accountingarrow_forwardAssume you have been hired by Cabelas Sporting Goods. As part of your new role in the accounting department, you have been tasked to set up a responsibility accounting structure for the company. As your first task, your supervisor has asked you to give an example of a cost center, profit center, and an investment center within the Cabelas organization. Your supervisor is a little unsure of the difference between a profit center and investment center and would like you to explain the difference.arrow_forwardWalsh & Coggins, a professional accounting firm, collects cost information about the services they provide to their clients. Describe the types of cost data they would collect and explain the importance of analyzing this cost data.arrow_forward
- 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.arrow_forwardThe following situations describe decision scenarios that could use managerial accounting information: The manager of High Times Restaurant wishes to determine the price to charge for various lunch plates. By evaluating the cost of leftover materials, the plant manager of a precision tool facility wishes to determine how effectively the plant is being run. The division controller of West Coast Supplies needs to determine the cost of products left in inventory. The manager of the Maintenance Department of a large manufacturing company wishes to plan next year’s anticipated expenditures. For each situation, discuss how managerial accounting information could be used. b) What are the major differences between managerial accounting and financial accounting?arrow_forwardMany accounting and accounting-related professionals are skilled in financial analysis, but most are not skilled in manufacturing. This is especially the case for process manufacturing environments (for example, a bottling plant or chemical factory). To provide professional accounting and financial services, one must understand the industry, product, and processes. We have an ethical responsibility to develop this understanding before offering services to clients in these areas. Required Write a one-page action plan, in memorandum format, discussing how you would obtain an understanding of key business processes of a company that hires you to provide financial services. The memorandum should specify an industry, a product, and one selected process and should draw on at least one reference, such as a professional journal or industry magazine.arrow_forward
- Please assist with addressing the two topics below. Describe at least two potential positions related to managerial accounting that you personally found to be interesting and explain why they were noteworthy to you. Include a link to the job posting or job description. Compare these positions and job descriptions to those that require a background in financial accounting. Are they similar or different? Thank you!arrow_forwardPresent the following: Definition of managerial accounting Role of managerial accounting and the management accountant in a business or organization Ethical issues/concerns for the management accountant General description of at least three managerial accounting techniques available and their application within a business or organization Part II (Four to six double-spaced pages) Select at least three of the five topics identified below: Cost Management Techniques Costing Methods Capital Investment Decision Techniques Budgeting Quality Control For each topic selected present real world examples of the application of managerial accounting techniques within a business or organization. Examples may be gathered from your own professional experiences or from case studies obtained from credible sources (excluding textbook examples explored in previous weeks). Presentation of each example should include how a managerial accounting technique was applied in the business or organization s…arrow_forwardYour company has semi-annual training sessions for all new employees. These training sessions provide information to all new employees about the organization and the role of each department within the organization. As an experienced management accountant, also known as a cost accountant, you have been assigned to develop a 30-minute presentation that explains what managerial accounting is and how it is used by others within the company. Prompt: Identify two concepts that you believe should be included in the presentation. You should provide a brief explanation of both concepts.arrow_forward
- For the following activitie, explain which of the objectives of managerial accounting activity is involved. In some cases, several objectives may be involved. Estimating the annual operating cost of a newly proposed Wells Fargo branch bank.arrow_forwardAssume you are a newly appointed accountant in a local fashion Company named Al Rahim clothing Company based in Oman. Currently, the Company has five different departments include Accounting and Finance, Marketing, Human Resources, Information Technology and Sales & Distribution. Managers in each department are given the authority regarding operational decisions, and their performance is measured on the Company’s profit, and all the other employees receive the fixed salary package. You have been asked to answer the following tasks in preparation for the assignment that you will perform internally for the Company. II. Discussion : a. As an accountant of the Al Rahim clothing Company, prepare a report of the Income Statement and Balance Sheet. b. Discuss the differences between the Straight Line Method of Depreciation and Diminishing Balance Method of Depreciation. Give examples.arrow_forwardAssume you are a newly appointed accountant in a local fashion Company named Al Rahim clothing Company based in Oman. Currently, the Company has five different departments include Accounting and Finance, Marketing, Human Resources, Information Technology and Sales & Distribution. Managers in each department are given the authority regarding operational decisions, and their performance is measured on the Company’s profit, and all the other employees receive the fixed salary package. You have been asked to answer the following tasks in preparation for the assignment that you will perform internally for the Company. a. Explain the meaning of Accounting Standards and discuss its main objectives. b. Discuss the difference between Financial Accounting and Management Accounting. c. Discuss the differences between the Straight Line Method of Depreciation and Diminishing Balance Method of Depreciation. Give examples.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of Accounting Volume 2AccountingISBN:9781947172609Author:OpenStaxPublisher:OpenStax College
Managerial AccountingAccountingISBN:9781337912020Author:Carl Warren, Ph.d. Cma William B. TaylerPublisher:South-Western College Pub
Principles of Accounting Volume 2
Accounting
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax College
Managerial Accounting
Accounting
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:South-Western College Pub
What is Business Analysis?; Author: WolvesAndFinance;https://www.youtube.com/watch?v=gG2WpW3sr6k;License: Standard Youtube License