CHAPTER 1 THE ACCOUNTANT’S ROLE IN THE ORGANIZATION TRUE/FALSE 1. Management accounting information focuses on external reporting. Answer: False Difficulty: 1 Objective: 1 Terms to Learn: management accounting Management accounting information focuses on internal reporting. 2. A good cost accounting system is narrowly focused on a continuous reduction of costs. Answer: False Difficulty: 2 Objective: 1 Terms to Learn: cost accounting A good cost accounting system
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CHAPTER 1 The Accountant’s Role in the Organization If you have not already read the Introduction page‚ do so now. It describes the purposes and contents of the Student Guide and recommends a six-step approach for using the Student Guide with the textbook. Overview Welcome to the study of cost accounting. This introductory chapter explains the intertwining roles of managers and management accountants in choosing an organization’s strategy‚ and in planning and controlling its operations
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SYLLABUS FOR MANAGEMENT ACCOUNTING – ACCT 5100/7100 PROFESSOR LINDA BAMBER Fall 2012 Date 8/14 Tue. Topic Introduction to Management Accounting and Professionalism Chapter and Reading Course Outline Syllabus eLC Student Orientation: http://elc.uga.edu/student_orientation /index.html Assignment Due Today 1) Hand in your ACCT 5100/7100 profile. 2) Form teams of four with no more than one MBA student per team (I will try to fill out teams of two or three). One team member should email
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desperately needing the budget completed‚ has approached you‚ a management accounting student‚ for help in preparing the budget for the coming fiscal year. Your conversations with the President and your investigations of the company’s records have revealed the following information: 1. Peak months for sales correspond with gift-giving holidays. History shows that January‚ March‚ May and June are the slowest months with only 1% of sales for each month. Sales pick up over the summer with July‚ August
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MGMT6 Chapter 1: Management Pedagogy Map This chapter begins with the learning outcome summaries and terms covered in the chapter‚ followed by a set of lesson plans for you to use to deliver the content in Chapter 1. Lesson Plan for Lecture (for large sections) Lesson Plan for Group Work (for smaller classes) Assignments with Teaching Tips and Solutions What Would You Do? Case Assignment––Netflix Self-Assessment––Is Management for You? Management Decision––Should We Try to Make
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Materials Costs Units completed 75‚000 75‚000 75‚000 Units in ending WIP 12‚000 12‚000 11‚400 Total units accounted for 87‚000 87‚000 86‚400 Cost Information Costs to account for: Direct Conversion Materials Costs Total Costs in beginning WIP $ 0 $ 0 $ 0 Costs added by department 75‚000 372‚000 447‚000 Total costs to account for $75‚000 $372‚000 $447‚000 Cost per
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overhead cost to products on the basis of computer-hours. The following estimates were used in preparing the predetermined overhead rate at the beginning of the year: Computer-hours 82‚000 Fixed manufacturing overhead cost $1‚278‚000 Variable manufacturing overhead per computer-hour $3.40 During the year‚ a severe economic recession resulted in cutting back production and a buildup of inventory in the company’s warehouse. The company’s cost records revealed the following actual cost and operating
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Chapter 1 Managerial Accounting and Cost Concepts Solutions to Questions 1-1 The three major elements of product costs in a manufacturing company are direct materials‚ direct labor‚ and manufacturing overhead. 1-2 a. Direct materials are an integral part of a finished product and their costs can be conveniently traced to it. b. Indirect materials are generally small items of material such as glue and nails. They may be an integral part of a finished product but their costs can be
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Questions 1.‘A theory that is purely syntactic is sterile.’ Comment. How can this statement relateto accounting? A syntactic theory is one that is capable of testing on the basis that it is valid in terms of itslogical consistency. Thus the calculation of accounting profit and determination of assetvaluation can be valid in relation to their conformity with rules prescribing the measurementof accounting profit and asset valuations. This can be described as sterile as it does notnecessarily relate
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ETHICAL ISSUES IN MANAGERIAL ACCOUNTING The aim of this paper is to highlight in the light of the empirical researches conducted previously the presence of ethical issues and dilemmas in managerial accounting. The implications of which can be disastrous bringing colossal giants crumbling to their knees. The prime aim is to throw light at the subtle inconsistencies that can cost the companies far more than just money but their entire image. The asset of ‘good will’ has its nemesis in these unethical
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