Managerial Accounting
Q: Identify the true statement in relation to management accounting a . There are structured standards…
A: Management accounting relates to the process of collecting, analyzing, interpretation and…
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: Explain the concept and scope of Managerial Accounting together with its functions with example.
A: SOLUTION- CONCEPT OF MANAGERIAL ACCOUNTING - IT IS THE PROCESS OF IDENTIFICATION, MEASUREMENT ,…
Q: Which of the following is a characteristic of Managerial Accounting? A) Users include investors and…
A: Managerial accounting - managerial accounting is the process of - Identification - measurement…
Q: Which of the following is one of the difference between management accounting and cost accounting.…
A: The question is multiple choice question Required Choose the Correct Option.
Q: Explain the purpose and nature of, and the role of ethics in, managerial accounting.
A: Managerial accounting: Managerial accounting is a system, or a process of collecting and organizing,…
Q: Explain the difference between FIFO and LIFO methods . Provide example for each method. The subject…
A: Difference between FIFO and LIFO methods No. FIFO LIFO 1) In FIFO method the stock brought…
Q: Conduct research and provide an overview of what performance evaluation entails in managerial…
A: 1. Use of performance evaluation in managerial accounting: A management control system's foundation…
Q: what is the best design for costing systems? a. to be tailored to the underlying operations of the…
A: Answer: The costing system is the system that controls the cost management and checks if all the…
Q: primary users of managerial accounting information
A: Accounting information is presented in the financial statement of the company. The financial…
Q: nitng information fulfills the following purposes. Give an example of situation of profit…
A: Management accounting is also known as management-oriented accounting. Essentially, it is the study…
Q: what type of decision-making process is supported by management accounting
A: Type of decision-making process is supported by management accounting will be explained:
Q: Which of the following statements correctly distinguishes between management accounting and…
A: Management accounting is used by managers within an organization to make strategic decisions based…
Q: Assume you have just been hired as the management accountant in charge of providing your firm's…
A: Value chain is the model of business, which states the activities full range required to create the…
Q: The setting of standard is a/ a worker decision b/ a management decision c/ a managerial accounting…
A: Setting Standard: Setting standard means establishing the level of performance on the basis of past…
Q: Answer the following questions: How various types of incremental analysis help management to make…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Describe the nature and scope of management accounting?
A: Management accounting seems to be a subset of accounting that assists management in making decisions…
Q: PLEASE ANSWER ALL 1. Management Accounting a. Is concerned with costing products. b. Is governed by…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: Indicate whether the following statements are true or false:a. Managerial accounting information is…
A: Controlling (also known as cost accounting or management accounting) is the accounting department…
Q: Explain the differences between managerial accounting and financial accounting. (
A: Financial accounting and management accounting are two separate branches of accounting. Financial…
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: Which of the following is one of the difference between management accounting and cost accounting…
A: Management accounting and cost accounting are two branches of accounting. Under management…
Q: What statement about management accounting is FALSE? A) Management accounting helps managers fulfill…
A: Management accounting is the provision of providing relevant information to managers and directors…
Q: importance of management accounting in decision making process for each department (production,…
A: Management accounting refers to the process of gathering, reporting, analyizng the information of…
Q: ____ 1. General-purpose reports ____ 2. Reports are used internally ____…
A: Financial Accounting: Financial accounting is done to prepare financial statements by the company…
Q: Identify whether each description most likely applies to managerial (M) or financial (F) accounting.…
A:
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,…
Q: Which of the following groups would have access to managerial accounting information?A. bankersB.…
A: Managerial accounting is one of the branch of accounting. Under this field of accounting, financial…
Q: The branch of accounting that helps in managerial decision making is: O Financial accounting…
A: Introduction: Accounting: Accounting is recording , classifying , summarizing , interpreting…
Q: How Responsibility Accounting important in Managerial Accounting in essay
A: Responsibility Accounting: Responsibility accounting is a kind of management accounting in which the…
Q: the course tittle of this assignment from is:- Advanced cost and Management Control System 1.…
A: SOLUTION- Managerial accounting is an internal business function responsible for managing a…
Q: From the management accounting literature: a) Discuss the role of strategic planning in adding value…
A: (a) Strategic planning is a pre-planned process that drives the business in the right direction and…
Q: Which of the following is not part of managerial accounting? Select one: O A reporting financial…
A: The accounting is a process to identify the business transactions, record the transactions and…
Q: Which of the following is a characteristic of managerial accounting? a. There is an internal focus.…
A: Managerial accounting refers to the practice of recognizing, estimating, breaking down, deciphering,…
Q: Distinguish between managerial and financial accounting on: Users and decision makers Purpose of…
A: ⇔Managerial Accounting Managerial accounting is a branch of accounting that focuses on discovering,…
Q: How are the value chain and management accounting related?
A: Because you asked many questions, we will resolve the first one for you. Please mention the question…
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A: Managerial accounting is the process of identifying, analyzing, interpreting and communicating…
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: features of managerial accounting. Show how Management Accounting benefits the firm. Identify…
A: Accounting: - Accounting is a process. It is done from the stage of recording all the transactions…
Q: Help question 39
A: Managerial accounting is concerned with providing information to managers for use with in the…
Choose the correct answer(several answer options)
Managerial Accounting…
O …numbers have to be in line with the GAAP applied
O …should assist external stakeholders in decision-making
O …includes cost accounting as on of its major tools
O …numbers are applied in financial / external accounting in certain cases
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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.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 GAAP
- For 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 automationThe managerial decision-making process has which of the following as its third step? A. Review, analyze and evaluate the results of the decision. B. Decide, based upon the analysis, the best course of action. C. Identify alternative courses of action to achieve a goal or solve a problem. D. Perform a comprehensive differential (differential) analysis of potential solutions.
- 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.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 frameworkWith the aid of relevant examples ,explainthe following management accounting concepts A.theory of constraints B.total quality management C. Just in time
- Discussion Forum Question: As a decision- maker, what are the major differences between managerial accounting and financial accounting and how would you apply the information from each?Explain the difference between FIFO and LIFO methods . Provide example for each method. The subject is Managerial Accounting.identify managerial accounting techniques that have been developed to meet positioning analysis,activity based management,activity based costing