Problem 19-2: Vt. Sugar Enterprises Given: Syrup Sugar Total Units produced 20‚000 1‚000 21‚000 Unit selling price $15.00 $2.00 Total process costs: After split-off $12‚000 $280 $12‚280 Joint costs $100‚000 a. Calculate the cost of the syrup if the sugar is considered a by-product and the gross margin from its sale is considered to be a reduction of syrup costs. Products Sales Value Costs beyond split-off Difference Joint costs allocation Syrup $300‚000 12‚000 288‚000
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Managerial accounting principles are utilized on a daily basis by managers and accounting professionals to assist them in making sound decision for companies. The company’s management collects and analyzes data to meet specific needs in different areas of operations. Four important areas management and accounting professionals concentrate on include budgeting‚ forecasting analysis and projection. Budgeting takes place at the onset of the fiscal year. Managers and accountants work in tandem
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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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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 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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Managerial Accounting 222 Week 1 Questions 1-1 How does managerial accounting differ from financial accounting? Managerial accounting and financial accounting differs in who the reporting is for and for what purpose. Managerial accounting is for company managers to use to plan‚ control‚ and make decisions regarding specific strategies. Financial accounting is prepared for owners‚ stakeholders‚ creditors‚ and government authorities and is used to verify information regarding the economic
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TUTORIAL 4 – DISCRETE DISTRIBUTIONS Question 1 An experiment consists of picking a card at random from a standard deck of cards and replacing it. If this experiment is performed 12 times‚ what is the probability that you get: (a) exactly 2 aces; (b) exactly 3 hearts; (c) more than 1 heart. Solution Let n = 12‚ the no of experiments. (a) Let p = probability of obtaining an ace in an experiment of picking a card at random from a standard deck of cards; and = 4/52 = 1/13
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CHAPTER 1 THE ACCOUNTANT’S ROLE IN THE ORGANIZATION ACCOUNTANT’ See the front matter of this Solutions Manual for suggestions regarding your choices of assignment material for each chapter. 1-1 Management accounting measures‚ analyzes and reports financial and nonfinancial information that helps managers make decisions to fulfill the goals of an organization. It focuses on internal reporting and is not restricted by generally accepted accounting principles (GAAP). Financial accounting focuses
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Tutorial solutions 4 QUESTIONS 5. What is meant by a currency trading at a discount or at a premium in the forward market? Answer: The forward market involves contracting today for the future purchase or sale of foreign exchange. The forward price may be the same as the spot price‚ but usually it is higher (at a premium) or lower (at a discount) than the spot price. PROBLEMS 4. Restate the following one-‚ three-‚ and six-month outright forward European term bid-ask quotes in forward points. Spot
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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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