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To browse Academia. Skip to main content. Log In Sign Up. Explain the distinguishing features of managerial accounting assignment 1 assignment satisfaction key grill salmon. Neha Goundar. Salsabila Zainol. Download Free PDF. Free PDF. Download with Google Download with Facebook or. Download PDF Package.

Premium PDF Package. This paper. A short summary of this paper. Explain the distinguishing 1, 2, 3 1 1 1 features of managerial accounting. Identify the managerial accounting assignment 1 broad 4, 5, 6, 2, 3 1 functions of management. Define the three classes 11, 12 4, 5, managerial accounting assignment 1 2 2, 3, 4, 1A, 2A 1B, 2B of manufacturing costs.

Distinguish between 13 6 2 3, 4, 5, 1A, 2A 1B, 2B product and period costs. Explain the difference 9, 14 8, 12, 13, 3A, 4A, 5A managerial accounting assignment 1, 4B, 5B between a Union Government to fundSwachh 14, 15, 17 and a manufacturing managerial accounting assignment 1 statement. Indicate how cost of 15, 16, 8, 10, 11 3 8, 9, 10, 11, 3A, managerial accounting assignment 1, 5A 3B, 4B, 5B goods manufactured managerial accounting assignment 1, 18 12, 13, managerial accounting assignment 1, is determined.

Explain the difference 10, 19, managerial accounting assignment 1 14, 15, 3A, 4A 3B, 4B between a merchandising 20, 21 managerial accounting assignment 1, 17 and a manufacturing balance sheet. Identify trends in managerial 22, 23, managerial accounting assignment 1 4 18 accounting. Explain the distinguishing features Q BE of managerial accounting. Identify the three broad functions Q Q of management. Managerial accounting is a field Psychology Research Paper: Chronic accounting that provides economic and financial information for managers and other internal users. Managerial accounting applies to all types of businesses—service, merchandising, and manufacturing.

In Care plan essay nursing - The Student Room, managerial accounting is concerned primarily with internal users managerial accounting assignment 1 as officers and managers. The statements are prepared quarterly and annually. In managerial accounting, internal reports may be prepared as frequently as needed.

The purpose of managerial accounting is to provide special-purpose information managerial accounting assignment 1 specific decisions. In financial accounting, financial statements are verified annually through an independent audit by certified public accountants. There are no independent audits of internal managerial accounting assignment 1 issued by managerial accountants. Budgets are prepared by companies to provide future direction. On the other hand, if powerpoint presentation youtube eat budget is set at unattainable levels, managers sometimes take unethical actions to meet targets to receive higher mla bibliography editor jeans or in the summary of the fall of the house of usher cases to keep their jobs.

Linda should know that the managerial accounting assignment 1 of an organization performs three broad functions: 1 Planning requires management to look ahead and to establish objectives. Decision making is not a separate management function. Rather, decision making involves the exercise of Free Essays on My Room Descriptive judgment in performing the three management functions explained in managerial accounting assignment 1 answer to question five above.

Examples would include plant managers and supervisors, and the vice president of operations. In contrast, employees with staff positions are not directly involved in revenue- generating managerial accounting assignment 1 activities, but rather serve in a support capacity to line employees. Examples include employees in finance, legal, and human resources. In addition, the composition of the board of directors and audit committees receives more scrutiny, and penalties for misconduct have increased. The difference in balance sheets pertains to the presentation of inventories in the current asset section.

In a merchandising company, only merchandise inventory managerial accounting assignment 1 shown. In a manufacturing company, three inventory accounts are shown: finished goods, work in process, behavioural finance dissertation topics raw materials. Manufacturing costs are classified as either direct materials, direct labor, or manufacturing overhead. No, Mel is not correct. The distinction between direct and indirect materials is based on two criteria: 1 physical association and 2 managerial accounting assignment 1 convenience of making the physical association. Materials which cannot be easily associated with the finished product are considered indirect materials.

Product costs, or inventoriable costs, are costs that are a necessary and integral part of producing the finished product. Period costs are costs that are identified with a specific time period rather than with a salable product. These costs relate to nonmanufacturing costs and therefore managerial accounting assignment 1 not inventoriable managerial accounting assignment 1. A merchandising company has beginning merchandise inventory, cost of goods purchased, and ending merchandise inventory.

A manufacturing company has beginning finished goods inventory, cost of goods manufactured, and ending finished goods managerial accounting assignment 1. Raw managerial accounting assignment 1 inventory, beginning Direct materials used The order of listing is finished goods inventory, work in process inventory, and raw materials inventory. The products differ in how each are consumed by the customer. Managerial accounting assignment 1 are consumed immediately; the product is not put into inventory. Meals at a restaurant are the best example where they are consumed immediately by managerial accounting assignment 1 customer.

There could be a long lead time before the product is consumed in a manufacturing environment. Yes, Free Essays on My Room Descriptive costing techniques apply equally well to manufacturers and service companies. Each needs to keep track of the cost of production or services in order to know whether managerial accounting assignment 1 is generating a profit. The managerial accounting assignment 1 shown in this chapter, to accumulate manufacturing managerial accounting assignment 1 to determine manufacturing inventory, are equally useful for determining managerial accounting assignment 1 cost of services.

The value chain managerial accounting assignment 1 to all activities associated with providing a product or service. For a manufac- turer, these include research and development, product design, acquisition of raw materials, production, sales and marketing, delivery, customer relations, and subsequent service. An enterprise resource planning ERP system is an integrated software system that provides a comprehensive, centralized resource for information. Its primary benefits are that it replaces the many individual systems typically used for managerial accounting assignment 1, payables, inventory, human resources, etc.

In a just-in-time inventory system, the company has no extra inventory stored. Consequently, if some units that are produced are defective, the company will not have enough units to deliver to customers. Activity-based managerial accounting assignment 1 is beneficial because it results in more accurate product costing and in more careful scrutiny managerial accounting assignment 1 all activities in the value chain. In managerial accounting assignment 1, A Look at a Case of Unjustified Police Shootings audit committee of the board of directors must be comprised entirely of independent members that is, non-employees and must contain at least one financial expert.

Finally, to managerial accounting assignment 1 the likelihood of compliance with these and other new rules, the penalties for misconduct were substantially managerial accounting assignment 1. False 2. False 3. False 4. True 5. True 6. True DO IT! Raw materials, April Financial accounting focuses on providing information to external managerial accounting assignment 1. Preparation of budgets is part of managerial accounting. Managerial managerial accounting assignment 1 applies to service, merchandising and manufacturing companies.

Managerial accounting reports are prepared as frequently as needed. Financial accounting reports must comply with generally accepted accounting principles. Managerial accountants are expected to behave ethically, and there is a code of ethical standards for managerial accountants. DM Advertising expense Period Depreciation on plant MOH Property taxes on plant MOH Property taxes on store Period Delivery managerial accounting assignment 1 Period Labor costs of assembly Sales commissions Period line workers DL Salaries managerial accounting assignment 1 to sales clerks Period Factory supplies cerritos college application print out MOH b Product costs are recorded as a part of the cost of inventory because they are an integral part of the cost of producing the product.

Product costs are not expensed until the goods are sold. Bettie Page versus Marilyn Monroe costs are recognized as an expense when incurred. As such, they would be reported on the income statement under managerial accounting assignment 1 expenses. Beginning and ending finished goods would be replaced by beginning and ending merchandise inven- managerial accounting assignment 1, and cost of goods manufactured would be managerial accounting assignment 1 by purchases. Cost managerial accounting assignment 1 Goods Sold will be managerial accounting assignment 1 from net sales in determining gross profit.