PROBLEM 1. The Huyden Company builds equipment to customer’s specifications. On March 1‚ two jobs were in process with the following costs and information: | Job 43 | Job 44 | Direct materials | $10‚200 | $34‚400 | Direct labor | 21‚000 | 10‚400 | Applied overhead* | 4‚950 | 7‚370 | Total cost | $36‚150 | $52‚170 | | | | Machine hours | 45 | 67 | *Applied on the basis of machine hours During March‚ Job 45 was started and Job 44 was completed and delivered to
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Dawn Howarth ACC122 Managerial Accounting Career Paper Baker College What is Managerial Accounting Managerial accounting is the process of identifying‚ recording‚ analyzing and finally presenting the financial data which is used by the management and business owners for the purposes of command and for decision making. The difference between financial accounting and management accounting Financial accounting is reported publicly while management accounting is used by the company or organization
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Internal managerial accounting systems are used to provide great information so that the management team can make great decisions. According to http://smallbusiness.chron.com/objectives-internal-managerial-accounting-systems-20945.html manufacturing plants uses these systems to help in costing and managing the manufacturing process. The main objective is to make an internal managerial accounting system provide the information to the mangers so that they can make good sound decisions. The goal is
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ECO 5305 Final Exam Answers underlined in yellow 1. Fixed costs include: a. variable labor expenses. b. output-related energy costs. c. output-related raw material costs. d. variable interest costs for borrowed capital. 2. Marginal cost equals: a. average variable cost at its maximum point. b. the change in total fixed cost divided by the change in quantity. c. the change in total variable cost divided by the change in quantity. d. total cost divided by quantity
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Managerial Accounting Vs Financial Accounting Resources carbon.cudenver.edu/~gcolbert/6550.ch12.pdf MANAGERIAL ACCOUNTING AND COST-VOLUME-PROFIT Managerial Accounting Contrasted to Financial Accounting. Managerial accounting supports Managerial Accounting vs. Financial Accounting cob.ohio-state.edu/~bentz_1/525/problems/Finvsmgrl.doc Bentz Financial vs. Managerial Accounting in which financial accounting and managerial accounting are alike in which managerial accounting seems to differ from
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making across the various functional areas of an organization Managerial accounting: the form of accounting concerned with providing information to managers for use in planning and controlling operations and for decision making Financial accounting: the form of accounting concerned with providing information to shareholders‚ creditors‚ and others outside the organization The work of managers and their need for managerial accounting information Every organization has managers – someone must be
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1 The differences between managerial accounting and financial accounting can be distinguished through 5 aspects: a) Primary Users of Reports In managerial accounting‚ the information will be use within the organization‚ by the employees and managers‚ where else in financial accounting‚ the information in the reports will be used by external parties such as banks‚ creditors and shareholders. b) Types and frequency of the reports. In managerial accounting‚ the information is reported
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VEL TECH DR.RR & DR.SR TECHNICAL UNIVERSITY DEPARTMENT OF MANAGEMENT STUDIES P1BAA03 ACCOUNTING FOR MANAGERS Time: 3 Hrs Maximum: 100 marks PART-A (10 x 2 marks = 20 marks) Answer ANY TEN Questions. Each question carries 2 marks 1. Define Accounting. 2. Explain accounting cycle. 3. What are current assets? 4. What is net working capital? 5. What Trial Balance? 6. State any two advantages of fund flow
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Exercise 11-1 (10 minutes) 1. 2. 3. Exercise 11-2 (10 minutes) Average operating assets £2‚200‚000 Net operating income £400‚000 Minimum required return: 16% × £2‚200‚000 352‚000 Residual income £ 48‚000 Exercise 11-3 (20 minutes) 1. Throughput time = Process time + Inspection time + Move time + Queue time = 2.8 days + 0.5 days + 0.7 days + 4.0 days = 8.0 days 2. Only process time is value-added time; therefore the manufacturing cycle efficiency
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Pam Powers MBA 516 Case Study: Wendy’s Chili: A costing Conundrum Dave Thomas was a man with a vision. He began his career in Columbus‚ Ohio in 1969 when he purchased a Kentucky Fried Chicken (KFC) franchise that was unprofitable. Dave turned that franchise into a profitable business and sold it back to KFC at a substantial profit. Dave had also co-founded Arthur Treacher’s Fish & Chips and was very familiar with the quick-service industry. However‚ hamburgers were Dave’s favorite
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