1) Before answering this question lets review the job and process costing sytems: Job order cost system: • Jobs are assigned to each job or batch • A job may be for a specific order of inventory Process cost system : • This cost system is generally used when a large volume of similar products are manufactured Answers: a. A custom yacht builder – job order costing b. A golf course designer – job order costing c. A potato chip
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Managerial and Financial Accounting Report FIN540 Accounting for Managerial Decision Making Abstract Financial accounting develops account information that is used by external parties such as stockholders‚ suppliers‚ banks‚ and government regulatory agencies in their decision-making. Management accounting develops confidential accounting information that is used by managers within an organization. Management accounting is a complex process of identifying‚ accumulating and analyzing information
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Chapter 2 Recording Business Transactions √ Quick Check Answers: 1. a 3. b 5. d 7. d 9. c 2. c 4. c 6. a 8. a 10. b Explanations: 3. b. Owner’s equity is $130‚000 ($50‚000 + $60‚000 + $200‚000 – $80‚000 – $100‚000). 7. d. Supplies balance is $1‚200 ($500 + $700). The payment of accounts payable does not affect supplies. 9. c. Ending equity is $70‚000‚ computed as follows: Beginning owner’s equity…….. $ 50‚000 Add: Net income: Revenues……………….. $110‚000
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ACC201 Principles of Managerial Accounting Assignment Type: Individual or Group Words: 1500 words for individual or 2800 or 4200 words for a group of two or three members‚ respectively. Presentation: Both hardcopy and softcopy should be presented on the due date. The hardcopy should handle to me and the softcopy to the Turnitin (as software to check out the plagiarism)by the due date. The instruction for how to submit to the Turnitin will be provided you later through my web space.
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INTRODUCTION : Managerial accounting is concerned with providing information to managers – that is ‚ people inside an organization who direct or control it’s operations. Via managerial accounting managers understood that good business results come from dynamic processes ‚ procedures and practices that are well designed and properly implemented and managed. Certified management accountants are qualified to help their fellow managers achieve good business results because they have earned an advanced
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Module 1 SLP Assignment Managerial Accounting ACC202 Ryan M. Deichert 25 Nov 2013 My Employer Boeing This paper is going to give description of the company I work for currently. Within this description I will discuss my job within the company and how it affects managerial accounting. Also explained throughout will be how managerial accounting is used as far as planning and controlling. Lastly I will us some comparisons of other companies and the differences with
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Chapter 1—Introduction to Managerial Accounting TRUE/FALSE 1. Management accounting information is only used by manufacturing organizations. ANS: F PTS: 1 DIF: Difficulty: Easy OBJ: LO: 1-1 NAT: BUSPROG: Analytic STA: AICPA: BB-Industry | IMA: Business Applications | ACBSP: APC-25-Managerial Characteristics/Terminology KEY: Bloom’s: Knowledge NOT: 1 min. 2. The managerial activity of monitoring a plan’s implementation and taking corrective action as needed is referred to as decision making
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The Manager and Management Accounting BUSI 0028 Sem 2‚ 2012/13 Dr. Olivia Leung © 2012 Pearson Education. All rights reserved. Accounting Discipline Overview Managerial accounting—measures‚ analyzes‚ and reports financial and nonfinancial information to help managers make decisions to fulfill organizational goals. Managerial accounting need not be GAAP compliant. Financial accounting—focus on reporting to external users including investors‚ creditors‚ and governmental
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Introduction The purpose of management accounting in the organization is to support competitive decision making by collecting‚ processing‚ and communicating information that helps management plan‚ control‚ and evaluate business processes and company strategy. The interesting thing about management accounting is that it is rare to find an individual within a company with the title of “management accountant.” Often many individuals function as accountants within the organization‚ but these individuals
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managerial accounting 9th edition‚Ronald 03. Sadler Corporation purchased equipment to be used in manufacturing. The purchase was made at the beginning of 2006 by paying cash of $150 000. The equipment has an estimated residual value of 10‚000 and an expected useful life of 10 years. At the beginning of 2008‚ Sadler concluded that the total useful life of the equipment will be 8 years rather than 10‚ and that the residual value will be zero. Sadler uses the straight-line method for depreciation
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