Managerial and Financial Accounting ACCT/300: Principles of Accounting April 9‚ 2008 Managerial and Financial Accounting This paper will attempt to differentiate between managerial and financial accounting‚ the users of managerial and financial accounting and what type of business decisions would be made with the information. Managerial Accounting Managerial accounting provides accounting information to managers who are inside an organization and who directs and controls its operations
Premium Management accounting Management Economics
Case 8-29 1. a. Sales budget: April May June Quarter Budgeted sales in units 35‚000 45‚000 60‚000 140‚000 Selling price per unit × $8 × $8 × $8 × $8 Total sales $280‚000 $360‚000 $480‚000 $1‚120‚000 b. Schedule of expected cash collections: February sales $ 48‚000 $ 48‚000 March sales 112‚000 $ 56‚000 168‚000 April sales 70‚000 140‚000 $ 70‚000 280‚000 May sales 90‚000 180
Premium Balance sheet Generally Accepted Accounting Principles Liability
1 JOB ORDER COSTING EXERCISES EX-1 Good Samaritan Medical Center has a single operating room that is used by local physicians to perform surgical procedures. The cost of using the operating room is accumulated by each patient procedure and includes the direct materials costs (drugs and medical devices)‚ physician surgical time‚ and operating room over-head. On January 1 of the current year‚ the annual operating room overhead is estimated to be: Disposable supplies $124‚500 Depreciation expense
Premium Surgery Employment Wage
Problem 19-2: Vt. Sugar Enterprises Given: Syrup Sugar Total Units produced 20‚000 1‚000 21‚000 Unit selling price $15.00 $2.00 Total process costs: After split-off $12‚000 $280 $12‚280 Joint costs $100‚000 a. Calculate the cost of the syrup if the sugar is considered a by-product and the gross margin from its sale is considered to be a reduction of syrup costs. Products Sales Value Costs beyond split-off Difference Joint costs allocation Syrup $300‚000 12‚000 288‚000
Premium Sales Mathematics Price
allocation rate using the 1987 model year budget. Calculate the overhead allocation rate for each of the model years 1988 through 1990. Are the changes since 1987 in overhead allocation rates significant? Why have these changes occurred? Solution: Based on the given info we calculate Overhead Allocation Rate =Overhead for PeriodAllocation Base for Period for each allocation bases vis. Sales‚ Direct Material and Direct Labor Year | 1987 | 1988 | 1989 | 1990 | Sales | $330‚154 | $351‚071 | $216
Premium Marketing
000/$257=3‚000 bundles 3‚000 bundles require a production of 6‚000 cases of 4oz‚ 12‚000 cases of 8oz and 3‚000 cases of 12oz bottles. 2-12 a. Line K Break-even point in units=$40‚000/0.6=66‚667 units Break-even points in sales dollars=$40‚000/0.5=$80‚000 Line L Break-even point in units=$20‚000/0.2=100‚000 units Break-even points in sales dollars=$20‚000/0.25=$80‚000 b. The fixed costs for the two products combined are expected to be less than the sum of the fixed costs of each product
Premium Point
202 Mid-term Review Chapters 1-4 1. Chapter -1 Multiple Choice Questions 21. Which of the following is not one of the three basic activities of a manager? A) Planning B) Controlling C) Directing and motivating D) Compiling management accounting reports Answer: D Level: Easy LO: 2 22. The delegation of decision making to lower levels in an organization is known as: A) the planning and control cycle. B)
Premium Manufacturing Costs Inventory
argument or point you are making about the literature? What is it? • Why is it necessary to include this piece of information or quote? Verbs which use in LR We prefer Research Problem statements to have an outcomes based verb at or near the beginning. Some good outcome based verbs are: Problem Statement WHAT IS A PROBLEM STATEMENT? A problem statement is the description of an issue currently existing which needs to be addressed. It provides the context for the research study and generates
Premium Research Research and development Writing
Chapter 3 Solutions‚ 3rd day Exercise 3-13 (15 minutes) 1. | Actual manufacturing overhead costs | | $ 48‚000 | | Manufacturing overhead applied: 10‚000 MH × $5 per MH | | 50‚000 | | Overapplied overhead cost | | $ 2‚000 | | | | | 2. | Direct materials: | | | | Raw materials inventory‚ beginning | $ 8‚000 | | | Add: Purchases of raw materials | 32‚000 | | | Raw materials available for use | 40‚000 | | | Deduct: Raw materials inventory
Premium Manufacturing Supply chain management terms Inventory
CHAPTER 3 BRIEF SUMMARY PRODUCT COSTING AND COST ACCUMULATION IN A BATCH PRODUCTION ENVIRONMENT Learning Objectives 1. Discuss the role of product and service costing in manufacturing and nonmanufacturing firms. 2. Diagram and explain the flow of costs through the manufacturing accounts used in product costing. 3. Distinguish between job-order costing and process costing. 4. Compute a predetermined overhead rate‚ and explain its use in job-order costing for job-shop and
Premium Management accounting Cost accounting Costs