Management Accounting

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Management Accounting Questions and Answers

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Which of the following statements about cost reductions is true? A. Cost reduction often requires improvements in the delivery of care. B. Cost reductions can occur when services are being expanded...
What is the role of the AASB, TPB, and ATO relating to statutory, legislative and regulatory requirements regarding the documentation of accounting procedures?
What are some of the most important financial management decisions? Can you provide some real-life examples?
Responsibility accounting is a system that measures the plans and actions of responsibility centers. As such, it: a. Affects human behavior. b. Requires subdividing all management levels. c. Is mo...
What managerial accounting topics would help run a business? If hired as an accountant, what would be the first few things you think should implement (i.e. accounting system) that would help expans...
A. Use a takt time of 120 seconds and follow the most following tasks heuristic rule to assign these tasks to the work stations. Show which tasks are assigned to each workstation. B. Compute the ef...
Ted Christensen, a second-year business student at the University of Utah, will graduate in two years with an accounting major and a Spanish minor. Christensen is trying to decide where to work thi...
The Metropolis Health System's Rehabilitation and Wellness Center offers outpatient therapy and return-to-work services plus cardiac and pulmonary rehabilitation to get people back to a normal way...
Find a Doctor (FaD) is a small startup that helps people find a physician that best meets their needs (location, insurance accepted, etc.) During a "slow" time for FaD 7, staff members take calls f...
Wendy works on the assembly line of a manufacturing company where she installs a component part for one of the company's products. She is paid $20 per hour for regular time and time and half for al...
Discuss the uses of financial accounting information by: 1) investors and 2) creditors. How do the information needs of these two groups differ?
Why has the role of management accounting expanded?
List three facilitation ideas that would make Supplemental Instruction an effective learning experience for your peers.
A) Is there any difference in the focus of information determined by the end user of the reporting? B) Is there any difference in flexibility relative to the GAAP Principles between the two types o...
Explain a real-life example of how managerial accounting helps managers to improve operational and financial performance.
Your client has obtained a bank loan. You are concerned that the client may have falsified the accounts to meet certain debt covenants regarding current ratio and profitability. Discuss procedures...
Organizations must follow GAAP or IFRS with respect to financial accounting in order to provide accurate, transparent and consistent financial information. Managerial accounting has no such standar...
List and describe three ways in which a controller can contribute toward producing an organization s long-range financial plan? Be specific!
You are a middle manager. What performance reports do you rely on? Are they produced by Financial or Managerial accountants?
The Gray Company has a staff of 5 clerks in its general accounting department. 3 who work during the day perform sundry accounting tasks, the other 2 clerks who work in the evening are responsible...
Do traditional financial statements that are reported to investors provide the information needed by internal users of the financial statements?
What type of information is contained in nominal accounts, and what type in real accounts?
What are the challenges of management accounting?
The financial accounting process has been shown to consist of five steps. True False
1. How relevant is managerial accounting for a firm's decision making process? 2. Is managerial accounting more than just estimating a cost for the financial accounting systems of a firm? 3. Does...
Which of the following would affect to quality of earnings? a. Alternative accounting methods. b. Pro forma income. c. Improper recognition. d. All of these answer choices are correct
Alpha Company began operations on January 1 with cash of $75,000. All of January's $150,000 sales were on account. During January no customer collections occurred. Cost of goods sold was $45,000, a...
Management accounting information is used to inform decision-making, but it has limitations. What can the accountant do to minimize the limitations of management accounting?
Which of the following statements is correct? a) Monitoring and bonding arrangements drive agency costs to zero. b) Political costs are lower for larger firms. c) Contracts between managers and out...
6) Office Enterprises (OE) produces a line of metal office file cabinets. The company?s economist, having investigated a large number of past data, has established the following equation of demand...
Stevenson Company is divided into two operating divisions: Battery and Small Motors. The company allocates power and general factory costs to each operating division using the direct method. Power...
According to production budget, production manager of a shoe manufacturer was supposed to make 100 pairs of shoes. but there was demand for more; so he made 120 pairs. All 120 were sold. Production...
At the recent management meeting of Kaam Oil Company Limited, the need for a management accountant to join the management was discussed. Some members were apprehensive and questioned the merits of...
What is a company's operating leverage and how does it effect its profitability?
A separate portion of stockholders' equity that reports certain gains and losses on hedges, foreign currency translations, and pension liabilities that were not part of net income shown on the inco...
Manufacturing costs are often organized in the general ledger by function and department. When applying activity-based costing, these manufacturing costs will be sorted by activities. True False
Summarize the ethical standards of management accountants.
What are the primary responsibilities of a management accountant?
Define and discuss in detail managerial accounting. What is its purpose? How is it used? What are the primary responsibilities of a management accountant?
What is the role of a management accountant in the organization?
In an annual report, who writes the letter to shareholders and what purpose is served by the letter?
Provide three specific examples about how managerial accounting can be used with the new skills in a current position or a possible future position.
Briggs corp. will remove tow small buildings from the a newly purchased piece of land the expense required. This is part of the what?
Explain the difference between job costing and product costing.
How might an organization use policies and procedures as part of its financial operations?
The work in progress account of a firm engaged in providing services is made up of what?
In 2017, Commodity Inc., processor of whole grain flour, had the capacity to produce 10,000,000 pounds of product at a conversion cost per pound of $0.20. The conversion cost per pound was $0.15 in...
12) The following information is available about the August transactions of the Helpful Tool Company: Invoices for product costs paid during the month $493,000 Product costs charged to Work in P...
Open a general journal for the City Jail Annex Construction Fund. Record the following transactions and post to the general ledger. Control accounts are not necessary. (1) On January 1, 2015, the...
Describe the function and primary focus of financial accounting.
Management accounting ensures communication of an organization's financial position to investor's, banks, and regulators. True False
Management accounting information and reports do not have to follow set principles or rules such as GAAP. True False
What is the process of identifying, measuring, analyzing, and communicating financial information needed by management to plan, evaluate, and control an organization's operations called?
The monthly payment for a homae loan is given by a function f(P,r,N), where P is the principal,The monthly payment for a home loan is given by a function f(P,r,N), where P is the principal, r the i...
An asset for drilling was purchased and placed in service by a petroleum production company. It costs $55,000 with a trade in of the old unit which is valued at $5,000. The new asset has an estimat...
The size and scale of support departments is usually determined by the: A. capital budget. B. average fixed and variable costs. C. Short-term needs of the user departments. D. projected long-run ne...
What is the role of accounting in business? Briefly explain in a summary.
On December 31st Dalton, Inc has cost of goods sold of $550,000, ending inventory is $102,000, beginning inventory is $120,000, and average accounts payable is $114,000. What is the accounts payabl...
How are cost of production reports used for controlling and improving operations?
Wilton Furniture Company would like to open a new store. Which report will assist the company most with this decision?
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