1.Managerial Accounting: Define and discuss in detail managerial accounting. Wha
ID: 2590189 • Letter: 1
Question
1.Managerial Accounting: Define and discuss in detail managerial accounting. What is its purpose? How is it used? What are the primary responsibilities of a management accountant? Discuss some of the differences between financial accounting and managerial accounting. Summarize the ethical standards of management accountants.
2.Job Order Costing: Define job order costing. Compare and contrast job order costing with process costing. Trace the flow of costs through a job order costing system. Discuss manufacturing overhead and how it is applied. Why is the manufacturing overhead account adjusted at the end of the period?
3.Process Order Costing: Define Process order costing. Trace the flow of costs through a process order costing system. Explain the concept and calculation of equivalent units of production. Discuss the production report as a decision making tool.
4.Cost Management Systems: Analyze the process of assigning and allocating costs. Discuss the development of an activity-based costing system and how activity based costing system and how activity based management is used in decision making. Compare and contrast Just-In-Time and Quality Management Systems.
5.Cost-Volume-Profit Analysis: Analyze cost behavior in relation to changes in volume. Define contribution margin and its use in computing operating income. Discuss cost-volume-profit (CVP) analysis and how it is used as a decision tool.
6.Variable Costing: Compare and contrast variable costing with absorption costing, highlighting the differences between operating income. Discuss the use of variable costing for decision making in a manufacturing company and a service company.
7.Decision Making: Discuss how relevant information is used to make short-term decisions and how pricing affects short-term decisions. Explain the concept of capital budgeting and detail the capital budgeting techniques used to make decisions. This includes, the payback method, the accounting rate of return method, and the discounted cash flow method.
8.Budgets and Standard Costing: Evaluate the different types of budgets and discuss how operating and financial budgets are prepared for a manufacturing company. Discuss the use of budgets and standard costs to control business activities. Explain how standard costs are used to determine variances.
Explanation / Answer
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Management Accounting is the procedure of examination, elucidation and introduction of accounting data gathered with the assistance of financial accounting and cost accounting, so as to help management during the time spent basic leadership, production of strategy and everyday operation of an association.
Management accounting measures two sorts of execution. To begin with is worker execution and the second is productivity estimation. The real execution is measured with the institutionalized execution and a report of deviation from the standard execution is accounted for to the management for the powerful basic leadership and furthermore to show the adequacy of the strategies being used.
The point of management accounting is to evaluate chance so as to augment hazard.
Management Accounting depends on financial and cost accounting, in which verifiable information is utilized to settle on future choices. Accordingly, quality and shortcoming of the administrative choices depend on the quality and shortcoming of the accounting records. Management Accounting is valuable just to those individuals who are in the basic leadership process.
A management bookkeeper applies his or her expert learning and aptitude in the arrangement and introduction of financial and other choice situated data so as to help management in the detailing of strategies and in the arranging and control of the operation of the endeavor. Management bookkeepers are viewed as the esteem makers among the bookkeepers. They are more worried about forward looking and taking choices that will influence the eventual fate of the association, than in the verifiable chronicle and consistence parts of the calling.
Financial and management accounting are both critical devices for a business, however fill diverse needs. A business utilizes accounting to decide operational plans later on, to audit past execution and to check current business capacities. Management and financial accounting have diverse groups of onlookers, as speculators are not generally engaged with the everyday operations of the business yet are worried about their venture, while directors require data rapidly to settle on day by day business choices. Financial accounting is utilized to show the financial wellbeing of an association to its outside partners. Directorate, investors, financial organizations and different speculators are the group of onlookers for financial accounting reports. Management or administrative accounting is utilized by supervisors to settle on choices concerning the everyday operations of a business. It is construct not with respect to past execution, but rather on present and future patterns, which does not consider correct numbers. Management accounting is displayed inside, while financial accounting is implied for outside partners.
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