0
Does managerial accounting provide useful information to managers om product costs?
Wiki User
∙ 11y ago
True
Wiki User
∙ 11y ago
Add your answer:
Earn +20 pts
What is cost absorption in cost accounting and work examples?
A managerial accounting cost method of expensing all costs associated with Manufacturing a particular product
What the characteristic of company that use ABC method?
Which of the following is a characteristic of ABC? a. Improved financial reporting b. aid to managers in determining product cost c. used in place of job or process costing d. use restricted to manufacturing entities Answer: b. aid to managers in determining product cost Reference: Chapter 8, Activity Based Costing, Managerial Accounting by Garrison
What is Product-level activity?
Product - Level Activities relate to specific products and typically must be carried out regardless of how many batches are run or units of product are produced of sold. For example, activities suck as designing a product, advertising a product, and maintaining a product manager and staff are all product -level activities. Managerial Accounting, 14th Edition, Garrison, (2012)
What is the difference between management accounting financial accounting and cost accounting?
Management accounting is concerned with the provisions and use of accounting information to managers within organizations, to provide them with the basis to make informed business decisions that will allow them to be better equipped in their management and control functions.Financial accountancy (or financial accounting) is the field of accountancy concerned with the preparation of financial statements for decision makers, such as stockholders, suppliers, banks, employees, government agencies, owners, and other stakeholders. The fundamental need for financial accounting is to reduce principal-agent problem by measuring and monitoring agents' performance and reporting the results to interested users.Cost Accounting - In management accounting, cost accounting establishes budget and actual cost of operations, processes, departments or product and the analysis of variances, profitability or social use of funds. Managers use cost accounting to support decision-making to cut a company's costs and improve profitability.
What is the scope of management accounting?
Management accounting is the process of measuring and reporting information about economic activity within organizations, for use by managers in planning, performance evaluation, and operational control: Planning: For example, deciding what products to make, and where and when to make them. Determining the materials, labor, and other resources that are needed to achieve desired output. In not-for-profit organizations, deciding which programs to fund. Performance evaluation: Evaluating the profitability of individual products and product lines. Determining the relative contribution of different managers and different parts of the organization. In not-for-profit organizations, evaluating the effectiveness of managers, departments and programs. Operational control: For example, knowing how much work-in-process is on the factory floor, and at what stages of completion, to assist the line manager in identifying bottlenecks and maintaining a smooth flow of production. Also, the management accounting system usually feeds into the financial accounting system. In particular, the product costing system is usually used to help determine inventory balance sheet amounts, and the cost of sales for the income statement.
What effect do current technology changes have on managerial accounting?
A. Reduction of reporting costs of managerial accounting information B. Reduction of emphasis on the value chain C. Creation of the middleman D. Increase in product costs Answer: A
Why can’t the president find information for each product line (hats and jerseys) in the financial statements Who within the company typically provides this type of information?
Financial statements would now detail information on hats and jerseys but Managerial accounting information does. Managerial accounting would focus on making future projections for segments of a company. A CEO would be able to find more details about product profitability. These reports would come from a managerial accountant in the company.
What has the author Arjan T Sadhwani written?
Arjan T. Sadhwani has written: 'Financial managers' guide to selecting and implementing bar codes' -- subject(s): Case studies, Managerial accounting, Product coding
What is cost absorption in cost accounting and work examples?
A managerial accounting cost method of expensing all costs associated with Manufacturing a particular product
What the characteristic of company that use ABC method?
Which of the following is a characteristic of ABC? a. Improved financial reporting b. aid to managers in determining product cost c. used in place of job or process costing d. use restricted to manufacturing entities Answer: b. aid to managers in determining product cost Reference: Chapter 8, Activity Based Costing, Managerial Accounting by Garrison
What is the difference between cost accounting and financial accounting and what is the different between cost accounting and management accounting?
Cost accounting and managerial accounting are really the same thing. The key difference between managerial/cost and financial accounting is that managerial accounting information is aimed at helping managers within the organization make decisions. In contrast, financial accounting is aimed at providing information to parties outside the organization. cost is the amount of the expenditure. In cost accounting we can find cost of goods and services. financial accouts shows the profit and loss and balance sheet made during an accounting period, and also financial position of the business as on a particular date. cost accouting provides the management detailed information regarding cost of each product, services etc. Cost Accounting focuses on the costs of production and inventory valuations. Management Accounting produces internal financial reports and analysis prepared in such a way to assist managers in making decisions (such as expense reduction, capital investment, etc.). Financial Accounting produces financial reports in accordance with GAAP and legal guidelines and would generally be the format which is distributed externally for banks, investors, etc.
How the elasticity of demand affect managerial decisions?
Elasticity of demand affects managerial decisions because the demand of a product changes with the wrong business decision. Managers must be careful about what they choose to do with their products.
Where can one find more information on purchasing accounting information systems?
The publication, Wiley, has many articles regarding accounting information systems. The International Journal of Accounting Information Systems is also a great resource regarding where to purchase this product.
What is Product-level activity?
Product - Level Activities relate to specific products and typically must be carried out regardless of how many batches are run or units of product are produced of sold. For example, activities suck as designing a product, advertising a product, and maintaining a product manager and staff are all product -level activities. Managerial Accounting, 14th Edition, Garrison, (2012)
How is the job market for information technology project managers?
Information technology project managers with recent, extensive experience in managing infrastructure projects are in demand. So are those with recent, extensive experience managing projects using Agile software development methodologies. These is somewhat less demand for product implementation project managers, e.g. SAP, Oracle and so on. IT project managers with significant functional area expertise in specific business areas, e.g. finance, accounting, insurance, HR, payroll, health care information, and so on are always in demand for implementation projects in those areas.
Describe the components and interrelationships of different categories of accounting?
The main categories of accounting include financial accounting, management accounting, and cost accounting. Financial accounting focuses on recording and reporting financial information for external users. Management accounting provides financial information to internal decision-makers and helps in budgeting, planning, and decision-making processes. Cost accounting analyzes the cost of manufacturing a product or providing a service. These categories are interrelated as the information produced in financial accounting is used by management accounting for decision-making, and cost accounting employs the techniques and information provided by both financial and management accounting.
What is the difference between management accounting financial accounting and cost accounting?
Management accounting is concerned with the provisions and use of accounting information to managers within organizations, to provide them with the basis to make informed business decisions that will allow them to be better equipped in their management and control functions.Financial accountancy (or financial accounting) is the field of accountancy concerned with the preparation of financial statements for decision makers, such as stockholders, suppliers, banks, employees, government agencies, owners, and other stakeholders. The fundamental need for financial accounting is to reduce principal-agent problem by measuring and monitoring agents' performance and reporting the results to interested users.Cost Accounting - In management accounting, cost accounting establishes budget and actual cost of operations, processes, departments or product and the analysis of variances, profitability or social use of funds. Managers use cost accounting to support decision-making to cut a company's costs and improve profitability.
