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Managerial accounting and cost accounting

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Discussion Board Chapter 14 Options Menu: Forum

“Managerial accounting is a field of accounting that provides economic information for all interested parties.

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” Do you hold? Explain

Sample answer-1 ( )

Yes, I do agree with the statement. All interested parties would be fiscal, managerial, and executive employees of the concern. Managerial accounting is more about the costs associated with a merchandise or service, or the bottom line. It can assist supply information about where the company can cut down costs and run more expeditiously.

Managerial accounting is for the company itself to utilize as a tool, whereas finance accounting is more about showing the company ‘s fiscal records to both itself and outside parties.

Answer:Management Accounting is concered with the accounting information to directors within an organisation, direction accounting helps the direction

In determination devising system and supply best fiscal describing the organisation ; s

Scheme.

Sample answer-2 ( Carrie Stratton )

Managerial accounting is a field of accounting that provides economic information for all interested parties.” Do you hold? Explain: Yes I do agree with this statement because both managerial and fiscal accounting requires that economic events of a concern be quantified and communicated to interested parties. Example: Determining unit cost is portion of managerial accounting, and describing cost of goods manufactured is a portion of fiscal accounting. Another point that these two involvement convergence is that internal users may be the primary user for managerial accounting studies but these studies are to be done as needed unlike fiscal accounting. In which, fiscal accountings primary user is external users but by and large the studies are done quarterly and yearly along with fiscal statements.

Discussion Board Chapter 15 Options Menu: Forum

Distinguish between the two types of cost accounting systems. ( B ) May a company usage both types of cost accounting systems?

Sample answer-1 ( Belal Alharbi )

The two types of rule types of cost accounting systems are: ( 1 ) occupation order cost system and

( 2 ) procedure cost system. They are both different from each other as under a certain order a occupation order cost system is rather good when costs assigned for every occupation or for all the goods. In this state of affairs every clip each occupation or the batch of goods can besides be identified individually. When it comes to occupation order cost system it measures costs for every person occupation which is completed whereas procedure cost system, product-related costs are gathered and assigned for a specific set period of clip. Every clip job-order bing lends itself to a particular sort of serving but in instance of procedure bing it is more suitable for similar sort of merchandises in fabrication.

It depends on the state of affairs to utilize which systems but a company can besides utilize both sorts of systems. For illustration we can see as in General Motors uses procedure bing for a standard theoretical account autos and in instance of custom-made vehicles occupation order costing is used.

Sample answer-2 ( )

Discussion Board Chapter 16 Options Menu: Forum

Contrast the primary focal point of occupation order cost accounting and of procedure cost accounting

Sample answer-1 ( Belal Alharbi )

The primary focal point of occupation cost accounting is the mass production of goods which are indistinguishable or at least similar in nature. Whereas procedure cost accounting focal points on the single jobs.An illustration of merchandises made under occupation order cost accounting is cold drinks or soft drinks where as in instance of merchandises made under procedure cost accounting the illustration is publicizing stuffs. There is a difference between them, in occupation order cost system it utilizes one work at a clip in procedure history whereas in instance of procedure cost system it uses multiple work in procedure histories. Both occupation order and a procedure cost system requires three cost elements which includes direct stuffs, direct labour and fabrication operating expense. The accretion of costs is same in both the systems and the methods of delegating the costs varies otherwise.

Sample answer-2 ( )

Answer:There are two types of cost accounting systems are process cost system and occupation order cost system.

This system of cost accounting provide separated record and information about the measure of each peculiar merchandises that passes through mill.

This accumulates the cost of each sections and Factory.

Job Order bing where houses manufacture custom-make goods to make full particular orders from clients and many service besides used this systems.

Discussion Board Chapter 17 Options Menu: Forum

What is by and large true about overhead allotment to high-volume merchandises versus low-volume merchandises under a traditional costing system?

Sample answer-1 ( )

Sample answer-2 ( )

Discussion Board Chapter 18 Options Menu: Forum

What is cost behavior analysis? Why is cost behavior analysis of import to direction?

Sample answer-1 ( Belal Alharbi )

Cost behaviour is associated with acquisition and is non required for external coverage under U.S. The costs which change in the degree of activity are referred to as variable costs. The costs which are unaffected can be classified as the fixed costs. It is really of import to understand cost behaviour for management’s attempts when planning and commanding the organization’s costs. It is besides necessary for ciphering a company’sbreak-even point and for any other cost-volume-profit analysis.

Cost behaviour is of import to acknowledge the type and nature of costs. And besides costs vary with production activity and remain fixed during a period of production in some activities Some the of import facets is to understand their behaviour in a budgeting scenario.

An of import facet of cost and direction accounting is to be able to acknowledge the semi variable costs with a variable component.

Answer:Cost Behaviour analysis is associated with larning how cost alteration when there is a alteration in an organisations activity calledVariable cost.The cost that remain Unaffected in any degree of activity called Fixed cost.

It is utile in ciphering company’s Break even point and any other cost volume net income analysis.

Sample answer-2 ( )

Discussion Board Chapter 19 Options Menu: Forum

What is meant by CVP analysis? Provide three illustrations of direction determinations

that benefit from CVP analysis.

Sample answer-1 ( Belal Alharbi )

Cost-Volume-Profit ( CVP ) analysis is a managerial accounting technique which is chiefly concerned with the consequence of gross revenues volume and besides merchandise costs on operating net income of a concern. It mainly trades with the merchandising monetary value and net income monetary value of the different merchandises. It has some premises:

The costs can be categorized in fixed or variable ways. All the units produced are sold and entire fixed costs are changeless. CVP analysis provides the complete information toanswer for a specific sort of matter-of-fact inquiries.

It is a tool which can be used in many ways to break the concern determinations. In determination devising CVP analysis provides more elaborate ways to entree the class for the employees. CVP analysis is holding an advantage where it cananswer specific matter-of-fact inquiries needed in concern rectification. It is based on statistical theoretical accounts which can be broken down in chances that help in determination devising procedure.

Sample answer-2 ( )

Answer: Cost volume Net income is a method used in managerial economic sciences and doing cost volume net income is based upon finding interrupt even point of cost and volume of goods. It can be helpful for Managers short term-Economic determination, and besides for general instruction intent.

It a statistical theoretical account which can interrupt net incomes in an Organization that helps directors in determination devising activities.

Discussion Board Chapter 20 Options Menu: Forum

Identify the two parts of stockholders’ equity in a corporation and bespeak the intent of each.

Sample answer-1 ( )

Sample answer-2 ( )

Discussion Board Chapter 21 Options Menu: Forum

What is budgetary control?

The usage of Budget answer-1 ( )

Sample answer-2 ( )

Answer:The usage of Budget to command a firm’s activities is known as Budgetary Control.

Budgetary control is a system of commanding costs which includes the readying of budgets, organizing the sections and set uping duties, comparing existent public presentation with the budgeted and acted upon consequence to accomplish maximal profitableness.

Discussion Board Chapter 22 Options Menu: Forum

Explain the similarities and differences between criterions and budgets. Contrast the accounting for criterions and budgets.

Sample answer-1 ( )

Sample answer-2 ( )

Answer: A budget is a program and bluish print of future direction action. The term Budget is defined as financial/quantitative. Statement prepared prior to defined period for the intent of achieving a given aim.

Standard is a carefully predetermined measure mark which can be achieved certain status.

Discussion Board Chapter 23 Options Menu: Forum

What stairss are often involved in management’s decision-making procedure?

Sample answer-1 ( )

Sample answer-2 ( )

Answer:These are the undermentioned stairss required to take determination in Management

Cite this Managerial accounting and cost accounting

Managerial accounting and cost accounting. (2017, Jul 05). Retrieved from https://graduateway.com/managerial-accounting-and-cost-accounting/

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