Introduction to Managerial Accounting For this case assignment I am to explain the responsibilities of the management accountant for security and financial integrity in an organization. I will also explain the relationship between management accountants and financial accounts and if I foresee an expanding role for management accounting in organizations. Management accountants work within a specific company. They perform many different tasks to ensure their company’s financial security by handling
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Assignment 3 Question 1 Question 2 Question 3 a) It would be beneficial for the company as a whole if logs were transferred to the Sawing Division at the suggested price of $61.50 per log. CM from selling externally = $75 - $40.50 - $9.50 = $25/unit $25 x 10‚000 units = $250‚000 CM from selling to Sawing division = $122-Trasnfer costs from Harvesting-Production costs = $122-40.50-9.50-35-4.5-2.5 = $30/unit $30 x 10‚000 units = $300‚000 $300‚000 - $250‚000 = $50‚000 The CM is greater
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5-5 Production Report‚ No Beginning Inventory Wantler Company Mixing Department ------------------------------------------------- Production Report for 2001 Unit Information Units to account for: Units in beginning WIP 0 Units started 75‚000 Units to account for 75‚000 Units accounted for: Equivalent Units Physical Direct Conversion Flow Materials Costs Units completed 75‚000 75‚000 75‚000 Units in ending WIP 12‚000
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Costing A Yes No B Yes Yes C No Yes D No No Student Answer: Choice A. Choice B. Choice C. Choice D. Instructor Explanation: Chapter 3 Points Received: 0 of 5 Comments: Question 2. Question : (TCO F) Process costing would be appropriate for each of the following except: Student Answer: custom furniture manufacturing. oil refining. grain milling. newsprint production. Instructor Explanation: Chapter 4 Points Received: 5 of 5 Comments: Question 3
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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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CHAPTER 1 FInANCIAL ACCOUNTING AND ITS ECONOMIC CONTEXT ISSUES FOR DISCUSSION ID1–1 Security analysts and stockholders: These users would use financial statements to try to estimate the future earnings and cash flow potential of the company‚ which would be used to project a value for the company’s stock. Bank loan officers: These users would use the financial statements to determine the ability of a company to repay loans to the bank. A company’s
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Unit 1 Introduction to Managerial Accounting Stephanie Curry Kristina Unutoa American InterContinental University 03/31/2013 Abstract In this report we will be going over the objectives and characteristics of an internal accounting system‚ the importance of accounting information to the company‚ and the ethics in business and the managing accountant’s role. “HOW THE INTERNAL ACCOUTNING SYSTEM WORKS ON THE INSIDE” Introduction: The managerial accounting system is developed to give data
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Question 1 Discuss the accounting principles and concepts that were violated in the case. Explain the appropriate accounting treatments that should be used. Accounting is a systematic recording of business transactions and statements relating to assets‚ liabilities and summarizes the financial events that occur in a business. There are certain accounting principles and concepts to preparing reports on financial statements. These accounting principles and concepts are usually referred to as
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000 $286‚000 $370‚000 $ 886‚000 c. Merchandise purchases budget: Budgeted sales in units 35‚000 45‚000 60‚000 140‚000 Add budgeted ending inventory* 40‚500 54‚000 36‚000 36‚000 Total needs 75‚500 99‚000 96‚000 176‚000 Less beginning inventory 31‚500 40‚500 54‚000 31‚500 Required unit purchases 44‚000 58‚500 42‚000 144‚500 Unit cost × $5 × $5 × $5 × $5 Required
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Financial Reporting Accurate financial reporting is paramount to the establishment of a level playing field for businesses. It also aids in analyzing trends in business and the economy. The first part of the research paper should outline the different offices and bureaus of financial reporting and why they are significant. The second part of the research paper will present some positive and negative examples of financial reporting results and offer analysis about them. These examples can incorporate
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