Managerial Accounting What Does Managerial Accounting Mean? - The process of identifying‚ measuring‚ analyzing‚ interpreting‚ and communicating information for the pursuit of an organization’s goals. This is also known as "cost accounting." - Managerial accounting is used primarily by those within a company or organization. Reports can be generated for any period of time such as daily‚ weekly or monthly. Reports are considered to be "future looking" and have forecasting value to those within
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costs Current Reimbursement contracts Current External reporting (inventory calculation) Current All the information cannot come from one source. The main accounting system may accumulate current and past costs but for much decision-making and planning‚ estimates of future costs will need to be generated outside of that accounting system. RQ4.3 How common are product costing systems in practice? Why might a business choose to do without a product costing system? L-S‚ T & H‚ page 134. A
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Cost Classifications and Estimation 2.0 Introduction Cost classification may be defined as ‘the arrangement of cost items in a logical sequence having regard to their nature and purpose to be fulfilled’. The term cost must be qualified when in use in order that its precise meaning is established in a particular situation; however‚ cost refers to the amount of resources that have been diverted from other uses or sacrificed so as to achieve the desired objective. But the term is used to refer to
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CONTENTS INTRODUCTION What is Accounting Branches of Accounting Definition of Environmental Accounting Definition of Management Accounting Functions of Management Accounting LITERATURE REVIEW MANGEMENT ACCOUNTING SYSTEM Features of Useful Management Accounting AN INTRODUCTION TO ENVIRONMENTAL ACCOUNTING {text:list-item} {text:list-item} {text:list-item} {text:list-item} {text:list-item} {text:list-item} {text:list-item}
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Table of contents Introduction 2 Discussion 2 Costing method & purpose of variance analysis 2 Key findings 3 Material price variance 3 Material usage variance 3 Labour rate variance 4 Labour efficiency variance 5 Variable overhead variance 5 Fixed overhead expenditure variance 6 Fixed overhead volume variance 6 Variable selling and distribution variance 6 Sales variance 7 Responding to publicity 7 Conclusion 8 Appendix 1: Key findings of variance analysis 9 Appendix
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STUDENT NO: …………………………... SEMINAR TUTOR …………………………... Introduction Accounting is concerned with providing both financial and non-financial information that will help decision makers to make good decisions. An understanding of accounting therefore requires an understanding of the decision making process and an awareness of the users of accounting information. The major purposes of accounting are to formulate overall strategies and long-run plans. Resource allocation decisions such
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University of Phoenix Material Role of Financial Accounting Versus Managerial Accounting Matrix Compare and contrast financial accounting and managerial accounting by answering the following questions in the matrix provided. Cite any sources you use in accordance with APA guidelines. Term or Concept Financial Accounting Managerial Accounting What is the primary purpose of the accounting system? The primary purpose is to produce forms portraying a company’s performance over a period of time
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Financial accounting and management accounting both prepare and analyze financial data. However‚ certain aspects of these two fields are very different. This article discusses the various differences between financial accounting and management accounting. The differing characteristics to be discussed include the users of information‚ the types of information‚ regulatory oversight‚ and frequency of reporting. Users of Information Financial accounting and management accounting provide information
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CHAPTER 1 (Introduction to Management Accounting) P-1-4A The following data were taken from the records of Clarkson Company for the fiscal year ended June 30‚ 2014. Raw Materials Factory Insurance $ 4600 Inventory 7/1/13 $ 48000 Factory Machinery Raw Materials Depreciation 16‚000 Inventory 6/30/14 39‚600 Factory Utilities 27‚600 Finished Goods Office Utilities Expenses 8‚650 Inventory 7/1/13 96‚000 Sales Revenue 534‚000 Finished Goods Sales Discounts
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CHAPTER 1 Understanding the issues 1. (a) horizontal combination—both are marine engine manufacturers (b) vertical combination—manufacturer buys distribution outlets (c) conglomerate—unrelated businesses 2. By accepting cash in exchange for the net assets of the company‚ the seller would have to recognize an immediate taxable gain. However‚ if the seller were to accept common stock of another corporation instead‚ the seller could construct the transaction as a tax-free reorganization
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